No Reserve

Unless indicated by a box, all lots in this catalogue are offered subject to a reserve. A reserve is the confidential minimum auction price established between Sotheby's and the seller and below which a lot will not be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate of the lot. The symbol is not used if all the lots have a reserve. If any lots in the catalogue are offered without reserve, such lots will be designated by a box.