Conditions of Sale

The following Conditions of Sale are 72nd and York Inc. (“Sotheby's Wine”), Sotheby's, Inc. (“Sotheby's”) and the Consignor's entire agreement with the purchaser and any bidder relative to the property listed in this catalogue.

The Conditions of Sale, the glossary, if any, and all other contents of this catalogue are subject to amendment by Sotheby's Wine and Sotheby's by the posting of such amendments on the Sotheby's website (www.sothebys.com). The property will be offered for sale by Sotheby's Wine as agent for the Consignor, unless the catalogue indicates otherwise.

By participating in any sale, you acknowledge that you are bound by these terms and conditions.

1. Except for the limited warranty contained in paragraph 2, all property is sold "AS IS" without any representations or warranties, express or implied, by Sotheby's Wine, Sotheby's or the Consignor as to merchantability, fitness for a particular purpose, the correctness of the catalogue or other images or descriptions of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. Sotheby's Wine, Sotheby's and the Consignor are not responsible for errors and omissions in the catalogue, glossary, or any supplemental material. Sotheby's, Sotheby's Wine and the Consignor make no representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property.

2. If Sotheby's Wine sells any wine or spirit which the Buyer subsequently shows to Sotheby's Wine’s reasonable satisfaction to be "counterfeit," subject to the terms below Sotheby's Wine will set aside the sale and refund to the purchaser of record the purchase price received for such wine or spirit (the successful hammer price, plus the buyer’s premium). For these purposes, “counterfeit” means a wine or spirit for which, in the reasonable opinion of Sotheby's Wine, the correct description of the producer and vintage is not reflected by the description in the BOLD or CAPITALIZED heading in the catalogue (as amended by amendments posted on the Sotheby's website). The Guarantee is provided for the Guarantee Period (as defined below) and is solely for the benefit of the original purchaser of record at the auction and may not be transferred to any third party. As used herein, “Guarantee Period” means the twenty-one (21) days from the last day of the relevant auction, except that if at any time during such twenty-one (21) day period our warehouse is closed due to a force majeure, we will pause the running of such twenty-one (21) day period during such closure, and we will resume the running of such twenty-one (21) day period when our warehouse reopens. We will notify you of any such closing and reopening of our warehouse by posting on Sotheby’s website for the sale.

To be able to claim under this Guarantee, the original purchaser of record must (i) notify Sotheby's Wine in writing within the Guarantee Period of the reasons for believing the wine or spirit to be counterfeit, specifying the lot number, date of the auction at which it was purchased and the reasons for such question; and (ii) return the lot to Sotheby's Wine at the original selling location in the same condition as at the date of sale to the original purchaser of record and be able to transfer good title to the lot, free from any third party claims arising after the date of such sale.

Sotheby's Wine in its sole discretion will decide the validity of any such claim as between the Consignor and the purchaser. It is specifically understood and agreed that the rescission of a sale and the refund of the original purchase price is exclusive and in lieu of any other remedy which might otherwise be available as a matter of law, or in equity. Neither Sotheby's Wine, Sotheby's nor the Consignor shall be liable for any special, punitive, incidental or consequential damages incurred or claimed, including without limitation, loss of profits or interest.

3. A buyer’s premium will be added to the successful bid price of each lot and is payable by the purchaser as part of the total purchase price. The buyer’s premium is 24% of the successful bid price.

4. Sotheby's Wine reserve the right to withdraw any property before, during and after the sale and shall have no liability whatsoever for such withdrawal. Sotheby's Wine also reserves the right to combine two or more lots.

5. When you click on ‘Place a Bid’ on a lot, you will be prompted to either log in to your Sotheby’s account, or to create a Sotheby's account if you do not already have one. Once you have either created an account or logged into your account, you will be presented with the Conditions of Sale for the auction in which that lot is offered. Once you have accepted the Conditions of Sale, you may proceed with placing a bid on that lot or any other lot in that auction. All bids placed in that auction are governed by the Conditions of Sale for that auction. You may bid at or above the starting bid displayed on the online platform. You may also input a maximum bid which, upon confirmation, will be executed automatically up to this predefined maximum value in response to other bids, including bids placed by Sotheby’s on behalf of the seller, up to the amount of the reserve (if applicable). Bids placed by Sotheby’s on behalf of the seller, up to the amount of the reserve, will be counted toward the total bid count displayed on the online platform. The current leading bid will be visible to all bidders; the value and status of your maximum bid will be visible only to you, unless it is the leading bid. If the status of your bid changes, you will receive notifications via email and push (if you have the Sotheby’s App installed).

6. As soon as you place and confirm your bid amount, your bid is submitted. You accept and agree that bids submitted by you are final. Neither Sotheby's nor the Consignor is responsible for any errors in bidding. Sotheby's Wine reserves the right to reject any bid. The highest bidder acknowledged by Sotheby's will be the purchaser. In the event of any error or dispute with respect to bidding, or in the event of doubt on Sotheby's Wine part as to the validity of any bid, Sotheby's online bidding system will have the final discretion to determine the successful bidder, to re-open the bidding, to cancel the sale, or to reoffer and resell the article in dispute. If any dispute arises after the sale, Sotheby's Wine sale record is conclusive. Although in its discretion Sotheby’s Wine will execute online bids as a convenience to clients, neither Sotheby’s Wine nor Sotheby’s are responsible for any errors or omissions in connection therewith.

By participating in the sale, you represent and warrant that any bids placed by you, or on your behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law.

By participating in the sale, you represent and warrant that:

(a) The bidder and/or purchaser is not subject to trade sanctions, embargoes or any other restriction on trade in the jurisdiction in which it does business as well as under the laws of the European Union, the laws of England and Wales, or the laws and regulations of the United States, and is not owned (nor partly owned) or controlled by such sanctioned person(s) (collectively, “Sanctioned Person(s)”);

(b) Where acting as agent (with Sotheby’s prior written consent), the principal is not a Sanctioned Person(s) nor owned (or partly owned) or controlled by Sanctioned Person(s); and

(c) The bidder and/or purchaser undertakes that none of the purchase price will be funded by any Sanctioned Person(s), nor will any party be involved in the transaction including financial institutions, freight forwarders or other forwarding agents or any other party be a Sanctioned Person(s) nor owned (or partly owned) or controlled by a Sanctioned Person(s), unless such activity is authorized in writing by the government authority having jurisdiction over the transaction or in applicable law or regulation.

Bids may be submitted from the start of the auction until bidding on the specific lot closes. An end time will be displayed for each lot on the lot detail page. Lots will close in one minute increments unless a bid is placed within 5 minutes of a lot's scheduled end time, in which case we will extend the sale of that lot by 5 minutes from the time of the last bid. The extension of any one lot's closing time does not affect any other lot's closing time; therefore, it is possible that lots will close out of numerical lot order. Upon the closing of each lot, you will receive another email and push notification indicating whether you have won or lost each lot on which you have placed a bid.

A bidder may cancel a bid placed in an online-only sale only if either (a) the description of the lot or the condition report for the lot listed in the catalogue has been materially revised after the bid was placed or (b) a notice regarding the lot has been posted on Sotheby’s website after the bid was placed. For further information, please contact the Sotheby’s Bids Department in New York at bids.newyork@sothebys.com.

7. The record of sale kept by Sotheby's will be taken as absolute and final in all disputes. In the event of a discrepancy between any online records or messages provided to you and the record of sale kept by Sotheby's, the record of sale will govern. Successful bidders will be notified and invoiced by Sotheby's after the sale. In the event of any discrepancy between any online purchase information and the invoice sent to you by Sotheby's following the sale, the invoice prevails.

8. Subject to fulfilment of all of the conditions set forth herein, at the close of a lot, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer, and such bidder thereupon (a) must present satisfactory legal documentation that he or she is at least 21 years of age, (b) assumes full risk and responsibility therefor, and (c) will immediately pay the full purchase price or such part as Sotheby's Wine may require. The sales price shall be exclusive of any storage or delivery charge. In addition to other remedies available to Sotheby's Wine or Sotheby's by law, they reserve the right to impose from the date of sale a late charge of the annual percentage rate of Prime + 6% of the total purchase price if payment is not made in accordance with the conditions set forth herein.

All property must be removed by the purchaser at his or her expense from our warehouse in North Bergen, New Jersey as soon as possible following payment, and in any event prior to the expiration of the Complimentary Storage Period (as defined below). As used herein, “Complimentary Storage Period” means the forty-five (45) days from the last day of the auction, except that if at any time during such forty-five (45) day period our warehouse is closed due to a force majeure, we will pause the running of such forty-five (45) day period during such closure, and we will resume the running of such forty-five (45) day period when our warehouse reopens. If it is not so removed, (i) a storage charge of $10.00 per lot per month from the expiration of the Complimentary Storage Period until its removal will be payable to Sotheby's Wine by the purchaser, (ii) if the property remains in storage for over 90 days following its sale, Sotheby's Wine may send the purchased property to Sotheby's Wine Storage upon which time applicable state and local sales tax will be charged and the purchaser agrees to Virtual Cellar Terms of Use, Storage Terms of Use and Auto-Renewal Policy found at https://www.sothebyswine.com/ny/storage.

If any applicable conditions herein are not complied with by the purchaser, the purchaser will be in default and in addition to any and all other remedies available to Sotheby's Wine, Sotheby's or the Consignor by law, including without limitation the right to hold the purchaser liable for the total purchase price, including all fees, charges and expenses more fully set forth herein, Sotheby's Wine, at its option, may (x) cancel the sale of that, or any other lot or lots sold to the defaulting purchaser at the same or any other auction, retaining as liquidated damages all payments made by the purchaser, or (y) resell the purchased property, whether at public auction or by private sale, or (z) effect any combination thereof. In any case, the purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses of both sales, Sotheby's Wine' commissions on both sales at regular rates, legal fees and expenses, collection fees and incidental damages. Sotheby's Wine may, in its sole discretion, apply any proceeds of sale then due or thereafter becoming due to the purchaser from Sotheby's Wine or Sotheby's or any affiliated company, or any payment made by the purchaser to Sotheby's Wine or Sotheby's or any affiliated company, whether or not intended to reduce the purchaser's obligations with respect to the unpaid lot or lots, to the deficiency and any other amounts due to Sotheby's Wine, Sotheby's or any affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to Sotheby's Wine, Sotheby's and their affiliated companies, a continuing security interest of first priority in any property or money of or owing to such purchaser in Sotheby's Wine or Sotheby's possession, custody or control or in the possession, custody or control of any of their affiliated companies, and Sotheby's Wine and Sotheby's may retain and apply such property or money as collateral security for the obligations due to them or to any affiliated company of theirs in each case weather at the time of the auction, the default or if acquired at anytime thereafter. Sotheby's Wine and Sotheby's shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. You hereby agree that Sotheby's Wine and Sotheby's may file financing statements under the Uniform Commercial Code without your signature where legally permissible. Payment will not be deemed to have been made in full until we have collected good funds. In the event the purchaser fails to pay any or all of the total purchase price for any lot and Sotheby's and Sotheby's Wine nonetheless elect to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that Sotheby's and Sotheby's Wine shall have all of the rights of the Consignor to pursue the purchaser for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Sale.

9. Unless otherwise indicated, each lot in the sale is offered subject to a reserve which is the confidential minimum hammer price at which a lot will be sold. No reserve will exceed the low presale estimate stated in the catalogue, or as amended by notices posted on the Sotheby's website.

10. The purchaser shall pay any applicable state and local taxes, and any applicable compensating use tax of another state which Sotheby's Wine or Sotheby's may be required by law to collect at the time of the payment of the purchase price.

11. The purchaser represents and warrants that, where required by applicable law, it is properly licensed, permitted or otherwise authorized to purchase, receive, possess and/or cause to transport alcoholic beverages.

12. These Conditions of Sale, as well as the purchaser's, Sotheby's Wine and Sotheby's respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of New York. By bidding at an auction, the purchaser shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of New York. All parties agree, however, that Sotheby’s and Sotheby’s Wine shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of New York.

13. Sotheby's Wine is not responsible for the acts or omissions in the packing or shipping of purchased lots or of other carriers or packers of purchased lots, whether or not recommended by them. Packing and handling of purchased lots is at the entire risk of the purchaser.

14. Sotheby’s Wine does not ship wine via DHL, FedEx or UPS when a lot contains wine which is older than 1970 or is larger than 3 L, has an aggregate value of more than $12,000, or when the temperatures from origin to destination are outside of the range between 40-75 °F.

15. In no event will the aggregate liability of Sotheby’s and Sotheby's Wine’s to a purchaser exceed the purchase price actually paid. Sotheby's will not be responsible for any errors or failures to execute bids placed online or for any errors or omissions in connection therewith including, without limitation, errors or failures caused by (i) a loss of connection to the internet or the Sotheby's Online Platform software by either Sotheby's or the client; (ii) a breakdown or problem with Sotheby's Online Platform software; or (iii) a breakdown or problem with a client's Internet connection, mobile network or computer.

16. Sotheby’s Wine and Sotheby’s will hold and process your personal information and may share it with their respective subsidiaries and affiliates for use as described in, and in line with, Sotheby’s Privacy Policy published on Sotheby’s website at www.sothebys.com or available on request by email to enquiries@sothebys.com. Under European data protection laws, a client may object, by request and free of charge, to the processing of their information for certain purposes, including direct marketing, and may access and rectify personal data relating to them and may obtain more information about Sotheby’s data protection policies by writing to Sotheby’s, 34-35 New Bond Street, London W1A 2AA, or 1334 York Avenue, New York, NY 10021, Attn: Compliance, or emailing enquiries@sothebys.com.

17. It is the purchaser's sole responsibility to identify and obtain any necessary export or import permits or permissions. Sotheby's Wine and the Consignor make no representations or warranties as to whether any lot is or is not subject to any export or import restrictions.

18. The Consumer Rights Directive (Directive 2011/83/EU) and related regulations implemented by the European Union (“EU”) member states (the “Regulations”) give bidders who are consumers and are habitually resident within an EU member state (an “EU Bidder”) who purchase goods and services online or otherwise “at a distance” certain cancellation rights under the Regulations.

Under the Regulations, an EU Bidder who purchases property during the sale from a seller that is a trader has the right to cancel the contract (provided that such contract is a distance contract or an off-premises contract for the purposes of the Regulations) for any reason and without incurring liability within a period of fourteen days after the day on which the property comes into the physical possession of either the EU Bidder or a person identified by the EU Bidder to take possession of the property (but not the carrier of the property) (the “Goods Cancellation Period”).

Under the Regulations, in connection with the purchase of property from a seller that is not a trader, an EU Bidder who purchases shipping services from Sotheby’s (the “Shipping Services”) has the right to cancel the Shipping Services for any reason within a period of fourteen days after the date on which the contract to provide the Shipping Services is concluded (the “Services Cancellation Period”) unless where at the EU Bidder’s express request it has been agreed that the Shipping Services will begin during the Services Cancellation Period. In the case that the Shipping Services have begun prior to the expiry of the Services Cancellation Period, the EU Bidder will have the right to cancel the Shipping Services during the Services Cancellation Period until the Shipping Services have been fully performed after which point the cancellation right will no longer apply. If the EU Bidder lawfully cancels the contract for Shipping Services, Sotheby’s will reimburse the EU Bidder all payments received from the EU Bidder in relation to the Shipping Services provided always that if the EU Bidder requested Sotheby’s to begin the performance of the Shipping Services during the Services Cancellation Period, the EU Bidder will remain liable for Sotheby’s reasonable costs.

To exercise the right to cancel, the EU Bidder must inform Sotheby’s, Inc. at: Post Sale Services, 1334 York Avenue, New York, NY 10021; telephone: +1 212 606 7059; fax: +1 212 606 7880; winepostsaleservices.ny@sothebys.com; of its decision to cancel the contract for the purchase of property and/or for the provision of Shipping Services (as applicable) by a clear statement (e.g. a letter sent by post, fax or email) or using the model cancellation form, a copy of which can be obtained from Sotheby’s, Inc. at the address noted above. In order to meet the applicable cancellation deadline, the EU Bidder is required to send his/her communication concerning the exercise of the cancellation right (i) in relation to a purchase of property before the Goods Cancellation Period has expired and (ii) in relation to the provision of Shipping Services before the Services Cancellation Period has expired. In connection with any cancellation, Sotheby’s may require that you furnish us, upon our request, with any additional information necessary for Sotheby’s to assess whether in our reasonable opinion you would be deemed a trader under the Regulations.

If you cancel the contract for the purchase of property within the applicable Goods Cancellation Period, Sotheby’s Inc. will reimburse you all payments received from you, including the costs of delivery but not any extra costs arising if you chose a type of delivery other than the least expensive type of standard delivery offered by us; or any import duties we incur as a result of you returning the property to us. Sotheby’s Inc. may make a deduction from the reimbursement for loss in value of any property supplied, if the loss is the result of unnecessary handling by you. Sotheby’s Inc. will make the reimbursement without undue delay, and not later than (i) 14 calendar days after the date on which we receive back from you any property supplied; or (ii) (if earlier) 14 calendar days after the date on which you provide evidence that you have returned the property. Sotheby’s Inc. will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of the reimbursement. Sotheby’s Inc. may withhold reimbursement until we have received the property back or you have supplied evidence of having sent back the property, whichever is earliest. You must send back the property or return them to us at such address as we may specify for the purpose, without undue delay and in any event not later than 14 calendar days from the date after the date on which you communicate your cancellation to us. The deadline is met if you send back the property before the period of 14 calendar days has expired. You will have to bear the costs of returning the property. If Sotheby’s Inc. arranged for the property to be delivered we estimate that the cost of returning the property by the same means is likely to be similar to the cost of delivery. You are only liable for any diminished value of the property resulting from the handling other than what is necessary to establish the nature, characteristics and functioning of the lot. If you cancel the contract for the supply of Shipping Services within the applicable Services Cancellation Period, we will reimburse to you any payments received from you in respect of the service. However, if you have requested us to begin the performance of services during the Services Cancellation Period, you shall pay us an amount which is in proportion to what has been performed until you have communicated us your cancellation from this contract, in comparison with the full coverage of the contract.

IMPORTANT INFORMATION FOR PURCHASERS AT WINE & SPIRITS SALES

The following will help explain some of the words and symbols commonly used throughout this catalogue. All bidders should read the Conditions of Sale in this catalogue, as well as any glossary or other notices. By bidding in the auction, bidders are bound by those Conditions of Sale, as amended by notices, which together form the contract of sale, between any bidders, including the successful bidder (purchaser), Sotheby's Wine, Sotheby's and the seller (consignor) of the lot. Please remember that all property is sold "AS IS" and is only subject to rescission as stated in the Conditions of Sale. If you have any questions concerning the information below or any other auction practices, please contact Connor Kriegel at +1 212 606 7050.

Key to Lots Symbols

□ Reserves

Unless indicated by a box (□), all lots in this catalogue are offered subject to a reserve. A reserve is the confidential minimum hammer price at which a lot will be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate of the lot. If any lots in the catalogue are offered without reserve, such lots will be designated by a box (□). If every lot in a catalogue is offered without a reserve, the Conditions of Sale will so state and this symbol will not be used for each lot. Lots with this symbol (□) are offered without reserve and will be sold to the highest bidder acknowledged by the Sotheby's online bidding system who has submitted a bid equal to or in excess of $50.00. If a bid of at least $50.00 is not received, potential bidders may contact Sotheby's after the auction has ended to make an offer.

△ Property in which Sotheby’s has an Ownership Interest

Lots with this symbol indicate that Sotheby’s or Sotheby’s Wine owns the lot in whole or in part or has an economic interest in the lot equivalent to an ownership interest.

D Sotheby's, its affiliates, employees, shareholders, officers and directors: (i) do not own or operate any entity which will provide goods or services for this lot; (ii) are not liable for any negligent or willful act of such persons or entities or of any third person providing the goods or services for this lot; and (iii) are not responsible for any injury, financial or physical loss, death, inconvenience, delay or damage to personal property in connection with the provision of any goods or services for this lot.

The catalogue will be available online at the start of the auction and is available throughout the auction.

Arrangement of Lots

Wines or spirits of individual owners are grouped together, usually preceded by a general heading.

Cataloguing of Old Wines

Wines are catalogued as accurately as possible at the time of going to press including the levels. However, such levels may change between cataloguing and sales. This may be caused by the ageing of the cork or by a change in the temperature of the storage conditions or the shipment of the wine. Additionally, there is a risk of cork failure in old wines which must be taken into account by the potential purchasers. Purchasers must take into consideration the natural variations and conditions of cases, labels, ullages, corks and wines. Except as set forth in paragraph 2 of the Conditions of Sale, Sotheby’s Wine is unable to accept returns.

Cautionary Notes

Neither Sotheby’s Wine nor Sotheby’s will entertain any price negotiation or credit after the delivery is made and returns will not be accepted. Under no circumstances will substitutes be provided by Sotheby’s or Sotheby’s Wine; for example in case of breakage, or error of description.

Estimates

The estimates are guides for prospective bidders and, where possible, reflect prices that similar wines or spirits have sold for in the past. The estimates are determined in advance of the sale and are therefore subject to revision to reflect current market conditions. Estimates should not be relied upon as a representation or prediction of actual selling prices. If you have any questions concerning a lot, please contact the specialists in charge of the sale whose names are included on the sale page.

Bidding

Bidding is per lot. If you would like to bid, you must have a Sotheby's online account. Sotheby's reserves the right, in our sole discretion, to refuse your registration or participation in the auction or to revoke your permission to participate before, during or after the sale. Bidders should also consult the Sotheby's Website for the most up to date cataloguing of the property in this catalogue. Bidders are responsible for making themselves aware of all available notices, which will be posted online.

For information about registering to bid please visit the Sotheby's website.

Bidding will be in accordance with the lot numbers listed in the catalogue. Unless otherwise noted in the catalogue or by a notice posted on the Sotheby's website, Sotheby's Wine acts as agent on behalf of the seller and does not permit the seller to bid on his or her own property.

Reserves

A reserve is the confidential minimum price established between Sotheby's Wine and the seller. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate of the lot. Lots offered without reserve will be sold to the highest bidder acknowledged by the Sotheby's online bidding system who has submitted a bid equal to or in excess of $50.00. If a bid of at least $50.00 is not received, potential bidders may contact Sotheby's after the auction has ended to make an offer.

Hammer Price (or Successful Bid Price) and the Buyer’s Premium

For lots which are sold, the last price for a lot noted by Sotheby’s online bidding system is the hammer price (or successful bid price). A buyer’s premium will be added to the hammer price (or successful bid price) and is payable by the purchaser as part of the total purchase price. The buyer’s premium will be the amount stated in the Conditions of Sale in this e-catalogue.

Liability for Loss and Damage

At the closing of the lot, all risks of loss and damage to the lot passes to the purchaser.

Non-arrival, Loss, Breakage and Shortage Loss

Breakage and shortage should be notified to Sotheby's Wine in writing within three days of delivery of the property, which must be examined in the presence of the carrier on arrival. In the event of non-arrival, the purchaser must inform Sotheby's Wine in writing within 21 days of the date of the release order.

Payment for Purchased Property

If you are the successful bidder on a lot, your invoice will be emailed to you. Payment is due in full immediately after the sale. Sotheby's will issue a Release Order to Sotheby's Wine once receipt of full payment has been confirmed. All delivery or pick-up inquiries should be made to Sotheby's Wine. Please contact the specialist in charge of the sale for information on a specific lot, or Post Sale Services at +1 212 606 7059, for information regarding payment.

Payment by Cash

It is against Sotheby’s general policy to accept payments in the form of cash or cash equivalents.

Payment by Credit Cards

Sotheby's accepts payment by credit card for Visa, MasterCard, and American Express only. Credit card payments may not exceed $50,000 per sale. Payment by credit card may be made (a) online at https://www.sothebys.com/en/invoice-payment.html, (b) by calling in to Post Sale Services at +1 212 606 7059, or (c) in person at Sotheby's premises.

Payment by Check

Sotheby’s New York office is currently closed until further notice. During such closure, Sotheby’s cannot accept any payment by check (including, but not limited to, personal, certified, banker’s draft or cashier’s checks).

Payment by Wire Transfer

To pay for purchase as wire transfer, please refer to the payment instructions on the invoice provided by Sotheby's or contact Post Sale Services at +1 212 606 7059.

INFORMATION ON SALES AND USE TAX RELATED TO PURCHASES AT AUCTION

To better assist our clients, we have prepared the following information on Sales and Use Tax related to property purchased at auction.

Why Sotheby's Collects Sales Tax

Virtually all State Sales Tax Laws require a corporation to register with the State’s Tax Authorities and collect and remit sales tax if the corporation either establishes or maintains a physical or economic presence within the state. In the states that impose sales tax, Tax Laws require an auction house, with such presence in the state, to register as a sales tax collector, and remit sales tax collected to the state. New York sales tax is charged on the hammer price, buyer’s premium and any other applicable charges on any property picked up or delivered in New York, regardless of the state or country in which the purchaser resides or does business.

Where Sotheby's Collects Sales Tax

Sotheby’s is currently registered to collect sales tax in the following states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin and Wyoming. Sotheby’s New York office is currently closed until further notice. During such closure, property may be collected from its warehouse in North Bergen, New Jersey. For any property collected in North Bergen, New Jersey, such property is subject to sales tax at the existing New Jersey State and City rate of 6.625%.

Sotheby’s Arranged Shipping

If the property is delivered into any state in which Sotheby's is registered, Sotheby's or Sotheby’s Wine is required by law to collect and remit the appropriate sales, liquor and/or excise tax in effect in the state where the property is delivered.

Client Arranged Shipping

Property collected from Sotheby's New Jersey premises by a common carrier hired by the purchaser for delivery at an address outside of New Jersey is not subject to New Jersey Sales Tax, but if the property is delivered into any state in which Sotheby's is registered, Sotheby's or Sotheby’s Wine is required by law to collect and remit the appropriate sales, liquor and/or excise tax in effect in the state where the property is delivered. New Jersey State recognizes shippers such as the United States Postal Service, United Parcel Service, FedEx, or the like as "common carriers". If a purchaser hires a shipper other than a common carrier to pick up property, Sotheby's will collect New Jersey sales tax at a rate of 6.625% regardless of the ultimate destination of the goods. If a purchaser utilizes a freight-forwarder who is registered with the Transportation Security Administration (“TSA”) to deliver property outside of the United States, no sales tax would be due on this transaction.

Where Sotheby's is Not Required to Collect Sales Tax

Sotheby's is not required to collect sales tax on property delivered to states other than those listed above. If the property is delivered to a state where Sotheby's is not required to collect sales tax, it is the responsibility of the purchaser to self-assess any sales or use tax and remit it to taxing authorities in that state.

Sotheby's is not required to collect sales tax for property delivered to the purchaser outside of the United States.

Restoration and Other Services

Regardless of where the property is subsequently transported, if any framing or restoration services are performed on the property in New York, it is considered to be a delivery of the property to the purchaser in New York, and Sotheby's will be required to collect the 8.875% New York sales tax.

Certain Exemptions

Most states that impose sales taxes allow for specified exemptions to the tax. For example, a registered re-seller such as a registered liquor retailer with state-issued liquor license may purchase without incurring a tax liability, and Sotheby's is not required to collect sales tax from such re-seller. The liquor retailer, when re-selling the property, may be required to charge sales tax to its client, or the client may be required to self-assess sales or use tax upon acquiring the property.

Local Tax Advisors

As sales tax laws vary from state to state, Sotheby's recommends that clients with questions regarding the application of sales or use taxes to property purchased at auction seek tax advice from their local tax advisors.

Shipping Terms

SHIPPING / COLLECTION / STORAGE FORM

Important

Shipments and collections will only be arranged after the Shipping/Collection/Storage Form has been received by Sotheby's Wine from the buyer and release documents have been received from Sotheby's. Please allow 3-5 business days following the receipt of these documents to prepare your order.

For Clients Arranging Collection

Buyers acknowledge that they are responsible for arranging collection of their purchases from Sotheby's Wine. Buyers understand that they are the owner and shipper of record and any claims for damage or loss in shipment, for whatever cause, are between the buyer and the carrier they have selected. All outstanding invoices must be prepaid. By signing the form buyers authorize that all charges related to their collection may be applied to their credit card and that they accept the conditions as outlined in the Conditions of Sale, acknowledgements and Location, Storage and Delivery of Wines and Spirits section of the catalogue.

Please Note:

1) Depending on destination and individual state regulations, certain methods of delivery are not possible. If your requested delivery option is not available, Sotheby's Wine will contact you.

2) Buyer acknowledges that title passes at the fall of the hammer, as set forth in Paragraph 8 of the Conditions of Sale, subject to fulfilment of all the conditions set forth therein.

3) Buyer acknowledges and agrees to be responsible for all applicable excise, use and sales taxes related to the purchase of these wines or spirits.

4) Property will not be released to the shipper until all applicable taxes, permits, licenses and storage fees have been received.

5) The buyer authorizes Sotheby's Wine to choose a common carrier on behalf of the purchaser which will act as the purchaser's agent.

6) Most states regulate the shipment of wine and spirits into their state. We urge you to investigate your state's regulations before shipping or arranging to ship wine or spirits to your state. Buyer acknowledges that he/she is responsible for complying with such state laws.

7) Buyer warrants that he/she is at least 21 years of age. Buyer shall be responsible for the shipment of these wines or spirits being received by a person at least 21 years of age or over.

8) Spirits and liquor are sold for collection by the purchase or the purchaser’s agent from our premises in New York or shipment to the District of Columbia, New Hampshire, New Jersey and New York via specialized carriers. Applicable taxes and/or fees are due on the purchase price.

All shipments and collections must be prepaid. By signing, buyers authorize that all charges for their delivery may be applied to their credit card and that they accept the conditions as outlined in the Conditions of Sale, all acknowledgements on this page and Location, Storage and Delivery of Wines and Spirits section of the catalogue.

NOTE: Neither Sotheby's nor Sotheby's Wine is responsible for any acts or omission of any shipper, including, without limitation, any packing, shipping, delivery or insurance for purchased lots. All enquiries relating to delivery should be directed to

Wine Post Sale Services at +1 212 606 7059.

LOCATION, STORAGE AND DELIVERY OF WINES AND SPIRITS

General Delivery

Once payment has been received by Sotheby's and the Release Form has been issued to Sotheby's Wine, the wines and spirits may be delivered according to the instructions provided by the purchaser on the Sotheby's Wine Delivery and Collection Instructions Form. Shipment of wines or spirits poses inherent risk of damage, particularly of older wines/spirits, and risk of damage or loss in transit are at the sole risk of the purchaser.

Please note that Sotheby's does not ship wine or spirits to purchasers. Sotheby's will forward to Sotheby's Wine all delivery and collection requests received from purchasers. On behalf of the purchaser, Sotheby's Wine will arrange shipping or schedule a collection, subject to applicable law. Sotheby's Wine will assess a repacking fee of $15.00 per case (or part case) of 750ml bottles. All shipping and insurance costs and expenses must be pre-paid. Service charges on shipments will not exceed 10%. A lot or invoice can only be delivered to one address (it is not possible to split a lot or invoice for delivery to more than one address).

Delivery within the United States

Please be advised that most states regulate the shipment of wines and spirits into their state. We urge you to investigate your state's regulations before bidding or arranging for shipment of wine or spirits into your state. Bidders are also reminded that various states impose limitations on the quantity of alcoholic beverages which may be purchased and brought into its jurisdiction by a purchaser from another state. Certain states do not permit any direct shipments of alcoholic beverages while other states require the purchaser, a consignor, shipper or other entity to possess certain licenses or permits. Neither Sotheby's nor Sotheby's Wine shall as a condition to sale assume any obligation nor bear any responsibility whatsoever for applying for or obtaining any permits or licenses. Therefore, all bidders are strongly advised to investigate the specific requirements to determine the manner in which alcoholic beverages shall be brought into their state so as to comply with all local regulations. Sotheby's Wine and Sotheby's make no representation as to the legal rights of anyone to ship or import alcoholic beverages into any state. You are solely responsible for determining the legality and the tax/duty consequences of having the goods delivered to your desired destination. Wines and spirits may be sold and delivered only to persons who are 21 years old.

Sotheby's Wine is not responsible for any damage or loss in shipping. For all wines and spirits that are collected from Sotheby's Wine, all lots are sold in New York State and title passes to the buyer in New York State. All sales are subject to applicable taxes.

Delivery for all lots in the United States, purchasers will be charged a non-refundable property management fee at a rate of 1% of the purchase price for all domestic shipments arranged on a Sotheby's Wine account. Such fee covers property handling, property administration, and bearing liability for loss or damage to Property in our possession. We urge you to note that Sotheby's and Sotheby's Wine will only be liable for breakage or loss during transit. All packages must be inspected upon receipt and breakage or loss reported to Sotheby's Wine immediately upon delivery of the property. Sotheby's Wine will not refund any shipping charges, packing charges, or fees.

Shipping to Hong Kong

Sotheby's is delighted to offer bi-annual shipping to Hong Kong in February and August based on the following arrangements:

• All invoices must be paid and complete delivery instructions, including final destination, must be received by December 16th and June 16th.

• Wines and spirits will be shipped by dedicated temperature controlled ocean container to Crown Wine Cellars.

• The Shipments will leave the United States in January and July and wines and spirits will arrive at Crown Wine Cellars in March and August. Please note these dates are subject to change and Sotheby's will not guarantee arrival dates.

• Sotheby's will not be responsible for local delivery costs which must be paid directly to Crown Wine Cellars

• Please note you many not ship partial invoices.

• Wines and spirits may be sold and delivered only to persons who are 18 years old or above.

For more information contact Winepostsaleservices.ny@sothebys.com / +1 212 606 7059

Delivery outside of the United States

Sotheby's Wine will assist you in making arrangements for delivery of purchases outside of the United States, although Sotheby's Wine shall not have any liability or responsibility for providing this information. The purchaser will be responsible for shipping and insurance expenses and obtaining appropriate licenses to import or export wines or spirits. If you have any questions or wish further information, please contact +1 212 606 7059.

Storage

Complimentary storage for wines and spirits purchased in this sale will be available at our warehouse in North Bergen, New Jersey for a period of forty-five (45) days from the last day of the relevant auction, except that if at any time during such forty-five (45) day period our warehouse is closed due to a force majeure, we will pause the running of such forty-five (45) day period during such closure, and we will resume the running of such forty-five (45) day period when our warehouse reopens. Beyond this point, Sotheby's Wine will assess storage charges as outlined in paragraph 8 of the Conditions of Sale. Long term, temperature and humidity-controlled storage for your wines or spirits can be arranged through Sotheby’s Wine Storage. Please call +1 212 606 7050, for more information.

NOTE: Neither Sotheby's nor Sotheby's Wine is responsible for any acts or omission of any shipper, including, without limitation, any packing, shipping, delivery or insurance for purchased lots. All enquiries relating to delivery should be directed to +1 212 606 7059.

The Cask of Yamazaki Sherry Butt, 61.0 abv 1990 (1 BT70cl)