MARCH ESTATE CATALOGUE AUCTION

1. General Conditions of Sale: The offering and sale of property by Sloans & Kenyon is subject to the following conditions of sale, as modified or supplemented by other provisions (a) of the Catalogue, (b) in written supplements to this catalogue or other written material prepared by Sloans & Kenyon, (c) in notices posted by Sloans & Kenyon, and (d) in announcements made by the auctioneer, prior to or at the time of the sale (the "Conditions of Sale"). Agent for Sale of Property: Unless otherwise stated, Sloans & Kenyon is acting only as an agent for the consignor of property offered for sale, at auction or otherwise, in this catalogue (the "Property"). The consignor may either be the seller of the Property or an agent for the seller. Property Sold by Lot: Property is sold by lot and all bids are by lot as numbered in the catalogue. Agreement of Bidders and Purchasers: By bidding or buying at a sale, whether in person, through a representative, by written bid, online bid, telephone bid or other absentee bid, all bidders and purchasers agree to be bound by the Conditions of Sale 2. Disclaimers Concerning the Property As-Is The consignor warrants good title to the purchaser. Sloans & Kenyon makes no independent warranty of title. All Property is sold AS-IS, and all warranties, express or implied, including without limitation, the implied warranties of MERCHANTABILITY AND FITNESS FOR PURPOSE ARE SPECIFICALLY DISCLAIMED BY SLOANS & KENYON AND THE CONSIGNOR. Sloans & Kenyon also disclaims all warranties arising from course of dealing and usage in the trade Descriptive Information: To the greatest extent permitted by applicable law, neither Sloans & Kenyon nor the consignor makes any representation or warranty with respect to the correctness or completeness of information about the Property, such as but not limited to the characteristics of age, condition, size, authenticity, genuineness, attribution, origin, quality, quantity, value, medium, material, period, culture, rarity, importance, provenance, exhibitions, literature or historical relevance of the Property. Neither Sloans & Kenyon nor the consignor shall be liable for damages or otherwise with respect to incorrect or incomplete information, except to the extent provided for in Paragraph 11 below Communications Not Intended as Binding: No information or statement communicated, at any time, to bidders or buyers by Sloans & Kenyon (or its directors, officers, employees, agents or representatives), orally or in writing, shall be deemed a legally binding representation or warranty (or assumption of liability) with respect to any of the above mentioned characteristics or other information about the Property, except to the extent applicable law specifically requires otherwise. Inspection of Property: The Property is exhibited for inspection by bidders prior to the sale. It is the bidder's sole responsibility to be fully satisfied about the characteristics and condition of the Property, including matters relating to any restoration, repair or alteration of the Property. If a bidder or bidder's agent (not a Sloans & Kenyon employee or representative) has not examined the Property, Sloans & Kenyon recommends that the bidder make no bid on the Property. Intellectual Property Rights: No representation, express or implied, is made by Sloans & Kenyon or the consignor as to whether or not a purchaser will acquire any reproduction rights, copyrights or other intellectual property rights in, or with respect to, the Property. 3. Sale to the Highest Bidder and Auctioneer's Determinations Final Highest Bidder: Bidders are competing against other bidders who may be present in person at an auction or bidding by telephone, online or by other forms of absentee bids. A lot will be sold to the highest bidder as determined in the sole and exclusive judgment of the auctioneer. Decision of Auctioneer Final: The auctioneer will also have the sole and exclusive power and authority, without liability, to (a) resolve any disputes between bidders, (b) determine whether to pass or re-offer any lot for sale, (c) reject or challenge any bid or advance in the bidding, and (d) otherwise regulate the bidding and its increments. If the auctioneer receives more than one bid of the same value, only the first received will be accepted. "Auctioneer" as used in these Conditions of Sale means an employee or representative of Sloans & Kenyon duly licensed as an auctioneer or otherwise authorized by Sloans & Kenyon to conduct an auction 4. Reserves: All lots offered may be subject to a reserve. A reserve is the confidential minimum price established between Sloans & Kenyon and the consignor. The reserve is generally set at a percentage of the low estimate of the lot and will not exceed, in any case, the low estimate of the lot. Reserves do not include the buyer's premium, any applicable taxes or other charges. Sloans & Kenyon prohibits consignors from bidding on their own property. The auctioneer may implement the reserve by bidding on behalf of the consignor at the auction. The auctioneer may open the bidding on any lot by placing a bid on behalf of the consignor and may continue bidding for the consignor by placing responsive or consecutive bids, but only up to the reserve. If bids on a lot fail to reach the reserve, the lot will be bought-in and withdrawn from sale. If Sloans & Kenyon has an interest in the lot, Sloans & Kenyon may bid up to the reserve to protect that interest. 5. Estimates: A range of estimates is given for each lot, with a low estimate and a high estimate. The estimates are merely guides for bidders and an opinion of Sloans & Kenyon of the price a lot might bring at auction. Estimates are based, where possible, on prices that similar items have sold for in the past. The estimates are determined prior to the sale and are subject to revision to reflect changing market conditions. Estimates should not be relied on as a representation or prediction of the actual price a lot will be sold for. Actual selling prices could be significantly different from estimates. Sloans & Kenyon will not be liable if the actual selling price is different from the estimate. Estimates do not include the buyer's premium, any applicable taxes or other charges 6. Withdrawal of Property from Sale: Sloans & Kenyon reserves the right to withdraw Property from sale for any reason and with no liability whatsoever for such withdrawal. If the auctioneer decides that any opening bid is below the reserve of the Property offered, the auctioneer may reject the bid and withdraw the Property from sale. 7. Payment, Collection and Shipping Responsibilities of Purchaser Successful Purchaser Obligations: On the fall of the auctioneer's hammer or other acknowledgment of a successful bidder on a lot, title to the Property in that lot will pass and the successful bidder thereupon assumes full risk and responsibility for the purchased Property (including costs and expenses of handling, shipping, insurance, taxes, export and otherwise). Payment is due immediately following sale. 8. Methods of Payment and Fees Acceptable Methods of Payment: A purchaser may use one or more of the following methods of payment: cash(In House Only), valid and approved credit or debit charge cards, Bank wire transfers and personal checks. Sloans & Kenyon reserves the right to hold Property purchased by check until the check has cleared. To ensure that delivery is not delayed, new bidders should supply Sloans & Kenyon with bank or suitable credit references before the sale. Sloans & Kenyon will charge a fee of $25.00 for any dishonored check. Visa, MasterCard, American Express, Discover and debit cards are accepted. An additional 2% will be added to the successful high bid as an administrative fee for all payments not made by cash(In House Only), check, debit card, or Bank wire transfer. Storage Fee: A storage fee of $10 per day will be charged for each purchased lot remaining in Sloans & Kenyon's possession ten (10) business days after the date of sale. Sloans & Kenyon shall not be liable for damage to lots remaining at Sloans & Kenyon's facilities after 10 business days following a sale. Offsite Storage Information for Sold Property: Please note that all lots listed in the beginning of the printed catalog are subject to Sloans and Kenyon's new offsite storage policy. For the convenience of the winning bidder of one or more of these lots, all purchases will be transferred to an offsite storage facility ten (10) business days after the conclusion of the auction. Please read the Conditions of Sale regarding the removal of sold lots. As a service to Sloans & Kenyon buyers, Navis provides two days of complimentary storage at their facility 1. Buyers will be expected to pick up all property from Sloans & Kenyon by 4 pm on the tenth business day following the auction. 2. After the eleventh business day, lots will be transferred to Navis Pack and Ship located at 1587 Sulphur Spring Road, Suite 107, Baltimore MD, 21227. SUCH ITEMS SHALL BE SUBJECT TO THE NAVIS TERMS AND CONDITIONS, WHICH CAN BE VIEWED AT http://www.navisbwi.com/storage.aspx. Please call 410-737-8020 24 hours in advance to arrange pick up of your property from Navis 3. Buyers will have two days of free storage to retrieve their property or to make arrangements with Navis to pack and ship their property. STORAGE FEES WILL BEGIN TO ACCRUE ON THE THIRD DAY OF STORAGE. After the third day, Navis charges $10 a day per lot Abandoned Property Purchased lots for which Sloans & Kenyon has received payment but remain in Sloans &Kenyon's possession 180 days after the conclusion of the auction will revert to the possession of Sloans & Kenyon; the original buyer forfeits all claim to abandoned property. Late Payment Charge: In addition to any other remedies available by law to Sloans & Kenyon and the consignor, Sloans & Kenyon reserves the right to impose from the date of sale a late charge of 1-1/2% per month (or if lower, the highest rate permitted by applicable law) of the total purchase price if payment is not made in accordance with the payment provisions of these Conditions of Sale: Furthermore, bidder grants authorization to Sloans & Kenyon to automatically charge bidder's credit card(s) for all amounts due in the event payment for lot(s) is not made within 15 days of the sale. 9. Purchaser Default Sloans & Kenyon Remedies Upon Purchaser Default: If any provisions of the Conditions of Sale are not fully complied with by the purchaser, the purchaser will be in default. In addition to other remedies available to Sloans & Kenyon and the consignor by law, including the right to hold the purchaser liable for the total purchase price, including all premiums, charges and expenses specified in the Conditions of Sale, Sloans & Kenyon may, at its option, (a) cancel the sale of the lot on which the purchaser defaulted, and of any other lot(s) sold to the defaulting purchaser at the same or any other auction(s), and retain as liquidated damages all payments made by the purchaser, (b) resell the purchased Property, whether at public auction or private sale, or (c) pursue any combination of 9 (a) and (b). In the event of any default by purchaser, purchaser will be liable to Sloans & Kenyon and the consignor for any deficiency, any and all costs and expenses, including reasonable attorneys' fees, collection fees and expenses, handling charges, late charges, expenses of both sales, premiums on both sales at Sloans & Kenyon regular rates and other damages. Sloans & Kenyon may, in its sole discretion, apply any proceeds of sale otherwise due to the purchaser or monies of purchaser in Sloans & Kenyon possession to reduce or satisfy, if possible, the purchaser's obligations with respect to the unpaid lots and other deficiencies and damages. Security Interest: As security for the full payment to Sloans & Kenyon and the consignor of all amounts due from purchaser, Sloans & Kenyon retains and purchaser grants to Sloans & Kenyon a security interest in the Property purchased at auction and in any other property or money of purchaser in Sloans & Kenyon possession or coming into Sloans & Kenyon possession (collectively, "the collateral"). Sloans & Kenyon shall have the rights and remedies of a secured creditor as provided by the Uniform Commercial Code and other applicable law. Such security interest shall cease as to the Property or other collateral when it is physically delivered to the purchaser or purchaser's agent 10. Rescission by Purchaser Limited Right of Rescission: If, within a reasonable time, not to exceed twenty one (21) calendar days after the sale, the original purchaser (a) gives written notice to Sloans & Kenyon by certified mail or facsimile (or in such other written form deemed acceptable by Sloans & Kenyon in its absolute discretion) alleging that the description, condition, weight, size, title, origin, provenance or other characteristics of a lot as set forth in the catalogue were grossly and materially inaccurate and misleading and substantially overstated the value of the Property, and (b) within five calendar days (or such later time deemed to be reasonable under the circumstances by Sloans & Kenyon in its absolute discretion) after such written notice, returns each item of Property in the lot to Sloans & Kenyon in the same condition it was in at the time of sale, and (c) proves the truth of such allegations to Sloans & Kenyon satisfaction, the sale of such lot will be rescinded. If Sloans & Kenyon has not yet paid the consignor the amounts due as a result of the sale to the purchaser, Sloans & Kenyon will refund the full purchase price to the purchaser. Refunds shall not include costs of transportation, insurance or other expenses which may have been incurred by purchaser. If Sloans & Kenyon has paid the consignor the amounts due consignor as a result of the sale, Sloans & Kenyon will (i) refund to the purchaser the amount of the buyer's premium and taxes received from the purchaser, and (ii) make written demand upon the consignor for the payment of the balance of the purchase price. If the consignor fails to honor the written demand for a refund of the balance of the purchase price, Sloans & Kenyon shall immediately furnish purchaser the name and address of the consignor, and shall assign to purchaser all of Sloans & Kenyon rights for the return of the balance of the purchase price of the affected lot. Upon this disclosure and assignment, Sloans & Kenyon will have no further liability to purchaser or responsibility to pursue the purchaser's claim. Sloans & Kenyon will extend its reasonable cooperation to purchaser, provided that such cooperation does not require out-of-pocket expenditures by Sloans & Kenyon. Rescission Only by Original Purchaser: This limited right of rescission is available only to the original purchaser and may not be relied upon by any heir, agent, transferee, assignee or other third party or assigned to any subsequent transferee of the Property which gave rise to the claim. Exclusive Remedy: Purchaser acknowledges and expressly agrees that the provisions of this Paragraph 10 state the sole and exclusive remedy available to a purchaser in the event of a nonconformity in Property purchased. Sloans & Kenyon will not be liable for damages of any kind, whether characterized as compensatory, direct, indirect, incidental or consequential (including damages for loss of profits or revenue, costs of obtaining alternative property, claims of customers of purchaser or otherwise), whether or not caused by Sloans & Kenyon fault or negligence, except as provided above or to the extent applicable law does not permit Sloans & Kenyon to exclude such liability. 11. Rescission by Sloans & Kenyon: In the event Sloans & Kenyon receives notice of an adverse claim with respect to purchased Property, Sloans & Kenyon shall have the right (but not the obligation), in its sole and absolute discretion, to rescind the sale to purchaser, upon written notice to purchaser. Upon such notice, purchaser will promptly return the purchased Property to Sloans & Kenyon premises where purchased in the same condition as when purchased. Sloans & Kenyon will then promptly refund the purchase price, including the buyer's premium and applicable taxes. Purchaser will have no further recourse against Sloans & Kenyon or the consignor, and Sloans & Kenyon and the consignor shall not be liable for any damages of any nature suffered by the purchaser, whether or not resulting from the fault or negligence of Sloans & Kenyon or the consignor 12. Governing Law: The law of the state (excluding its conflicts of law rules) in which the Property is auctioned or sold shall govern, provided however, that if the Property is auctioned or offered for sale only through the medium of an online auction, the law of the State of Maryland (excluding its conflicts of laws rules) shall govern 13. Forum for Lawsuits Consent of Bidders and Purchasers to Jurisdiction: If there is a lawsuit, each bidder and purchaser hereby consents to the jurisdiction of the federal court located in, and the state courts of, the State whose law has been chosen to govern as provided in the preceding "Governing Law" Paragraph 13. Lawsuits by Bidders and Purchasers Only in Certain Courts: Each bidder and purchaser hereby agrees that any lawsuit that bidder or purchaser may bring against Sloans & Kenyon or the consignor will only be brought in the federal courts located in, or the state courts of, the State whose law has been chosen to govern as provided in the "Governing Law" Paragraph 12 above 14. Limitation of Liability: Sloans & Kenyon acts only as agent for the consignor and in no event will Sloans & Kenyon be liable for any breach or default by the consignor. Without diminishing any exclusion of liability provision applicable to the specific matters covered in these Conditions of Sale, (a) in no event will Sloans & Kenyon liability for any breach, or act or omission exceed the purchase price actually paid by the purchaser, and (b) in no event shall Sloans & Kenyon have any liability under any circumstances for special, indirect, incidental or consequential damages (including for loss of profits or revenues, costs of obtaining alternative property, claims of customers of purchaser or otherwise), whether in contract, tort, negligence, strict liability, or otherwise, arising out of, resulting from or in any way relating to (i) the Property or its purchase, sale, delivery or non-delivery, or (ii) the acts or omissions of Sloans & Kenyon or Sloans & Kenyon agents, representatives, officers, directors, employees or affiliates 15. Miscellaneous Export or Import: An export license may be required from governmental agencies or departments for the export of items containing certain materials. Some countries prohibit the importation of items containing certain animal or other materials. It is the sole responsibility of purchasers to familiarize themselves with any required license, and import or export requirements or limitations. Sloans & Kenyon will have no responsibility with regard to these matters. Inability to obtain a license or to import into or export to foreign countries or delays in connection therewith shall not constitute a basis for (a) a delay in purchaser's collection of or paying for any purchase, (b) a rescission or cancellation of a purchase by purchaser or (c) purchaser not otherwise fully meeting purchaser's obligations to Sloans & Kenyon. Absentee Bids: For bidders who do not choose to attend a sale in person or for online auctions, Sloans & Kenyon may accept absentee bids at no cost to bidders. Purchasers who wish to participate in auction sales as absentee bidders must complete the applicable forms printed elsewhere in (or along with) this catalogue and shall comply with and be bound by the additional provisions applicable to such bidding. Severability: If any provision or portion thereof of the Conditions of Sale shall be void, unlawful or unenforceable under applicable law, that provision or portion thereof shall be deemed deleted and severed from the remaining provisions, and shall not affect the enforceability or validity of any of the remaining provisions. Private Sales: These Conditions of Sale shall apply to both auction and private sales of Property. No Assignment. Unless Sloans & Kenyon consents in writing, purchasers may not assign their rights or any of their obligations relating to an auction or other sale by Sloans & Kenyon. Any assignment without Sloans & Kenyon consent will not be effective. Complete Agreement and Binding Agreement: These Conditions of Sale contain all of the provisions applicable to the agreement between Sloans & Kenyon, on the one hand, and each bidder and purchaser, on the other, with respect to the subject matter of the Conditions of Sale. The provisions of the Conditions of Sale supersede and extinguish all other agreements, representations or understandings, whether prior or contemporaneous, or oral or written, between the parties concerning that subject matter. The Conditions of Sale shall be binding on purchaser's heirs, beneficiaries, executors, successors and permitted assigns. Contract Modifications and Waiver: These Conditions of Sale may not be changed, unless Sloans & Kenyon and the purchaser have agreed to do so in a writing signed by both parties. No waiver shall be effective unless in writing and signed by the party alleged to have given the waiver. A waiver on one occasion by Sloans & Kenyon shall not be a waiver on any other or future occasion or affect Sloans & Kenyon right to insist on strict performance of all other provisions. Paragraph Headings: Paragraph and subparagraph headings are included in these Conditions of Sale for ease of reference and should not be used to interpret the meaning of the substantive provisions. 5550 Friendship Boulevard, T-60 CHEVY CHASE, MD 20815 (301) 634-2330 FAX: (301) 656-7074 If the purchaser fails to comply fully with any provisions of the Terms and Conditions, the purchaser will be in default. In addition to other remedies available to Sloans & Kenyon and the consignor by law, including the right to hold the purchaser liable for the total purchase price, including all premiums, charges and expenses specified in the Terms and Conditions, Sloans & Kenyon may, at its option, (a) cancel the sale of the lot on which the purchaser defaulted, and of any other lot(s) sold to the defaulting purchaser at the same or any other auction(s), and retain as liquidated damages all payments made by the purchaser, (b) resell the purchased Property, whether at public auction or private sale, or (c) pursue any combination of 10 (a) and (b). In the event of any default by purchaser, purchaser will be liable to Sloans & Kenyon and the consignor for any deficiency, any and all costs and expenses, including reasonable attorneys' fees, collection fees and expenses, handling charges, late charges, expenses of both sales, premiums on both sales at Sloans & Kenyon regular rates and other damages. Sloans & Kenyon may, in its sole discretion, apply any proceeds of sale otherwise due to the purchaser or monies of purchaser in Sloans & Kenyon's possession to reduce or satisfy, if possible, the purchaser's obligations with respect to the unpaid lots and other deficiencies and damages. Furthermore, bidder grants authorization to Sloans & Kenyon to automatically charge bidder's credit card(s) for all amounts due in the event payment for lot(s) is not made within 15 days of the sale.

To the greatest extent permitted by applicable law, neither Sloans & Kenyon nor the consignor makes any representation or warranty with respect to the correctness or completeness of information about the Property, such as but not limited to the characteristics of age, condition, size, authenticity, genuineness, attribution, origin, quality, quantity, value, medium, material, period, culture, rarity, importance, provenance, exhibitions, literature or historical relevance of the Property. Neither Sloans & Kenyon nor the consignor shall be liable for damages or otherwise with respect to incorrect or incomplete information.

SLOANS & KENYON REQUIRES FIRST-TIME PURCHASERS WHO PAY BY CREDIT CARD TO PROVIDE US WITH A COPY OF THEIR DRIVER'S LICENSE OR OTHER GOVERNMENT-ISSUED PHOTO ID. ONCE A PURCHASER HAS PROVIDED SLOANS & KENYON WITH THIS INFORMATION, THIS DOES NOT HAVE TO BE DONE FOR SUBSEQUENT PURCHASES. PURCHASES IN EXCESS OF $5,000 MADE BY FIRST-TIME PURCHASERS MUST BE MADE BY WIRE TRANSFER, CERTIFIED CHECK, OR CASH