CONDITIONS OF SALE

The following Conditions of Sale are 72nd and York Inc. (“Sotheby’s Wine”), Sotheby’s, Inc. (“Sotheby’s”) and the Consignor’s entire agreement with the purchaser 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 notices or by oral announcements made during the sale. 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 description 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, a salesroom posting or announcement, 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 wine or spirit name, the producer or the vintage is not reflected in the initial lot heading immediately following the lot number in the catalogue (as amended by any oral or written salesroom notices or announcements). 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. The Guarantee is provided for a period of twenty-one (21) days from the date of the relevant auction and 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, the original purchaser of record must (i) 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 (ii) return the lot to Sotheby’s Wine at the original selling location in the same condition as at the date of sale to the original purchaser of record and be able to transfer good title to the lot, free from any third party claims arising after the date of such sale.

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

3. A buyer’s premium 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. Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue.

6. Sotheby’s Wine reserves the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser. In the event of any dispute between bidders, or in the event of doubt on Sotheby’s Wine part as to the validity of any bid, the auctioneer 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. In person bidding is not available for this auction. Bidders are encouraged to submit bids online on Sothebys.com or through the Sotheby’s App. In order to bid online, you must register an account with Sotheby’s and provide requested information. Although in its discretion Sotheby’s Wine will execute order or absentee bids or accept telephone bids or online bids as a convenience to clients who do not submit their bids online, neither Sotheby’s Wine nor Sotheby’s is responsible for any errors or omissions in connection therewith.

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

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

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

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

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

7. If the auctioneer decides that any opening bid is below the reserve of the article offered, Sotheby’s Wine may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, Sotheby’s Wine decides that any advance thereafter is insufficient, Sotheby’s Wine may reject the advance.

8. On the fall of the auctioneer’s hammer, the contract between the consignor and the purchaser is concluded, and the winning bidder thereupon (a) will immediately pay the full purchase price or such part as Sotheby’s Wine may require, (b) must present satisfactory legal documentation that he or she is at least 21 years of age, and (c) assumes full risk and responsibility therefor. Subject to fulfilment of all of the conditions set forth herein, title to the offered lot will pass to winning bidder. 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 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 Sotheby’s or any affiliated company, or any payment made by the purchaser to Sotheby’s Wine or Sotheby’s or any affiliated company, whether or not intended to reduce the purchaser’s obligations with respect to the unpaid lot or lots, to the deficiency and any other amounts due to Sotheby’s Wine, Sotheby’s or any affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to Sotheby’s Wine, Sotheby’s and their affiliated companies, a continuing security interest of first priority in any property or money of or owing to such purchaser in Sotheby’s Wine or Sotheby’s possession, custody or control or in the possession, custody or control of any of their affiliated companies, and Sotheby’s Wine and Sotheby’s may retain and apply such property or money as collateral security for the obligations due to them or to any affiliated company of theirs in each case weather at the time of the auction, the default or if acquired at anytime thereafter. Sotheby’s Wine and Sotheby’s shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. Sotheby’s Wine and Sotheby’s shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. You hereby agree that Sotheby’s Wine and Sotheby’s may file financing statements under the Uniform Commercial Code without your signature where legally permissible. Payment will not be deemed to have been made in full until we have collected good funds. In the event the purchaser fails to pay any or all of the total purchase price for any lot and Sotheby’s and Sotheby’s Wine nonetheless elect to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that Sotheby’s and Sotheby’s Wine shall have all of the rights of the Consignor to pursue the purchaser for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Sale.

9. Sotheby’s offers clients the opportunity to bid on sothebys.com or through the Sotheby’s App, or on any other online platform through which bidding may be made available for selected sales. By participating in a sale via any of these online platforms, you acknowledge that you are bound by these Conditions of Sale as well as the Additional Terms and Conditions for Online Bidding below. By participating in a sale via any online platform, Bidders accept the Online Terms, as well as the relevant Conditions of Sale.

10. 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 oral or posted notices. Sotheby’s Wine may implement such reserve by opening the bidding on behalf of the Consignor and may bid up to the amount of the reserve, placing successive or consecutive bids for a lot, or bids in response to other bidders. In instances where Sotheby’s Wine or Sotheby’s have an interest in the lot other than Sotheby’s Wine’ commission, they may bid up to the reserve to protect such interest. In certain instances, the Consignor may pay Sotheby’s Wine less than the standard commission rate where a lot is “bought-in” to protect its reserve.

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

12. 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.

13. 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.

14. 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.

15. 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.

16. 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.

Please be aware that Sotheby’s may film auctions or other activities on Sotheby’s premises and that such recordings may be transmitted over the Internet via Sotheby’s website and other online platforms. Online and telephone bids may be recorded.

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 and the Consignor make no representations or warranties as to whether any lot is or is not subject to any export or import restrictions.

ADDITIONAL TERMS AND CONDITIONS FOR ONLINE BIDDING

The following terms and conditions (together, the “Online Terms”) provide important information related to online bidding on sothebys.com or through the Sotheby’s App, or on any other online platform through which bidding may be made available for sales conducted by 72nd and York Inc. (“Sotheby’s Wine”) and Sotheby’s, Inc. (“Sotheby’s New York”), in respect of the sales that take place in New York, by Sotheby’s in London (“Sotheby’s London”), in respect of the sales that take place in London, and by Sotheby’s Hong Kong Limited (“Sotheby’s Hong Kong”), in respect of the sales that take place in Hong Kong. These terms are in addition to Sotheby’s Wine and Sotheby’s New York’s Conditions of Sale, in respect of the sales that take place in New York, and in respect of the sales that take place in London and Hong Kong, in addition to Sotheby’s London’s and Sotheby’s Hong Kong’s Conditions of Business for Buyers and Authenticity Guarantee, respectively, and are not intended in any way to replace them. By participating in this sale via online bidding, you acknowledge that you are bound by these Online Terms.

1. For certain sales, bidders are welcome to submit bids in advance of the live auction (“Advance Bids”) through the online platforms. Please note that we reserve the right to amend the starting bid prior to the start of the live auction.

For sales where you can place Advance Bids, 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). Please note that reserves may be set at any time before the start of the live auction and your maximum bid may be executed against the reserve once such reserve is set.

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 and enabled push notifications) leading up to the live auction. You may raise your maximum bid at any time in advance of the live auction. Once the live auction begins, the auctioneer will open bidding at the current leading bid. The system will continue to bid on your behalf up to your predetermined maximum bid, or you may continue to bid via the online platforms during the live auction at the next increment. Upon the closing of each lot, you will receive push notification (if enabled on your device) indicating whether you have won or lost each lot on which you have placed a bid.

Please note in certain circumstances, clients who have been outbid may be reinstated as the leading bidder and would receive notification via email or push notification, if enabled on your device.

By placing Advance Bids on the online platforms, you accept and agree that any such bids are final, that you will not be permitted to retract your bid, and that, should your bid be successful, you irrevocably agree to pay the full purchase price, including buyer’s premium, overhead premium and other applicable charges, and all applicable taxes. You may nevertheless lower your maximum bid leading up to the live auction by contacting the Bids Department at +1 212 606 7414, except that you may not lower it to a level lower than the current leading bid.

2. Once it commences, a live auction is by its nature fast-moving and bidding may progress very quickly. The procedure for placing bids during the live auction is therefore a one-step process; as soon as the “Place Bid” button is clicked, a bid is submitted. By bidding online, you accept and agree that bids submitted in this way are final and that you will not under any circumstances be permitted to amend or retract your bid. If a successful bid is sent to Sotheby’s Wine, Sotheby’s New York, Sotheby’s London or Sotheby’s Hong Kong, in relation to the sales in New York, London or Hong Kong respectively, from your computer or electronic or mobile device, you irrevocably agree to pay the full purchase price, including buyer’s premium, overhead premium and all applicable taxes and other applicable charges.

3. The next bidding increment is shown for your convenience. The auctioneer has discretion to vary bidding increments for bidders in the auction room and on the telephones, but online bidders will not be able to place a bid in an amount other than a whole bidding increment. All bidding for this sale will be in U.S. Dollars, in respect of New York sales, in Pounds Sterling, in respect on London sales, or in Hong Kong Dollars, in respect of Hong Kong sales, and online bidders will not be able to see the currency conversion board that may be displayed in the auction room.

4. The record of sale, kept by Sotheby’s Wine and Sotheby’s New York, Sotheby’s London, and Sotheby’s Hong Kong, in relation to the sales in New York, London and Hong Kong, respectively, 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 and Sotheby’s New York, Sotheby’s London and Sotheby’s Hong Kong, in relation to the sales in New York, London and Hong Kong, respectively, the record of sale will govern.

5. Online bidders are responsible for making themselves aware of all sale room notices and announcements, which will be accessible on the online platform.

6. Sotheby’s Wine and Sotheby’s New York, Sotheby’s London and Sotheby’s Hong Kong reserve the right to refuse or revoke permission to bid online and to remove online bidding privileges during New York sales, London Sales, and Hong Kong sales, respectively.

7. The purchase information shown in the “My Bids” section of the Sotheby’s App and in the “Account Activity” section of “My Account” on Sothebys.com is provided for your convenience only. Successful bidders will be notified and invoiced after the sale. In the event of any discrepancy between the online purchase information which may or may not be shown in the My Bids section and the invoice sent to you by Sotheby’s Wine or Sotheby’s New York, in respect of New York sales, Sotheby’s London, in respect of the London sales, and Sotheby’s Hong Kong, in respect of the Hong Kong sales, the invoice prevails. Terms and conditions for payment and collection of property remain the same regardless of how the winning bid was submitted.

8. Sotheby’s Wine, Sotheby’s New York, Sotheby’s London and Sotheby’s Hong Kong, respectively, offer online bidding as a convenience to our clients. Sotheby’s Wine and Sotheby’s New York are not, in respect of New York sales; Sotheby’s London is not, in respect of the London sales, and Sotheby’s Hong Kong is not, in respect of the Hong Kong sales, responsible for any errors or failures to execute bids placed online, including, without limitation, errors or failures caused by (i) a loss of connection to the internet or to the online bidding software by Sotheby’s Wine, Sotheby’s New York, Sotheby’s London or Sotheby’s Hong Kong, on the one hand, or the client, on the other hand; (ii) a breakdown or problems with the online bidding software; or (iii) a breakdown or problems with a client’s internet connection, computer or electronic device. Sotheby’s Wine and Sotheby’s New York are not, in respect of New York sales, Sotheby’s London is not, in respect of the London sales, and Sotheby’s Hong Kong is not, in respect of the Hong Kong sales, responsible for any failure to execute an online bid or for any errors or omissions in connection therewith.

9. Online bidding will be recorded.

10. In the event of any conflict between these Online Terms and the Conditions of Sale, the Conditions of Sale will control.

IMPORTANT INFORMATION FOR PURCHASERS AT WINE 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.

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

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

Estimates 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. Bidding increments are listed on the absentee bidding slip in the middle of the catalogue.

In person bidding is not available for this auction. Bidders are encouraged to submit bids online on Sothebys.com or through the Sotheby’s App. In order to bid online, you must register an account with Sotheby’s and provide requested information. If you are the successful bidder on a lot, whether on the telephone, online or otherwise, the auctioneer will acknowledge your paddle number. Unless you have previously qualified to bid at Sotheby’s, please be prepared to provide requested information to a Sotheby’s representative.

Bidding will be in accordance with the lot numbers listed in the catalogue or as announced by the auctioneer, and will be in increments determined by the auctioneer. There are multiple ways in which you may bid at auction. You may bid online, by telephone or submit an Absentee Bid Form by letter or fax, or in certain circumstances, by telephone. If you are unable to bid online, please see the Absentee Bid Form and Guide for Absentee Bidders which contains additional information on absentee bidding.

Unless otherwise noted in the catalogue or by an announcement at the auction, 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. It is important for all bidders to know that the auctioneer may open the bidding on any lot by placing a bid on behalf of the seller and may continue bidding for the seller by placing responsive or consecutive bids, but only up to the reserve (see the next paragraph below for information regarding reserves). The auctioneer will not place consecutive bids on behalf of the seller above the reserves.

Absentee Bidding For certain sales, if it is not possible for you to attend the auction in person, you may place your bid ahead of time, either via sothebys.com or the App, or by submitting your bid in writing to the Bids Department. When the lot that you are interested in comes up for sale, the auctioneer will execute the bid on your behalf, making every effort to purchase the item for as little as possible and never exceeding your limit. This service is free and confidential.

Advance Bidding For certain sales, bidders are welcome to submit bids in advance of the live auction (“Advance Bids”) through Sothebys.com or through the Sotheby’s App. For these sales, if you submit an “Advance Bid” (as described above in Additional Terms and Conditions for Online Bidding), and your bid is not executed up to its maximum value before the auction begins, your bid will continue to be executed automatically on your behalf during the live auction up to your predetermined maximum bid. You may also continue to bid via Sothebys.com or through the Sotheby’s App at the next increment above your maximum bid. Bidders utilizing any online platform are subject to the Online Terms as well as the relevant Conditions of Sale.

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.

Currency Conversion Board NY For your convenience, in many sales Sotheby’s operates a display board which converts United States dollars into various foreign currencies. All foreign currency amounts displayed are approximations based on recent exchange rate information and may not be relied upon as a precise invoice amount. Sotheby’s and Sotheby’s Wine assume no responsibility for any error or omission in foreign or United States currency amounts shown.

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 as announced by the auctioneer is the hammer, or successful bid price. A buyer’s premium and an overhead premium will be added to the successful bid price and are payable by the purchaser as part of the total purchase price. The buyer’s premium and overhead premium will be the amounts stated in Paragraph 3 of the Conditions of Sale in this 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 days of delivery of the property, which must be examined in the presence of the carrier on arrival. In the event of non-arrival, the purchaser must inform Sotheby’s Wine in writing within 21 days of the date of the release order.

Payment for Purchased Property If you are the successful bidder on a lot, 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 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 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, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin and Wyoming. Sotheby’s New York office is currently closed until further notice. During such closure, property may be collected from its warehouse in North Bergen, New Jersey. For any property collected in North Bergen, New Jersey, such property is subject to sales tax at the existing New Jersey State and City rate of 6.625%

Sotheby’s Arranged Shipping

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

Client Arranged Shipping Property collected from Sotheby’s New 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 or Sotheby’s Wine is required by law to collect and remit the appropriate sales, liquor and/or excise tax in effect in the state where the property is delivered. New 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 liquor retailer with state-issued liquor license may purchase without incurring a tax liability, and Sotheby’s is not required to collect sales tax from such re-seller. The liquor retailer, when re-selling the property, may be required to charge sales tax to its client, or the client may be required to self-assess sales or use tax upon acquiring the property.

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

SHIPPING / 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 and the Release Form has been issued to Sotheby’s Wine, the wines may be delivered according to the instructions provided by the purchaser on the Sotheby’s Wine Delivery and Collection Instructions Form. 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 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 and delivered only to persons who are

21 years old.

Sotheby’s Wine is not responsible for any damage or loss in shipping. For all wines 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 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 .

GUIDE FOR ABSENTEE BIDS

Absentee Bids If you are unable to attend an auction in person, and wish to place bids, you may give Sotheby’s Bid Department instructions to bid on your behalf. Our representatives will then try to purchase the lot or lots of your choice for the lowest price possible, and never for more than the top amount you indicate. This service is free and confidential. Please note: Sotheby’s offers this service as a convenience to clients who are unable to attend the sale, and although we will make every effort, Sotheby’s will not be responsible for error or failure to execute bids.

Placing Absentee Bids To place bids, please use the absentee bid form provided in this catalogue. Be sure to accurately record the lot numbers and descriptions and the top price you are willi ng to pay for each lot. “Buy” or unlimited bids will not be accepted. Always indicate a “top limit”— the amount to which you would bid if you were attending the auction yourself.

Alternative bids should be indicated by using the word “OR” between lot numbers. Then if your bid on an early lot is successful, we will not continue to bid on other lots for you. Or, if your early bids are unsuccessful, we will continue to execute bids for alternative lots until a bid is successful. Bids must always be placed in the same order as the lot numbers appear in the catalogue.

Each absentee bid form should contain bids for one sale only; the number and code name should appear in the top right-hand corner of the form. Please place your bids as early as possible. In the event of identical bids, the earliest received will take precedence.

Telephone Bids Bids may be placed by telephone, but are accepted only in Sotheby’s discretion and at the caller’s risk. In Sotheby’s discretion, telephone bids may be recorded. By bidding on the telephone, prospective purchasers consent thereto.

Telephone bid requests should be received 24 hours prior to the sale. This service is offered for lots with a low estimate of $5,000 and above.

Buyer’s Premium and Overhead Premium The “top limit” you indicate on your bid form is for the hammer price only. Please keep in mind that

a buyer’s premium and overhead premium will be added to the successful bid price of each lot you buy and are payable by you, together with the applicable sales tax which is applied to the total cost of your purchase (the total cost includes the buyer’s premium and overhead premium). The buyer’s premium and overhead premium will be the amount stated in paragraph 3 of the Conditions of Sale in the front of this catalogue.

Successful Bids In the event that you are successful, payment is due immediately after the sale unless otherwise agreed in advance. Payment may be made by bank transfer, credit card, or check. You will be sent full details on how to pay with your invoice.

Successful bidders will be notified and invoiced within a few days of the sale. All bidders will receive a list of sale results if they purchased the sale catalogue or enclose a stamped self-ad-dressed envelope with their absentee bid form.

For more information

To place telephone bids, or for

further information, please call Jamie Durkin at +1 212 606 7414,

or the regional office in your area.

Joseph Phelps Vineyards, Cabernet Sauvignon, Insignia "Vertical" (5 BT)