Modern Art and Painting Auction

Terms and Conditions 1. The terms and conditions herein are applied to the Auctions at Galerias Louis C. Morton, SA de CV. “Galeria” and/ or those of the catalogue which is available at the “Galeria”. Bidding 2. That the personnel of the “Galeria” make effective the bids on your behalf during the Auction in which you are registered and only for the pieces described herein, up to the amount put in the top limit bid. Bids limit 3. That no limit bids are permitted. Responsibility 4. That the Galerias in any case and by no means is responsible for the adjudication of the piece(s) for which you made absentee bids. One More Bid 5. That in the case that the maximum amount previously set up by you as top limit bid is equal to the last one made in the Room, you are willing to authorize one more bid in accordance to the established in the Absentee Bid Form (One more bid is authorized). In the case that the correspondent blank is not duly filled in it is understood you do not accept to come to one more bid. Assignation 6. That in the case that two or more absentee bids may appear for the same piece and for the same amount stated in the top limit bid and that there is not a higher bid in the room, the piece will be adjudicated to the Absentee Bid received first by the Galeria. 7. That the decision for the adjudication shall be expressed by the Galeria and can not be appealed, as such, you are willing to renounce from now on to any other right against the Galeria or its representatives, for any conflict or dispute that may arise for this cause. Requirements 8. That the Galeria will not make effective the Absentee Bid if the following requirements are not satisfied: a) This document should be duly filled in and signed it in agreement, indicating clearly the lot number of the piece you are interested in and established the top limit bid. b) This document should be delivered only to the authorized personnel at latest the day of the Auction in the address of the Galeria. c) To submit a deposit as a guarantee for the payment of the piece and other amounts generated by the adjudication of the piece. The deposit should be in an amount equal to and under the name of the Galerias. Payment Conditions 9. If the piece is adjudicated, to pay the price of the piece plus the seventeen percent of such amount as a commission fee, plus the value added tax (16%) calculated over the commission (only room and telephone bids). If the payment is done with credit card or American Express an extra charge of a 6.6 percent will be added to the total amount to be paid as a commission fee. Bids by Telephone 10. The Absentee Bids are also welcome by telephone, previous delivery of the present document duly filled and signed, sent by fax to the Galeria at least two working days before the date of the Auction, if yours bid is $10,000 or more. Long distance calls should be done on your own. Bids online Online bids are welcome and under preregistration and authorization by a Gallery agent. Bidder should be contacted prior the auction to verify credit card information. A 17% commission fee from the auction house will be added to the buyer plus and 3% Liveauctioneers commission fee plus a 16% TAX from the comittions. No TAX exception is done even when bidder is located out of Mexico. Transport / Shipping Auction house will help arrange transportation on buyers charge. Louis C Morton will no be responsible of loss or damage of goods purchased during the auction. Goods will be sent by the shipping company provided by the auction house which has no partnership / business relation with the auction house itself. Buyer will be fully responsible for any import taxes that may come from the goods purchases during the auction by the buyer. Confidentiality 11. The information contained herein is considered confidential and the disclosure entitles to the payment of damages and losses that may arise from such fact

Local Taxes Apply at no exception. 16% from commitions