May 28, 2008 Rug Auction

BUYER MUST ARRANGE AND PAY FOR PACKING AND SHIPPING. As the winning bidder, it is the responsibility of the buyer to arrange and pay for packing and shipping. This means the buyer must contact a company (e.g. UPS, Craters and Freighters) to pick up the item(s) from Lewis & Maese Auction Co., pack the item(s), and ship the item(s) to the buyer. For more information, please email Lewis & Maese at office@lmauctionco.com. CONDITIONS OF SALE If you are placing a bid at any Lewis and Maese Auction then that constitutes the acceptance of the following conditions of sale: 1. All lots in any of our auctions are sold "As is." No statement regarding condition, kind, value or quality of a lot, whether made orally at the auction or any other time, or in writing in our catalog or elsewhere, shall be construed to be an expressed or implied warranty or representation. Any such warranty is waived. Regarding works of Art, Lewis and Maese does not make any express or implied warranty as to the authenticity, history or artist. No statement in this catalog or elsewhere, orally or in writing, shall be construed as an express or implied warranty, representation or assumption of liability as to authenticity. Any such warranty is waived. 2. The purchase price payable by a buyer will be the sum of the hammer price plus the buyer's premium as well as any applicable sales tax. 3. Lewis and Maese reserves the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal. 4. Lewis and Maese reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the buyer. The auctioneer will have full discretion to determine the successful bidder should any dispute arise. The auctioneer will also have full discretion to reopen the bidding, cancel the sale or re-offer and resell the property. Should a dispute arise after the auction, our sale record is conclusive. 5. Although in our discretion, we will execute absentee bids or accept telephone or internet bids, we are not responsible for failing to execute such bids or for any errors or omissions in connection with these bids. 6. Some lots in our auction are subject to reserve bids. In no case will these bids be set above the minimum pre-sale estimate. Lewis and Maese will act to protect the reserve by bidding through the auctioneer. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the consignor and may continue to bid on behalf of the consignor up to the amount of the reserve. This may be done by placing consecutive bids or by placing bids in response to other bidders. 7. Once the auctioneer's hammer has fallen, the title to the property passes to the buyer. At that point, the buyer assumes full responsibility for the property and shall promptly pay the full purchase price, unless other arrangements have been made in advance. The buyer will also be required to sign a confirmation of purchase. We reserve the right to impose a 15% late fee on the total purchase price if payment is not made within these guidelines. 8. No lot will be released to the buyer until payment in full has been made to Lewis and Maese including the buyer's premium and any applicable taxes or the buyer has satisfied any terms, which have been agreed to prior to the auction. Payment must be received within seven business days from the date of sale. If payment has not been received within the seven day period and no other arrangements have been agreed to in writing, the buyer will be subject to storage and late fees to be determined by Lewis and Maese. These fees will not exceed $50.00 per day per lot. 9. Packing and handling of any and all purchased lots are at the entire risk of the buyer. We are not responsible for any acts or omissions in regard to handling, packing or shipping. If we arrange for these services, Lewis and Maese will charge the buyer with an administration charge. 10. If the buyer fails to comply with the Conditions of Sale, we reserve the right to utilize any remedies available to us by law and/or: A. Hold the defaulting buyer liable for the purchase price B. Cancel the sale C. Resell the property without reserve at public auction with seven day written notice to the defaulting buyer D. Pay the consignor the amount equal to the net proceeds of the purchase price less the buyer's premium and taxes. If we are forced to resell the property at public auction or purchase the property from the consignor the defaulting buyer will be responsible for the difference between the original purchase price and the final sales price. The defaulting buyer will also be responsible for any costs incurred by Lewis and Maese including: insurance, legal fees, administration, handling, storage, attorney's fees, commissions, incidental damages and any other costs relating to this transaction. If we agree with the buyer to cancel the sale, we will impose a charge equal to 15% of the total sales price, including buyer's premium. 11. All transactions will be governed and interpreted by the laws of the State of Texas and the Federal courts sitting in the State of Texas. SHIPPING INFORMATION Shipping your purchases is easy. Contact Craters and Freighters-Houston at 1-888-495-7447. For quotes on shipping and insurance, identify your purchase by our lot number and give them your shipping address and zip code. Items can usually be shipped within 2 business days after payment has been received. Seller is not responsible for items which are damaged or lost in transit, so please insure your purchases accordingly. Buyer is responsible for all shipping, packing/crating and insurance costs. Large, heavy or fragile items may require expensive, specialized packing and crating. PLEASE NOTE: Seller is not responsible for items which are damaged or lost in transit, so insure your purchases accordingly. For those preferring to use other packers and shippers, all items sold at this auction will be shipped from Houston, Texas, 77007. PICK-UP: Items may also be picked up at our warehouse. See address below. Please schedule your pick-up by phone at 713-880-0891. Thank you for participating in our auction. PAYMENT INFORMATION Paypal: We only ship to confirmed addresses. Please submit Paypal payments to our account: tfurlan@lmauctionco.com. You may also pay using Visa, Mastercard, and American Express. To arrange payment, please contact us by phone (713-880-0891 between 10 a.m. and 5 p.m. CST Monday-Friday) within 3 business days after the auction. Personal Checks, Money Orders, Cashier Checks can also be accepted. Personal checks are subject to a 10-day clearing period before items can be released for shipping. Please mail payments to the address listed below. Lewis & Maese Auction Company 2301 Sabine Street at Weber Houston, TX 77007 Phone: 713-880-0891 Fax 713-861-7291 Email: office@lmauctionco.com.

Local Taxes Apply