Old Masters to Contemporary: 500 YEARS OF ART

By bidding at our auction, whether in person, by phone, absentee bid, or on the internet, you agree to be bound by the following terms and conditions. As used in the following terms and conditions, 'CAI,' 'We,' and 'Us' refers to 'Carlyle Auctions, Inc.' 1) All items are sold as is, where is, and all sales are final. Carlyle Auctions, Inc. (hereinafter referred to as CAI) has exercised reasonable care to catalog and describe correctly the property to be sold, but neither CAI nor its consignors warrant the correctness of description, attribution, authenticity, or condition of said property. No statements shall be deemed such a warranty or representation or an assumption of liability with respect thereto, but are to be construed as opinions only. Bidders are encouraged to personally examine all property to be sold prior to the beginning of the auction. Your bidding will signify that you have examined the items as fully as you desire, or that you have chosen not to examine them. The bidder examines the merchandise and accepts it as is. All sales are final. Our printed materials (i.e. Partial Catalogs, Catalogs, or Advertisements) are meant merely as a guide, not a guarantee. Please determine condition, genuineness and/or authenticity BEFORE you bid as all items are sold 'As is, Where is.' 2) There is a 20% buyer's premium added to the successful hammer price of every lot, which the purchaser of the lot agrees to pay along with applicable taxes as part of the total purchase price. 3) Lots selling for over $500,000 hammer price incur a 20% buyer's premium of the hammer price up to $500,000, plus 12% of any amount in excess of $500,000. 4) Payment for auction lots and premiums must be received within seven days of the auction date, and can be made by cash, check, money order, bank wire transfer, credit card (i.e. Visa, Master Card, Amex), or paypal. For payments by credit card or paypal, the maximum invoice amount on which payments are accepted is $5,000, and a 3% surcharge to the entire purchase price, including buyer's premium and any other charges, is added to the invoice. We reserve the right to require payment by methods other than credit card or paypal for any reason. All payment must be made in US Dollars. We reserve the right to charge a credit card left on file for any winning bids if payment is not made with 7 business days of sale. 5) Lots purchased online may be subject to a different buyer's premium, as specified in the online version of the catalog as posted on the site through which the lot is purchased. 6) State Sales Tax: Laws require a corporation to register with the State's Tax Authorities and collect and remit sales tax if the corporation maintains a presence within the state, such as offices. In the states that impose sales tax, Tax Laws require an auction house, with a presence in the state, to register as a sales tax collector, and remit sales tax collected to the state. New York sales tax is charged on the hammer price, buyer's premium and any other applicable charges on any property picked up or delivered in New York, regardless of the state or country in which the purchaser resides or does business. 7) CAI is currently registered to collect sales tax in New York State. For any property collected or received by the purchaser in New York City, such property is subject to sales tax at the existing New York State and City rate of 8.875%. 8) Property collected from CAI New York premises by common carriers on behalf of the purchaser for delivery to the purchaser at his address outside of New York is not subject to New York Sales Tax. If it is delivered by the common carrier to any of the states where CAI is required to collect sales tax, applicable tax will be added to the purchase price. 9) If the property is delivered to a state where CAI is not required to collect sales tax, it is the responsibility of the purchaser to self-assess any sales or use tax and remit it to taxing authorities in that state. CAI is not required to collect sales tax for property delivered to the purchaser outside of the United States. 10) As sales tax laws vary from state to state, CAI recommends that clients with questions regarding the application of sales or use taxes to property purchased at auction seek tax advice from their local tax advisors. 11) Restoration and Other Services: Regardless of where the property is subsequently transported, if any framing or restoration services are performed on the property in New York, it is considered to be a delivery of the property to the purchaser in New York, and CAI will be required to collect the 8.875% New York sales tax. 12) Certain Exemptions: Most states that impose sales taxes allow for specified exemptions to the tax. For example, a registered re-seller such as a registered art dealer may purchase without incurring a tax liability, and CAI is not required to collect sales tax from such re-seller. The art dealer, when re-selling the property, may be required to charge sales tax to its client, or the client may be required to self-assess sales or use tax upon acquiring the property. 13) Any items bought by phone, absentee bid, or online, or otherwise not picked up in person on the auction day, will be stored by CAI and will be made available for pick-up by appointment only. It is the responsibility of the purchaser to contact CAI after payment to arrange for pick-up or shipment via their preferred carrier. Pick-up will be specified by us at our warehouse facility in New York City, or at another pre-arranged location. 14) The items offered for sale by Carlyle Auctions, Inc. are offered either as agent for consignors or by us as owner. The contract for sale of the items is made therefore between the consignor of the property and the buyer. In cases where we own the property, the contract for sale is made between us and the buyer. 15) Bidders should personally examine each lot on which they will be bidding, in order to determine condition, size, and restoration or repair. All items are sold as-is and where-is. Carlyle Auctions, Inc. disclaims any express or implied warranties or guarantees as to the authenticity, condition, merchantability, fitness for a particular purpose, correctness of the catalog or supplemental material, or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property. No statement made anywhere, by us, our employees, officers, or agents, whether written or verbal, shall be deemed such a warranty or assumption of liability. Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purposes. Photographic images of items being offered, whether provided in print or online, as well as references in the catalogue entry or condition report to damage or restoration are for guidance only and are provided as a convenience to prospective bidders. The absence of any reference in a condition report or photograph does not imply that an item is free from defect or restoration, nor does a reference to particular defects imply the absence of any others. Neither CAI nor its consignors are responsible in any way for errors and omissions in the catalogue, condition reports, or any other supplemental material. 16) A prospective buyer must complete and sign a registration form before bidding. CAI reserves the right to require bank or other financial references for participation in the auction or bidding on a specific lot. CAI has the right at our complete discretion to refuse any individual bidder's participation in any auction. When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer's premium and all applicable taxes, plus all other applicable charges, unless it has been explicitly agreed in writing with Carlyle Auctions, Inc. before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to us, and that we will only look to the principal for payment. 17) We reserve the right to withdraw any property before or during the sale and shall have no liability whatsoever for such withdrawal. 18) Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue. 19) Carlyle Auctions, Inc. and its auctioneer have the right at our absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as we may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to re-offer and resell the item in dispute. The auctioneer reserves the right to accept bids in any increments he feels is in the best interest of the seller. He also reserves the right to reject the bid of any person whose conduct, actions or adverse comments he feels are not in the best interest of the seller. We reserve the right to reject any bid. Subject to our discretion, the highest bidder accepted by the auctioneer will be the buyer and the striking of his hammer marks the acceptance of the highest bid and conclusion of a contract for sale between the seller and buyer. 20) All lots in this catalogue are offered subject to a reserve, which is the confidential minimum hammer price at which a lot will be sold. If any lots in the catalogue are offered without a reserve, such lots will be designated with a 'NR' symbol before the artist's heading. Reserves are agreed upon with consignors or, the absence thereof, in the absolute discretion of CAI. We may implement reserves by opening the bidding on behalf of the consignor and may bid up to the amount of the reserve, by placing successive or consecutive bids for a lot, or bids in response to other bidders. In instances where we have an interest in the lot other than our commission, we may bid up to the reserve to protect such interest. In certain instances, the consignor may pay us less than the standard commission rate where a lot is 'bought-in' to protect its reserve. If the auctioneer decides that any opening bid is below the reserve of the article offered, he may reject the same and withdraw the article. 21) Subject to fulfillment of all of the conditions set forth herein, on the fall of the auctioneer's hammer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer, and such bidder thereupon (a) assumes full risk and responsibility therefore (including, without limitation, liability for or damage to frames or glass covering prints, paintings, and other works) and (b) will immediately pay the full purchase price or such part as we may require. 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 12%, of the total purchase if payment is not made within seven days of the sale. All property must be removed from our premises by the purchaser at his expense not later than 5 business days following its sale and, if it is not so removed a handling charge of $25 per day, or fifth day after the sale until its removal will be payable to us by the purchaser, with a minimum of 5% of the total purchase price for any property not so removed within 30 days after the sale, and (ii) we may send the purchased property to a public warehouse for the account, at the risk and expense of the purchaser. 22) 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 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 payment made by the purchaser to us, 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. In addition, a defaulting purchaser will be deemed to have granted and assigned to us a continuing security interest of first priority in any property or money of or owing to such purchaser in our possession, and we may retain and apply such property or money as collateral security for the obligations due to us. 23) We shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. Payment will not be deemed to have been made in full until we have collected good funds, and we shall be entitled to retain items sold until all amounts due to us have been received in full in good cleared funds or until the buyer has satisfied such other terms as we, in our sole discretion, shall require. In the event the purchaser fails to pay any or all of the total purchase price for any lot and CAI nonetheless elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that CAI 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. 24) CAI is under no obligation, but may agree, to package and ship an item at the request of the purchaser. The purchaser agrees that packaging, shipping and handling is the absolute risk of the purchaser. The purchaser will pay all costs including, but not limited to, the handling and insurance associated with shipping. CAI will be held harmless from any claim and any rights of subrogation from an insurance carrier are waived against CAI. We are not responsible for the acts or omissions of third parties whom we might retain for the purposes of handling, packing and shipping. Similarly, where we may suggest handlers, packers or carriers, we do not accept responsibility for their acts or omissions. 25) We are under no obligation to assist in applying for an export license, but if the buyer requests us to apply for an export license on his or her behalf, we shall be entitled to make a charge for this service. We shall not be obliged to rescind a sale nor to refund any interest or other expenses incurred by the buyer where payment is made by the buyer in circumstances where an export license is required. 26) We will use reasonable efforts to carry out written bids delivered to us prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. If we receive written bids on a particular lot for identical amounts, and at the auction these are the highest bids on the lot, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with it. With regards to telephone bids, if a prospective buyer makes arrangements with us prior to the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone but we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding. We are also not liable for any failure or execution to take bids submitted to us via third party internet sites, nor are we liable for any technical difficulties involved in receiving those bids. 27) In no event will our liability to a purchaser exceed the purchase price actually paid. 28) We reserve the right to retain, publicize, and publish any photographs and descriptions of property we offer both prior to the auction and afterwards. We reserve the right to publicize and provide the results of any sale, including images, on our own website as well as to any third party we choose, including online auction-result databases. All images, text, photographic reproductions, and design in this catalogue are subject to copyright and may not be reproduced without our explicit written permission. 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. 29) Prospective purchasers are advised that several countries prohibit the importation of property containing materials from endangered species, including but not limited to coral, ivory and tortoiseshell. Accordingly, prospective purchasers should familiarize themselves with relevant customs regulations prior to bidding if they intend to import this lot into another country. Please note also that certain property sold at auction, for example, items made of or incorporating plant or animal materials such as coral, crocodile, ivory, whalebone, tortoiseshell, etc., irrespective of age or value, may require a license or certificate prior to exportation, and additional licenses or certificates upon importation to another country. CAI suggests that buyers check on their government wildlife import requirements prior to placing a bid. The ability to obtain an export license or certificate does not ensure the ability to obtain an import license or certificate in another country, and vice versa. It is the purchaser's responsibility to obtain any export or import licenses and/or required documentation. In the case of denial of any export or import license or of delay in the obtaining of such licenses, the purchaser is still responsible for making on-time payment of the total purchase price of the lot. 30) If any part of these terms and conditions of sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law. These conditions of sale, as well as 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, whether present in person or by agent, order bid, telephone or other means, the purchaser shall be deemed to have consented to the jurisdiction of the state courts of, and the federal courts sitting in, the State of New York. 31) CAI reserves the right to waive or modify the conditions and terms of sale by written agreement. 32) Bidding on any item indicates your acceptance of these terms and conditions, as outlined above.

For any property collected or received by the purchaser in New York City, such property is subject to sales tax at the existing New York State and City rate of 8.875%.