Paperweights Sold by The Art Institute of Chicago

All property offered and sold ("property") through L.H. Selman Ltd., ("L.H. Selman") and SUSANIN'S Inc. ("SUSANIN'S") shall be offered and sold on the terms and conditions set forth below which constitutes the complete statement of the terms and conditions on which all property is offered for sale. By bidding at the auction, whether present in person or by agent, by written bid, telephone, internet or other means, the buyer agrees to be bound by these terms and conditions. Conditions of Sale Bidding on items indicates acceptance of the following terms: 1. A 20% buyer's premium will be added to the hammer price on each lot sold on a house paddle; 25% will be added to lots purchased online. 2. All lots are sold 'AS IS' and all sales are final. Neither L.H. Selman, nor SUSANIN'S, nor the consignor are responsible for the correctness of any statement of any kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality, condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph. 3. Bids must be made in the following increments: $500 to $1,000: $50 $1,000 to $2,000: $100 $2,000 to $5,000: $250 $5,000 to $10,000: $500 $10,000 and over: $1,000 4. The highest bidder acknowledged by the auctioneer shall be the buyer. The auctioneer has the right to reject any bid, to advance the bidding at his absolute discretion and in the event of any dispute between bidders, the auctioneer shall have the sole and final discretion either to determine the successful bidder or to re- offer and resell the article in dispute as well as the sole right to settle disputed bids and decide whether or not to re-offer the lot. 5. Upon the fall of the hammer, title to any offered lot or article will immediately pass to the highest bidder as determined in the exclusive discretion of the auctioneer, subject to compliance by the buyer with these Conditions of Sale. Buyer thereupon assumes full risk and responsibility of the property sold, agrees to sign any requested confirmation of purchase, and agrees to pay the full price, plus Buyer's Premium, therefore or such part, upon such terms as L.H. Selman may require. 6. The record of sale kept by L.H. Selman will be taken as final in the event of any dispute. 7. The purchaser assumes complete responsibility for items at the fall of the auctioneer's hammer. L.H. Selman and SUSANIN'S claim no liabilities as to the conditions of lots past this point. 8. Some lots carry reserves. This is a confidential minimum set by the consignor and the auction house below which a lot will not sell. L.H. Selman may implement such reserves by bidding through its representatives on behalf of the Consignors. 9. Absentee (phone, fax or mail) bids will be executed when possible as a convenience to our clients free of charge. It is entirely possible to buy items by absentee bid for less than your top bid price. Any absentee bids must be submitted in writing to L.H. Selman prior to commencement of the offer of the first lot. L.H. Selman's copy of any such bid shall conclusively be deemed to be the sole evidence of same, and while L.H. Selman accepts these bids for the convenience of bidders not present at the auction, L.H. Selman shall not be responsible for any errors or the failure to execute, or, to execute properly, any absentee bid. 10. In order to make arrangements to bid on the telephone at the time a lot is being sold, you must contact our office in advance of the auction. We will make arrangements to call you just prior to the lot being sold so that you may bid over the telephone. There are usually a limited number of phone lines available into the room, so if you wish to bid over the telephone, it is important for you to make your arrangements early. 'Cover-me Bids': if you wish to bid by telephone, you might also want to consider a 'cover-me bid' at the time you make arrangements for phone bidding. A 'cover-me bid' allows your phone contact here at L.H. Selman to still execute a predetermined bid amount for you in the case that they cannot get through to you on the telephone. Your phone agent is the only person who will have this bid and will only use it to bid in the event that he/she cannot reach you. Assuming you are reached via telephone, they would not use your bid, but rely on your verbal instructions. 'Cover-me bids' are not mandatory, you can place one at your discretion, they are simply a safety device in the event you cannot be reached by telephone in time. 11. Payment is due upon receipt of invoice. Those bidding in-person will be delivered an invoice by the end of the auction. Those bidding online will be provided an invoice upon the end of the bidding session for the auction. Absentee bidders will be emailed an invoice following the end of the auction. 12. L.H Selman may, as a service to buyer, arrange to have purchased property posted and shipped at the buyer's expense. L.H. Selman is not responsible for any acts or omissions in packing or shipping of purchased lots whether or not such carrier is recommended by L.H. Selman. Packing and handling of purchased lots is at the responsibility of the buyer and is at the entire risk of the buyer. Shipping will be billed at cost, plus handling and insurance. Items will be shipped to domestic buyers via our choice shipping service unless otherwise specified by the buyer, and to overseas buyers by air mail. The buyer will be charged for any increased costs in shipping, including postage, handling and insurance. 13. L.H. Selman requires a valid Visa or MasterCard on file in the bidder's name to complete registration for each auction. Visit www.Selman.com to register for the auction. Payment must be made at the end of the sale unless prior arrangements have been made. L.H. Selman accepts cash, certified checks and money orders. Personal checks may be accepted if credit has been established with us prior to sale date. We also accept Visa or MasterCard for invoices totaling under $5,000. 14. All purchases must be paid for within three (3) business days after an auction; items must be picked up within seven (7) business days after an auction. Property which is not paid for within the three (3) day period will be charged to the purchaser?s credit card. No lot may be removed from L.H. Selman's or SUSANIN'S premises until the buyer has paid in full the purchase price therefor including Buyer?s Premium or has satisfied such terms that L.H. Selman, in its sole discretion, shall require. Subject to the foregoing, all Property shall be paid for and removed by the buyer at his/her expense within seven (7) days of sale and, if not so removed, may be sold by L.H. Selman, or sent by L.H. Selman to a public warehouse, at the sole risk and charge of the buyer(s), and L.H. Selman may prohibit the buyer from participating, directly or indirectly, as a bidder or buyer in any future sale or sales. In addition to other remedies available to L.H. Selman by law, L.H. Selman reserves the right to impose a late charge of 2.0% per month of the total purchase price on any balance remaining seven (7) days after the day of sale. If Property is not removed by the buyer within seven (7) days, a handling charge of 2.0% of the total purchase price per month from the seventh (7) day after the sale until removal by the buyer shall be payable to L.H. Selman by the buyer; L.H. Selman shall charge 2.0% of the total purchase price per month for any property not so removed within sixty (60) days after the sale. L.H. Selman will not be responsible for any loss, damage, theft, or otherwise responsible for any goods left in L.H. Selman's possession after seven (7) days. If the foregoing conditions or any applicable provisions of law are not complied with, in addition to other remedies available to L.H. Selman and the Consignor (including without limitation the right to hold the buyer(s) liable for the bid price), L.H. Selman, at its option, may either cancel the sale, retaining as liquidated damages all payments made by the buyer(s), or resell the property. In such event, the buyer(s) shall remain liable for any deficiency in the original purchase price and will also be responsible for all costs, including warehousing, the expense of the ultimate sale, and L.H. Selman's commission at its regular rates together with all related and incidental charges, including legal fees. Payment is a precondition to removal. Payment shall be by cash, certified check or similar bank draft, or any other method approved by L.H. Selman. Checks will not be deemed to constitute payment until cleared. Any exceptions must be made upon L.H. Selman's written approval of credit prior to sale. In addition, a defaulting buyer will be deemed to have granted and assigned to L.H. Selman, a continuing security interest of first priority in any property or money of, or owing to such buyer in L.H. Selman's possession, and L.H. Selman's may retain and apply such property or money as collateral security for the obligations due to L.H. Selman. L.H. Selman shall have all of the rights accorded a secured party under the Illinois Uniform Commercial Code. 15. Unless otherwise indicated, all Property will be offered by L.H. Selman as agent for the Consignor. 16. Buyer is strongly encouraged to and acknowledges that it had the right to make a full inspection of all Property prior to sale to determine the condition, size, repair or restoration of any Property. Therefore, all property is sold 'AS IS' and all sales are final. SUSANIN'S is acting solely as an auction broker, and unless otherwise stated, does not own the Property offered for sale and has made no independent investigation of the Property. L.H. Selman and SUSANIN'S make no warranty of title, merchantability or fitness for a particular purpose, or any other warranty or representation regarding the description, genuineness, attribution, provenance or condition to the Property of any kind or nature with respect to the Property. 17. L.H. Selman in its sole and exclusive discretion, reserves the right to withdraw any property, at any time, before the fall of the hammer. 18. Unless otherwise announced by the auctioneer at the time of sale, all bids are per lot as numbered in the printed catalogue. L.H. Selman reserves the right to determine any and all matters regarding the order, precedence or appropriate increment of bids or the constitution of lots. 19. No 'buy' bids shall be accepted at any time for any purpose. 20. In no event shall any liability of L.H. Selman's to the buyer exceed the purchase price actually paid. Under no circumstances will L.H. Selman or the auctioneer be responsible for lost profits or other financial damages. 21. L.H. Selman reserves the right to vary the terms of sale and any such variance shall become part of these Conditions of Sale. 22. No claimed modification or amendment of this Agreement on the part of any party shall be deemed extant, enforceable or provable unless it is in writing that has been signed by the parties to this Agreement. No course of dealing and no delay or omission on the part of L.H. Selman in exercising any right under this Agreement shall operate as a waiver of such right or any other right and waiver on any one or more occasions shall not be construed as a bar to or waiver of any right or remedy of L.H. Selman's on any future occasion. 23. These Conditions of Sale and the buyer's, the Consignor's, SUSANIN'S (SUSANIN'S Inc.; Illinois Auction License #440-000833 ), and L.H. Selman's rights under these Conditions of Sale shall be governed by, construed and enforced in accordance with the laws of the State of Illinois and Consignor and Buyer agree to the exclusive jurisdiction of the County of L.H. Selman's primary place of business. 24. If you are registering or executing a bid for someone else under your number, please bear in mind that you are responsible for the settlement of that account with us regardless of whether the person you're executing or registering for pays you or not.