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MADISON SQUARE GALLERY INC.
TERMS AND CONDITIONS OF SALE

All properties are sold AS IS, WHERE IS with all faults. There are no warranties or representations of merchantability, of fitness, nor of any other kind, express or implied. Unless otherwise indicated, all property will be offered Madison Square Gallery Inc. as agent for consignor.

All property offered and sold through Madison Square Gallery Inc. Auctions shall be sold on the terms and conditions set forth below. By bidding at the auction, whether present in person or by agent, by floor, absentee, telephone, or online bid, the buyer agrees to be bound by these terms and conditions. All bidders are responsible for reading and understanding these terms and conditions. Madison Square Gallery Inc. reserves the right to vary the terms of sale and any such variance shall become part of these Conditions of Sale.

GENERAL

ALL PROPERTIES ARE SOLD AS IS AND ALL SALES ARE FINAL. NO RETURNS. NO EXCEPTIONS.
Neither Madison Square Gallery Inc. nor the consignor makes any warranties or representations of any kind or nature with respect to property or its value, and in no event shall be responsible for the correctness of description, genuineness, attribution, provenance, authenticity, authorship, completeness, condition of property or estimate of value. We do not guarantee authorship or signatures of paintings. All measurements are approximate.
Written and oral descriptions are our opinions and should in no way be construed as a guarantee of any kind as to authenticity, age, condition, materials or any other feature of items being sold. Madison Square Gallery Inc. attempts to catalog every lot correctly and will attempt to point out any defects but will not be responsible or liable for the correctness of the catalog or other descriptions of the lot. References in the catalog or condition reports to damage or restoration are for guidance only. The absence of any reference to condition or the reference to particular defects of any lot does not imply the absence of imperfections, effects of aging, or other defects. No employee is authorized to make any warranties, expressed or implied, on behalf of Madison Square Gallery Inc. We recommend prospective bidders examine all items in which they have an interest. By placing a bid, either in person, by phone, absentee or via the Internet, you signify that you have examined the items as fully as you desire to or that you have chosen not to examine them.

CONDITION REPORT
Condition reports are made as statements of opinion by the staff of Madison Square Gallery Inc. and/or by independent consultants and are NOT made as or considered to be statements of fact. Condition reports in no way create any warranty or assumption of liability. Madison Square Gallery Inc. shall have no responsibility for any error or omission. The items sold are often of considerable age and will exhibit wear, usage and damage often not listed in the catalog entry. The absence of a condition statement DOES NOT imply that the lot is in excellent condition or completely free from wear and tear, imperfections or the effects of aging. Prospective buyers are in ALL CASES responsible for determining the physical condition of lots.

NO GUARNTEE OF AUTHENTICITY FOR JADE, PAINTINGS, STAMPS, COIN, AND PAPER CURRENCY
I. Madison Square Gallery Inc. does not guarantee the authenticity of the color or age of any jade. All jade will be sold as is, without any warranties. All sales are final in jade purchases, no returns will be accepted. Judgment of such qualities is at the sole discretion of the buyer.
II. Madison Square Gallery Inc. does not guarantee any of the lot number descriptions, illustrations, and conditions provided as reference, including authentication, originator and the date of execution regarding paintings. All items sold as is, no returns.

ESTIMATES
The estimates provided for each lot in this catalog are neither a representation nor prediction of the actual selling price that will be realized at the auction, post-auction sale, or upon resale. Estimates represent Madison Square Gallery?s opinion of the price range that a buyer would pay for the lot at auction. Estimates are based when possible on the prices paid for comparable items sold at auction in the past. Estimates are often determined several months before a sale and are subject to revision based on further research of the property, changes to market conditions, or fluctuations in currency. Estimates do not include the buyer's premium. The actual price realized for any lot may fall above or below the range of the estimate.

REGISTRATION
All prospective bidders must complete and sign a registration form and provide identification before bidding. All new bidders are required to submit a credit card for the registration and bidding approval purposes, and the credit card will be charged for the invoice amount if the invoice is not paid within seven (7) days. A $500 deposit may be required in order to approve registration.

BIDDING
By bidding at the auction the buyer and all bidders agree to be bound by these terms or those changed or supplemented, whether bidding in person, through a representative, by phone, internet or other absentee bid.
Madison Square Gallery Inc. reserves the right, at our sole discretion, to reject any bid and the right to refuse to acknowledge any bidder.

When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium, all applicable taxes and all other applicable charges. All items are sold to the highest bidder as acknowledged by the auctioneer. Madison Square Gallery Inc. reserves the exclusive right to determine the validity of any bid, and to settle any dispute that may arise between bidders. In the event of a dispute, or if Madison Square Gallery Inc. has any doubt of the validity of a bid, the auctioneer reserves the right to a) determine the successful bidder b) continue bidding or c) cancel a sale. The auctioneer reserves the right to withdraw any item and to re-offer the item at another time. Every effort is made by the auctioneer to execute all bids, including floor, absentee, telephone and online bids. Madison Square Gallery Inc. is not responsible for omissions, clerical or typographical errors in the catalog and during the auction itself. Madison Square Gallery Inc. reserves the right to cancel any sale or bid before, during, and after the auction.

RESERVES
A reserve is the confidential minimum price a lot may be sold for at auction as established by Madison Square Gallery Inc. and the consignor. Unless the sale is advertised and announced as "without reserve", each lot is offered subject to a reserve. Madison Square Gallery Inc. may implement the reserve by opening biddings or bidding successively on any lot by placing a bid on behalf of the Consignor up to the amount of the reserve. Some lots will have no reserve but in most cases the consignor has established one. If the auctioneer decides that any bid is below the value of the lot offered, the auctioneer may reject the bid and withdraw the lot from the sale.

INTERNET BIDS
Madison Square Gallery Inc. allows for clients to bid and buy online through the services of Live Auctioneers, Invaluable, AuctionZip and Epalive. All clients must be registered to bid with Madison Square Gallery Inc., and or through the websites prior to bidding online. Any client who chooses to use online service is responsible for obtaining all necessary information for bidding and buying online. Under no circumstances, shall Madison Square Gallery Inc. accept liability for equipment failure, inability to access the internet or software malfunctions related to the execution of online bids.

TELEPHONE BIDS
Registered buyers interested in bidding by telephone must request to do so before the auction. All telephone bids must be received by Madison Square Gallery Inc. at least 24 hours prior to the beginning of the auction. We will use reasonable efforts to contact buyers to enable them to participate in the bidding by telephone and we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding.

ABSENTEE BIDS
Bidders who are unable to participate in the auction in person, by an agent or by telephone, may place absentee bids up to 24 hours prior to the beginning of the auction. We will use reasonable efforts to carry out written bids given to us prior to the sale. Bids must be placed in U.S. dollars. If we receive written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the person whose written bid was received and accepted first. We do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid. Any client who places an absentee bid is solely responsible to cancel any or all bids prior to the start of the auction. If the client does not cancel the bid, he or she is solely responsible for the property's purchase.

BUYER'S RESPONSIBILITY (PREMIUM & TAXES)
Buyer's Premium - A 25% buyer's premium will be added to the hammer price of each lot.

The successful buyer is responsible to pay the full amount due for their purchase, including the amount of the successful bid, the buyer's premium, all applicable taxes and all other charges set forth in the Terms and Conditions to Madison Square Gallery Inc. within seven (7) days of the auction.

Taxes: All purchases (including buyer's premium) will be subject to a New Jersey State Sales Tax of 7% unless the buyer is an out-of-state resident and lots are being shipped out of New Jersey or the purchaser has a valid Tax Exempt Certificate ( an actual resale certificate must be presented and on file with Madison Square Gallery Inc.)

PAYMENT AND COLLECTION RESPONSIBILITIES
The successful buyer will receive an invoice listing all fees and the total due for all purchases within (48) hours of the auction's completion. All buyers must immediately pay for the lot purchased, within a maximum period of seven (7) days after the auction. All property purchased from Madison Square Gallery Inc. must be removed within 30 days after the auction date. Madison Square Gallery Inc. will not be responsible for paid items left for over 30 days after the auction date. (unless a prior agreement has been made). Items left after 30 days will incur a $10/day storage fee per item. Madison Square Gallery Inc. reserves the rights to re-auction any unpaid items after 30 days from the date of the auction.

METHODS OF PAYMENT
Payment in U.S. dollars may be made with CASH, CREDIT CARDS (subject to precessing fee if paid through Liveauctioneers), CHECK (drawn on U.S. bank), PAYPAL(subject to 4% convenience fee), and WIRE TRANSFER. All lots purchased, including the full hammer prices, buyer's premium and all other taxes and fees over TWO Thousand ($2,000) US Dollars must be paid for directly to Madison Square Gallery Inc. by wire transfer, money order, personal check, subject to verification of funds, and/or cashier's check. Buyer is subject to a $50 fee for bounced checks. If paying by check, it should be made payable to Madison Square Gallery Inc.
All payments or settlements shall be made in US dollars; buyers shall only collect the lots after full payments are made. Should payments be made by check or draft, lots will only be released after bank clearance. If you fail to pay within 7 days, we will charge your credit card the total amount on your invoice.

SHIPPING RESPONSIBILITIES
The winning bidder is responsible for shipping all purchased property. Packing, shipping and insurance (including reimbursement for damage or loss) of purchased lots is the responsibility of the buyer. All items not being picked up at the gallery will be shipped by shipping companies from our suggested list of shippers. As a convenience to the buyer, Madison Square Gallery Inc. can provide the buyer with a list of recommended shippers. Madison Square Gallery Inc. will not be held responsible for the negligence of carriers or packers whether or not recommended by us. Madison Square Gallery Inc. will have no liability of any loss or damage to such items resulting from a shipper's negligence. Packing and handling of purchased lots by us is at the entire risk of the purchaser, Madison Square Gallery Inc. will have no liability of any loss or damage to such items. Buyers must contact shipping company directly after the auction to arrange shipment and payment for shipping. A shipping release form is required to be filled out and sign in order for us to release
the item to the shipping company. If you decide to use your own methods or another shipper that's not on our suggested list of shippers, you must inform us prior so to avoid confusion.

If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Madison Square Gallery Inc. shall not be liable for any amount in excess of that paid by the purchaser.

WE RESERVE THE RIGHT TO WITHDRAW ANY PROPERTY BEFORE AND AFTER THE SALE AND SHALL HAVE NO LIABILITY WHATSOEVER FOR WITHDRAWAL OF PROPERTY. FOR ANY ISSUE REGARDING PURCHASED LOTS, BUYER MUST CONTACT MADISON SQUARE GALLERY WITHIN TWENTY DAYS OF THE AUCTION FOR ASSISTANCE. MADISON SQUARE GALLERY CANNOT PROCESS ANY REQUEST ONCE CONSIGNOR HAS BEEN PAID OFF.