**JOHN MORAN AUCTIONEERS, INC. DOES NOT PROVIDE SHIPPING SERVICES OR SHIPPING QUOTES. WE CAN REFER SUCCESSFUL BIDDERS TO A NATIONAL/INTERNATIONAL SHIPPER**

***IMPORTANT PAYMENT INFORMATION: PAYMENT MUST BE MADE WITHIN FIVE WORKING DAYS OF THE SALE. PAYMENTS MAY BE MADE IN CASH(IN HOUSE ONLY) OR BY CASHIER'S CHECK or BANK WIRE TRANSFER. WE WILL ACCEPT CREDIT CARDS (VISA, MASTERCARD & AMERICAN EXPRESS) UP TO A MAXIMUM PURCHASE AMOUNT OF $5,000.00 USD PER BUYER. WE DO NOT ACCEPT PAYPAL***

1. Lots Sold to The Highest Bidder: The highest bidder acknowledged by the auctioneer shall be the buyer. Under no circumstances are the consignors or the consignors agents or persons acting on behalf of the consignors permitted to bid at the auction on their consigned property. The auctioneer has the right to reject any bid, to advance the bidding at his or her absolute discretion and, in the event of any dispute between bidders or any other issue with respect to the highest bidder, to determine the successful bidder, to continue the bidding or to reoffer and resell the lot in question. In the event of any dispute after the sale, John Moran Auctioneers. Inc., a California Corporation (hereinafter referred to as, JMA), record of final sale shall be conclusive.

2. Lots are Sold AS IS. ALL PROPERTY IS SOLD AS IS AND ALL IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS ARE EXCLUDED. NEITHER WE NOR THE CONSIGNOR OR OUR ASSOCIATES MAKE ANY REPRESENTATION, EXPRESSED OR IMPLIED WARRANTY, OR GUARANTEE IN CONDITION, SIZE, PROVENANCE, MEDIUM, SIGNATURE, INSCRIPTION, EXHIBITION (S), IMPORTANCE, RARITY, COUNTRY OR ORIGIN, AGE, GENUINENESS, SUBJECT HISTORICAL RELEVANCE, MONETARY OR OTHER VALUE, FRAMING OR LACK THEREOF, MOUNTING, CONSERVATION, COLOR (S), PALETTE, INSCRIPTION, EDITION, STYLE LABEL OR OTHER DESCRIPTOR. NO STATEMENT IN THE CATALOGUE, BROCHURES OR IN THE BILL OF SALE OR INVOICE OR BIOGRAPHIC INFORMATION OR STATEMENTS MADE BY THE AUCTIONEER DURING THE AUCTION OR ELSEWHERE SHALL BE DEEMED SUCH A WARRANTY OR REPRESENTATION OR AN ASSUMPTION OF LIABILITY. NO EMPLOYEE OF JOHN MORAN AUCTIONEERS IS AUTHORIZED TO MAKE, ON OUR BEHALF OR THAT OF THE CONSIGNOR, ANY REPRESENTATION OR WARRANTY, ORAL OR WRITTEN, WITH RESPECT TO ANY PROPERTY.

3. Buyer's obligation to inspect each item: Buyers are strongly encouraged to view all items auctioned on display before the auction to determine the true condition and nature of any item(s) of interest. Although there is no legal requirement that each buyer inspect lots purchased before the auction, the failure to inspect may constitute a waiver of that buyer's complaint that the item was not delivered in a condition equal to the existent condition at the auction as described in section 14 of these Conditions of Sale.

4. All Sales Final: Notwithstanding any other terms of these conditions, any and all refunds shall be given at the sole discretion of JMA. Refunds requested on the grounds of authenticity must be made within 10 days of the auction date, and such requests must be accompanied by at least one supporting statement in writing from a recognized authority stating that the painting or art sold is incorrect or not the work of the artist. A recognized authority shall be defined as a person who has authored, edited, or substantially contributed to a monograph on the artist, a person who has curated, organized or substantially contributed to a solo exhibition on the artist, a person who has represented the artists estate or someone who represented or worked closely with the artist while they were alive and, in any of the above instances physically handled works of the period, medium and subject matter in question during the course of their duties. Please note that dealers who advertise to buy a wide range of artists, appraisers and representatives of other auction firms do not qualify as authenticators of individual artists unless they have had such specific involvement with an artists work as specified above in addition to their daily duties. Any lot in question must be returned to JMA in the exact same condition as when sold. Please be advised that JMA does not grant extensions to refund considerations based upon authenticity due to shipping delays. There are no exceptions to this refund policy.

5. The Right to Withdraw Lots: JMA reserves the right to withdraw any lot before or at the sale.

6. Buyer's Premium: The purchase price payable by a buyer shall be the sum of the final bid plus a premium of 20% of the final bid price.

7. Lots are Subject to a Reserve Price: Some lots in the auction are subject to a reserve, which is the confidential minimum price below which the lot will not be sold (the reserve). In no event will the reserve price exceed the low estimate. JMA shall act to protect the reserve by bidding through the auctioneer. The auctioneer may open bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. The estimates provided by JMA concerning a given lot, are carefully considered opinions of the cataloguer and fine art staff. Any estimates given are merely suggestive guidelines for interested buyers. Buyers must be aware that paintings and art are subject to fluctuating values depending on the subjective interests of collectors and a wide variety of other uncontrollable factors. The lots auctioned may sell at prices either above or below estimates.

8. Winning Bid Constitutes an Immediate Transfer of Title: Title to the offered lot shall pass to the buyer upon the fall of the auctioneer's hammer and announcement by the auctioneer that the lot has been sold, subject to compliance by the buyer with all other Conditions of Sale. The buyer shall forthwith assume full risk and responsibility for the lot and shall pay the full purchase price or such part thereof as JMA, in its sole discretion, shall require. In addition, the buyer may be required to sign a confirmation of purchase or abide by any other financial terms that JMA deems necessary to protect the interest of the consignors.

9. Removal of Purchased lots: All items sold may not be removed from JMA's premises, or the premises of the auction, until the buyer has paid in full the purchase price there for or has satisfied such terms, as JMA, in its sole discretion, shall require. Subject to the foregoing, all lots are to be paid for and removed from JMA premises at the buyer's expense no later than the third calendar day following the sale, and, if not so removed, JMA may transfer any such lot to its warehouse at the risk and expense of the buyer. If a lot has not been collected the third calendar day following the sale and JMA does transfer the uncollected property to its warehouse, the buyer will be liable to JMA for storage and handling charges of $10.00 per day for each lot. In addition to other remedies available by law, JMA reserves the right to impose a late charge of 1% per month or the maximum permitted by law on the purchase price commencing on the day following the date on which payment is due if the buyer does not make payment in full in accordance with these Conditions of Sale.

10. Absent Bidders: Bids which are submitted to JMA in writing or are otherwise left with JMA prior to an auction for execution at or below a specified price (Absentee bids), as well as telephone bids, shall be entertained and executed by JMA for the convenience of bidders not present at auction, but JMA shall not be responsible for failing to execute such bids or for errors relating to our execution of such bids. Bidding on any article(s), whether in person, by agent, order bid, telephone or other means, constitutes the highest bidders acceptance of these Conditions of Sale. All absentee bids must be received by JMA prior to the day of sale. Bidders by telephone are also encouraged to leave a cover bid in case of technical failure.

11. Applicable taxes: Unless exempted by California law, the buyer shall be required to pay any applicable state and local sales tax or compensating use tax on the purchase price.

12. Buyer's Breach of Conditions of Sale: If the buyer fails to comply with any of these Conditions of Sale, JMA may, in addition to asserting all remedies available by law, including the right to hold such defaulting buyer liable for the purchase price, (I) cancel the sale, retaining as liquidated damages any payment made by the buyer, (II) resell the property without reserve at public auction or privately on seven days notice to the buyer, or (III) take such other action as we deem necessary or appropriate. If JMA resells the property, the original defaulting buyer shall be liable for the payments of any deficiency in the purchase price and all costs and expenses, including warehousing, the expenses of both sales, reasonable attorneys' due hereunder. In the event that such buyer pays a portion of the purchase price for any or all lots purchased, JMA shall apply the payment received to such lot or lots that JMA, in our sole discretion, deems appropriate. JMA shall have the benefit of all rights of a secured party under the Uniform Commercial Code adopted in the State of California where the auction is held.

13. Governing Law, Venue and Jurisdiction: The rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall be governed and interpreted by the laws of the State of California. By bidding at an auction, whether present in person or by agent, by absentee bid, telephone or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the courts of such state and the federal courts sitting in such state. Further, the buyer agrees that the venue for any action arising out of the failure to abide by the Conditions of Sale, or any conduct related to or arising out of the auction, shall be the Los Angeles Superior Court, Pasadena Branch located at 300 E. Walnut Street, Pasadena, California 91101 or the Federal Court Central District located at 312 North Spring Street, Los Angeles, California, 90012-4793. The buyer expressly agrees that (I) neither JMA nor the seller shall be liable, in whole or in part, for any special, indirect or consequential damages, including, without limitation, loss of profits and (II) the buyer's damages, if any, are limited exclusively to the original purchase price paid for the lot.

14. Delivery of Lots Sold: The packing and handling of purchased lots by John Moran Auctioneer's staff at the auction is undertaken solely as a courtesy to customers. There is no charge for packing material and labor supplied to you on the evening of the sale. In no event will JMA be liable for damage to artwork, glass or frames, regardless of cause, in connection with this free service.

JMA may, in our discretion and as a service to buyers, arrange to have purchased lots packed, insured and forwarded at the request, expense, and risk of the buyer. JMA assumes no responsibility for acts or omissions in such packing or shipping by other packers or carriers, nor does JMA assume any responsibility for any damage to picture frames or to the glass therein. In circumstances JMA arranges and bills for such services via invoice or credit card, JMA will include an administration charge.

In the case of JMA physically delivering an item to a buyer, if an item cannot be delivered in condition equal to the existent condition at the time or should any item be mis-delivered, stolen or lost prior to delivery, JMA's liability shall not exceed the amount paid by the buyer at the auction.

15. Notices, Demands and Refunds: Any demands for refunds, problems with the lot(s) sold or notices of any kind concerning the auction shall be in writing and addressed to JMA at 735 West Woodbury, Altadena, California 91001.

16. Effect of any Unenforceable Provisions: Should any of the Conditions of Sale be deemed unenforceable by a competent court having jurisdiction, such unenforceable provision shall have no effect on the enforcability of the remaining provisions contained in the Conditions of Sale.