MONOGRAM UNKNOWN. [NO. 2.] Circa 1918. 28x22 inches, 71x56 cm.

Conditions of Sale

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 WARRANTED
TO THE EXTENT STATED IN THE
"LIMITED WARRANTY." EXCEPT AS PROVIDED
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 CORRECTNESS
OF DESCRIPTION, GENUINENESS,
ATTRIBUTION, PROVENANCE,
AUTHENTICITY, AUTHORSHIP, COMPLETENESS,
CONDITION OF THE PROPERTY
OR ESTIMATE OF VALUE. NO STATEMENT
(ORAL OR WRITTEN) IN THE CATALOGUE,
AT THE SALE, OR ELSEWHERE
SHALL BE DEEMED SUCH A WARRANTY
OR REPRESENTATION, OR ANY ASSUMPTION
OF RESPONSIBILITY.
2. All bids are to be per lot as numbered in the catalogue.
3. NEITHER SWANN NOR THE CONSIGNOR
MAKES ANY REPRESENTATION THAT
THE PURCHASER OF MANUSCRIPT
MATERIAL, PHOTOGRAPHS, PRINTS, OR
WORKS OF ART WILL ACQUIRE ANY
COPYRIGHT OR REPRODUCTION
RIGHTS THERETO.
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 agreement
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 auctioneer
shall be the purchaser. In the event of any
dispute between bidders, the auctioneer shall have
the absolute discretion either to determine the successful
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
20% of the final bid on each lot ("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
acknowledged 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 conditions 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 publicly 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, including 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.
9. All property shall be removed from Swann by the
purchaser at his expense no later than five (5) days following
its sale, and if not so removed may, at Swann's
option, be sent by Swann to a public warehouse at the
account, risk and expense of the purchaser. Whether
sent to a warehouse or stored by Swann, the purchaser
shall be liable for all actual expenses incurred plus
a storage charge of 5% of the purchase price.
CONDITIONS OF SALE
10. Except as noted in this paragraph, all lots in this
sale are offered for the account of a third party, without
any interest (direct or indirect) of the auctioneer
or Swann. Where Swann or an affiliate of Swann is
the sole or partial owner of the property it is noted by
the symbol l next to the description of that lot.
Under no circumstances will the Consignor receive
any rebate commission. Under no circumstances may
the Consignor bid upon or buy back his property.
11. Except as may be otherwise expressly provided
herein, any and all claims of a purchaser shall be
deemed to be waived and without validity unless
delivered in writing by registered mail return receipt
requested to Swann within thirty (30) days of the date
of sale.
12. The rights and obligations of the parties shall be
governed by the laws of the State of New York. All
bidders and the purchaser submit to the personal jurisdiction
of the New York State courts and their rules
and procedures in the event of any dispute.
13. No waiver or alteration of any of these
Conditions of Sale, the Advice to Prospective Bidders,
the Limited Warranty, the estimates, or any other matter
in this catalogue or any other matter whatever
(whether made by the auctioneer, or Consignor, or
any representative of Swann) shall be effective unless it
is in writing and signed by a representative of Swann.
14. THE "LIMITED WARRANTY" APPEARING
BELOW AND THE "ADVICE TO
PROSPECTIVE BIDDERS" APPEARING
OVERLEAF FORM PART OF THESE CONDITIONS
OF SALE.

LIMITED WARRANTY
We warrant the authenticity and condition of each
lot catalogued herein on the terms and conditions
set forth below.
1. Unless otherwise indicated in the respective
catalogue descriptions (which are subject to
amendment by oral or written notices or
announcements made by Swann prior to sale):
(a) With respect to autograph material (letters,
historic documents, literary and musical manuscripts,
inscribed books, and signed photographs),
we warrant without time limit the authenticity of
each lot catalogued herein. (Please note Paragraphs
3 and 5(b) below.)
(b) With respect to books, maps and atlases, and
any other works not included in (a) above, unless
physical inspection would reveal self-evident lack
of authenticity, we warrant for a period of three (3)
years from the date of sale the authenticity of each
lot catalogued herein. (Please note Paragraph 3
below.)
2. Except as noted above, or unless otherwise
indicated in the respective catalogue description,
we warrant for a period of thirty (30) days from the
date of sale to the original buyer of record, that
each book or manuscript is complete in text and
illustration and generally is in such physical condition
as may reasonably be expected considering the
age and provenance. This warranty does not cover
damages to binding, stains or foxing, wormholes,
short leaves of text or plates or any defect not
affecting the completeness of the text. Moreover,
this warranty does not cover the lack of inserted
advertisements, blank leaves, cancels or subsequently
published volumes.
3. Serial publications, books in original parts,
extra-illustrated books, made up "albums" and lots
described as "sold as is," "sold not subject to
return," "not collated," "collection of" or "group
of," and any lot containing more than three (3)
items, are sold as is and therefore not covered by
these warranties.
4. The benefits of these warranties are not assignable
and are applicable only to the original buyer
of the lot, and are conditioned on the buyer
returning the work in the same condition as at
time of sale and in the time period specified.
5. (a) The buyer's sole remedy under these
warranties shall be the rescission of the sale and
refund of the original purchase price paid for the
item, and this remedy shall be exclusive and in lieu
of any other remedy which might otherwise be
available to the buyer as a matter of law.
(b) With respect to autograph material (see
Paragraph 1(a) above), or any print, drawing, or
watercolor: in the event that a buyer claims that an
item is not authentic, Swann shall have no obligation
to rescind the sale unless the buyer has
obtained, at the buyer's expense, the opinion of two
recognized experts in the field, who are mutually
agreeable to Swann and the buyer, that a lot or portion
thereof is not authentic.

1. ALL PROPERTY IS SOLD SUBJECT TO
THIS ADVICE, THE CONDITIONS OF SALE,
AND TERMS OF WARRANTY PRINTED IN
THE CATALOGUE.
2. INSPECTION OF PROPERTY. Prospective
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
appointment.
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 paragraph
7 of the Conditions of Sale, plus all applicable
sales taxes.
4. SALES TAX. All items purchased are subject to
payment of the New York City and State sales tax of
8.375% 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 possession
of a valid NewYork State Resale or, for non-New
York State businesses, the equivalent resale authorization
from another locale. Purchases will not be
released unless all sales tax requirements are satisfied.
Purchases shipped outside of New York 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 successive
or consecutive bids for a lot in response to other
bidders.
7. ESTIMATES. The estimates provided are intended
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 instructions
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 shipping
thereof. Unless specific instructions are received,
Swann is the sole judge of the method to be used for
shipment.
12. PRICES REALIZED. A list of prices realized is
printed within two weeks after the sale. The Prices
Realized will be mailed to all Catalogue Subscribers,
those who purchased individual catalogues by mail,
and to any bidders who enclose a stamped selfaddressed
envelope with their bid sheets.
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 property
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.

SUPPLEMENTAL ADVICE TO PROSPECTIVE BIDDERS WITH RESPECT TO SALES OF POSTERS

Posters, for the most part, were printed in large format on the cheapest possible paper, and with an expected life of two to three months on billboards. They were ephemeral by definition and not intended to withstand the test of time. Therefore, in grading a poster's condition the standards and criteria of the print collector cannot be used. The most important element in grading a poster's condition is its appearance as defined by the lines, colors and overall design.

Condition in this catalogue is noted according to a rating system which has been accepted by most poster dealers. The following ratings are used, with an appropriate + or - to indicate slightly better or worse condition:

Condition A: designates a poster much in the same state as when it was printed; the colors are fresh, there is no signifcant paper loss or tears, but there may be some slight blemish, creases or scuffng.

Condition B: designates a poster in good condition. Some restoration (including repaired tears or slight overpainting) may have been done but it is not visibly apparent, there may be discoloration and/or fading.

Condition C: designates a poster that is showing the effects of time and/or heavy restoration. Fading and discoloration may be more pronounced, restoration, folds, creases and flaking may be visible, and there may be paper loss or obvious restored losses.

Within these guidelines, we have done our best to describe any flaws, defects and restoration-whether apparent or not. However, the above condition ratings are subjective. Prospective purchasers should satisfy themselves as to condition

IF YOU HAVE ANY QUESTIONS REGARDING THESE POSTERS, PLEASE FEEL FREE TO CALL FOR ADDITIONAL INFORMATION OR FOR A CONDITION REPORT. WE ENCOURAGE YOU TO EXAMINE THE POSTERS YOURSELF OR TO HAVE THEM EXAMINED BY YOUR REPRESENTATIVE.

ALL POSTERS ARE LINEN-BACKED UNLESS OTHERWISE INDICATED.

Buyer's Premium

Buyer's Premium is 20%.

Condition Statement

Available upon request.

Payment Information

Payment must be made by cash, check, certified check or money order. Purchases paid using personal checks may be held until payment has cleared. Swann does not accept credit cards or PayPal for purchases. Non-US purchasers must pay using a US-dollar denominated check drawn on a US bank, or by international money order or bank transfer.

Shipping Information

Upon request, Swann will facilitate the shipping of purchases to out-of-town buyers at an additional charge for packing, shipping and insurance, but will not be responsible for any loss, damage or delay resulting from the packing, handling and shipping thereof. Unless specific instructions are received, Swann is the sole judge of the method to be used for shipment. Packing and shipping costs will be noted on the invoice mailed to successful bidders after the sale, and are based on the actual costs involved. Be advised that a full commercial invoice must accompany any purchase shipped outside the US.

Taxes on your purchase

SALES TAX. All items purchased are subject to
payment of the New York City and State sales tax of
8.375% 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 possession
of a valid NewYork State Resale or, for non-New
York State businesses, the equivalent resale authorization
from another locale. Purchases will not be
released unless all sales tax requirements are satisfied.
Purchases shipped outside