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Conditions of Sale
The following Conditions of Sale and Terms of Guarantee are Sotheby's, Inc. and the Consignor's entire agreement with the purchaser and any bidders relative to the property listed in this e-catalogue.

The Conditions of Sale, Terms of Guarantee, the glossary, if any, and all other contents of this e-catalogue are subject to amendment by us by the posting of such amendments on the Sotheby's website (www.sothebys.com) and the Invaluable website (www.invaluable.com). The property will be offered by us as agent for the Consignor, unless the e-catalogue indicates otherwise.

By participating in any sale, you acknowledge that you are bound by these Conditions of Sale and Terms of Guarantee.

1.As Is
Goods auctioned are often of some age. The authenticity of the Authorship (as defined below) of property listed in the e catalogue is guaranteed as stated in the Terms of Guarantee and except for the Limited Warranty contained therein, all property is sold "AS IS" without any representations or warranties by us or the Consignor as to merchantability, fitness for a particular purpose, the correctness of the e-catalogue or other description of the physical condition, size, quality, rarity, importance, medium, frame, provenance, exhibitions, literature or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the e-catalogue, an advertisement, a bill of sale, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. We and the Consignor make no representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property. We and the Consignor are not responsible for errors and omissions in the e-catalogue, glossary, or any supplemental material. Sotheby's will not be responsible or liable for damage to frames and glass coverings, regardless of the cause.

2.Inspection
Prospective bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored. Where no exhibition is held for a timed auction, you may contact us to arrange inspection.

3.Buyer's Premium
A buyer's premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer's premium is 25% of the hammer price up to and including $300,000, 20% of any amount in excess of $300,000 up to and including $4,000,000, and 12.9% of any amount in excess of $4,000,000.

4.Withdrawal
We reserve the right to withdraw any property before, during and after the sale and shall have no liability whatsoever for such withdrawal.

5.Per Lol
Unless otherwise stated, all bids are per lot as numbered in the e-catalogue.

6.Registration
In order to bid, you must first register on the Sotheby's website or the Invaluable website. Sotheby's reserves the right, in our sole discretion, to refuse your registration or participation in the auction or to revoke your permission to participate before, during or after the sale. Bidders should also consult the Sotheby's Website or the Invaluable website for the most up to date cataloguing of the property in this e-catalogue. Bidders are responsible for making themselves aware of all available notices, which will be posted online.

7. Bidding
As soon as you place and confirm your bid amount, your bid is submitted. You accept and agree that bids submitted by you are final. Neither Sotheby's nor the Consignor is responsible for any errors in bidding. We reserve the right to reject any bid. The highest bidder acknowledged by the Sotheby's and Invaluable online bidding systems will be the purchaser. Sotheby's has absolute and sole discretion in the case of error or dispute with respect to bidding, and whether during or after the sale, to determine the successful bidder, to re-open the bidding, to cancel the sale or to re-offer and re-sell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.
By participating in the sale, you represent and warrant that any bids placed by you, or on your behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law.

8.Closing Bidding
Bids may be submitted from the start of the auction until bidding on the specific lot closes. An end time will be displayed for each lot on the lot detail page. Lots will close in one minute increments unless a bid is placed within 5 minutes of a lot's scheduled end time, in which case we will extend the sale of that lot by 5 minutes from the time of the last bid. The extension of any one lot's closing time does not affect any other lot's closing time; therefore, it is possible that lots will close out of numerical lot order.

9.Bids Below Reserve
If you place a bid below the reserve of the article offered, you will be informed by a message on the screen that the reserve is not met. You will then be able to place a higher bid if you wish to do so. No bidder can successfully win the lot below the reserve.

10.Record of Sale
The record of sale kept by Sotheby's will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to you and the record of sale kept by Sotheby's, the record of sale will govern.
Successful bidders will be notified and invoiced by Sotheby's after the sale. In the event of any discrepancy between any online purchase information and the invoice sent to you by Sotheby's following the sale, the invoice prevails.

11. Purchaser's Responsibility
Subject to fulfillment of all of the conditions set forth herein, at the close of a lot, the contract between the consignor and the purchaser is concluded, and the winning bidder thereupon will immediately pay the full purchase price or such part as we may require. Title in a purchased lot will not pass until Sotheby's has received the full purchase price in cleared funds. The purchaser's obligation to immediately pay the full purchase price or such part as we may require is absolute and unconditional and is not subject to any defenses, setoffs or counterclaims of any kind whatsoever. Sotheby's is not obligated to release a lot to the purchaser until title to the lot has passed and any earlier release does not affect the passing of title or the Purchaser's unconditional obligation to pay the full purchase price. In addition to other remedies available to us by law, we reserve the right to impose from the date of sale a late charge of the annual percentage rate of Prime + 6% of the total purchase price if payment is not made in accordance with the conditions set forth herein. Please note Sotheby's reserves the right to refuse to accept payment from a source other than the buyer of record.
Unless otherwise agreed by Sotheby's, all property must be removed from our premises by the purchaser at his expense not later than 30 calendar days following its sale. Purchasers are reminded that Sotheby's liability for loss of or damage to sold property shall cease upon the earlier of (a) 30 calendar days after the date of the auction and (b) our release of the property to the purchaser or the purchaser's designated agent. Upon the expiration of such 30 calendar day period or upon such earlier release, as applicable: (i) the purchaser bears full liability for any and all loss of or damage to the property; (ii) the purchaser releases Sotheby's, its affiliates, agents and warehouses from any and all liability and claims for loss of or damage to the property; and (iii) the purchaser agrees to indemnify and hold Sotheby's, its affiliates, agents and warehouses harmless from and against any and all liability for loss of or damage to property and any all claims related to loss of or damage to the property as of and from and after the time Sotheby's liability for loss or damage to the property ceases in accordance with this paragraph. If any applicable conditions herein are not complied with by the purchaser, the purchaser will be in default and in addition to any and all other remedies available to us and the Consignor by law, including, without limitation, the right to hold the purchaser liable for the total purchase price, including all fees, charges and expenses more fully set forth herein, we, at our option, may (x) cancel the sale of that, or any other lot or lots sold to the defaulting purchaser at the same or any other auction, retaining as liquidated damages all payments made by the purchaser, or (y) resell the purchased property, whether at public auction or by private sale, or (z) effect any combination thereof. In any case, the purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses of both sales, our commissions on both sales at our regular rates, legal fees and expenses, collection fees and incidental damages. We may, in our sole discretion, apply any proceeds of sale then due or thereafter becoming due to the purchaser from us or any affiliated company, or any payment made by the purchaser to us or any affiliated company, whether or not intended to reduce the purchaser's obligations with respect to the unpaid lot or lots, to the deficiency and any other amounts due to us or any affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to us and our affiliated companies, a continuing security interest of first priority in any property or money of or owing to such purchaser in our possession, custody or control or in the possession, custody or control of any of our affiliated companies, in each case whether at the time of the auction, the default or if acquired at any time thereafter, and we may retain and apply such property or money as collateral security for the obligations due to us or to any affiliated company of ours. We shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. You hereby agree that Sotheby's may file financing statements under the New York Uniform Commercial Code without your signature. Payment will not be deemed to have been made in full until we have collected good funds. Any claims relating to any purchase, including any claims under the Conditions of Sale or Terms of Guarantee, must be presented directly to Sotheby's. In the event the purchaser fails to pay any or all of the total purchase price for any lot and Sotheby's nonetheless elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that Sotheby's shall have all of the rights of the Consignor to pursue the purchaser for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Sale.

12.Reserve
Unless otherwise indicated, all lots in this e-catalogue are offered subject to a reserve, which is the confidential minimum hammer price at which a lot will be sold. No reserve will exceed the low presale estimate stated in the e-catalogue, or as amended by notices posted on the Sotheby's and Invaluable websites. If you place a maximum bid that equals or exceeds the reserve on a lot for which the reserve has not already been met, the system will automatically raise the current bid to meet the reserve price.

13.Tax
Unless exempted by law, the purchaser will be required to pay the combined New York State and local sales tax, any applicable compensating use tax of another state, and if applicable, any federal luxury or other tax, on the total purchase price. The rate of such combined tax is 8.875% in New York City and ranges from 7% to 8.625% elsewhere in New York.

14.Export and Permits
It is the purchaser's sole responsibility to identify and obtain any necessary export, import, firearm, endangered species or other permit for the lot. Any notices in the sale e-catalogue reflect Sotheby's reasonable opinion at the time of cataloguing and are for bidders' general guidance only; Sotheby's and the Consignor make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes.

15.Governing Law and Jurisdiction
These Conditions of Sale and Terms of Guarantee, as well as bidders', the purchaser's and our respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of New York. By bidding at an auction, all bidders including the purchaser, shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of New York. All parties agree, however, that Sotheby's shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of New York.

16.Packing and Shipping
We are not responsible for the acts or omissions in our packing or shipping of purchased lots or of other carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots is at the entire risk of the purchaser.

17.Limitation of Liability
In no event will the aggregate liability of Sotheby's and the consignor to a purchaser exceed the purchase price actually paid. Sotheby's will not be responsible for any errors or failures to execute bids placed online or for any errors or omissions in connection therewith including, without limitation, errors or failures caused by (i) a loss of connection to the internet or the Sotheby's or Invaluable's Online Platform software by either Sotheby's or the client; (ii) a breakdown or problem with Sotheby's or Invaluable's Online Platform software; or (iii) a breakdown or problem with a client's Internet connection, mobile network or computer.

18.Data Protection
Sotheby's will use information provided by its clients (or which Sotheby's otherwise obtains from other sources relating to its clients) for the provision of auction and other art-related services, loan services, client administration, marketing and otherwise to manage and operate its business, or as required by law, in accordance with Sotheby's Privacy Policy. This will include information such as the client's name and contact details, proof of identity, financial information, records of the client's transactions, and preferences. Some gathering of information about Sotheby's clients will take place using technical means to identify their preferences in order to provide a higher quality of service to them. Sotheby's may also disclose the client information to other Sotheby's Companies and/or third parties acting on their behalf to provide services for these purposes.
Sometimes, Sotheby's may also disclose this information to carefully selected third parties for their own marketing purposes. If you do not wish your details to be used for this purpose, please email enquiries@sothebys.com.
If the client provides Sotheby's with information that is defined by European data protection laws as "sensitive", the client agrees that it may be used for the purposes set out above.
In the course of these disclosures, personal data collected in the European Economic Area may be disclosed to countries outside the European Economic Area. Although such countries may not have legislation that protects a client's personal information, Sotheby's shall take great care to keep such information secure and in accordance with European data protection principles. By agreeing to these Conditions of Sale, the client is agreeing to such disclosure.
Please be aware that Sotheby's may film auctions or other activities on Sotheby's premises and that such recordings may be transmitted over the Internet via Sotheby's website, the eBay website, the Invaluable website and other Online Platforms.
Under European data protection laws, a client may object, by request and free of charge, to the processing of their information for certain purposes, including direct marketing, and may access and rectify personal data relating to them and may obtain more information about Sotheby's data protection policies by writing to Sotheby's, 34-35 New Bond Street, London W1A 2AA, or 1334 York Avenue, New York, NY 10021, Attn: Compliance, or emailing enquiries@sothebys.com. Sotheby's use of information collected about Invaluable users may differ and is also governed by the terms of the Invaluable Privacy Policy and Sotheby's on Invaluable Online Platform Privacy Policy, which can be found on the Sotheby's on Invaluable Auction Website throughout the registration and auction period.

19. Cancellation Right
The Consumer Rights Directive (Directive 2011/83/EU) and related regulations implemented by the European Union ("EU") member states (the "Regulations") give bidders based within an EU member state (an "EU Bidder") who purchase goods and services online or otherwise "at a distance" certain cancellation rights under the Regulations.
Under the Regulations, an EU Bidder who purchases property during the sale has the right to cancel the contract (provided that such contract is a distance contract or an off-premises contract for the purposes of the Regulations) for any reason and without incurring liability within a period of fourteen days after the day on which the property comes into the physical possession of either the EU Bidder or a person identified by the EU Bidder to take possession of the property (but not the carrier of the property) (the "Goods Cancellation Period").
Under the Regulations, an EU Bidder who purchases shipping services from Sotheby's (the "Shipping Services") has the right to cancel the Shipping Services for any reason within a period of fourteen days after the date on which the contract to provide the Shipping Services is concluded (the "Services Cancellation Period") unless where at the EU Bidder's express request it has been agreed that the Shipping Services will begin during the Services Cancellation Period. In the case that the Shipping Services have begun prior to the expiry of the Services Cancellation Period, the EU Bidder will have the right to cancel the Shipping Services during the Services Cancellation Period until the Shipping Services have been fully performed after which point the cancellation right will no longer apply. If the EU Bidder lawfully cancels the contract for Shipping Services, Sotheby's will reimburse the EU Bidder all payments received from the EU Bidder in relation to the Shipping Services provided always that if the EU Bidder requested Sotheby's to begin the performance of the Shipping Services during the Services Cancellation Period, the EU Bidder will remain liable for Sotheby's reasonable costs.
To exercise the right to cancel, the EU Bidder must inform Sotheby's, Inc. at: Post Sale Services, 1334 York Avenue, New York, NY 10021; telephone: +1 212 606 7444; fax: +1 212 606 7043; uspostsaleservices@sothebys.com; of its decision to cancel the contract for the purchase of property and/or for the provision of Shipping Services (as applicable) by a clear statement (e.g. a letter sent by post, fax or email) or using the model cancellation form, a copy of which can be obtained from Sotheby's, Inc. at the address noted above. In order to meet the cancellation deadline, the EU Bidder is required to send his/her communication concerning the exercise of the cancellation right (i) in relation to a purchase of property before the Goods Cancellation Period has expired and (ii) in relation to the provision of Delivery Services before the Services Cancellation Period has expired. Sotheby's, Inc. will make any applicable reimbursement using the same means of payment as the EU Bidder used for the initial transaction, unless the EU Bidder has expressly agreed otherwise and, in any event, the EU Bidder will not incur any fees as a result of the reimbursement.

20. Conflict
For bidders bidding through the Invaluable platform, in the event of any conflict between Invaluable's Terms and Conditions and Sotheby's Conditions of Sale and Terms of Guarantee, Sotheby's Conditions of Sale and Terms of Guarantee will control.