February 21, 2016 Modern Art & Design Auction

CONDITIONS OF SALE/NOTICE TO BUYERS The following are our "Conditions of Sale" for the items listed in this catalogue to be sold by Modern Auctions, Inc. ("MAI," L.A. Modern Auctions, or "LAMA"). We are acting as an agent on behalf of our consignors. PAYMENT All sales are final. All sold lots are to be paid for on the day of the sale. We accept cash, bank wire transfers, checks, and Mastercard and Visa. Credit card payments incur a 2.8% surcharge on the total invoice. All payments made by personal checks will be subject to clearance before purchases can be collected. Buyers who have not purchased from Modern Auctions, Inc. (Los Angeles Modern Auctions) previously are asked to provide a method of payment and/or letter of reference from a bank or creditor prior to the auction. Bank wire information is available upon request; please phone 323.904.1950. If payment is not received in full by March 2, 2016, collection and storage fees will begin occurring immediately. BUYER'S PREMIUM 25% on the hammer price up to and including $500,000 if bids are placed directly with Modern Auctions, Inc. 20% on the portion of the hammer price in excess of $500,000 up to $2,000,000 if bids are placed directly with Modern Auctions, Inc. 15% on the portion of the hammer price in excess of $2,000,000 if bids are placed directly with Modern Auctions, Inc. BUYER'S PREMIUM DISCOUNT** 22.5% on the hammer price up to and including $500,000 if bids are placed directly with Modern Auctions, Inc. and if payment by cash, check, or bank wire is received in full by March 2, 2016. 17.5% on the portion of the hammer price in excess of $500,000 up to $2,000,000 if bids are placed directly with Modern Auctions, Inc. and if payment by cash, check, or bank wire is received in full by March 2, 2016. 12.5% on the portion of the hammer price in excess of $2,000,000 if bids are placed directly with Modern Auctions, Inc. and if payment by cash, check, or bank wire is received in full by March 2, 2016. **The buyer's premium will not be discounted for Lot 86 ("Skyewiay Property"), internet bidding via Live Auctioneers (28%), payment by credit card, or if full payment is not received by March 2, 2016. THE BUYER'S PREMIUM FOR INTERNET BIDDING VIA LIVE AUCTIONEERS IS 28%. Credit card payments incur a 2.8% surcharge on the total invoice. CALIFORNIA SALES TAX Sales tax of 9% will be collected on all purchases removed from our premises or delivered within the state of California. Those holding a valid California State Resale License must register before each sale and present their valid resale number. No purchases will be released until all sales tax requirements are satisfied. ESTIMATES & RESERVES The estimates printed after each lot should be used as a guide only and should not be relied upon as a prediction of final selling prices. Many of the lots offered for sale carry a reserve and are confidential. The reserve is a minimum price at which the seller has agreed to let the auctioneer sell the property. CONDITION Everything is sold in"As-Is" Condition. No statement regarding condition of any item, whether it is made orally at the auction, or in writing, or printed in this catalogue, or at any other time shall be deemed to be a warranty, representation, or assumption of liability. It is the sole responsibility of the buyer to inspect all goods prior to the sale. We strongly encourage all bidders to request a condition report on any item before bidding. All electrical items are sold for decorative value only and should be assumed not to be working. All measurements are approximate. Photographs of any lots not illustrated can be found on our website, lamodern.com. COLLECTION & STORAGE All lots must be removed from the auction showroom by 12:00p.m. (PT) on March 22, 2016. Purchases not removed by March 22, 2016 will be assessed a daily storage fee of $15 per day per lot. Items in storage are not insured by Modern Auctions, Inc. Unless other arrangements are made and confirmed in writing, the buyer assumes sole responsibility for shipping, packing, insurance, and storage concerns. A list of shippers can be provided upon request. BIDDING We encourage you to attend the sale in person. However, if you are unable to attend in person we offer an "absentee" or phone bidding service. For this service fill out and submit an Absentee/Phone bid form. To obtain this form please call 323.904.1950 or go to our website. We will not execute absentee or phone bid orders unless a signed and completed bid form has been received. All Absentee/Phone bid forms must be received by Saturday, February 20, 2016 by 5:00pm (PT) via fax to 323.904.1954 or scanned and sent via email to shannon@lamodern.com. We encourage you to call after faxing to confirm we have received your bid. We kindly ask that you do not call on the day of the sale to submit bids or to check if your bids were successful. All successful absentee/phone bidders will be notified by phone or email by February 23, 2016. In addition, the auction prices realized will be posted the day after the sale on our website. Do not rely on any auction results (prices realized) unless published on www.lamodern.com or as provided directly by Modern Auctions, Inc. Absentee/Phone bids are on a first-come, first-served basis; thus, we encourage you to submit your form ASAP. If identical absentee bids are submitted, the earliest received will take precedence. The number of phone lines available are limited so please submit your phone requests early. On all absentee/phone bid forms, please leave a valid credit card number with expiration date; a deposit of 25% may be required for all absentee and phone bids. Please note that we only accept credit card payments in person. For those absentee/phone bidders who are unable to come in personally to pay, we will only accept either a certified check or wire transfer as a method of payment (see "Payment" notice). The party responsible for submitting the absentee or phone bid is solely responsible for the payment in full of the total invoice. We will not make any changes to an invoice. Should a dispute arise after the sale, our sale records are conclusive. We are not responsible for failure to execute a bid and have the right to reject any bid. We reserve the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal. Should an item be withdrawn, the auctioneer will make an announcement at the time the lot would have been put up for sale. In addition, the auctioneer may add lots not previously listed in the catalogue or addendum. If the buyer does not comply with all of the notices to buyers, Modern Auctions, Inc. reserves the right to cancel the sale, hold the defaulting buyer liable for the purchase price and buyer's premium, retain any deposit, and resell the property privately or at auction without further notice. In the latter, the defaulting buyer will be held responsible for all incurred expenses, such as warehouse and transportation costs, commissions, incidentals, and shall be liable for payment of any deficiency in the purchase price. This is strictly enforced. We reserve the right to assess a late charge of 1.5% of the total purchase price per month if payment is not made in accordance with any of these conditions of sale. GUARANTEE The authenticity of every item offered for sale is guaranteed. Modern Auctions, Inc. warrants only the authorship of an item (as printed in the line directly below the lot number, may be blue, pink, or white type) and does not guarantee the condition, age, or any identifying characteristic used by Modern Auctions, Inc., in any descriptions such as color, method of construction, and type of materials. Any lot using the terms "attributed," "attribution," "in the style of," "in the manner of," or "after" does not qualify for our guarantee. In addition, the buyer assumes responsibility for reading all addendums and posted corrections to the catalogue prior to bidding. RESCISSION Should the authenticity of an item be disputed after a sale, the buyer has 90 days from the date of the auction to provide written documentation or conclusive opinion of a mutually agreed upon independent expert, retained at the buyer's sole expense, that the item in question is not as stated in the catalogue. In the event of an error, Modern Auctions, Inc. will rescind the purchase contract. Modern Auctions, Inc. will reimburse the buyer for no more than the hammer price plus the buyer's premium and only after the item is returned to the original point of sale in the condition in which it was sold. Taxes, packing, shipping, and storage costs will not be reimbursed. Modern Auctions, Inc. is not liable for any costs, such as expert's and attorney's fees. If the item is authentic, as stated in the Modern Auctions, Inc. catalogue, then the purchaser shall bear Modern Auctions, Inc.'s expenses incurred in defense of the allegation, such as attorney's fees and other costs. The limited right of rescission is only available to the original purchaser from Modern Auctions, Inc. Once the item is resold, then all rights and liabilities of Modern Auctions, Inc. regarding authenticity end. The Purchaser's sole and exclusive remedy against Modern Auctions, Inc. for any reason is the limited right of rescission described in this section. The purchaser shall not be entitled to damages, compensatory, incidental, consequential, nominal or punitive, nor any expenses incurred during the proceedings, such as expert's fees, attorney's fees, and other costs. RIGHTS TO PHOTOGRAPHS All images and text contained in this catalogue are the sole property of Modern Auctions, Inc., and may not be used or reproduced in any medium without the expressed written permission of Modern Auctions, Inc. MODERN AUCTIONS, INC.| BOND # 7900405194 PETER LOUGHREY, PRINCIPAL AUCTIONEER LOS ANGELES MODERN AUCTIONS (LAMA) 16145 HART STREET, VAN NUYS, CA 91406 INSTRUCTIONS ON HOW TO PARTICIPATE IN THE AUCTION OF THE PROPERTY COMMONLY KNOWN AS 449 N. SKYEWIAY RD., LOS ANGELES, CALIFORNIA (SKYEWIAY PROPERTY) 1. Please contact Shannon Loughrey, at Modern Auctions, Inc. ("MAI") at (323) 904-1950 to request a "Bidder's Package," which will include certain informational material regarding the Skyewiay Property, the Real Estate Contract of Sale, the Conditions of Sale, the Bidder's Registration Form and disclosure documents. You will then be provided with a Bidder's Package Request Form, which you must complete and return to Modern Auctions, Inc., along with a refundable cashier's check in the amount of one hundred-thousand dollars ($100,000) made payable to Modern Auctions, Inc. in order to receive the Bidder's Package. 2. Bidders must register to bid with Modern Auctions, Inc., no later than Friday, February 19, 2016, 5:00pm (Pacific Time). The Bidder must have pre-registered to bid on the Skyewiay Property and been issued a special bidder paddle. 3. Broker participation is welcomed. A cooperating broker commission of 2.5% of the "Hammer Price" will be paid to the licensed California real estate broker whose client pays the "Purchase Price" and closes on the property. To qualify for a commission, the real estate broker must: (a) be a licensed California real estate broker who will abide by the National Association of Realtors Code of Ethics, (b) first register their client by completing the Broker Registration Agreement (available from MAI's office) and returning it by fax to Barry Sloane at (310) 724-7010 or email at Barry.Sloane@Sothebyshomes.com no later than 48 hours prior to the scheduled auction; and the registration form must be signed by the broker's client and received before any inspection of the property by the broker's client. The broker must be present at the Auction to submit the bid with their client. Each broker must submit a copy of the faxed or emailed form when their client registers for the auction. A complete registration file on all prospective Buyers will be maintained. No broker will be compensated for a Buyer who has previously contacted, or been contacted by, the Seller or its representatives. Commissions to the cooperating broker will only be paid upon closing and receipt of commissions by Sotheby's International Realty. Attorneys representing bidders are not entitled to any compensation from commissions paid by the Seller or from the "Buyer's Premium," in the Conditions of Sale. 4. Please contact Barry Sloane (CalBRE # 1024594) at Sotheby's International Realty, (310) 786-1844 if you would like to make arrangements to view the Property. In order to view the Skyewiay Property, you must have obtained the Bidder's Package as provided in paragraph 1 above. 5. If you are interested in bidding on the Property, in addition to the requirements set forth in the Conditions of Sale, you must sign and deliver the Contract of Sale. All Deposits shall (1) either be a credit to the Purchase Price of the Skyewiay Property, if you are the successful bidder, or (2) will be returned to you at the conclusion of the Auction if you are an unsuccessful bidder. 6. The successful bidder shall covenant to close escrow in accordance with the terms specified in the Contract of Sale for the Skyewiay Property. Failure to close escrow may result in the loss of the deposit as liquidated damages. CONDITIONS OF SALE FOR THE SKYEWIAY PROPERTY The estimate printed after the lot should be used as a guide only and should not be relied upon as a prediction of final selling prices. Many of the lots offered for auction carry a reserve and are confidential. The reserve is a minimum price at which the seller has agreed to let the auctioneer sell the property. The Skyewiay Property, described in the catalogues for the February 21, 2016 auction, is intended to be offered for sale at auction ("the Auction") at Modern Auctions, Inc., ("MAI") by Sotheby's International Realty, Inc., ("SIR"), as agent for the owner of the Property ("the Seller"). By bidding at the Auction, each bidder agrees to be bound by these Conditions of Sale for the Skyewiay Property, as amended by posted notices or oral announcements before or during the Auction. 1. The highest bidder acknowledged by the MAI auctioneer as the successful bidder shall be deemed "the Buyer" subject to the terms of paragraph 5 below. The auctioneer has the right to reject any bid to advance the bidding at his absolute discretion and, in the event of any dispute between bidders, to determine the successful bidder or to reoffer the Skyewiay Property at their sole discretion. 2. MAI reserves the right to withdraw the Skyewiay Property before or at the Auction, and MAI reserves the right to offer the Skyewiay Property for sale prior to the Auction. 3. The Skyewiay Property is being offered for sale on the terms and conditions contained in the Real Estate Contract of Sale (the "Contract of Sale") included in the Bidder's Package. Such Contract of Sale and certain informational materials regarding the Skyewiay Property are part of the Bidder's Package and upon MAI's receipt of one hundred thousand dollars ($100,000), such Bidder's Package will be made available to potential bidders who contact MAI or SIR. The successful bidder shall pay the "Hammer Price" plus the "Buyer's Premium," totaling the "Purchase Price," and shall include such terms as defined in the Contract of Sale. In addition, pursuant to such Contract of Sale, a Buyer's Premium, which will be 25% of the first $500,000 of the Hammer Price, 20% of the next $500,001 to $2,000,000 of the Hammer Price and 15% of any amounts of the Hammer Price over $2,000,000, will be added to the Hammer Price and will be payable by the Buyer into Escrow as part of the total Purchase Price. 4. On or before Friday, February 19, 2016 at 5:00pm (Pacific Time), each party who wishes to bid on the Skyewiay Property must (i) register in writing with MAI by completing the Bidder's Registration Form, (ii) execute and deliver the Contract of Sale, including any exhibits or addendum thereto, (iii) provide satisfactory proof of financial capability to purchase the Property as provided in the Contract of Sale, and (iv) sign and complete as instructed certain disclosures. If the successful bidder fails to comply with any of the requirements of the Conditions of Sale or the Contract of Sale, the deposit shall be retained as liquidated damages pursuant to the terms of the Contract of Sale. If the bidder is not the highest accepted bidder at the Auction, such deposit, along with the voided Contract of Sale, shall be immediately returned to such bidder after the conclusion of the Auction. Upon receipt of the deposit, MAI will issue a certificate to the registered bidder. Upon presentment to MAI of such certificate prior to the Auction, with appropriate personal identification, the holder of such certificate will be entitled to be issued a special paddle in order to bid by raising such paddle. The bidder will advise MAI in writing in the event the certificate is lost prior to the Auction. 5. The Skyewiay Property is offered subject to a reserve, which is the confidential minimum price agreed to with the Seller, below which the Skyewiay Property will not be sold (the "Seller's Reserve"). MAI may act to protect the Seller's Reserve by bidding through the auctioneer. The auctioneer may open bidding on the Skyewiay Property below the Seller's Reserve by placing a bid on behalf of the Seller. The auctioneer may continue to bid on behalf of the Seller up to the amount of the Seller's Reserve, either by placing consecutive bids or placing bids in response to other bidders. In the event that the amount bid by the highest bidder is below the Seller's Reserve, then the Skyewiay Property will be hammered down by the auctioneer as "bought-in." 6. Upon the fall of the auctioneer's Hammer, the auctioneer will announce whether or not the Skyewiay Property has been sold and announce the Hammer Price. If the auctioneer announces that the Skyewiay Property has been sold, the successful bidder's $100,000 deposit ("Hammer Deposit") will be forwarded to Escrow Exchange West. The Hammer Deposit will be held in an escrow with Escrow Exchange West, which will act as the escrow for the resulting transaction, and will be applied as a credit towards the Purchase Price, and the successful bidder shall comply with such other Conditions of Sale and contractual requirements. The escrow period for the purchase and sale transaction shall be 10 days, and shall commence when the Hammer Deposit is deposited with Escrow Exchange West. The successful bidder agrees to sign any further escrow instructions required by Escrow Exchange West to facilitate the resulting transaction. Chicago Title Company shall act as the title company in the resulting transaction. 7. If the Buyer fails to comply with the Contract of Sale, in addition to other rights and remedies available to the Seller, the sale shall be cancelled and the Seller shall be entitled to retain the Hammer Deposit, or some portion thereof, as liquidated damages and not as a penalty, in full satisfaction of all damages suffered by Seller by reason of Buyer's default pursuant to the Contract of Sale. If any sale is so cancelled, the Skyewiay Property may, at the auctioneer's discretion, be reoffered and resold. In the event that the Seller shall, on the closing date set forth in the Contract of Sale, fail to convey title to the Skyewiay Property in accordance with terms of the Contract of Sale, the Buyer's recourse shall be limited solely to the refund of the portion of the Purchase Price paid by the Buyer, and the Buyer shall and does hereby release Seller, SIR and MAI from any and all liability in connection with the performance by the Seller of any of its obligations set forth in the Contract of Sale. 8. The respective rights and obligations of the parties with respect to these Conditions of Sale for The Skyewiay Property and the conduct of the Auction shall be governed and construed and enforced in accordance with the laws of the State of California. By bidding at the Auction, whether present in person or by agent, each bidder shall be deemed to have irrevocably (i) submitted to the courts of competent jurisdiction in the State of California (including the federal courts) in connection with any suit, proceeding or other legal process relating to the Auction or the offering or sale of the Skyewiay Property ("Action"), (ii) agreed that any Action may be heard in any such court, (iii) waived the defense of an inconvenient forum to the maintenance of any Action in any such court and (iv) agreed to be subject to suit, service and legal process of such courts in connection with any Action. 9. Information regarding the Skyewiay Property provided in the catalogues is summary in nature and necessarily incomplete. The Skyewiay Property is sold "AS-IS", "WHERE-IS", and with no requirements to be met by the Seller that the real property have a zoning classification acceptable to bidder as a condition to sale. Descriptions of the Skyewiay Property appearing in the catalogues or other advertisements are not warranties or representations and are subject to the section below entitled "As Is/No Warranties.: Accordingly, the Skyewiay Property should be viewed personally by prospective Buyers to evaluate its conditions and Buyer agrees to rely solely on he/she/its own independent investigation of the condition of the Skyewiay Property. 10. By bidding, each bidder shall be deemed to have agreed to indemnify and hold harmless MAI, the Seller, SIR, and their respective subsidiaries, affiliates, agents, employees and representatives from and against any and all losses, costs, liabilities and expenses (including, without limitation, reasonable attorneys' fees and disbursements) resulting from any claims for any commission, fee or other compensation made by any real estate broker, advisor, consultant, finder or other person in connection with the Auction, any bid at the Auction or the sale and purchase of the Skyewiay Property to such bidder resulting from any bid, other than those who are specifically registered to represent such bidder. 11. Each bidder shall be deemed to represent, warrant and agree that (i) such bidder has examined the Skyewiay Property and is familiar with the physical condition thereof and has conducted such investigation of the property as such bidder has considered appropriate, (ii) neither MAI, SIR, nor Seller, nor any affiliate, agent, officer, employer, or representative of each of the foregoing has made any verbal or written representations, warranties, promises or guarantees whatsoever to such bidder, express or implied, and, in particular, that no such representations, warranties, guarantees or promises have been made with respect to the physical condition, operation, or any other matter or thing affecting or related to the Skyewiay Property or the offering or sale of the Skyewiay Property, and (iii) such bidder has not relied upon any representations, warranties, guarantees or promises or upon any statements made or any information provided concerning the Skyewiay Property, including but not limited to the catalogues, provided or made by MAI, SIR, or the Seller or their respective agents and representatives, and has determined to make its bid after having made and relied solely on its own independent investigation, inspection, analysis, appraisal and evaluation of the Skyewiay Property and the facts and circumstances related thereto. 12. SIR and its affiliates are involved in a broad range of real estate services, including the rendering of advice to owners and Buyers of properties with the valuation, acquisition and disposition of properties. Bidders are advised that SIR and/or its affiliates may be providing such services to persons and/or entities involved in the Auction (including, without limitation, the Seller and other potential bidders). 13. Each bidder shall be deemed to have consented to the issuance of press releases and other public communications by MAI, SIR, or their agents regarding the Auction and the Skyewiay Property offered or sold at Auction. 14. These Conditions of Sale for Skyewiay Property shall be governed by and construed and enforced in accordance to with the laws of the State of California applicable to agreements made and to be performed wholly within the State of California. 15. Each bidder shall be deemed to be personally liable with respect to his bids and his obligations under these Conditions of Sale for Skyewiay Property even though he shall purport to act as agent for a principal, with the result that such bidder and his principal shall be jointly and severally liable with respect hereto. 16. MAI will use information provided by its clients or which MAI otherwise obtains relating to it clients for provision of auction and other art-related services, and insurance services, client administration, marketing and otherwise to manage and operate its business, or as required by law. Some gatherings of information about MAI clients will take place using technical means to identify their preferences and provide a higher quality of service to them, and MAI may gather information about its clients through video image or through the use of monitoring devices used to record telephone conversations. MAI will generally seek clients' express consent before gathering any sensitive data, unless otherwise permitted by law. Clients agree that MAI may use any sensitive information that they supply to MAI. By agreeing to these Conditions of Sale, clients agree to the processing of their personal information and also to the disclosure and transfer of such information to MAI and to third parties anywhere in the world for the above purposes, including to countries which may not offer equivalent protection of personal information to that offered in the US. Clients can prevent the use of their personal information for marketing purposes at any time by notifying MAI. AS IS/NO WARRANTIES All potential bidders expressly acknowledge that bidder or bidder's agents have made or will have the opportunity pursuant to the Contract of Sale and other bid documents to make prior to the Auction, all independent investigations of the Skyewiay Property any bidder or bidder's agent deems necessary. Each potential bidder should conduct its own independent investigations, inquires and due diligence concerning the Skyewiay Property and the documents and legal matters pertaining thereto, as well as such engineering, environmental and other inspections as each potential bidder deems necessary to determine the physical condition of the Skyewiay Property. Potential bidders acknowledge that the sale of the Skyewiay Property contained in the catalogues will be made on an "AS-IS", "WHERE IS" condition and that such condition was bargained for in Purchase Price at Auction. The material and information concerning the Skyewiay Property contained in the catalogues and any other information, written or oral, which may be provided by the Seller, SIR, MAI or their respective agents and/or employees and/or representatives, is supplied for general information purposes only. No warranty or representation, express or implied, (except as may be expressly stated in the Contract of Sale) is made by the Seller, MAI, SIR or any of their respective affiliates, agents, representatives, employees, as to the accuracy or completeness of any such information. Modern Auctions, Inc. | Bond # 7900405194 Peter Loughrey, Principal Auctioneer Los Angeles Modern Auctions (LAMA) 16145 Hart Street, Van Nuys, CA 91406

Payment options for successful Live Auctioneers bidders include check, bank wire, and credit card (Visa/Mastercard). Processing credit card payments will incur a 2.8% surcharge on the total invoice.

LAMA on average auctions material at the rate of 60-80 lots per hour. On some occasions the internet bid software or the internet may not be able to keep up with the pace of the auction. We strongly recommend placing an absentee bid directly with LAMA or signing up for phone bidding directly with LAMA to ensure the execution of your bid. Further, LAMA has sole discretion to accept or reject any Live Auctioneers bid. In some rare instances, the auctioneer may reopen a lot after the close of a Live Auctioneers live bid. By bidding via Live Auctioneers, you agree that LAMA may award the lot to another bidder at its sole discretion. Due to Internet lag time, the floor generally responds before the Live Auctioneers bid is presented to LAMA, so for consistency, we have made it a policy that floor bids are always considered first over tie Live Auctioneers live bids.

LAMA has the final discretion of accepting and/or denying bids over $5,000 with bidding on LiveAuctioneers. LAMA is not responsible for failure to execute a bid and has the right to reject any bid.

Please be aware that if you believe you are a successful bidder with Live Auctioneers, you are not officially a successful bidder until you receive an email from Los Angeles Modern Auctions with an invoice on the Los Angeles Modern Auctions letterhead.

Your account with LiveAuctioneers is only a tool for bidding online. In order to be approved to bid with Los Angeles Modern Auctions through the LiveAuctioneers platform, you must create a Los Angeles Modern Auctions account and provide your credit card information. Please contact Los Angeles Modern Auctions to create your account.