Conditions of Sale

(Excludes lots 101, 102, and 103)

The following Conditions of Sale and Terms of Guarantee are Sotheby’s, Inc. and the Consignor’s entire agreement with the purchaser and any bidders relative to the property listed in this catalogue.

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

By participating in any sale, you acknowledge that you are bound by these Conditions of Sale and Terms of Guarantee.

1. As Is Goods auctioned are often of some age. The authenticity of the Authorship (as defined below) of property listed in the catalogue is guaranteed as stated in the Terms of Guarantee and except for the Limited Warranty contained therein, all property is sold “AS IS” without any representations or warranties by us 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, frame, 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. We 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. We and the Consignor are not responsible for errors and omissions in the catalogue, glossary, or any supplemental material. Sotheby’s will not be responsible or liable for damage to frames and glass coverings, regardless of the cause.

2. Inspection Prospective bidders should make themselves aware of the property on which they wish to bid, which may include information about its condition and size and whether or not the property has been repaired or restored. Please contact us regarding inspection or for additional information. Any images and condition reports are provided to assist you with assessing the condition of the property and are for guidance only.

3. Buyer’s Premium; Overhead Premium A buyer’s premium and an overhead premium will be added to the hammer price and are payable by the purchaser as part of the total purchase price. The buyer’s premium is 25% of the hammer price up to and including $400,000, 20% of any amount in excess of $400,000 up to and including $4,000,000, and 13.9% of any amount in excess of $4,000,000. The overhead premium is 1% of the hammer price.

4. Withdrawal We reserve the right to withdraw any property before, during and after the sale and shall have no liability whatsoever for such withdrawal.

5. Per Lot Unless otherwise stated, all bids are per lot as numbered in the catalogue.

6. Bidding 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).

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. We reserve the right to reject any bid. The highest bidder acknowledged by the Sotheby's online bidding system will be the purchaser. Sotheby’s has absolute and sole discretion in the case of error or dispute with respect to bidding, and whether during or after the sale, to determine the successful bidder, to re-open the bidding, to cancel the sale or to re-offer and re-sell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

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.

Sotheby's reserves the right, in our sole discretion, to refuse your 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.

7. Closing Bidding 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 one (1) minute of a lot's scheduled end time, in which case we will extend the sale of that lot by two (2) 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.

8. Cancelling Bids 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.

9. Record of Sale 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.

10. Purchaser’s Responsibility At the close of a lot, the contract between the consignor and the purchaser is concluded, and the winning bidder thereupon will immediately pay the full purchase price or such part as we may require. Title in a purchased lot will not pass until Sotheby’s has received the full purchase price in cleared funds. The purchaser’s obligation to immediately pay the full purchase price or such part as we may require is absolute and unconditional and is not subject to any defenses, setoffs or counterclaims of any kind whatsoever. Sotheby’s is not obligated to release a lot to the purchaser until title to the lot has passed and any earlier release does not affect the passing of title or the Purchaser’s unconditional obligation to pay the full purchase price. In addition to other remedies available to us by law, we 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. Please note Sotheby’s reserves the right to refuse to accept payment from a source other than the buyer of record. Sotheby’s New York office is currently closed until further notice. All collections and deliveries for purchased property will be handled by Post Sale Services in coordination with purchasers after the auction. Unless otherwise agreed by Sotheby’s, all property must be removed from our or our vendor’s premises (as indicated on the invoice) by the purchaser at his expense not later than 30 calendar days following the close of the auction. Purchasers are reminded that Sotheby’s liability for loss of or damage to sold property shall cease upon the earlier of (a) 30 calendar days after the close of the auction and (b) our release of the property to the purchaser or the purchaser’s designated agent. Upon the expiration of such 30 calendar day period or upon such earlier release, as applicable: (i) the purchaser bears full liability for any and all loss of or damage to the property; (ii) the purchaser releases Sotheby’s, its affiliates, agents and warehouses from any and all liability and claims for loss of or damage to the property; and (iii) the purchaser agrees to indemnify and hold Sotheby’s, its affiliates, agents and warehouses harmless from and against any and all liability for loss of or damage to property and any all claims related to loss of or damage to the property as of and from and after the time Sotheby’s liability for loss or damage to the property ceases in accordance with this paragraph. 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 us and 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, we, at our 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, our commissions on both sales at our regular rates, legal fees and expenses, collection fees and incidental damages. We may, in our sole discretion, apply any proceeds of sale then due or thereafter becoming due to the purchaser from us or any affiliated company, or any payment made by the purchaser to us 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 us or any affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to us and our affiliated companies, a continuing security interest of first priority in any property or money of or owing to such purchaser in our possession, custody or control or in the possession, custody or control of any of our affiliated companies, in each case whether at the time of the auction, the default or if acquired at any time thereafter, and we may retain and apply such property or money as collateral security for the obligations due to us or to any affiliated company of ours. We shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. You hereby agree that Sotheby’s may file financing statements under the New York Uniform Commercial Code without your signature. Payment will not be deemed to have been made in full until we have collected good funds. Any claims relating to any purchase, including any claims under the Conditions of Sale or Terms of Guarantee, must be presented directly to Sotheby’s. In the event the purchaser fails to pay any or all of the total purchase price for any lot and Sotheby’s nonetheless elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that Sotheby’s 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.

11. Reserve Unless otherwise indicated, all lots in this catalogue are 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.

12. Tax Unless exempted by law, the purchaser will be required to pay the combined New York State and local sales tax, any applicable compensating use tax of another state, and if applicable, any federal luxury or other tax, on the total purchase price. The rate of such combined tax is 8.875% in New York City and ranges from 7% to 8.625% elsewhere in New York.

13. Export and Permits It is the purchaser’s sole responsibility to identify and obtain any necessary export, import, firearm, endangered species or other permit for the lot. Any notices in the sale catalogue reflect Sotheby’s reasonable opinion at the time of cataloguing and are for bidders’ general guidance only; Sotheby’s and the Consignor make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes.

14. Governing Law and Jurisdiction These Conditions of Sale and Terms of Guarantee, as well as bidders’, the purchaser’s and our 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, all bidders including 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 shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of New York.

15. Packing and Shipping Neither we nor our vendors are responsible for the acts or omissions in our or our vendors’ packing or shipping of purchased lots or of other carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots is at the entire risk of the purchaser.

16. Limitation of Liability In no event will the aggregate liability of Sotheby’s and the consignor 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.

17. Data Protection Sotheby’s will hold and process your personal information and may share it with its 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. Online bids may be recorded.

18. Cancellation Right

The Consumer Rights Directive (Directive 2011/83/EU) and related regulations implemented by the European Union (“EU”) member states and the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (as amended) (the “Regulations”) give bidders who are consumers and are habitually resident within an EU member state or the United Kingdom (an “EU/UK Bidder”) who purchase goods and services online or otherwise “at a distance” certain cancellation rights under the Regulations.

Under the Regulations, an EU/UK 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/UK Bidder or a person identified by the EU/UK 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/UK 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/UK 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/UK 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/UK Bidder lawfully cancels the contract for Shipping Services, Sotheby’s will reimburse the EU/UK Bidder all payments received from the EU/UK Bidder in relation to the Shipping Services provided always that if the EU/UK Bidder requested Sotheby’s to begin the performance of the Shipping Services during the Services Cancellation Period, the EU/UK Bidder will remain liable for Sotheby’s reasonable costs.

To exercise the right to cancel, the EU/UK Bidder must inform Sotheby’s, Inc. at: Post Sale Services, 1334 York Avenue, New York, NY 10021; telephone: +1 212 606 7444; fax: +1 212 606 7043; uspostsaleservices@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/UK 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. is entitled to deduct from the reimbursement the amount of any loss in value of property which is caused as a 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.

Terms of Guarantee

As set forth below and in the Conditions of Sale, for all lots Sotheby’s guarantees that the authorship, period, culture or origin (collectively, “Authorship”) of each lot in this catalogue is as set out in the initial lot heading immediately following the lot number in the catalogue description of the lot, as amended by notices posted on the Sotheby's website. Purchasers should refer to the Glossary of Terms, if any, for an explanation of the terminology used in the initial lot heading immediately following the lot number and the extent of the Guarantee. Sotheby’s makes no warranties whatsoever, whether express or implied, with respect to any material in the catalogue other than the Authorship appearing in the initial lot heading immediately following the lot number and subject to the exclusions below. For the avoidance of doubt, any property designation related to the seller of the property that may appear below the lot number is not deemed a heading for purposes of the Guarantee.

In the event Sotheby’s in its reasonable opinion deems that the conditions of the Guarantee have been satisfied, it shall refund to the original purchaser of record the hammer price paid and applicable buyer's premium and overhead premium paid for the lot by the original purchaser of record.

This Guarantee is provided for a period of five (5) years from the closing date of the relevant auction, is solely for the benefit of the original purchaser of record at the auction and may not be transferred to any third party. To be able to claim under this Guarantee of Authorship, the original purchaser of record must: (i) notify Sotheby’s in writing within three (3) months of receiving any information that causes the original purchaser of record to question the accuracy of the Authorship in the initial lot heading immediately following the lot number, specifying the lot number, closing date of the auction at which it was purchased and the reasons for such question; and (ii) return the Lot to Sotheby’s at the original selling location in the same condition as at the closing 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 has discretion to waive any of the above requirements. Sotheby’s may require the original purchaser of record to obtain at the original purchaser of record’s cost the reports of two independent and recognized experts in the field, mutually acceptable to Sotheby’s and the original purchaser of record. Sotheby’s shall not be bound by any reports produced by the original purchaser of record, and reserves the right to seek additional expert advice at its own expense. It is specifically understood and agreed that the rescission of a sale and the refund of the original purchase price paid (the successful hammer price, plus the buyer's premium and overhead premium) is exclusive and in lieu of any other remedy which might otherwise be available as a matter of law, or in equity. Sotheby’s and the Consignor shall not be liable for any special, punitive, incidental or consequential damages incurred or claimed, including without limitation, loss of profits or interest.

Buying at Auction

The following will help in understanding the auction buying process as well as some of the terms commonly used in an auction catalogue. All bidders should read the Conditions of Sale and Terms of Guarantee in this catalogue, as well as the Glossary or any other notices. By bidding in the auction, bidders are bound by the Conditions of Sale and Terms of Guarantee, as amended by notices, which together form the sale contract among Sotheby’s, the seller (consignor) of the lot and any bidders, including the successful bidder (purchaser).

1. Symbol Key

□ 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.

○ Guaranteed Property

The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Sotheby’s or jointly by Sotheby’s and a third party. Sotheby’s and any third parties providing a guarantee jointly with Sotheby’s benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. A third party providing a guarantee jointly with Sotheby's may provide an irrevocable bid, or otherwise bid, on the guaranteed property.

If this auction has a printed catalogue, a PDF catalogue or both and the guaranteed property symbol for a lot is not included in such catalogue or if there is no printed catalogue or PDF catalogue and the guaranteed property symbol for a lot is not included at the time the digital catalogue is initially available for viewing, then Sotheby's will notify bidders that there is a guarantee on the lot by one or more of the following means: the lot's specific webpage will be updated to include the guaranteed property symbol or a notice will be added to the Sotheby’s webpage for the auction.

△ Property in which Sotheby’s has an Ownership Interest

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

⋑ Irrevocable Bids

Lots with this symbol indicate that a party has provided Sotheby’s with an irrevocable bid on the lot that will be executed during the sale at a value that ensures that the lot will sell. The irrevocable bidder, who may bid in excess of the irrevocable bid, may be compensated for providing the irrevocable bid by receiving a contingent fee, a fixed fee or both. From time to time, a Sotheby’s shareholder may be an irrevocable bidder. If the irrevocable bidder is the successful bidder, any contingent fee, fixed fee or both (as applicable) for providing the irrevocable bid may be netted against the irrevocable bidder’s obligation to pay the full purchase price for the lot and the purchase price reported for the lot shall be net of any such fees. From time to time, Sotheby’s may enter into irrevocable bid agreements that cover multiple lots. In such instances, the compensation Sotheby's will pay the irrevocable bidder is allocated to the lots for which the irrevocable bidder is not the successful purchaser. Under such circumstances, the total compensation to the irrevocable bidder will not exceed the total buyer's premium and other amounts paid to Sotheby’s in respect of any lots for which the irrevocable bidder is not the successful bidder.

If this auction has a printed catalogue, a PDF catalogue or both and the irrevocable bid is not secured until after such catalogue is finalized or if there is no printed catalogue or PDF catalogue and the irrevocable bid is not secured until after the digital catalogue is initially available for viewing, then Sotheby's will notify bidders that there is an irrevocable bid on the lot by one or more of the following means: the lot's specific webpage will be updated to include the irrevocable bid symbol or a notice will be added to the Sotheby’s webpage for the auction.

From time to time, Sotheby’s or any affiliated company may provide the irrevocable bidder with financing related to the irrevocable bid. In addition, from time to time, an irrevocable bidder may have knowledge of the amount of a guarantee. If the irrevocable bidder is advising anyone with respect to the lot, Sotheby’s requires the irrevocable bidder to disclose his or her financial interest in the lot. If an agent is advising you or bidding on your behalf with respect to a lot identified as being subject to an irrevocable bid, you should request that the agent disclose whether or not he or she has a financial interest in the lot.

⊻ Interested Parties

Lots with this symbol indicate that parties with a direct or indirect interest in the lot may be bidding on the lot, including (i) the beneficiary of an estate selling the lot, or (ii) the joint owner of a lot. If the interested party is the successful bidder, they will be required to pay the full buyer’s premium and overhead premium. In certain instances, interested parties may have knowledge of the reserve.

If this auction has a printed catalogue, a PDF catalogue or both and the interested party’s possible participation in the sale is not known until after such catalogue is finalized or if there is no printed catalogue or PDF catalogue and the interested party's possible participation in the sale Is not known until after the digital catalogue is initially available for viewing, then Sotheby's will notify bidders that an interested party may bid on the lot by one or more of the following means: the lot's specific webpage will be updated to include the interested parties symbol or a notice will be added to the Sotheby’s webpage for the auction.

◉ Restricted Materials

Lots with this symbol have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. The information is made available for the convenience of bidders and the absence of the symbol is not a warranty that there are no restrictions regarding import or export of the Lot; bidders should refer to Condition 13 of the Conditions of Sale. Please also refer to the section on Endangered Species in the information on Buying at Auction.

∏ Monumental

Lots with this symbol may, in our opinion, require special handling or shipping services due to size or other physical considerations. Bidders are advised to contact Sotheby’s prior to the sale to discuss any specific shipping requirements.

✧ Premium Lot

In order to bid on “Premium Lots” (

in print catalogue or

in the lots’ specific webpage) you may be required to complete a Premium Lot pre-registration application. You must arrange for Sotheby’s to receive your pre-registration application at least three working days before the sale. Please bear in mind that we are unable to obtain financial references over weekends or public holidays. Sotheby’s decision whether to accept any pre-registration application shall be final. If all lots in the catalogue are “Premium Lots”, a notice will be included to this effect and this symbol will not be used.

⊝ US Import Tariff

Please note that this lot is subject to an import tariff. The amount of the import tariff due is a percentage of the value declared upon entry into the United States. The amount of the import tariff is not based on the final hammer price. The buyer should contact Sotheby’s prior to the sale to determine the amount of the import tariff. If the buyer instructs Sotheby’s to arrange shipping of the lot to a foreign address, the buyer will not be required to pay the import tariff. If the buyer instructs Sotheby’s to arrange shipping of the lot to a domestic address, or if the buyer collects the property in person, or if the buyer arranges their own shipping (whether domestically or internationally), the buyer will be required to pay the import tariff. The import tariff is included in the purchase price and, where applicable, sales tax will be added to the purchase price as per our Sales and Use Tax section.

2. During the Auction

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

Estimates Each lot in the catalogue is given a low and high estimate, indicating to a prospective buyer a range in which the lot might sell at auction. When possible, the estimate is based on previous auction records of comparable pieces. The estimates are often determined several months before a sale and are therefore subject to change upon further research of the property, or to reflect market conditions or currency fluctuations. Estimates should not be relied upon as a representation or prediction of actual selling prices.

Provenance In certain circumstances, Sotheby’s may publish in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.

Specialist Advice Prospective bidders may be interested in specific information not included in the catalogue description of a lot. For additional information, please contact either a Sotheby’s specialist or Sotheby’s Client Services Department at enquiries@sothebys.com.

Inspection Prospective bidders should make themselves aware of the property on which they wish to bid, which may include information about its condition, size, and whether or not the property has been repaired or restored. Please contact us regarding inspection or for additional information. Any images and condition reports are provided to assist you with assessing the condition of the property and are for guidance only.

Notices Notices amend the catalogue description of a lot after our catalogue has been published on the Sotheby's website. Please take note of them.

Security for Bid Sotheby’s may require such necessary financial references, guarantees, deposits and/or such other security, in its absolute discretion, as security for your bid. If you are not successful on any lot, Sotheby’s will arrange for a refund (subject to any right of set off) of the deposit amount paid by you without interest within 14 working days of the last day of the sale. Any exchange losses or fees associated with the refund shall be borne by you.

The Auction Unless otherwise noted in the catalogue or by a notice posted on the Sotheby's website, Sotheby’s acts as agent on behalf of the seller and does not permit the seller to bid on his or her own property.

Bidding 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.

All lots sold will be invoiced to the name and address registered for the bid and cannot be transferred to other names and addresses. Sotheby’s reserves the right to refuse to accept payment from a source other than the buyer of record. For information about registering to bid please visit the Sotheby's website.

Employee Bidding Sotheby’s employees may bid in a Sotheby’s auction only if the employee does not know the reserve and if the employee fully complies with Sotheby’s internal rules governing employee bidding.

US Economic Sanctions The United States maintains economic and trade sanctions against targeted foreign countries, groups and organizations. There may be restrictions on the import into the United States of certain items originating in sanctioned countries, including Cuba, Iran, North Korea and Sudan. The purchaser’s inability to import any item into the US or any other country as a result of these or other restrictions shall not justify cancellation or rescission of the sale or any delay in payment. Please check with the specialist department if you are uncertain as to whether a lot is subject to these import restrictions, or any other restrictions on importation or exportation.

Hammer Price and the Buyer’s Premium and Overhead Premium For lots which are sold, the last price for a lot noted by the Sotheby's online bidding system is the hammer price. A buyer’s premium and overhead premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer’s premium and overhead premium will be the amount stated in the Sotheby’s Conditions of Sale.

3. After the Auction

Payment If your bid is successful, your invoice will be e-mailed to you. The final price is determined by adding the buyer’s premium, overhead premium and any other applicable charges to the hammer price on a per-lot basis. Sales tax, where applicable, will be charged on the entire amount. Payment is due in full immediately after the sale. However, under certain circumstances, Sotheby’s may, in its sole discretion, offer bidders an extended payment plan. Such a payment plan may provide an economic benefit to the bidder. Credit terms should be requested at least one business day before the sale. However, there is no assurance that an extended payment plan will be offered. Please contact Post Sale Services or the specialist in charge of the sale for information on credit arrangements for a particular lot. Please note that Sotheby’s will not accept payments for purchased lots from any party other than the purchaser, unless otherwise agreed between the purchaser and Sotheby’s prior to the sale.

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. 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 7444, (c) through the Sotheby’s App, or (d) in person at our premises. Please note that Sotheby’s New York office is open on a limited basis by appointment only.

Payment by Check

Sotheby’s New York office is open on a limited basis by appointment only. During such time, Sotheby’s cannot accept payment by check (including, but not limited to, personal, certified, banker’s draft or cashier’s checks).

Payment by Wire Transfer To pay for a purchase by wire transfer, please refer to the payment instructions on the invoice provided by Sotheby’s or contact Post Sale Services to request instructions.

Sales and Use Tax New York sales tax is charged on the hammer price, buyer's premium, overhead premium and any other applicable charges on any property picked up or delivered in New York State, regardless of the state or country in which the purchaser resides or does business. Purchasers who wish to use their own shipper who is not a considered a “common carrier” by the New York Department of Taxation and Finance will be charged New York sales tax on the entire charge regardless of the destination of the property. Please refer to “Information on Sales and Use Tax Related to Purchases at Auction”.

Collection and Delivery

Post Sale Services

+ 1 212 606 7444

FAX: + 1 212 606 7043

uspostsaleservices@sothebys.com

Sotheby’s New York office is open on a limited basis by appointment only. All collections and deliveries for purchased property will be handled by Post Sale Services in coordination with purchasers after the auction. Unless otherwise agreed by Sotheby’s, all property must be removed from our or our vendor’s premises (as indicated on the invoice) by the purchaser at his expense not later than 30 calendar days following the close of the auction. As a reminder your property cannot be released until payment has been received and cleared.

Shipping Services Sotheby’s offers a comprehensive shipping service to meet all of your requirements. If you received

a shipping quotation or have any questions about the services we offer please contact us.

Collecting your Property Sotheby’s New York office is open on a limited basis by appointment only. All collections and deliveries for purchased property will be handled by Post Sale Services in coordination with purchasers after the auction. As a courtesy to purchasers who come to Sotheby’s to collect property once Sotheby’s reopens, Sotheby’s will assist in the packing of lots, although Sotheby’s may, in the case of fragile articles, choose not to pack or otherwise handle a purchase.

If you are using your own shipper to collect property from Sotheby’s, please provide a letter of authorization and kindly instruct your shipper that they must provide a Bill of Lading prior to collection. Both documents must be sent to Post Sale Services prior to collection.

The Bill of Lading must include: the purchaser’s full name, the full delivery address including the street name and number, city and state or city and country, the sale and lot number.

Sotheby’s will contact your shipper within 24 hours of receipt of the Bill of Lading to confirm the date and time that your property can be collected. Property will not be released without this confirmation and your shipper must bring the same Bill of Lading that was faxed to Sotheby’s when collecting. All property releases are subject to the receipt of cleared funds.

Please see the Conditions of Sale for further details.

Endangered Species Certain property sold at auction, for example, items made of or incorporating plant or animal materials such as coral, crocodile, ivory, whalebone, tortoiseshell, rhinoceros horn, rosewood, etc., irrespective of age or value, may require a license or certificate prior to exportation and additional licenses or certificates upon importation to another country. Sotheby’s suggests that buyers check on their government wildlife import requirements prior to placing a bid. Please note that the ability to obtain an export license or certificate does not ensure the ability to obtain an import license or certificate in another country, and vice versa. It is the purchaser’s responsibility to obtain any export or import licenses and/or certificates as well as any other required documentation. In the case of denial of any export or import license or of delay in the obtaining of such licenses, the purchaser is still responsible for making on-time payment of the total purchase price for the lot.

Although licenses can be obtained to export some types of endangered species, other types may not be exported at all, and other types may not be resold in the United States. Upon request, Sotheby’s is willing to assist the purchaser in attempting to obtain the appropriate licenses and/or certificates. However, there is no assurance that an export license or certificate can be obtained. Please check with the specialist department or the Shipping Department if you are uncertain as to whether a lot is subject to these export/import license and certificate requirements, or any other restrictions on exportation.

The Art Loss Register As part of Sotheby’s efforts to support only the legitimate art market and to combat the illegitimate market in stolen property, Sotheby’s has retained the Art Loss Register to check all uniquely identifiable items offered for sale in this catalogue that are estimated at more than the equivalent of US$1,500 against the Art Loss Register’s computerized database of objects reported as stolen or lost. The Art Loss Register is pleased to provide purchasers with a certificate confirming that a search has been made. All inquiries regarding search certificates should be directed to The Art Loss Register, First Floor, 63-66 Hatten Garden, London EC1N 8LE or by email at artloss@artloss.com. The Art Loss Register does not guarantee the provenance or title of any catalogued item against which they search, and will not be liable for any direct or consequential losses of any nature howsoever arising. This statement and the ALR’s service do not affect your rights and obligations under the Conditions of Sale applicable to the sale.

Selling at Auction

If you have property you wish to sell, Sotheby’s team of specialists and client services representatives will assist you through the entire process. Simply contact the appropriate specialist (specialist departments are listed in the catalogue), General Inquiries Department or a Sotheby’s regional office representative for suggestions on how best to arrange for evaluation of your property.

Property Evaluation There are three general ways evaluation of property can be conducted:

(1) In our galleries

You may bring your property directly to our galleries where our specialists will give you auction estimates and advice. There is no charge for this service, but we require that you telephone ahead for an appointment.

(2) By photograph

If your property is not portable, or if you are not able to visit our galleries, you may bring in or send a clear photograph of each item. If you have a large collection, a representative selection of photographs will do. Please be sure to include the dimensions, artist’s signature or maker’s mark, medium, physical condition and any other relevant information. Our specialists will provide a free preliminary auction estimate subject to a final estimate upon first-hand inspection.

(3) In your home

Evaluations of property can also be made in your home. The fees for such visits are based on the scope and diversity of property, with travel expenses additional. These fees may be rebated if you consign your property for sale at Sotheby’s. If there is considerable property in question, we can arrange for an informal “walkthrough.”

Once your property has been evaluated, Sotheby’s representatives can then help you determine how to proceed should you wish to continue with the auction process. They will provide information regarding sellers’ commission rates and other charges, auction venue, shipping and any further services you may require.

Sotheby’s Services

Sotheby’s also offers a range of other services to our clients beyond buying and selling at auction. These services are summarized below. Further information on any of the services described below can be found at sothebys.com.

Valuations and Appraisals Sotheby’s Valuations and Appraisals Services offers advice regarding personal property assets to trusts, estates, and private clients in order to help fiduciaries, executors, advisors, and collectors meet their goals. We provide efficient and confidential advice and assistance for all appraisal and auction services. Sotheby’s can prepare appraisals to suit a variety of needs, including estate tax and planning, insurance, charitable contribution and collateral loan. Our appraisals are widely accepted by the Internal Revenue Service, tax and estate planning professionals, and insurance firms. In the event that a sale is considered, we are pleased to provide auction estimates, sales proposals and marketing plans. When sales are underway, the group works closely with the appropriate specialist departments to ensure that clients’ needs are met promptly and efficiently.

Financial Services Sotheby’s offers a wide range of financial services including advances on consignments, as well as loans secured by art collections not intended for sale.

Museum Services Tailored to meet the unique needs of museums and non-profits in the marketplace, Museum Services offers personal, professional assistance and advice in areas including appraisals, deaccessions, acquisitions and special events.

Corporate Art Services Devoted to servicing corporations, Sotheby’s Corporate Art Services Department can prepare appraisal reports, advise on acquisitions and deaccessions, manage all aspects of consignment, assist in developing arts-management strategies and create events catering to a corporation’s needs.

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, overhead 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, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin and Wyoming. For any property collected or received by the purchaser in New York City, such property is subject to sales tax at the existing New York State and City rate of 8.875%.

Sotheby’s Arranged Shipping If the property is delivered into any state in which Sotheby’s is registered, Sotheby’s is required by law to collect and remit the appropriate sales tax in effect in the state where the property is delivered.

Client Arranged Shipping Property collected from Sotheby’s New York premises by a common carrier hired by the purchaser for delivery at an address outside of New York is not subject to New York Sales Tax, but if the property is delivered into any state in which Sotheby’s is registered, Sotheby’s is required by law to collect and remit the appropriate sales tax in effect in the state where the property is delivered. New York 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 York sales tax at a rate of 8.875% 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 art dealer may purchase without incurring a tax liability, and Sotheby’s is not required to collect sales tax from such re-seller. The art dealer, 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.

IMPORTANT NOTICES

Important Notice to Purchasers

Sotheby’s New York office is open on a limited basis by appointment only. Auctions conducted during this time will be processed through Post Sale Services as per usual business procedure. All collections and deliveries for purchased property will be handled by Post Sale Services in coordination with purchasers after the auction. Invoices will be issued to the successful party, which will include total purchase price, payment options, and next steps on delivery. Payment is due immediately.

Property Collection All collections and deliveries for purchased property will be handled by Post Sale Services in coordination with purchasers after the auction. Invoices will be issued to the successful party, which will include total purchase price, payment options, and next steps on delivery. During this time, payment for property is still due as per the Conditions of Sale. Post Sale Services will be in touch for future collection scheduling or shipping arrangements.

Property Payment All property must be paid in full before collection or release from any Sotheby’s location. Payment must be made through Sotheby’s New York Post Sale Services by way of our acceptable forms of payment methods mentioned on your invoice. To arrange for payment, please contact Post Sale Services at +1 212 606 7444 or USPostSaleServices@sothebys.com. Payment will not be accepted at the offsite facility. Dealers and resale clients should fill out the appropriate forms where applicable or contact Post Sale Services with any questions.

Loss and Liability Unless otherwise agreed by Sotheby’s, all sold property must be removed from any of our or our vendor’s premises (as indicated on your invoice) by the buyer at their expense no later than 30 calendar days following the close of the auction. Buyers are reminded that Sotheby’s liability for loss or damage to sold property shall cease no later than 30 calendar days after the close of the auction.

Regarding Jewelry Statements in the catalogue regarding the condition of lots in this sale usually appear in the description. However, the absence of any such reference does not imply that a lot is in perfect condition or completely free from wear or imperfections. Sotheby’s will be pleased to offer condition reports of the lots to potential pur-chasers. Please call the jewelry representatives as set forth in the front of the catalogue.

Any gemological terms used in the catalogue have the same meanings as set forth in the Federal Trade Commission’s guides for the jewelry, precious metals and pewter industries. A copy of these guidelines is available from Sotheby’s upon request.

Regarding Diamonds Sotheby’s shares the concerns expressed by the United Nations Security Council with respect to uncut diamonds potentially coming from Angola and Sierra Leone. We will comply fully with any obligations imposed in connection with the Security Council’s resolutions regarding these matters.

Treatment and Condition of Gemstones Traditionally, gem-stones have been treated by a variety of techniques to enhance color and generally to improve their appearance. Typically, rubies and sapphires have been heat treated and emeralds have been treated by oil or resin to improve color and clarity. These or other techniques, such as dyeing, irradiation, coating and impregnation, may be used on other gemstones.

Although it is widely believed that heat treatments are permanent, purchasers should assume that any treatment may not be permanent in nature and that over time special care of the stone may be required. Prospective purchasers are reminded that, unless the catalogue description specifically states that a stone is natural, we have assumed that some form of treatment may have been used and that such treatment may not be permanent. Our presale estimates reflect this assumption.

To the extent that Sotheby’s has laboratory reports containing specific information on the treatment of a stone, these reports are made available for review by potential purchasers. Available reports from internationally recognized gemological laboratories will be noted in the description of the item. New forms of treatments and new scientific methods to discern them are constantly being developed. Consequently, there may be a lack of consensus among laboratories as to whether gemstones have been treated, the extent of the treatment or the permanence of the treatment.

References in the catalogue descriptions to certificates or reports issued by gemological labora-tories are included only for the information of bidders and Sotheby’s accepts no responsi-bility for the accuracy, terms or information contained in such certificates or reports.

Statements in the catalogue regarding the condition of lots in this sale usually appear in the description. However, the absence of any such reference does not imply that a lot is in perfect condition or completely free from wear or imperfections. Sotheby’s will be pleased to offer condition reports on all lots of the sale to potential purchasers. Please call the jewelry representatives set forth in the front of the catalogue.

Gemological Certificates and Reports References in the catalogue descriptions to certificates or reports issued by gemological laboratories are provided only for the information of bidders, and Sotheby’s does not guarantee and accepts no responsibility for the accuracy, terms or information contained in such certificates or reports. Please also note that laboratories may differ in their assessment of a gemstone (including its origin and presence, type and extent of treatments) and their certificates or reports may contain different results.

Certificates of Authenticity Various manufacturers may not issue certificates of authenticity upon request. Except as specifically noted in the catalogue, Sotheby’s will not be required to furnish the purchaser with a certificate of authenticity from the manufacturer at any time. Unless the requirements for a rescission of the sale under the Terms of Guarantee are satisfied, the failure of a manufacturer to issue a certificate will not constitute grounds to rescind the sale.

Country of Origin While Sotheby’s attempts to obtain accurate information on the country of origin of the gemstones, in accordance with paragraph 1 of the Conditions of Sale, Sotheby’s does not guarantee the correctness of the catalogue or other description of the gemstones including the country of origin.

Stone Weights Weights of stones printed in the catalogue and preceded by the words “stated to be,” “about” or “approximately” are not guaranteed by Sotheby’s. Prospective buyers are reminded that all lots are sold as shown.

Notice Regarding Condition of All Watches

In the online catalogue descriptions of property, significant damage may be mentioned, but all faults and imperfections may not be included. All dimensions in catalogue descriptions are approximate.

Prospective buyers should satisfy themselves by personal inspection as to the condition of each lot. To set up an appointment, please contact the Watches Department at +1 212-606-7184. If the prospective buyer is not able to inspect the piece, as a courtesy to our clients, we are pleased to provide an opinion of the condition of the property on online. However, since we are not professional watch restorers, any statement of opinion listed is purely subjective and is not a statement of fact. Condition reports may not specify all mechanical replacements or imperfections to the movement, case, dial, pendulum, or separate base(s). The absence of a condition report or the absence of a reference to damage in the online catalogue does not imply that the lot is in good condition, working order or free from restoration or repair.

Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant.

Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts.

All lots are sold as is in accordance with Condition 3 of the Conditions of Business for Buyers, and we make no representation or warranty as to the condition of any lot sold.

Please be advised that straps made of materials derived from endangered or otherwise protected species are not sold with the watches and are for display purposes only. We reserve the right to remove any straps prior to shipping. CALIFORNIA BUYERS: Please be advised that due to a new law, EFFECTIVE January 1, 2020, Sotheby’s will remove any alligator or crocodile watch strap before shipping watches to the state of California.

Furthermore, in reference to bands, we do not guarantee the material of manufacture. Please be advised that the buyer will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.

Certificates of Authenticity

Various manufacturers may not issue certificates of authenticity upon request. Except as specifically noted in the online catalogue, Sotheby’s will not be required to furnish the purchaser with a certificate of authenticity from the manufacturer at any time. Unless the requirements for a rescission of the sale under the Terms of Guarantee are satisfied, the failure of a manufacturer to issue a certificate will not constitute grounds to rescind the sale.

Important Notice Regarding Condition

In the catalogue descriptions of property, significant damage may be mentioned, but all faults and imperfections may not be included. All dimensions in catalogue descriptions are approximate.

Prospective buyers should satisfy themselves by personal inspection as to the condition of each lot. To set up an appointment, please contact the Watches Department at +1 212-606-7184. If the prospective buyer is not able to inspect the piece, as a courtesy to our clients, we are pleased to provide an opinion of the condition of the property online. However, since we are not professional watch restorers, any statement of opinion listed is purely subjective and is not a statement of fact. Condition reports may not specify all mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or dome or any other replacements or additions to the lot. The absence of a condition report or the absence of a reference to damage in the catalogue does not imply that the lot is in good condition, working order or free from restoration or repair.

Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant.

In addition, certain manufacturers will not service or repair pieces if all the component parts are not original to the piece. The refusal of a manufacturer to service or repair a piece on this basis does not constitute grounds to rescind the sale under the Terms of Guarantee.

Furthermore, in reference to bands, we do not guarantee the material of manufacture. Please be advised that the purchaser will be responsible for complying with any applicable export and import matters, particularly in relation to endangered species and the United States Department of Fish and Wildlife Services.

____________________________________________________________________________________________________

WINE Conditions of Sale

(Includes lots 101, 102, and 103)

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 and overhead 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 or Sotheby's Wine website for the sale.

To be able to claim under this Guarantee, the original purchaser of record must (a) notify Sotheby’s Wine in writing within the 21 day 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 (b) 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 and an overhead premium will be added to the successful bid price of each lot and are payable by the purchaser as part of the total purchase price. The buyer’s premium is 24% of the successful bid price. The overhead premium is 1% of the successful bid price.

4. Sotheby’s Wine reserves the right to withdraw any property before or at 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 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 or Sotheby's 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 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:

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

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 one (1) minute of a lot’s scheduled end time, in which case we will extend the sale of that lot by two (2) 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 Wine 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 Wine, the record of sale will govern. Successful bidders will be notified and invoiced by Sotheby’s Wine after the sale. In the event of any discrepancy between any online purchase information and the invoice sent to you by Sotheby’s Wine 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 Sotheby's, 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 as soon as possible following payment, and in any event not later than 45 days following its sale and, if it is not so removed, (i) a storage charge of $10.00 per lot per month from the 46th day after the sale 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 York Storage, Inc. d/b/a 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’s 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 any affiliated company, or any payment made by the purchaser to Sotheby’s Wine 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 or any affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to Sotheby’s Wine and its affiliated companies, a continuing security interest of first priority in any property or money of or owing to such purchaser in Sotheby’s Wine's possession, custody or control or in the possession, custody or control of any of its affiliated companies, and Sotheby’s Wine 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 Wine nonetheless elects to pay the consignor any portion of the sale proceeds, the purchaser acknowledges that 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 or Sotheby's Wine'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 may be required by law to collect at the time of the payment of the purchase price. See the tax section below.

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, whether by agent, order or absentee bid, telephone, online or other means, 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.

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. 16. Data Protection Sotheby’s and Sotheby's Wine will hold and process your personal information and may share it with its 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. Export and Import. It is the purchaser’s sole responsibility to identify and obtain any necessary export or import permits or permissions. Sotheby’s Wine, Sotheby's 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 at auction, bidders are bound by those Conditions of Sale, as amended by any oral announcement or posted notices, which together form the contract of sale, between 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 Paul Tortora at +1 212 606 7050.

△ Property in which Sotheby’s or Sotheby’s Wine 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 and Sotheby's Wine, their affiliates, employees, shareholders, officers and directors: (a) do not own or operate any entity which will provide goods or services for this lot; (b) 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 (c) 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 of individual owners are grouped together, usually preceded by a general heading. There is an index at the end of the catalogue.

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 Sotheby’s Wine will not 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 Wine; for example in case of breakage, or error of description.

Estimates A low and high estimate of the selling price exclusive of buyer’s premium and overhead premium is printed beside the last lot in each parcel, based on the price per lot. A parcel is a group of similar lots under one bold type heading. The estimates are guides for prospective bidders and, where possible, reflect prices that similar wines 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 printed in the front of this catalogue.

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 Unless otherwise indicated, all property in the sale is offered subject to a reserve. 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. If any lots in the catalogue are offered without a reserve, such lots will be designated by the following symbol (¡à). If every lot in the catalogue is offered without a reserve, the Conditions of Sale will so state and this symbol will not be used for each lot.

Hammer Price (or Successful Bid Price) and the Buyer’s Premium and the Overhead 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 and an overhead premium will be added to the hammer price (or successful bid price) and are payable by the purchaser as part of the total purchase price. The buyer’s premium and the overhead premium will be the amounts stated in the Conditions of Sale in this e-catalogue.

Liability for Loss and Damage

At the fall of the hammer, 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 (3) 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 twenty-one (21) days of the date of the release order.

Payment for Purchased Property If you are the successful bidder on a lot, payment is to be made immediately following a 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 at the address noted in the catalogue.

Payment by Check Sotheby’s accepts personal, certified, banker’s draft and cashier’s checks drawn in US Dollars (made payable to Sotheby’s). While personal and company checks are accepted, property will not be released until such checks have cleared, unless you have a pre-arranged check acceptance agreement. Application for check clearance can be made through the Post Sale Services.

Certified checks, banker’s drafts and cashier’s checks are accepted at Sotheby’s discretion and provided they are issued by a reputable financial institution governed by anti-money laundering laws. Instruments not meeting these requirements will be treated as “cash equivalents” and subject to the constraints noted in the prior paragraph titled “Payment By Cash”.

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 AND LIQUOR 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 Wine 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 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, overhead 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 Wine Collects Sales Tax Sotheby’s Wine is currently registered to collect applicable sales, excise and/or liquor tax in, and is only able to arrange shipment of property purchased at auction to, the following states: California, Connecticut, District of Columbia, Florida, Nebraska, New Hampshire, Nevada, New York, Oregon and Wyoming. If property is shipped to any one of these states by Sotheby's Wine, then Sotheby's Wine will collect and remit sales tax as required by such state's tax authority. For shipment to any other state, the purchaser is required to collect the purchased property in New York and arrange on their own behalf for shipping to such other state in accordance with the next section.

Client Arranged Shipping

If the property is to be shipped by the purchaser, the purchaser must collect the purchased property in New York and arrange on their own behalf for shipping to such other state. Property collected from Sotheby’s Wine by a common carrier hired by the purchaser for delivery at an address outside of New York is not subject to New York Sales Tax, but if the property is delivered into any state in which Sotheby’s Wine is registered, 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 York 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 (regardless of the destination) or if a purchaser is shipping property to a state where Sotheby's Wine is not registered to collect sales tax, then Sotheby’s Wine will collect applicable New York sales tax rate.

Where Sotheby’s Wine is Not Required to Collect Sales Tax Sotheby’s Wine 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 Wine 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 Wine is not required to collect sales tax for property delivered to the purchaser outside of the United States.

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 Wine is not required to collect sales tax from such re-seller. The liquor retailer, when re-selling the property, must have a liquor license and 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.

SHIPPING / COLLECTION / STORAGE

Important

Shipments and collections will only be arranged after this 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 Wine 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.

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 into their state. We urge you to investigate your state’s regulations before shipping or arranging to ship wine 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 being received by a person at least 21 years of age or over.

8) All sales of spirits or liquor must be collected by the purchaser or the purchaser’s agent from our premises, as Sotheby’s does not ship spirits or liquor out of New York State. However, we can arrange shipments of spirits and liquor within New York State. Additionally, New York State sales tax is payable 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 Wine 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.

For enquiries relating to delivery

call +1 212 606 7059.

Location, Storage and Delivery of Wines

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

Please note that Sotheby’s Wine does not ship wine 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 wine into their state. We urge you to investigate your state’s regulations before bidding or arranging for shipment of wine 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 may be sold an d 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 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 consolidated shipping to Hong Kong in February, May, August and/or November based on the following arrangements:

• All invoices must be paid and complete delivery instructions, including final destination, must be received by forth-five (45) days before the departure date.

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

• The Shipments will leave the United States in February, May, August and/or November and wines will arrive at Crown Wine Cellars in March, June, September and/or December. Please note these dates are subject to change and Sotheby’s will not guarantee arrival dates.

• Sotheby’s will not be responsible for local storage costs beyond thirty (30) days after the arrival or local delivery costs which must be paid directly to Crown Wine Cellars.

• Please note you many not ship partial invoices.

• Wines 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. If you have any questions or wish further information, please call +1 212 606 7059.

Storage Complimentary storage for wine purchased in this sale will be available at the warehouse for a period of 45 days following the auction. 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 can be arranged through Sotheby’s Wine Storage. Please contact winestorage@sothebys.com or 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. For enquiries relating to delivery call

+1 212 606 7059.

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