Old Masters, Impressionist and Modern Sale

1.(a) Masterworks Fine Art Inc. trading as Masterworks Fine Art Auctions ("the Auctioneer") (b) The Auctioneer warrants to the buyer that he is the true owner or is properly authorized to sell the property by the true owner and is able to transfer good and marketable title to the property free from any third party claims. 2. (a) The highest bidder to be the buyer. If during the auction the Auctioneer considers that a dispute has arisen between bidders he has absolute authority to settle it or to re-offer the lot. The auctioneer may at his sole discretion determine the advance of bidding or refuse a bid, divide any lot, combine any two or more lots or withdraw any lot without prior notice. (b) Where goods are bought at auction by a buyer who has entered into an agreement with another or others that the other or others (or some of them) shall abstain from bidding for the goods and the buyer or other party or one of the other parties is a dealer, the buyer warrants that the goods are bought bona fide on a joint account. 3. The buyer shall pay the price at which a lot is knocked down by the Auctioneer to the buyer ("the hammer price") together with a premium of 10%. The buyer shall also be responsible for the payment of all applicable sales taxes. 4. (a) The buyer shall, upon the purchase, give in his name and permanent address together with proof of identity and pay to the Auctioneer the total sum due. (b) The buyer may be required to pay down during the course of the sale the whole or any part of the total sum due, and if he fails to do so after such request the lot or lots may at the Auctioneer's absolute discretion be put up again and resold immediately. (c) Any lots which have not been collected in person by the buyer (or the agent for the buyer) within 5 working days of the sale will be transferred to our exclusive shipping department for handling. If the buyer does not wish to use Masterworks Fine Art Auctions shipping for their shipping needs, Masterworks Fine Art Auctions must be notified within 3 working days of the sale. (d) The buyer shall, at his own expense, take away any lot or lots purchased no later than five working days after the auction day. Any lot not picked up by the buyer within this time will be shipped to the buyer at buyer's expense. (e) The Auctioneer may at his discretion agree credit terms with a buyer and extend the time limits for collection in special cases but otherwise payment shall be deemed to have been made only after the Auctioneer has received a valid credit card, a banks transfer, or the buyer's check has been cleared. (f)In the event of late payment the Auctioneer reserves the right to charge the Buyer interests which shall accrue at the rate of 1.5 % per month (or the highest rate allowed under applicable law, whichever is lower). 5. (a) If the buyer fails to pay for or take away any lots pursuant to clause 4 or breaches any other condition of that clause the Auctioneer, as agent for the seller, shall be entitled, after consultation with the seller, to exercise one or other of the following rights: (i)Rescind the sale of that or any other lots sold to the buyer who defaults and re-sell the lot or lots whereupon the defaulting buyer shall pay to the Auction any shortfall between the proceeds of that sale after deduction of costs or re-sale and the total sum due. Any surplus shall belong to the seller. (ii) Proceed for damages for breach of contract. (b) Without prejudice to the Auctioneer's rights hereunder if any lot or lots are not collected within five days or such longer period as the Auctioneer may have agreed otherwise, the Auctioneer may charge the buyer a storage charge up to $5.00 per lot per day for the first 8 working days and $10.00 per lot per working day thereafter. 6. (a) Notwithstanding any other terms of these conditions, if within fourteen days of the sale the Auctioneer has received from the buyer of any lot notice in writing that in his view the lot is a deliberate forgery and within fourteen days after such notification the buyer returns the same to the Auctioneer in the same condition as at the time of the sale and satisfies the Auctioneer that considered in the light of the entry in the catalogue the lot is a deliberate forgery, then the sale of the lot will be rescinded and the purchase price of the same refunded. "A deliberate forgery" means a lot made with intention to deceive. (b) A buyer's claim under this condition shall be limited to any amount paid to the Auctioneer for the lot and for the purpose of this condition the buyer shall be the person to whom the original invoice was made out by the Auctioneer. 7. Lots may be removed during the sale after full settlement in accordance with 4.d. hereof. 8. All goods delivered to the Auctioneer's premises will be deemed to be delivered for sale by auction unless otherwise stated in writing and will be catalogued and sold at the Auctioneer's discretion and are accepted by the Auctioneer subject to all these conditions. By delivering the goods to the auctioneer for inclusion in his auction sales each seller acknowledges that he or it accepts and agrees to all conditions. 9. (a) Unless otherwise instructed in writing all goods on the Auctioneer's premises and in its custody will be held insured against the risk of fire, burglary, water damage and accidental breakage or damage for which insurance the Auctioneer will charge the Seller a premium of 1.5% of the applicable deemed value. The value of the goods so covered will be the hammer price, or in the case of unsold lots the best bid, or in the case of loss or damage prior to the sale the median of the pre-sale estimates. (b) The Auctioneer shall not be responsible for loss or damage to goods of any kind whether caused by negligence or otherwise unless goods are covered by insurance effected by the Auctioneer as provided for in clause 9.a. above. (c) Any liability of the Auctioneer for any claim arising from loss or damage of any kind in respect of goods whether caused by negligence or otherwise including any claims for conservation will be limited to the amount of insurance cover effected in accordance with the provisions of clause 9.b. above. 10. The Auctioneer's current standard notices and information will apply to any contract with the Auctioneer as if incorporated herein. 11. The Auctioneer accepts no responsibility in connection with the commissioning of their staff to bid for any lots. Reserves and commissions given by telephone are accepted at sender's risk and must be confirmed in writing before the date of the sale. Bloomsbury Auctions New York offers absentee and telephone bidding services as a convenience to our clients, and will do all in its power to execute bids correctly but will not be responsible for errors or failures to execute bids. 12. Lots in which the auctioneer has not an interest will be marked in the catalogue with a diamond. 13. Please contact Masterworks Fine Art Auctions for information concerning warranty constraints. 14. The rights and obligations of the parties as set forth above shall be governed by the laws of the State of California. In the event of a dispute, all bidders and the purchaser expressly agree to submit themselves to the personal jurisdiction of the California State Courts and their rules.

Local Taxes Apply