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The property described in this catalogue, as amended

by any posted notices or oral announcements during

the sale, will be sold by Swann Galleries, Inc. (Swann)

as agent for various owners (the Consignors). These

CONDITIONS OF SALE, and the LIMITED

WARRANTY and ADVICE TO PROSPECTIVE

BIDDERS set forth elsewhere in the catalogue are

the complete and only terms and conditions on

which all property is offered for sale. By bidding at

auction (whether present in person or by agent, by

written or telephone bid, or by any other means) the

buyer agrees to be bound by these Conditions of Sale.

1. THE AUTHENTICITY OF PROPERTY

LISTED IN THIS CATALOGUE IS WAR-

RANTED TO THE EXTENT STATED IN THE

“LIMITED WARRANTY.” EXCEPT AS PRO-

VIDED THEREIN, ALL PROPERTY IS SOLD

“AS IS” AND NEITHER SWANN NOR THE

CONSIGNOR MAKES ANY WARRANTIES

OR REPRESENTATIONS OF ANY KIND

OR NATURE WITH RESPECT TO THE

PROPERTY OR ITS VALUE, AND IN NO

EVENT SHALL THEY BE RESPONSIBLE FOR

CORRECT-NESS OF DESCRIPTION, GEN-

UINENESS, ATTRIBUTION, PROVENANCE,

AUTHENTICITY, AUTHORSHIP, COMPLETE-

NESS, CONDITION OF THE PROPERTY OR

ESTIMATE OF VALUE. NO STATEMENT

(ORAL ORWRITTEN) IN THE CATALOGUE,

AT THE SALE, OR ELSEWHERE SHALL BE

DEEMED SUCH A WARRANTY OR RE-

PRESENTATION, OR ANY ASSUMPTION

OF RESPONSIBILITY.

2. All bids are to be per lot as numbered in the cata-

logue.

3. NEITHER SWANN NOR THE CONSIGN-

OR MAKES ANY REPRESENTATION THAT

THE PURCHASER OF MANUSCRIPT MAT-

ERIAL, PHOTOGRAPHS, PRINTS, ORWORKS

OF ART WILL ACQUIRE ANY COPYRIGHT

OR REPRODUCTION RIGHTSTHERETO.

4. Swann reserves the absolute right (a) to withdraw

any property at any time before its actual final sale,

including during the bidding, and (b) to refuse any bid

from any bidder. The auctioneer is the sole judge as

to the amount to be advanced by each succeeding bid.

5. Any right of the purchaser under this agree-

ment or under the law shall not be assignable and

shall be enforceable only by the original purchaser

and not by any subsequent owner or any person who

shall subsequently acquire any interest. No purchaser

shall be entitled to any remedy, relief or damages

beyond return of the property, rescission of the sale and

refund of the purchase price; and without limitation,

no purchaser shall be entitled to damages of any kind.

6. The highest bidder acknowledged by the auc-

tioneer shall be the purchaser. In the event of any

dispute between bidders, the auctioneer shall have

the absolute discretion either to determine the suc-

cessful bidder or to re-offer and resell the lot in

dispute. If any dispute arises after the sale, Swann’s

sales records shall be conclusive as to the purchaser,

amount of highest bid, and in all other respects.

7. The purchase price paid by a purchaser shall be the

sum of the final bid and a buyer’s premium of 25% of

the hammer price up to and including $100,000; 20%

of the portion of the hammer price above $100,000 up

to and including $1,000,000; and 12% of the portion of

the hammer price above $1,000,000 (“the Buyer’s

Premium”), plus all applicable sales tax. An additional

buyer’s premium may be charged on any purchase

made through a live online auction as posted by Swann

in accordance with such live online auction.

8. On the fall of the auctioneer’s hammer, title to the

offered lot or article will pass to the highest acknowl-

edged bidder, who thereupon (a) immediately assumes

full risk and responsibility therefor, (b) will immediately

sign a confirmation of the purchase therefor, setting

forth his name and address, and (c) will immediately pay

the full purchase price therefor. If the foregoing condi-

tions or any other applicable conditions herein are not

complied with,in addition to other remedies available to

Swann and the Consignor by law (including without

limitation the right to hold the purchaser liable for the

bid price), Swann, at its option,may either (a) cancel the

sale, retaining as liquidated damages all payments made

by the purchaser, or (b) resell the property, either pub-

licly or privately, for the account and risk of the

purchaser, and in such event the purchaser shall be liable

for the payment of all deficiencies plus all costs, includ-

ing warehousing, the expenses of both sales, and Swann’s

commission at its regular rates and all other charges due

hereunder. Swann may also impose late charges of 1.5%

per month (or the highest rate allowed under applicable

law, whichever is lower) on any amounts unpaid.

CONDITIONS OF SALE