CONDITIONS OF SALE
Effective as of September 18, 2024
The Conditions of Sale and Authorship Warranty set forth below govern
the relationship between bidders and buyers, on the one hand, and Phillips
and sellers, on the other hand. All prospective buyers should read these
Conditions of Sale and Authorship Warranty carefully before bidding.
1.
INTRODUCTION
Each lot in this catalogue is offered for sale and sold subject to: (a) the
Conditions of Sale and Authorship Warranty; (b) the Special Notices andSymbols printed at the end of this document; and (c) supplements to thiscatalogue or other written material posted by Phillips in the saleroom,in each case as amended by any addendum or announcement by theauctioneer prior to the auction.
By bidding at the auction, whether in person, through an agent, by writtenbid, by telephone, online or other means, bidders and buyers agree tobe bound by these Conditions of Sale, as so changed or supplemented,
and Authorship Warranty. These Conditions of Sale, as so changed or
supplemented, and Authorship Warranty contain all the terms on which
Phillips and the seller contract with the buyer.
2.
PHILLIPS AS AGENT
Phillips acts as an agent for the seller, unless otherwise indicated in thiscatalogue or at the time of auction. On occasion, Phillips may own a lot
directly, in which case we will act in a principal capacity as a consignor, or acompany affiliated with Phillips may own a lot, in which case we will act asagent for that company, or Phillips or an affiliated company may have a legal,
beneficial or financial interest in a lot as a secured creditor or otherwise.
3.
CATALOGUE DESCRIPTIONS AND CONDITION OF PROPERTY

absolute discretion. Neither Phillips nor any of our affiliated companies shallbe liable for any difference between the pre-sale estimates for any lot andthe actual price achieved at auction or upon resale.
4.
BIDDING AT AUCTION(a) Phillips has absolute discretion to refuse admission to the auction or
participation in the sale. All bidders must register prior to bidding, supplying
such information and references as required by Phillips.
(b) As a convenience to bidders who cannot attend the auction in person,
Phillips may, if so instructed by the bidder, execute written absentee bids
on a bidder’s behalf. Absentee bidders are required to submit bids on
the “Absentee Bid Form,” a copy of which is printed in this catalogue orotherwise available from Phillips. Bids must be placed in the currency ofthe sale. The bidder must clearly indicate the maximum amount he or she
intends to bid, excluding the buyer’s premium and any applicable sales
or use taxes. The auctioneer will not accept an instruction to execute anabsentee bid which does not indicate such maximum bid. Our staff willattempt to execute an absentee bid at the lowest possible price taking into
account the reserve and other bidders. Any absentee bid must be received
at least 24 hours in advance of the sale. In the event of identical bids, theearliest bid received will take precedence.
(c) Telephone bidders are required to submit bids on the “Telephone
Bid Form,” a copy of which is printed in this catalogue or otherwise
available from Phillips. Telephone bidding is available for lots whose low
pre-sale estimate is at least $1000. Phillips reserves the right to require
written confirmation of a successful bid from a telephone bidder by fax
or otherwise immediately after such bid is accepted by the auctioneer.
Telephone bids may be recorded and, by bidding on the telephone, a bidderconsents to the recording of the conversation.

(b) Each lot offered for sale at Phillips is available for inspection byprospective buyers prior to the auction. Phillips accepts bids on lots on
the basis that bidders (and independent experts on their behalf, to theextent appropriate given the nature and value of the lot and the bidder’sown expertise) have fully inspected the lot prior to bidding and havesatisfied themselves as to both the condition of the lot and the accuracyof its description.

(d) Bidders may participate in an auction by bidding online throughPhillips’s online live bidding platform available on our website at www.
phillips.com. To bid online, bidders must register online at least 24 hours
before the start of the auction. Online bidding is subject to approval by
Phillips’s bid department in our sole discretion. As noted in Paragraph 3
above, Phillips encourages online bidders to inspect prior to the auction
any lot(s) on which they may bid, and condition reports are available uponrequest. Bidding in a live auction can progress quickly. To ensure that online
bidders are not placed at a disadvantage when bidding against biddersin the room or on the telephone, the procedure for placing bids throughPhillips’s online bidding platform is a one-step process. By clicking the bid
button on the computer screen, a bidder submits a bid. Online bidders
acknowledge and agree that bids so submitted are final and may not under
any circumstances be amended or retracted. During a live auction, whenbids other than online bids are placed, they will be displayed on the online
bidder’s computer screen as ‘floor,’ ‘phone’ or ‘paddle no’ bids. ‘Floor’ bids
include bids made by the auctioneer to protect the reserve. In the eventthat an online bid and a ‘floor’ or ‘phone’ bid are identical, the ‘floor’ or‘phone’ bid will take precedence. The next bidding increment is shownfor the convenience of online bidders under the bid button. The bidding
increment available to online bidders may vary from the next bid actuallytaken by the auctioneer, as the auctioneer may deviate from Phillips’s
standard increments at any time at his or her discretion, but an online
bidder may only place a bid in a whole bidding increment. Phillips’s bidding
increments are published in the Special Notices section at the end of these
Conditions of Sale.

(c) Prospective buyers acknowledge that many lots are of an age and typewhich means that they are not in perfect condition. As a courtesy to clients,
Phillips may prepare and provide condition reports to assist prospective
buyers when they are inspecting lots. Catalogue descriptions and condition
reports may make reference to particular imperfections of a lot, but bidders
should note that lots may have other faults not expressly referred to in the
catalogue or condition report. All dimensions are approximate. Illustrations
are for identification purposes only and cannot be used as precise indicationsof size or to convey full information as to the actual condition of lots.

(e) When making a bid, whether in person, by absentee bid, on thetelephone or online, a bidder accepts personal liability to pay the purchaseprice, as described more fully in Paragraph 6 (a) below, plus all otherapplicable charges unless it has been explicitly agreed in writing withPhillips before the commencement of the auction that the bidder is acting
as agent on behalf of an identified third party acceptable to Phillips and that
we will only look to the principal for such payment. If you are being advisedby anyone to bid, you should confirm with them that they do not have afinancial interest in the Lot.

(d) Information provided to prospective buyers in respect of any lot,including any pre-sale estimate, whether written or oral, and information inany catalogue, condition or other report, commentary or valuation, is not a
representation of fact but rather a statement of opinion held by Phillips. Any
pre-sale estimate may not be relied on as a prediction of the selling priceor value of the lot and may be revised from time to time by Phillips in our(f) By registering and participating in the auction, whether in person, byabsentee bid, on the telephone or online, bidders represent, warrant andconfirm that (i) unless otherwise expressly agreed in writing with Phillips
prior to the auction, they are bidding on their own behalf and not on behalfof anyone else (ii) they will be paying the Purchase Price from their own
funds (iii) that their participation in the auction and payment of the Purchase

Lots are sold subject to the Authorship Warranty, as described in the
catalogue (unless such description is changed or supplemented, as
provided in Paragraph 1 above) and in the condition that they are in at thetime of the sale on the following basis:(a) The knowledge of Phillips in relation to each lot is partially dependent
on information provided to us by the seller, and Phillips is not able to anddoes not carry out exhaustive due diligence on each lot. Prospective
buyers acknowledge this fact and accept responsibility for carrying out
inspections and investigations to satisfy themselves as to the lots in which
they may be interested. Notwithstanding the foregoing, we shall exercise
such reasonable care when making express statements in catalogue
descriptions or condition reports as is consistent with our role as auctioneerof lots in this sale and in light of (i) the information provided to us by theseller; (ii) scholarship and technical knowledge and (iii) the generally
accepted opinions of relevant experts, in each case at the time any such
express statement is made.

Price is lawful and shall not breach any applicable sanctions laws, and(iv) any bids placed by them, or on their behalf, are not the product of any
collusive or other anti-competitive agreement and are otherwise consistent
with federal and state antitrust law, and are not in breach of any applicablelaw, Government sanctions and other regulatory measures in force fromtime to time.
(g) Arranging absentee, telephone and online bids is a free service provided byPhillips to prospective buyers. While we undertake to exercise reasonable carein undertaking such activity, we cannot accept liability for failure to executesuch bids except where such failure is caused by our willful misconduct.
(h) Employees of Phillips and our affiliated companies, including theauctioneer, may bid at the auction by placing absentee bids so long as
they do not know the reserve when submitting their absentee bids andotherwise comply with our employee bidding procedures.

from our compensation an introductory commission to one or more third
parties for assisting in the sale of property offered and sold at auction.
(b) Sales tax, use tax and excise and other taxes are payable in accordancewith applicable law. All prices, fees, charges and expenses set out in these
Conditions of Sale are quoted exclusive of applicable taxes. Phillips will
only accept valid resale certificates from US dealers as proof of exemption
from sales tax. All foreign buyers should contact the Client Accounting
Department about tax matters.
(c) Unless otherwise agreed, a buyer is required to pay for a purchased lot
immediately following the auction regardless of any intention to obtain an
export or import license or other permit for such lot. Payments must be madeby the invoiced party in US dollars either by cash or wire transfer, as follows:

5.
CONDUCT OF THE AUCTION(i) Phillips will accept payment in cash provided that the total amount paid in
cash or cash equivalents does not exceed US$2,000. Buyers paying in cash
should do so in person at our Client Accounting Desk at 432 Park Avenue
during regular weekday business hours.

(a) Unless otherwise indicated by the symbol • each lot is offered subject
to a reserve, which is the confidential minimum selling price agreed byPhillips with the seller. The reserve will not exceed the low pre-sale estimate
at the time of the auction. However, if the lot is subject to a third party
guarantee and the lot’s irrevocable bid exceeds the lot’s low estimate, thenthe lot’s reserve will be set at the amount of the irrevocable bid. Lots withguarantees and third party guarantees are identified by the symbols Ο◆.
Please see the Special Notices page below for more details on guarantees
and third party guarantees.

(ii) Payment by wire transfer may be sent directly to Phillips.
Bank transfer details:
Bank of America, N. A.
One Bryant Park, New York, NY 10036
SWIFT Code: BOFAUS3NABA Routing: 026009593
For the account of: Phillips Auctioneers LLC
Account no.: 483084171064
Please reference the relevant sale and lot number.

(b)The auctioneer has discretion at any time to refuse any bid, withdraw
any lot, re-offer a lot for sale (including after the fall of the hammer) if heor she believes there may be error or dispute and take such other action
as he or she deems reasonably appropriate. Phillips shall have no liability
whatsoever for any such action taken by the auctioneer. If any dispute arises
after the sale, our sale record is conclusive. The auctioneer may accept bids
made by a company affiliated with Phillips provided that the bidder does
not know the reserve placed on the lot.

Please note that Phillips does not charge Buyers fees for their payment
via wire transfer.

(c) The auctioneer will commence and advance the bidding at levels and inincrements he or she considers appropriate. In order to protect the reserveon any lot, the auctioneer may place one or more bids on behalf of the seller
up to the reserve without indicating he or she is doing so, either by placing
consecutive bids or bids in response to other bidders. If a lot is offeredwithout reserve, unless there are already competing absentee bids, theauctioneer will generally open the bidding at 50% of the lot’s low pre-saleestimate. In the absence of a bid at that level, the auctioneer will proceedbackwards at his or her discretion until a bid is recognized and will thenadvance the bidding from that amount. Absentee bids on no reserve lots
will, in the absence of a higher bid, be executed at approximately 50% of thelow pre-sale estimate or at the amount of the bid if it is less than 50% of thelow pre-sale estimate. If there is no bid whatsoever on a no reserve lot, theauctioneer may deem such lot unsold.
(d) The sale will be conducted in US dollars and payment is due in US
dollars. For the benefit of international clients, pre-sale estimates in theauction catalogue may be shown in pounds sterling and/or euros and, if so,
will reflect approximate exchange rates. Accordingly, estimates in pounds
sterling or euros should be treated only as a guide. If a currency converter isoperated during the sale, it is done so as a courtesy to bidders, and Phillips
accepts no responsibility for any errors in currency conversion calculation.
(e) Subject to the auctioneer’s reasonable discretion, the highest bidder
accepted by the auctioneer will be the buyer and the striking of the hammer
marks the acceptance of the highest bid and the conclusion of a contract
for sale between the seller and the buyer. Risk and responsibility for the lot
passes to the buyer as set forth in Paragraph 7 below.
(f) If a lot is not sold, the auctioneer will announce that it has been “passed,”“withdrawn,” “returned to owner” or “bought-in.”(g) Any post-auction sale of lots offered at auction shall incorporate these
Conditions of Sale and Authorship Warranty as if sold in the auction.
6.
PURCHASE PRICE AND PAYMENT(a) The buyer agrees to pay us, in addition to the hammer price of thelot, the buyer’s premium and any applicable sales tax (the ‘Purchase
Price’). The buyer’s premium is 27% of the hammer price up to andincluding $1,000,000; plus 21% of the portion of the hammer price above$1,000,000 up to and including $6,000,000; plus 14.5% of the portionof the hammer price above $6,000,000. Phillips reserves the right to pay(d) Credit Cards: As a convenience to our Buyers at our New York auctions
only, Phillips will accept payment for purchases via American Express, Visa
and MasterCard.
A Buyer’s credit card usage is limited to purchases of up to $150,000 in theaggregate per Auction. Buyers must remit payment via wire transfer for any
invoices that exceed $150,000 in the aggregate. Buyers may contact our
Client Accounts department for further details regarding this limit.
Please note that while Phillips does not charge Buyers a fee for payments
via wire transfer, a Buyer’s use of their credit card may incur a surcharge
added by the Buyer’s credit card issuer. If a Buyer chooses to use their
credit card for a payment, Phillips will charge that Buyer a two point five
percent (2.5% ) convenience fee, provided that that convenience fee
amount does not exceed the amount of the surcharge charged by the
Buyer’s credit card issuer.
An Auction invoice that is equal to or less than $150,000 will identify thetwo methods Buyers may choose between for remitting the amounts due
for their purchase. That invoice will clearly reflect the cost to Buyers foreach payment method available to them to choose between; that is, either
a payment via wire transfer or a payment via credit card with the identified
convenience fee amount. Buyers may choose at the time of payment for the
Invoice to pay by either payment method.
Buyers paying for their purchases using a credit card from an issuer locatedoutside the United States, will be responsible for payment of all internationaltransaction fees incurred by such use and charged by the credit card issuer.
Before Buyers remit any payment, they should confirm with their card issuer
whether international transaction fees will apply to their purchase.
Buyers who have registered and bid as a company will need to pay their
invoice via a credit card issued to the company’s account and not under the
Buyer’s personal account.
Phillips does not retain any credit card information.
By making a payment via credit card, you: (i) warrant and represent thatyou are the cardholder; and (ii) acknowledge and agree that Phillips has noliability for our not receiving your payment if it is refused by or declined byyour card issuer, or for any other reason for non-payment by them. Please
ensure by contacting Phillips or your card issuer that your payment has
been remitted and accepted.
(e) Title in a purchased lot will not pass until Phillips has received thefull Purchase Price for that lot in cleared funds. Phillips is not obliged torelease a lot to the buyer until title in the lot has passed and appropriate
identification has been provided. Please note that any early release prior to
our receipt of full payment does not pass title to the Buyer which remains
with the consignor, nor does it waive or extinguish the buyer’s unconditional
obligation to pay immediately the full Purchase Price.

7.
COLLECTION OF PROPERTY & TRANSFER OF RISK OF LOSS(a) Collection & Shipping if you are a Buyer of a Lot:(i) Immediately following the Auction, all Lots will be transferred to Phillips’
shipping and art storage agent, SRI Fine Art Services (“SRI”), located at 211
Mount Prospect Avenue, Unit B, Clifton, New Jersey.
(ii) Free storage will be provided to you for a period of thirty (30) calendar
days following the Auction. If you have not collected your purchases by thatdate, you will be charged fees and interest until they have been physicallycollected. Please see section 8 below for further details for Uncollected Lots.
(iii) Phillips will not release any purchased Lot to you or to your agent, norwill it be shipped to you, until: (1) we have received your full payment of
your Lot’s Purchase Price in cleared funds; (2) you have paid any otheroutstanding amounts due from you to Phillips and any of our affiliatedcompanies, including any Charges payable pursuant to Paragraph 8(a)below; and (3) you have satisfied the Anti-Money Laundering, Know Your
Client, and Anti-Terrorism financing conditions required by us in our discretion.
(iv) Once you have satisfied our conditions, you must promptly arrange theshipping of or your physical collection of your purchase.
1. If you are shipping your Lot through our agent SRI, please send Phillips’
Shipping & Collection Form to ShippingNewYork@phillips.com or contact
our Shipping Department directly at +1 212 940 1372. After Phillips’ receipt
of your written instructions, we will provide you with SRI’s shipping quote. If
you choose to use SRI, they will, acting as Phillips’ agent, provide you withyour shipment’s tracking information.
2. If, instead, you are collecting your Lot or you are using your own
shipper and they are collecting your Lot from SRI, you must first make acollection appointment by emailing Phillips’ Shipping & Collection Form tocollections@phillips.com. Appointments must be made and confirmed by us
in writing at least 48 hours in advance of the planned collection. You or yourauthorized representative should arrive prior to the scheduled collection
appointment time with proper government issued identification. If you are
not attending the appointment, your representative must present your written
authorization for them to collect your Lot, without which, you or your shipper
will not be admitted into the SRI facility and your Lot will not be released
to them. During the appointment your Lot will be unpacked allowing you
and/or your representative to fully inspect it prior to collection. If you havearranged for your own fine art shipper to collect your Lot, they must inspect
it prior their packing and collecting it from SRI. Your shipper must provide
their own appropriate packing materials for their shipment of your Lot.
3. Limited Collection from Phillips’ Long Island City Warehouse. On occasion,
Phillips will provide a limited number of Lots selected within our discretion
to be transferred from SRI to our Long Island City Warehouse located at
29-09 37th Avenue Long Island City, NY 11101 (“LIC”) for your collection.
We will only transfer selected Lots to LIC if you have provided us withat least seven (7) days written notice and your collection date can beaccommodated by us within the 30-day post-sale period. We will provide
you with an appointment date and time if your request is granted.
(b) Transfer of Risk of Physical Loss and Damage Liability to the Buyer:(i) You will become fully responsible for risk of physical loss or damage toyour purchase on the earlier date to occur of: (A) seven (7) calendar days
after the Auction; and (B) the date that you or your agent collects yourpurchase (the “Risk Transfer Date”). You should ensure that you have yourown fine art insurance cover at your own cost and in place for your purchaseat or before the time of the Risk Transfer Date. This is required whether yourpurchase remains in storage at SRI, or if it is collected by you or by shippersorganized by you, or if your shipment is organized through Phillips or SRI.
Note that you may purchase transit insurance coverage from SRI at the time
your shipment is organized.
(ii) Prior to the Risk Transfer Date, Phillips accepts responsibility for physicalloss or damage to your Lot up to a maximum of the Purchase Price paidby you. Note that Phillips coverage is subject to the terms of Phillips own
insurance policy which contains the exclusions in Phillips’ set forth inParagraph 7(c) below.
(iii) You agree that on the Risk Transfer Date, all of Phillips’ responsibility forphysical loss or damage to your Lot will end and agree that: (1) you will befully liable for any physical loss or damage to your Lot; (2) you will arrange
for your Lot to be covered under your own insurance policy, which shall
include coverage for risk of physical loss or damage caused by negligence(including Phillips’ or its agents’ negligence); (3) you will notify and arrange
with your insurance carrier to waive any right of subrogation against bothPhillips and Phillips’ insurers, related to physical loss or damage to yourLot while it remains in Phillips’ or Phillips’ agent’s care, custody and control;(4) you release Phillips from and against any liability for physical loss ordamage to your Lot, no matter what caused the physical loss or damage,including any damage resulting during the Lot’s packing and/or shipment;(5) you will pay for the full amount of any claims brought against Phillips thatarise from the Lot’s physical loss or damage, including any costs, expenses,
or attorneys’ fees, that Phillips incurs as a result of such claims; (6) any
payment made by Phillips with respect to a physical loss or damage claim to
your Lot prior to Phillips’ legal liability having first been proven, shall not be awaiver of Phillips’ rights within this paragraph; and (7) you will indemnify andhold Phillips harmless from any and all third-party claims, actions, liabilities,
losses, damages, costs, and expenses of any kind (including reasonable
legal fees) arising out of or in connection with our or our agent’s possession
or control of the Lot.
(iv) As a convenience to Buyers, and for a fee, Phillips may agree to accept
responsibility for physical loss or damage to a purchased Lot beyond
the Risk Transfer Date while the Lot remains in Phillips’ care, custody,
and control, provided that prior to the expiration of Risk Transfer Date:(A) Phillips have accepted liability in a signed writing by us to you; and(B) Phillips have received your payment of our physical loss or damage
liability fees. Our acceptance of this responsibility will be subject to otherconditions set out in the Buyer Information packs sent to Buyers following
the Auction and to our standard liability exclusions set forth below.
(c) Phillips’ Physical Loss or Damage Liability Exclusions: Phillips will not
be responsible for any physical loss or damage to your purchased Lot at
any time, whether prior to or after the Risk Transfer Date (or during any
extension in accordance with paragraph 7(b)(iv)) above, if the physical loss
or damage to your Lot results from or is caused by any of the following
circumstances: (i) inherent defects in the Lot; (ii) humidity or change of
weather or other atmospheric conditions not within Phillips’ reasonable
control; (iii) mechanical fault or breakdown (if applicable); (iv) wear andtear and gradual deterioration; (v) war, radioactive contamination and/or cyberattack; (vi) the damage occurred while the Lot was in the care orcustody of a restorer; or (vii) the damage occurred while the Lot is in yourpossession, custody or control or in the possession, custody or control ofshipping and packing agents retained by you (even if such shippers and/or
packing agents have been recommended by Phillips).
(d) Hand-Carries: As a courtesy to Buyers who plan to hand-carry theirpurchased Lot from SRI, LIC, or from our sale site, Phillips will, withoutcharge, wrap their Lot in a manner suitable for your hand-carry only. If you
so choose to instruct us in writing to provide the Lot to you for your handcarry, whether or not it is made with our recommendation, you agree thatany physical loss or damage to the Lot is entirely at your risk and yourresponsibility and you shall arrange for your own insurance coverage atyour sole expense . You agree that Phillips will not be liable for any acts oromissions for how the Lot is packed by us or by any third party packers.
(d) Sales Taxes are due at the time of collection: Under applicable New Yorkand New Jersey state and local laws, unless you can provide us with a valid
Sales Tax Resale Certificate that proves that you are a US art dealer andare specifically exempt under the law, you will be liable for payment to remit
to Phillips the applicable sales taxes due prior to your or your shipper’s
collection of your purchase from SRI in New Jersey or from us in New York.
You agree to pay Phillips all applicable sales taxes that are due on your Lot’spurchase for our remittance of it to the applicable state tax authorities. (SeeParagraph 17 for Sales Tax details).
(e) International Shipments: You are responsible for paying all duties andlocal taxes payable to export your Lot from its US location and thosepayable to import the Lot to its ultimate foreign destination. These amounts
are payable by you upon your receipt of your Lot and are not included by us
or by SRI on your shipping invoice.
(f) Export and Import Bans and Restrictions: The export and/or the importof your Lot out of the US and into certain foreign countries (including
but not limited to Russia, Belarus, Iran, Cuba, and North Korea) may beprohibited pursuant to US and other government sanctions and regulatory
measures in force from time to time. See section 17 below. Note that it isyour sole responsibility to ensure, prior to bidding, that your plans to ship
your purchase from Phillips do not conflict with applicable US laws as well
as applicable law in your foreign shipment route and destination. (Pleasealso see Section Error! Reference source not found.).
8.
FAILURE TO COLLECT YOUR PURCHASES(a) If you fail to collect your purchased Lot within thirty (30) calendar days of
the Auction, Phillips may apply any or all of the following “Charges” for each
uncollected Lot: (i) a Late Collection Fee of $10 per day per Lot for regularsized Lots and $40 per day per Lot for Oversized Lots; plus (ii) a levy for theuncollected Lot’s handling within our warehouse and for the Lot’s removalfrom the warehouse, plus (iii) interest that accrues on these amounts at
the rate of 16% per annum after the thirty (30) calendar day post auction
period has expired.

due. Phillips will notify the buyer if the buyer’s property has been delivered
to an affiliated company by way of pledge.

(b) We will not release any Lots to you or to your shippers until all Charges,
applicable taxes, plus any other outstanding amounts due to Phillips and ouraffiliated companies, have been paid by you in full cleared funds.

Phillips shall have the right, but not the obligation, to rescind a sale without
notice to the buyer if we reasonably believe that there is a material breachof the seller’s representations and warranties or the Authorship Warranty oran adverse claim is made by a third party. Upon notice of Phillips’s election
to rescind the sale, the buyer will promptly return the lot to Phillips, and wewill then refund the Purchase Price paid to us. As described more fully inParagraph 13 below, the refund shall constitute the sole remedy and recourseof the buyer against Phillips and the seller with respect to such rescinded sale.

(c) If your Lot has not been collected by you by one hundred and eighty(180) days following the Auction, and if you have not already paid that
Lot’s applicable sales taxes, then you agree that your Lot will be treated as
released physically to you in New Jersey (if the Lot is located at SRI), or in
New York (if the Lot is located at LIC or at Phillips’ premises) and the Lot’spurchase price shall be subjected to the applicable State and City sales
taxes of the location where it is warehoused by us, andIn such circumstances, you authorize Phillips to arrange for the Lot’s resaleby Phillips either (x) via public auction, or (y) via a private sale; with the Lot’s
estimates and reserve, if offered at auction, or the purchase price, if offeredprivately, to be set by Phillips within our reasonable commercial discretion
with Phillips taking a commercially reasonable commission and ourapplicable buyer’s premium associated with the successful sale of the Lot.
You further agree that all net proceeds realized from the sale of your Lot
will be applied first against any unpaid sales taxes related to your original
purchase (see 8(c) above); then the Charges and other costs associatedwith bringing the Lot to the sale site and our marketing it for sale; then allother outstanding costs and expenses owed by you to Phillips and/or toany of our affiliated companies, and then, with the balance of any remaining
proceeds payable to your account.
9.
REMEDIES FOR NON-PAYMENT(a) Without prejudice to any rights the seller may have, if the buyer without
prior agreement fails to make payment of the Purchase Price for a lot incleared funds within seven days of the auction, Phillips may in our sole
discretion exercise one or more of the following remedies: (i) store the lot
at Phillips’s premises or elsewhere at the buyer’s sole risk and expense at
the same rates as set forth in Paragraph 8 (a) above; (ii) cancel the sale ofthe lot, retaining any partial payment of the Purchase Price as liquidated
damages; (iii) reject future bids from the buyer or render such bids subject
to payment of a deposit; (iv) charge interest at 12% per annum from the datepayment became due until the date the Purchase Price is received
in cleared funds; (v) subject to notification of the buyer, exercise a lienover any of the buyer’s property which is in the possession of Phillips andinstruct our affiliated companies to exercise a lien over any of the buyer’s
property which is in their possession and, in each case, no earlier than 30days from the date of such notice, arrange the sale of such property andapply the proceeds to the amount owed to Phillips or any of our affiliatedcompanies after the deduction from sale proceeds of our standard vendor’scommission and all sale-related expenses; (vi) resell the lot by auction
or private sale, with estimates and a reserve set at Phillips reasonablediscretion, it being understood that in the event such resale is for lessthan the original hammer price and buyer’s premium for that lot, the buyer
will remain liable for the shortfall together with all costs incurred in such
resale; (vii) commence legal proceedings to recover the hammer price andbuyer’s premium for that lot, together with interest and the costs of suchproceedings; (viii) set off the outstanding amount remaining unpaid by thebuyer against any amounts which we or any of our affiliated companies
may owe the buyer in any other transactions; (ix) release the name andaddress of the buyer to the seller to enable the seller to commence legal
proceedings to recover the amounts due and legal costs or (x) take suchother action as we deem necessary or appropriate.
(b) As security to us for full payment by the buyer of all outstanding amounts
due to Phillips and our affiliated companies, Phillips retains, and the buyer
grants to us, a security interest in each lot purchased at auction by the buyer
and in any other property or money of the buyer in, or coming into, ourpossession or the possession of one of our affiliated companies. We may
apply such money or deal with such property as the Uniform Commercial
Code or other applicable law permits a secured creditor to do. In the eventthat we exercise a lien over property in our possession because the buyer isin default to one of our affiliated companies, we will so notify the buyer. Our
security interest in any individual lot will terminate upon actual delivery of
the lot to the buyer or the buyer’s agent.
(c) In the event the buyer is in default of payment to any of our affiliatedcompanies, the buyer also irrevocably authorizes Phillips to pledge thebuyer’s property in our possession by actual or constructive delivery to ouraffiliated company as security for the payment of any outstanding amount10.
RESCISSION BY PHILLIPS

11.
EXPORT, IMPORT AND ENDANGERED SPECIES LICENSES
AND PERMITS
Before bidding for any property, prospective buyers are advised tomake their own inquiries as to whether a license is required to export a
lot from the US or to import it into another country. Prospective buyers
are advised that some countries prohibit the import of property madeof or incorporating plant or animal material, such as coral, crocodile,ivory, whalebone, Brazilian rosewood, rhinoceros horn or tortoiseshell,irrespective of age, percentage or value. Accordingly, prior to bidding,
prospective buyers considering export of purchased lots should familiarize
themselves with relevant export and import regulations of the countries
concerned. It is solely the buyer’s responsibility to comply with these laws
and to obtain any necessary export, import and endangered species
licenses or permits. Failure to obtain a license or permit or delay in sodoing will not justify the cancellation of the sale or any delay in making full
payment for the lot. As a courtesy to clients, Phillips has marked in the
catalogue lots containing potentially regulated plant or animal material,
but we do not accept liability for errors or for failing to mark lots containing
protected or regulated species.
EXPORT AND IMPORT BANS AND RESTRICTIONS
Buyers should note that the export of items offered for sale in the Auction tocertain countries (including Russia and Belarus) may be prohibited pursuant
to Government sanctions and other regulatory measures in force from time totime. Please contact the department organizing the Auction for further details.
12.
PRIVACY(a) You acknowledge and understand that we may process your personal
data (including potentially special category data) in accordance with
our privacy policy from time to time as published at www.phillips.com oravailable by emailing dataprotection@phillips.com.
(b) Our privacy policy sets out: (i) the types of personal data we will or may
collect and process; (ii) the purposes for which we will or may process yourpersonal data (including for example the provision of auction, private saleand related services; the performance and enforcement of these terms
and conditions; the carrying out of identity and credit checks; keeping you
informed about upcoming auctions, exhibitions and special events; andgenerally where reasonably necessary in the management and operationof our business); (iii) the lawful bases on which we rely in undertaking
our processing of your personal data; (iv) your rights in respect of ourprocessing of your personal data; and (v) various other information as
required by applicable laws.
(c) Phillips premises and sale and exhibition venues are subject to CCTV
video surveillance and recording for security, client service and bid
monitoring purposes and will be filmed during the auction for simultaneouslive broadcast on our and third party websites and applications. By remaining
in these areas, you acknowledge that you may be photographed, filmed
and recorded and grant your permission for your likeness and voice to be
included in such recordings. If you do not wish to be photographed or filmed
or appear in such recordings, please speak to a member of Phillips staff.
Your communications with Phillips, including by telephone and online (e.g.
telephone and on-line bidding) may also be recorded for security, client
service and bid monitoring purposes. Where we record such information
we will process it in accordance with our Privacy Policy available at
ww.phillips.com.
13.
LIMITATION OF LIABILITY(a) Subject to subparagraph (e) below, the total liability of Phillips, our affiliatedcompanies and the seller to the buyer in connection with the sale of a lot
shall be limited to the Purchase Price actually paid by the buyer for the lot.

(b) Except as otherwise provided in this Paragraph 13, none of Phillips,
any of our affiliated companies or the seller (i) is liable for any errors
or omissions, whether orally or in writing, in information provided toprospective buyers by Phillips or any of our affiliated companies or (ii)
accepts responsibility to any bidder in respect of acts or omissions, whether
negligent or otherwise, by Phillips or any of our affiliated companies inconnection with the conduct of the auction or for any other matter relating
to the sale of any lot.
(c) All warranties other than the Authorship Warranty, express or implied,
including any warranty of satisfactory quality and fitness for purpose, arespecifically excluded by Phillips, our affiliated companies and the seller tothe fullest extent permitted by law.
(d) Subject to subparagraph (e) below, none of Phillips, any of our affiliatedcompanies or the seller shall be liable to the buyer for any loss or damage
beyond the refund of the Purchase Price referred to in subparagraph (a)above, whether such loss or damage is characterized as direct, indirect,
special, incidental or consequential, or for the payment of interest on thePurchase Price to the fullest extent permitted by law.
(e) No provision in these Conditions of Sale shall be deemed to exclude or
limit the liability of Phillips or any of our affiliated companies to the buyer
in respect of any fraud or fraudulent misrepresentation made by any of
us or in respect of death or personal injury caused by our negligent acts
or omissions.
14.
COPYRIGHT
The copyright in all images, illustrations and written materials produced
by or for Phillips relating to a lot, including the contents of this catalogue,
is and shall remain at all times the property of Phillips and such images
and materials may not be used by the buyer or any other party without
our prior written consent. Phillips and the seller make no representations
or warranties that the buyer of a lot will acquire any copyright or otherreproduction rights in it.
15.
GENERAL(a) These Conditions of Sale, as changed or supplemented as provided in
Paragraph 1 above, and Authorship Warranty set out the entire agreement
between the parties with respect to the transactions contemplated hereinand supersede all prior and contemporaneous written, oral or implied
understandings, representations and agreements.
(b) Notices to Phillips shall be in writing and addressed to the department incharge of the sale, quoting the reference number specified at the beginningof the sale catalogue. Notices to clients shall be addressed to the last
address notified by them in writing to Phillips.
(c) These Conditions of Sale are not assignable by any buyer without ourprior written consent but are binding on the buyer’s successors, assigns
and representatives.
(d) Should any provision of these Conditions of Sale be held void, invalid
or unenforceable for any reason, the remaining provisions shall remain in
full force and effect. No failure by any party to exercise, nor any delay inexercising, any right or remedy under these Conditions of Sale shall act as awaiver or release thereof in whole or in part.
16.
LAW AND JURISDICTION(a) The rights and obligations of the parties with respect to these
Conditions of Sale and Authorship Warranty, the conduct of the auction
and any matters related to any of the foregoing shall be governed by andinterpreted in accordance with laws of the State of New York, excluding its
conflicts of law rules.
(b) Phillips, all bidders and all sellers agree to the exclusive jurisdiction ofthe (i) state courts of the State of New York located in New York City and(ii) the federal courts for the Southern and Eastern Districts of New Yorkto settle all disputes arising in connection with all aspects of all matters ortransactions to which these Conditions of Sale and Authorship Warranty
relate or apply.
(c) All bidders and sellers irrevocably consent to service of process or any
other documents in connection with proceedings in any court by facsimiletransmission, personal service, delivery by mail or in any other mannerpermitted by New York law or the law of the place of service, at the last
address of the bidder or seller known to Phillips.

(d) Phillips and bidders agree that if either party institutes any legal suit,action or proceeding against the other party for enforcement of these
Conditions of Sale (or obtain any remedy regarding the breach of these
Conditions of Sale), or arising out of these Conditions of Sale, including
but not limited to, contract, equity, tort, fraud, and statutory claims, thenthe prevailing party in a final, non-appealable judgment regarding the suit,action or proceeding is entitled to receive, and the non-prevailing party
shall pay, in addition to all other remedies to which the prevailing party
may be entitled, the costs and expenses incurred by the prevailing party inconducting or defending the suit, action, or proceeding, including all of theprevailing party’s reasonable attorney’s fees.
17.
SALES TAX(a) Unless the buyer has delivered a valid certificate evidencing exemption
from tax, the buyer shall pay applicable sales tax on any lot picked up
or delivered anywhere in the states of New York, California, Colorado,
Connecticut, Florida, Illinois, Michigan, Minnesota, Arizona, Arkansas,
Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,
Maryland, Massachusetts, Missouri, Nebraska, Nevada, New Jersey, New
Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South
Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington,
Wisconsin, Wyoming, Washington DC or the commonwealth of Puerto Rico.
(b) If the point of delivery or transfer of possession for any purchased lot
to the buyer or the buyer’s designee (including any private carrier) occurs
in New York or in New Jersey, then the sale is subject to New York or New
Jersey sales taxes at the applicable existing rate.
(c) If the buyer arranges shipping for any purchased lot in New York or
New Jersey by a common carrier (that is, the United States Postal Service,
United Parcel Service, or FedEx) that does not operate under a privateagreement or contract with negotiated terms to be delivered to an out ofstate destination, then the sale is not subject to the applicable New York or
New Jersey sales tax.

AUTHORSHIP WARRANTY
Phillips warrants the authorship of property in this auction catalogue
described in headings in BOLD or CAPITALIZED type for a period of five
years from date of sale by Phillips, subject to the exclusions and limitations
set forth below.
(a) Phillips gives this Authorship Warranty only to the original buyer ofrecord (i.e., the registered successful bidder) of any lot. This Authorship
Warranty does not extend to (i) subsequent owners of the property,
including purchasers or recipients by way of gift from the original buyer,
heirs, successors, beneficiaries and assigns; (ii) property where thedescription in the catalogue states that there is a conflict of opinion on theauthorship of the property; (iii) property where our attribution of authorship
was on the date of sale consistent with the generally accepted opinionsof specialists, scholars or other experts; (iv) property whose description
or dating is proved inaccurate by means of scientific methods or tests not
generally accepted for use at the time of the publication of the catalogue
or which were at such time deemed unreasonably expensive or impracticalto use or likely in our reasonable opinion to have caused damage or loss
in value to the lot or (v) property where there has been no material loss invalue from the value of the lot had it been as described in the heading of thecatalogue entry.
(b) In any claim for breach of the Authorship Warranty, Phillips reserves theright, as a condition to rescinding any sale under this warranty, to require
the buyer to provide to us at the buyer’s expense the written opinions of
two recognized experts approved in advance by Phillips. We shall not bebound by any expert report produced by the buyer and reserve the right toconsult our own experts at our expense. If Phillips agrees to rescind a sale
under the Authorship Warranty, we shall refund to the buyer the reasonable
costs charged by the experts commissioned by the buyer and approved inadvance by us.
(c) Subject to the exclusions set forth in subparagraph (a) above, the buyer
may bring a claim for breach of the Authorship Warranty provided that (i) heor she has notified Phillips in writing within three months of receiving any
information which causes the buyer to question the authorship of the lot,
specifying the auction in which the property was included, the lot numberin the auction catalogue and the reasons why the authorship of the lot isbeing questioned and (ii) the buyer returns the lot to Phillips to the saleroom
in which it was purchased in the same condition as at the time of its auction
and is able to transfer good and marketable title in the lot free from any thirdparty claim arising after the date of the auction. Phillips has discretion to
waive any of the foregoing requirements set forth in this subparagraph (c)or subparagraph (b) above.
(d) The buyer understands and agrees that the exclusive remedy for any
breach of the Authorship Warranty shall be rescission of the sale and refundof the original Purchase Price paid. This remedy shall constitute the sole
remedy and recourse of the buyer against Phillips, any of our affiliatedcompanies and the seller and is in lieu of any other remedy available asa matter of law or equity. This means that none of Phillips, any of ouraffiliated companies or the seller shall be liable for loss or damage beyond
the remedy expressly provided in this Authorship Warranty, whether suchloss or damage is characterized as direct, indirect, special, incidental orconsequential, or for the payment of interest on, or loss of profit from, theoriginal Purchase Price.

SPECIAL NOTICES & SYMBOLSThe following key explains the symbols you may see next to lots identified
in Phillips’ sale catalogue:
Ο Guaranteed Property
Lots designated with the symbol Ο are the subject of a minimum priceguarantee. In such cases, Phillips has guaranteed to the Seller of the Lot
that, regardless of the outcome of the Lot’s sale, the Seller shall receive noless than a minimum sum. This guarantee may be provided solely by Phillips
or jointly with a third party guarantor.
◆ Third Party Guarantee
Where Phillips has agreed to a minimum price guarantee it assumes thefinancial risk of a lot failing to sell or selling for less than the lot’s minimum
price guarantee. Because the sums involved can be significant Phillips may
choose to share the burden of that financial risk with a third party. The
third party agrees to share the risk and commits in advance of the sale,
usually by way of a written irrevocable bid, to buy the lot for an agreed
amount whether or not there are competing bidders for the lot. If there arecompeting bidders, third party guarantors may continue to bid above theirwritten irrevocable bid. In this way the third party guarantor assumes someor all of Phillips’ risk of the bidding not reaching the amount of the minimum
price guarantee.
In return for the third party underwriting or sharing this risk, Phillips willcompensate the third party. The compensation may be in the form of a fixed
fee and/or for an amount that is calculated against the lot’s hammer price. If
the third party guarantor is the lot’s successful bidder, their compensation
may be netted against the Lot’s full hammer price and buyer’s premium.
Disclosure of financial interest by third parties
Phillips requires third party guarantors to disclose their financial interest in
the lot to anyone whom they are advising. If you are contemplating bidding
on a lot that is the subject of a third party guarantee, and you are being
advised by someone or if you have asked someone to bid on your behalf,
you should always ask them to confirm whether or not they have a financial
interest in the outcome of the sale of the lot.
Δ Property in Which Phillips Has an Ownership Interest
Lots with this symbol indicate that Phillips owns the lot in whole or in part orhas an economic interest in the lot equivalent to an ownership interest.
• No Reserve
Unless indicated by a •, all lots in this catalogue are offered subject to areserve. A reserve is the confidential value established between Phillips
and the seller and below which a lot may not be sold. The reserve for each
lot is generally set at a percentage of the low estimate and will not exceed
the low pre-sale estimate, unless the lot is underwritten by a third party with
an irrevocable bid that exceeds the lot’s low estimate, in which case thereserve will be set at the level of the irrevocable bid.
Σ Endangered Species
Lots with this symbol have been identified at the time of cataloguing as
containing endangered or other protected species of wildlife which may besubject to restrictions regarding export or import and which may require
permits for export as well as import. Please refer to Paragraph 11 of these
Conditions of Sale.
Electrical and Mechanical Lots
All lots with electrical and/or mechanical features are sold on the basis of
their decorative value only and should not be assumed to be operative. It isessential that, prior to any intended use, the electrical system is verified andapproved by a qualified electrician.

Interested Parties
In situations where a person who is allowed to bid on a lot has a direct orindirect interest in that lot, (e.g., the beneficiary or executor of an estate
selling the lot; or a joint owner of the lot; or a party providing or participating
in a guarantee on the lot, Phillips will make an announcement in thesaleroom that interested parties with a financial interest may be biddingon the lot.
Bidding Increments
Bidding generally opens below the low estimate and advances inincrements of up to 10%, subject to the auctioneer’s discretion. Absentee
bids that do not conform to the increments set below may be lowered to
the next bidding increment.
$50 to $1,000
by $50s$1,000 to $2,000
by $100s$2,000 to $3,000
by $200s$3,000 to $5,000
by $200s, 500, 800 (i.e. $4,200, 4,500, 4,800)$5,000 to $10,000
by $500s$10,000 to $20,000
by $1,000s$20,000 to $30,000
by $2,000s$30,000 to $50,000
by $2,000s, 5,000, 8,000$50,000 to $100,000 by $5,000s$100,000 to $200,000 by $10,000s
above $200,000
auctioneer’s discretion
The auctioneer may vary the increments during the course of the auction
at their own discretion.