Foundation for Appraisal Education Benefit

AUCTION HOUSE AS AGENT Except as otherwise stated, John Moran Auctioneers Moran's acts as agent for the seller. The contract for the sale of the property is therefore made between the seller and the buyer. BEFORE THE AUCTION (a) Public Preview: All property is available for inspection by public preview during the day of auction. In many cases, particular lots can be examined in advance by private appointment. Prospective buyers are strongly encouraged to personally examine any property in which they are interested. (b) Buyer's Responsibility: Buyers are responsible for determining to their own satisfaction the true nature and condition of any lot prior to bidding. Though buyers are not legally required to inspect lots prior to purchase, failure to do so may constitute a waiver of complaint that an item was not delivered in a condition equal to the existent condition at the auction. (c) Property Sold ?As Is?: Neither Moran's nor the seller provides any guarantee in relation to the nature of the property, or to any errors or omissions in the catalogue or supplemental material apart from the Limited Warranty stated below. Condition reports are offered as a courtesy and are typically published in Moran's catalogue or can be made available upon request. The absence of a condition report does not imply than an item is free from defects or restoration, nor does a reference to particular defects imply the absence of others. AT THE AUCTION (a) Admission: The auction is open to the public, though Moran's reserves the right to refuse admission or participation to anyone at any time. The auctioneer may be recorded (visually, aurally or otherwise) and all participants consent to such recording. (b) Buyer Registration: Prospective buyers must register with Moran's before bidding. Moran's may require identification and financial references in advance of buyer eligibility. Registered bidders accept personal liability to pay the purchase price, including the Buyer's premium plus all applicable charges, unless Moran's agrees in advance that the bidder is acting as agent on behalf of an identified third party acceptable to Moran's. In such case, Moran's will look to the third party for payment. (c) Bidding Guidelines: Bidding, whether in person, by agent, absentee bid, telephone, or internet, constitutes a bidder?s acceptance of these conditions. The highest bidder acknowledged by the auctioneer shall be the buyer. The auctioneer retains the absolute right to reject any bid, to withdraw, pass or divide any lots, to combine multiple lots, to advance the bidding at his or her absolute discretion and (in the case of error or dispute, whether during or after the sale) to determine the successful bidder, to continue the bidding, cancel the sale or to re-offer and sell the lot in question. Under no circumstances are the consignors? or agents acting on their behalf, permitted to bid on their consignment. In the event of any dispute after the auction Moran's sale record shall be conclusive. (d) Absentee, Telephone and Internet Bidding: Moran's offers absentee, telephone and internet bidding as a convenience to clients and does not accept liability for errors or failures to execute such bids. Absentee and telephone bids must be recognized by Moran's prior to auction day. When identical absentee bids are submitted that become the highest bids at the auction, the bid first received by Moran's shall be accepted as the winning bid. Telephone bidders are encouraged to leave minimum bids in case of technical failure. Internet bidders are subject to an additional Buyer's premium, as noted below. (e) Reserves: Unless indicated otherwise, lots may be offered subject to a reserve, which is the confidential minimum price below which the lot will not be sold. The reserve for any lot shall not exceed its published estimate. Moran's shall act to protect the reserve by bidding through the auctioneer, who may open bidding on any lot below the reserve by placing a bid on the seller?s behalf. The auctioneer may continue to bid on behalf of the seller up to the reserve amount, either by placing consecutive bids or by placing bids in response to other bidders. Lots without reserves are typically opened for bidding at 50% of their low estimate. In the absence of a bid at that level, the auctioneer may proceed backwards at his discretion or deem the lot unsold if a bid is not recognized. AFTER THE AUCTION (a) Payment and Title Transfer: Payment and Title Transfer: The buyer agrees to pay the sum of the hammer price plus Buyer's Premium, plus any applicable sales tax. Buyer's Premiums are calculated as follows: Floor, Telephone or Absentee Bidding: Buyer's Premium of 20% (of hammer price) when paying by cash, check or wire transfer or 22% when paying by credit card. Bidding through internet platform: Buyer's Premium of 25% when paying by cash, check or wire transfer or 27% when paying by credit card. Buyers outside the United States must submit payment via wire transfer. Credit cards are not an accepted form of payment for buyers outside the United States. Buyers are strongly encouraged to provide full payment at the auction. Payment must be received by Moran's within the five business days immediately following the auction. The buyer shall not acquire title or take possession of the lot until all amounts (including the hammer price, premium and applicable taxes) due to Moran's have been paid in full. (b) Collection: Buyers are strongly encouraged to collect purchased items from the sale site at the time of the auction. Packing material and labor are provided free of charge at the sale site during the auction. The packing of purchased lots at the auction is undertaken by Moran's solely as a convenience to customers. Moran's is not liable for damage to glass or frames, except as a result of negligence on Moran's part, regardless of cause in connection with this courtesy service. (c) Storage: Following the auction, uncollected lots shall be relocated to and stored in Moran's warehouse. Moran's shall retain possession of all purchases until full payment has been received from the buyer. Lots remaining uncollected after the fifth business day following the sale, regardless of payment status, are subject to a per-lot daily storage charge of $10.00. In addition to other remedies available by law, Moran's reserves the right to impose upon delinquent buyers a separate 1% monthly charge (of the purchase price, or the maximum permitted by law) commencing on the sixth business day after the sale date. (d) Shipping: Buyers are responsible for arranging their own shipping estimates and deliveries. Moran's in our discretion and as a courtesy to buyers, can arrange to have purchased lots packed, insured and forwarded by a third party shipper at the request, expense and risk of the buyer. Moran's assumes no responsibility for acts or omissions in such packing or shipping by other packers or carriers, even if recommended by Moran's. Nor does Moran's assume any responsibility for any damage to picture frames or to the glass therein. In circumstances where Moran's arranges for such third party services, Moran's may apply an administration charge of 10% of that service fee. (e) All Sales Final: Notwithstanding other terms mentioned herein, refunds shall be given at Moran's sole discretion. Refunds requested on the grounds of authenticity must be made within 10 days of the auction and accompanied by a supporting written statement from a recognized authority (defined as a person who has authored, edited, or substantially contributed to a monograph on the artist, a person who has curated, organized or substantially contributed to a solo exhibition on the artist, a person who has represented the artist?s estate or someone who represented or worked closely with the artist while they were alive and, in any of the above instances physically handled works of the period, medium and subject matter in question during the course of their duties) stating that the object sold is incorrect or not the work of the artist. Dealers, appraisers and representatives of other auction firms do not qualify as authenticators of individual artists unless they have had such specific involvement with that artist?s work, as specified above, in addition to their daily duties. Refunded lots must be returned to Moran's in the same condition as when sold. Moran's does not grant extensions to refund considerations based upon authenticity due to shipping delays. There are no exceptions to this refund policy. LIABILITY AND LIMITED WARRANTY (a) Liability: The buyer expressly agrees that (i) neither Moran's nor the seller shall be liable, in whole or in part, for any special, indirect or consequential damages, including, without limitation, loss of profits and (ii) the Buyer's damages, if any, are limited exclusively to the original purchase price paid for the lot. (b) Limited Warranty: All property is sold as is. Neither Moran's nor the consignor or our associates make any representation, express or implied warranty (including merchantability and fitness) or guarantee in condition, size, provenance, medium, signature, inscription, exhibition history, importance, rarity, country of origin, age, genuineness, historical relevance, monetary or other value, framing or lack thereof, mounting, conservation, coloring, palette, inscription, edition, style, label or other descriptor. No statement in the catalogue, brochures, website, bill of sale or invoice, any supplementary material, or statements by any Moran's employee shall be deemed such a warranty or representation or an assumption of liability. (c) Descriptions: No warranty, whether express or implied, is made with respect to any description contained in this auction or any second opinion. Any description of the items or second opinion is for the courtesy of identifying the items for those Bidders who do not have the opportunity to view the lots in person, and no description of items has been made part of the basis of the transaction or has created any express warranty that the goods would conform to any description made by the Auctioneer. Color variations can be expected in any electronic or printed imaging, and are not grounds for the return of any lot. (d) Estimates: All estimates provided are carefully considered opinions of Moran's specialists, and are merely suggested guidelines for interested buyers. Buyers must be aware that all property sold is subject to fluctuating values depending on the subjective interests of collectors and a wide variety of other uncontrollable factors. The lots auctioned may sell at prices above, within, or below estimate. (e) Notices, Demands and Refunds: Any demands for refunds, problems with the lot(s) sold or notices of any kind concerning the auction shall be in writing and addressed to John Moran Auctioneers, Inc, 145 East Walnut Avenue, Monrovia, CA 91016. ADDITIONAL MATTERS (a) Copyright: The copyright on all images, illustrations and written material produced by or for Moran's for this auction is and shall remain at all times the property of Moran's. Moran's and the seller make no representation or warranty that the buyer will acquire any copyright or reproduction rights to a purchased lot. (b) Buyer's Breach of Conditions: If a buyer fails to comply with any of these conditions, Moran's may, in addition to asserting all remedies available by law, including the right to hold that buyer liable for the purchase price, (i) cancel the sale, retaining as liquidated damages any payment made by the buyer, (ii) resell the property without reserve at public auction or privately upon notice to the buyer, or (iii) take such other action as we deem necessary or appropriate. If Moran's resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the original sale price and any subsequent mitigation sale, including warehousing, the expenses of both sales, reasonable attorney?s fees, commissions, incidental damages and all other charges due hereunder. In the event that such buyer pays a portion of the purchase price for any property, Moran's shall apply the payment received to such property that Moran's in our sole discretion, deems appropriate. Moran's shall have the benefit of all rights of a secured party under the Uniform Commercial Code adopted in the State of California. (c) Severability: Should any of these conditions be deemed unenforceable, invalid or illegal in any court having jurisdiction, that part shall be discounted and shall have no effect on the enforceability of the remaining provisions contained herein, which shall remain valid to the fullest extent permitted by law. (d) Jurisdiction: The rights and obligations of the parties with respect to these conditions and the conduct of the auction shall be governed and interpreted by the laws of the State of California. By bidding, whether in person or by agent, by absentee bid, telephone, internet or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the courts of the state of California or, if applicable, the federal courts sitting in this state. Further, the buyer agrees that the venue for any action arising out of the failure to abide by these conditions, or any conduct related to or arising out of the auction, shall be the Los Angeles Superior Court, Pasadena Branch located at 300 E. Walnut Street, Pasadena, California 91101 or the Federal Court Central District located at 312 North Spring Street, Los Angeles, California, 90012-4793.