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bidders or their agents should inspect property prior

to the auction. Swann staff are available to advise

prospective bidders at all pre-sale exhibitions and by


3. BUYER’S PREMIUM. The purchase price

payable on any lot purchased will be the total of the

final bid plus the Buyer's Premium as defined in para-

graph 7 of the Conditions of Sale, plus all applicable

sales taxes.

4. SALES TAX. All items purchased are subject to

payment of the NewYork City and State sales tax of

8.875% on the total purchase price (final bid plus the

Buyer's Premium as defined in paragraph 7 of the

Conditions of Sale) unless the purchaser presents

proof of exemption therefrom. An exempt purchaser

must provide a properly completed New York State

Resale Certificate (Form ST-120) evidencing posses-

sion of a valid NewYork State Resale or, for non-New

York State businesses, the equivalent resale authoriza-

tion from another locale. Purchases will not be

released unless all sales tax requirements are satisfied.

Purchases shipped outside of NewYork State are not

subject to sales tax.

5. BIDDING INCREMENTS. $10 up to $150; then

$25 to $500; $50 to $1,000; $100 to $2,000; $200 to

$6,000; $500 to $10,000; $1,000 to $20,000; $2,000 to

$50,000; and approximately 10% of the current bid

thereafter. However, the auctioneer may modify the

increments at any time.

6. RESERVES. All lots are subject to a reserve,

which is the confidential minimum price agreed to

with the seller below which the lot will not be sold.

The reserve will never be higher than the low pre-sale

estimate, and will never be lower than half the low

estimate. Swann may implement such reserve by

opening the bidding on behalf of the seller and may

bid up to the amount of the reserve by placing succes-

sive or consecutive bids for a lot in response to other


7. ESTIMATES. The estimates provided are intend-

ed as a guide to bidding. The figures are educated

guesses, based on recent values. A bid between the

listed figures would, in our opinion, have a chance of

success (at the time the catalogue was prepared). The

estimates are exclusive of the buyer's premium, and

may be revised at any time prior to the auction.

8. BIDDING. All persons attending the auction

must obtain a bidding number prior to bidding. If

bids cannot be made in person or by an agent, they

may be made by mail, fax, e-mail, or telephone and

such bids will be executed without charge.

9. ABSENTEE BIDS will be executed by Swann on

the bidder's behalf in competition with other absentee

bids and bidding in the room. Every effort will be

made to carry out the bidder's instructions, but Swann

shall in no event be responsible for failing correctly to

carry out instructions, and Swann reserves the right to

decline to undertake such bids. Bids by mail should be

made in U.S. dollars on the bid sheet found at the end

of the catalogue and in accordance with the instruc-

tions on the bid sheet.

10. REMOVAL OF PROPERTY. All lots purchased

shall be removed at the purchaser's risk and expense by

the end of the fifth business day following the sale.

Purchases not so removed will be treated as set forth in

paragraph 9 of the Conditions of Sale.

11. SHIPMENT. Upon request, Swann will facilitate

the shipping of purchases to out-of-town buyers at an

additional charge for packing, postage and insurance,

but will not be responsible for any loss, damage or

delay resulting from the packing, handling and ship-

ping thereof. Unless specific instructions are received,

Swann is the sole judge of the method to be used for


12. PRICES REALIZED. A list of prices realized is

published on our website


the conclusion of the sale. The Prices Realized is also

available at Swann and will be mailed upon request.

13. CREDIT. Bidders whose credit is unknown to

Swann should submit acceptable credit references or

make prior arrangements for payment, failing which

purchases will not be released until funds have cleared.

Mail bidders should submit references or a deposit of

25% of their maximum bid. If successful, the deposit

will be applied to the purchase; if unsuccessful, the

deposit will be returned.

14. LOTS NOT RETURNABLE. Paragraph 3 of

the Limited Warranty describes lots which are sold as

is and not returnable. Books, manuscripts, prints,

drawings, photographs, signatures, or any other prop-

erty offered in a lot comprising more than 3 items,

whether or not such items are individually named,

constitute “Grouped Lots.” Such “Grouped Lots” are

not subject to return for any reason.