MAJOR MODERN & CONTEMPORARY ART

Auctioneer and Auction : 1. This Auction is presented by Fine Art Auctions Miami, LLC. (FAAM) as identified with the applicable licensing information on the title page of the catalogue. The Auction is conducted under these Terms and Conditions of Auction and applicable state and local law. Announcements and corrections from the podium and those made through the Terms and Conditions of Auctions appearing on the Internet supersede those in the printed catalogue. Buyer's Premium : 2. On bids placed through Auctioneer, a Buyer's Premium of 25 percent (25%) will be added to the successful hammer price bid on each lot up to and including $50,000, 20% from %50,001 to $1,000,000 and 15% from $1,000,001 in all Auctions. There is a minimum Buyer's Premium of $25 per lot. Auction Venues : 3. FAAM, LLC accepts bids from the Internet, telephone, fax, or mail first, followed by a floor bidding session; and real-time telephone bidding are available to registered clients during these auctions. Bidders : 4. Any person participating or registering for the Auction agrees to be bound by and accepts these Terms and Conditions of Auction ("Bidders(s)"). 5. All Bidders must meet Auctioneers qualifications to bid. Any Bidder who is not a client in good standing of the Auctioneer may be disqualified at Auctioneer's sole option and will not be awarded lots. Such determination may be made by Auctioneer in its sole and unlimited discretion, at any time prior to, during, or even after the close of the Auction. Auctioneer reserves the right to exclude any person from the auction. 6. If an entity places a bid, then the person executing the bid on behalf of the entity agrees to personally guarantee payment for any successful bid. Credit : 7. Bidders who have not established credit with the Auctioneer must either furnish satisfactory credit information (including two collectibles-related business references) well in advance of the Auction or supply valid credit card information. Bids placed through our Interactive Internet program will only be accepted from pre-registered Bidders; Bidders who are not members of FAAM, LLC or affiliates should pre-register at least 48 hours before the start of the first session granted at the discretion of the Auctioneer. Additionally Bidders who have no previously established credit or who wish to bid in excess of their established credit history may be required to provide their social security number or the last four digits thereof to us so as credit check may be performed prior to Auctioneer's acceptance of a bid. Bidding Options : 8. Bids in Auction may be placed as set forth in the printed catalog section entitled "Choose your Bidding Method." 9. Presentment of Bids: Non-Internet bids (including but not limited to podium, fax, phone and mail bids) are treated similar to floor bids in that they must be on-increment or at a half increment (called a cut bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest fill or half increment and this revised amount will be considered your high bid. 10. Auctioneer's execution of certain high bids. Auctioneer cannot be responsible for your errors in bidding, so carefully check that every bid is entered correctly. When identical mail or FAX bids are submitted, preference is given to the first received. To ensure the greatest accuracy, your written bids should be entered on the standard printed bid sheet and be received at Auctioneer's place of business at least two business days before the Auction start. Auctioneer is not responsible for executing mail bids or FAX bids received on or after the day the first lot is sold, nor Internet bids submitted by telephone, mail, FAX, e-mail, Internet, or in person once the Auction begins. Bids placed electronically via the Internet may not be withdrawn until your written request is received and acknowledged by the Auctioneer (FAX: 305-573-4245); such requests must state the reason, and may constitute grounds for withdrawal of bidding privileges. Lots won by mail Bidders will not be delivered at the Auction unless prearranged. 11. Caveat as to Bid Increments. Bid increments (over the current bid level) determine the lowest amount you may bid on a particular lot. Bids greater than one increment over the current bid can be any whole dollar amount. It is possible under several circumstances for winning bids to be between increments, sometimes only $1 above the previous increment. Bids will be accepted in whole dollar amounts only. No "buy" or "unlimited" bids will be accepted. The following Chart governs current bidding increments. Bid Increment Terms and Conditions of Auction $10,000 - $19,999 $1,000 $20,000 - $29,999 $2,000 $30,000 - $49,999 $2,500 $50,000 - $99,999 $5,000 $100,000 - $199,999 $10,000 $200,000 - $299,999 $20,000 $300,000 - $499,999 $25,000 $500,000 - $999,999 $50,000 $1,000,000 - $1,999,999 $100,000 $2,000,000 - $2,999,999 $200,000 $3,000,000 - $4,999,999 $250,000 $5,000,000 - $9,999,999 $500,000 > $10,000,000 $1,000,000 $10 $1 $10 - $29 $2 $30 - $49 $3 $50-$99 $5 $100 - $199 $10 $200 - $299 $20 $300 - $499 $25 $500 - $999 $50 $1,000 - $1,999 $100 $2,000 - $2,999 $200 $3,000 - $4,999 $250 $5,000 - $9,999 $500 12. If Auctioneer calls for a full increment, a bidder may request Auctioneer to accept a bid at half of the increment ("Cut Bid") only once per lot. After offering a Cut Bid, bidders may continue to participate only at full increments. Off-increment bids may be accepted by the Auctioneer at Auctions. If the Auctioneer solicits bids other than the expected increment, these bids will not be considered Cut Bids. Conduction the Auction : 13. A "Minimum Bid" is an amount below which the lot will not sell. THE CONSIGNOR OF PROPERTY MAY PLACE WRITTEN "Minimum Bids" ON HIS LOTS IN ADVANCE OF THE AUCTION; ON SUCH LOTS, IF THE HAMMER PRICE DOES NOT MEET THE "Minimum Bid," THE CONSIGNOR MAY PAY A REDUCED COMMISSION ON THOSE LOTS. "Minimum Bids" are generally posted online several days prior to the Auction closing. For any successful bid placed by a consignor on his Property on the Auction floor, or by any means during the live session, or after the "Minimum Bid" for an Auction have been posted, we will require the consignor to pay full Buyer's Premium and Seller's Commissions on such lot. 14. The highest qualified Bidder recognized by the Auctioneer shall be by the Buyer. In the event of a tie bid, the earliest received or recognized wins. In the event of any dispute between any Bidders at an Auction, Auctioneer may at his sole discretion reoffer the lot. Auctioneer's decision and declaration of the winning Bidder shall be final and binding upon all Bidders. Bids properly offered, whether by floor Bidder or other means of bidding, may on occasion be missed or go unrecognized; in such cases, the Auctioneer may declare the recognized bid accepted as the winning bid, regardless of whether a competing bid may have been higher. 15. Auctioneer reserves the right to refuse to honor any bid or to limit the amount of any bid, in its sole discretion. A bid is considered not made in "Good Faith" when made by an insolvent or irresponsible person, a person under the age of eighteen, or is not supported by satisfactory credit, collectibles reference, or otherwise. Regardless of the disclosure of his identity, any bid by a consignor or his agent on a lot consigned by him is deemed to be made in "Good Faith." Any personal apparently appearing on the OFAC list is not eligible to bid. 16. Nominal Bids. The Auctioneer in its sole discretion may reject nominal bids, small opening bids, or very nominal advances. If a lot bearing estimates fails to open for 40-60% of the low estimate, the Auctioneer may pass the item or may place a protective bid on behalf of the consignor. 17. Lots bearing bidding estimates shall open at Auctioneer's discretion (approximately 50%-60% of the low estimate). In the event that no bid meets or exceeds that opening amount, the lot shall pass as unsold. 18. All items are to be purchased per lot as numerically indicated and no lots will be broken. Auctioneer reserves the right to withdraw, prior to the close, any lots from the Auction. 19. Auctioneer reserves the right to rescind the sale in the event of nonpayment, breach of a warranty, disputed ownership, auctioneer's clerical error or omission in exercising bids and reserves, or for any other reason in Auctioneer's sole discretion. In cases of nonpayment, Auctioneer's election to void a sale does not relieve the Bidder from their obligation to pay Auctioneer its fees (seller's and buyer's premium) and any other damages or expenses pertaining to the lot. 20. Auctioneer occasionally experiences Internet and/or server service outages, and Auctioneer periodically schedules system downtime for maintenance and other purposes, during which Bidders cannot participate or place bids. If such outages occur, we may at our discretion extend bidding for the Auction. Bidders unable to place their Bids through the Internet are directed to contact Client Services. 21. The Auctioneer, its affiliates, or their employees consign items to be sold in the Auction, and any bid on those lots or any other lots. Auctioneer or affiliates expressly reserve the right to modify any such bids at any time prior to the hammer based on upon data made known to the Auctioneer or its affiliates. The Auctioneer may extend advances, guarantees, or loans to certain consignors. 22. The Auctioneer has the right to sell certain unsold items after the close of the Auction. Such lots shall be considered sold during the Auction and all these Terms and Conditions shall apply to such sales including but not limited to the Buyer's Premium, return rights, and disclaimers. Payment : 23. All sales are strictly for cash in United States dollars (including U.S> currency, bank wire, cashier checks, travelers checks, and bank money orders, all subject to reporting requirements). All are subject to clearing and funds being received in Auctioneer's account before delivery of the purchases. Auctioneer reserves the right to determine if a check constitutes "good funds" when drawn on a U.S. bank for ten days, and thirty days when drawn on an international bank. Credit Card (Visa or Master Card only) and PayPal payments may be accepted up to $10,000 from non-dealers at the sole discretion of the Auctioneer, subject to the following limitations: a/ sales are only to the cardholder, b) purchases are shipped to the cardholder's registered and verified address, c) Auctioneer may pre-approve the cardholder's credit line, d) a credit card transaction may not be used in conjunction with any other financing or extended terms offered by the Auctioneer, and must transact immediately upon invoice presentation, e) rights of return are governed by these Terns and Conditions, which supersede those conditions promulgated by the card issuer, f) floor Bidders must present their card. 24. Payment is due upon closing of the Auction session, or upon presentment of an invoice. Auctioneer reserves the right to void an invoice if payment in full is not received within 7 days after the close of the Auction. In cases of nonpayment, Auctioneer's election to void a sale does not relieve the Bidder from their obligation to pay Auctioneer its fees (seller's and buyer's premium) on the lot and any other damages pertaining to the lot. 25. Lots delivered to you, or your representative in the State of Florida, New York or other states where the Auction may be held, are subject to all applicable state and local taxes, unless appropriate permits are on file with Auctioneer. Bidder agrees to pay Auctioneer the actual amount of tax due in the event that sales tax is not properly collected due to: 1) an expired, inaccurate, inappropriate tax certificate or declaration, 2) an incorrect interpretation of the applicable statute, 3) or any other reason. The appropriate form or certificate must be on file at an verified by Auctioneer five days prior to Auction or tax must be paid; only if such form or certificate is received by Auctioneer within 4 days after the Auction can a refund of tax paid e made. Lots from different Auctions may not be aggregated for sales tax purposes. 26. In the event that a Bidder's payment is dishonored upon presentment(s), Bidder shall pay the maximum statutory processing fee set by applicable state law. If you attempt to pay via eCheck and your financial institution denies this transfer from your bank account, or the payment cannot be completed using the selected funding source, you agree to complete payment using your credit card on file. 27. If any Auction invoice submitted by Auctioneer is not paid in full when due, the unpaid balance will bear interest at the highest rate permitted by law from the date of invoice until paid. Any invoice not paid when due will bear a three percent (3%) late fee on the invoice amount or three percent (3%) of any installment that is past due. IF the Auctioneer refers any invoice to an attorney for collection, the buyer agrees to pay attorney's fees, court costs, and other collection costs incurred by Auctioneer. If Auctioneer assigns collection to its in-house legal staff, such attorney's time expended on the matter shall be compensated at a rate comparable to the hourly rate of independent attorneys. 28. In the event a successful Bidder fails to pay any amount due, Auctioneer reserves the right to sell the lot(s) securing the invoice to any under bidders in the Auction that the lot(s) appeared, or at subsequent private or public sale, or relist the lot(s) in a future auction conducted by Auctioneer. A defaulting Bidder agrees to pay for the reasonable costs of resale (including a 10% seller's commission, if consigned to an auction conducted by Auctioneer). The defaulting Bidder is liable to pay any difference between his total original invoice for the lot(s), plus any applicable interest, and the net proceeds for the lot(s) if sold at private sale or the subsequent hammer price of the lot(s) less the 10% seller's commission, if sold at an Auctioneer's auction. 29. Auctioneer reserves the right to require payment in full in good funds before delivery of the merchandise. 30. Auctioneer shall have a lien against the merchandise purchased by the buyer to secure payment of the Auction invoice. Auctioneer is further granted a lien and the right to retain possession of any other property of the buyer then held by the Auctioneer or its affiliates to secure payment of any Auction invoice or any other amounts due the Auctioneer or affiliates from the buyer. With respect to payment of the Auction invoice(s), the buyer waives any and all rights of offset he might otherwise have against the Auctioneer and the consignor of the merchandise included on the invoice. If a Bidder owes Auctioneer or its affiliates on any account, Auctioneer and its affiliates shall have the right to offset such unpaid account by any credit balance due Bidder, and it may secure possession lien any unpaid amount by any of the Bidder's property in their possession. 31. Title shall not pass to the successful Bidder until all invoices are paid in full. It is the responsibility of the buyer to provide adequate insurance coverage for the items once they have been delivered to a common carrier or third-party shipper. Delivery ; Shipping; and Handling Charges : 32. Buyer is liable for shipping and handling. Auctioneer is unable to combine purchases from other auctions or affiliates into one package for shipping purposes. Lots won will be shipped in a commercially reasonable time after payment in good funds for the merchandise and the shipping fees is received or credit extended, except when third-party shipment occurs. 33. Successful international Bidders shall provide written shipping instructions, including specified customs declarations, to the Auctioneer for any lots to be delivered outside of the United States. NOTE: Declaration value shall be the item(s) hammer price together with its buyer's premium and Auctioneer shall use the correct harmonized code for the lot. Domestic Buyers on lots designated for third-party shipment must designate the common carrier, accept risk of loss, and prepay shipping costs. 34. All shipping charges will be borne by the successful Bidder. On all domestic shipments, any risk of loss during shipment will be borne by FAAM, LLC until the shipping carrier's confirmation of delivery to the address of record in Auctioneer's file (carrier's information is conclusive to prove delivery to Bidder; if client has a Signature release on file with the carrier, the package is considered delivered without Signature) or delivery by FAAM, LLC to Bidder's selected third-party shipper. On all foreign shipments, any risk of loss during shipment will be borne by the Bidder following Auctioneer's delivery to the Bidder's designated common carrier or third-party shipper. 35. Due to the nature of some items sold, it shall be the responsibility for the successful Bidder to arrange pick-up and shipping through third-parties; as to such items Auctioneer shall have no liability. Failure to pick-up or arrange shipping in a timely fashion (within thirty days) shall subject Lots to storage and moving charges, including $100 administration fee plus $10 daily storage for larger items and $5 daily for smaller items (storage fee per item) after 35 days. In the event the Lot is not removed within ninety days, the Lot may be offered for sale to recover any past due storage or moving fees, including a 10% Seller's Commission. 36. The laws of various countries regulate the import or export of certain plant and animal properties, including (but not limited to) items made of (or including) ivory, whalebone, turtle shell, coral, crocodile, or other wildlife. Transport of suck lots may require special licenses for export, import, or both. Bidder is responsible for: 1) obtaining all information on such restricted items for both export and import; 2) obtaining all such licenses and/or permits. Delay or failure to obtain any such license or permit does not relieve the buyer of timely compliance with standard payment terms. 37. Any request for shipping verification for undelivered packages must be made within 30 days of shipment by Auctioneer. Cataloging, Warranties, and Disclaimers : 38. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY DESCRIPTION CONTAINED IN THIS AUCTION OR ANY SECOND OPINE. Any description of the items or second opine contained in this Auction is for the sole purpose of identifying the items for those Bidders who do not have the opportunity to view the lots prior to bidding, and no description of items ahs been made part of the basis of the bargain or has created any express warranty that the goods would conform to any description made by Auctioneer. Color variations can be expected in any electronic or printed images, and are not grounds for the return of any lot. NOTE: Auctioneer, in specified auction venues, for example, Fine Art, may have express written warranties and you are referred to those specific terms and conditions. 39. Auctioneer is selling only such right or title to the items being sold as Auctioneer may have by virtue of consignment agreements on the date of auction and disclaims any warranty of title to the Property. Auctioneer disclaims any warranty of merchantability or fitness for any particular purposes. All images, descriptions, sales data, and archival records are the exclusive property of Auctioneer, and may be used by Auctioneer for advertising, promotion, archival records, and any other uses deemed appropriate. 40. Translations of foreign language documents may be provided as a convenience to interested parties. Auctioneer makes no representation as to the accuracy of those translations and will not be held responsible for errors in bidding arising from inaccuracies in translation. 41. Auctioneer disclaims all liability for damages, consequential or otherwise, arising out of or in connection with the sale of any Property by Auctioneer to Bidder. No third party may rely on any benefit of these Terms and Conditions and any rights, if any, established hereunder are personal to the Bidder and may not be assigned. Any statement made by the Auctioneer is an opinion and does not constitute a warranty or representation. No employee of Auctioneer may alter these Terms and Conditions, and, unless signed by a principal of Auctioneer, any such alteration is null and void. 42. Auctioneer shall not be liable for breakage of glass or damage to frames (patent or latent); such defects, in any event, shall not be a basic for any claim for return or reduction in purchase price. Release : 43. In consideration of participation in the Auction and the placing of a bid, Bidder expressly released Auctioneer, its officers, directors, and employees, its affiliates, and its outside experts that provide second opines, from any and all claims, cause of action, chose of action, whether at law or equity or any arbitration or mediation rights existing under the rules of any professional society or affiliation based upon the assigned description, or a derivative theory, breach of warranty express or implied, representation or other matter set forth within these Terms and Conditions of Auction or otherwise. In the event of a claim, Bidder agrees that such rights and privileges conferred therein are strictly construed as specifically declared herein; e.g., authenticity, typographical error, etc. and are the exclusive remedy. Bidder, by non-compliance to these express terms of a granted remedy, shall waive any claim against Auctioneer. 44. Notice: Some Property sold by Auctioneer are inherently dangerous e.g. firearms, cannons, and small items that may be swallowed or ingested or may have latent defects all of which may cause harm to a person. Purchaser accepts all risk of loss or damage from its purchase of these items and Auctioneer disclaims any liability whether under contract or tort for damages and losses, direct or inconsequential, and expressly disclaims any warranty as to safety or usage of any lot sold. Dispute Resolution and Arbitration Provision : 45. By placing a bid or otherwise participating in the auction, Bidder accepts these Terms and Conditions of Auction, and specifically agrees to the dispute resolution provided herein. Consumer disputes shall be resolved through court litigation which has an exclusive Miami, Florida venue clause and jury waiver. Non-consumer disputes shall be determined in binding arbitration which arbitration replaces the right to go to court, including the right to a jury trial. 46. Auctioneer in no event shall be responsible for consequential damages, incidental damages, compensatory damages, or any other damages arising or claimed to be arising from the auction of any lot. In the event that Auctioneer cannot deliver the lot or subsequently it is established that the lot lacks title, or other transfer of condition issue is claimed, in such cases the sole remedy shall be limited to rescission of sale and refund of the amount paid by Bidder; in no case shall Auctioneer's maximum liability exceed the high bid on that lot, which bid shall be deemed for all purposes the value of the lot. After one year has elapses, Auctioneer's maximum liability shall be limited to any commissions and fees Auctioneer earned on that lot. 47. In the event of an attribution error, Auctioneer may at its sole discretion, correct the error on the Internet, or, if discovered at a later date, to refund the buyer's purchase price without further obligation. 48. Dispute Resolution for Consumers and Non-Consumers: Any claim, dispute, or controversy in connection with, relating to and/or arising out of the Auction, participation in the Auction, award of lots, damages of claims to lots, descriptions, condition reports, provenance, estimates, return and warranty rights, any interpretation of these Terms and Conditions, any alleged verbal modification of these Terms and Conditions and/or any purported settlement whether asserted in contract, tort, under Federal or State statute or regulation shall or any other matter: a) if presented by a consumer be exclusively heard by, and the parties consent to, exclusive in personam jurisdiction in the State District Courts of Miami-Dade County, Florida. THE PARTIES EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY. Any appeals shall be solely pursued in the appellate courts of the State of Florida or b) for any claimant other than a consumer, the claim shall be presented in confidential binding arbitration before a single arbitrator, that the parties may agree upon, selected from the mediator list of Florida. The case is not to be administrated by mediators; however, if the parties cannot agree on an arbitrator, then mediators shall appoint the arbitrator and it shall be conducted under mediator's rules. The locale shall be Miami, Florida. The arbitrator's award may be enforced in any court of competent jurisdiction. Any claim must be brought within one (1) year of the alleged breach, default or misrepresentation or the claim is waived. This agreement and any claims shall be determined and construed under Florida law. The prevailing party (party that is awarded substantial) and material relief on its claim or defense) may be awarded its reasonable attorneys' fees and costs. 49. No claims of any kind can be considered after the settlements have been made with the consignors. Any dispute after the settlement date is strictly between the Bidder and consignor without involvement or responsibility of the Auctioneer. 50. In consideration of their participation in or application for the Auction, a person or entity (whether the successful Bidder, a Bidder, a purchaser and/or other Auction participant or registrant) agrees that all disputes in any way relating to, arising under, connected with, or incidental to these Terms and Conditions and purchases, or default in payment hereof, shall be arbitrated pursuant to the arbitration provision. In the event that any matter including actions to compel arbitration, construe the agreement, actions in aid or arbitration or otherwise needs to be litigated, such litigation shall be exclusively in the Courts of the State of Florida, in Miami-Dade County, Florida, and if necessary the corresponding appellate courts. For such actions, the successful Bidder, purchaser, or Auction participant also expressly submits himself to the personal jurisdiction of the State of Florida. 51. These Terms & Conditions provide specific remedies for occurrences in the auction and delivery process. Where such remedies are afforded, they shall be interpreted strictly. Bidder agrees that any claim shall utilize such remedies; Bidder making a claim in excess of those remedies provided in these Terms and Conditions agrees that in no case whatsoever shall Auctioneer's maximum liability exceed the high bid on that lot, which bid shall be deemed for all purposes the value of the lot. The Auctioneers for this sale will be : Frederic Thut FL licence AU4372 National Auctioneers Association FAAM, LLC Auction Business License: AB3131 Bank Reference Citibank 2001 Biscayne Blvd, Miami, FL 33137 Estrow Account 009119790578, ABA 266086554