Estate of Morris Katz pt.1 NO BUYERS PREMIUM

AUCTIONEER AND AUCTION: 1. This Auction is presented by The Bogallery Inc.. The Auction is conducted under these Terms and Conditions of Auction and applicable state and local law. BUYER'S PREMIUM: 2. No buyer's premium. BIDDERS: 3. Any person participating or registering for the Auction ("Bidder(s)") agrees to be bound by and accepts these Terms and Conditions of Auction. 4. All Bidders must meet Auctioneer's qualifications to bid. Any Bidder who is not a customer in good standing of the Auctioneer may be disqualified at Auctioneer's sole option and will not be awarded lots. Such a determination may be made by Auctioneer in its sole and unlimited discretion, at any time prior to, during, or after the close of the Auction. 5. If an entity places a bid, then the person executing the bid on behalf of the entity agrees to personally guarantee payment for any successful bid. 6. Auctioneer reserves the right to exclude any person it deems in its sole opinion is disruptive to the Auction or is otherwise commercially unsuitable. 7. All Bidders must furnish the Auctioneer with valid credit card information. Bids placed through online auction sites will only be accepted from pre-registered Bidders. BIDDING OPTIONS: 8. Presentment of Bids: Non-Internet bids (including but not limited to podium, fax, phone and mail bids) are treated similar to floor bids in that they must be on-increment or at a half increment (?cut bid?). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment and will be considered the bidder?s high bid at the Auctioneers discretion. 9. Auctioneer's Execution of Certain Bids: Auctioneer cannot be responsible for your errors in bidding, so carefully check that each bid is entered correctly. When identical mail or FAX bids are submitted, preference is given to the first received. To ensure the greatest accuracy, your written bids should be entered on the standard printed bid sheet. Auctioneer is not responsible for executing mail bids or FAX bids received after the first lot is sold, nor Internet bids submitted after the published closing time; nor is Auctioneer responsible for proper execution of bids submitted by telephone, mail, FAX, e-mail, Internet, or in person once the Auction begins. The decision of the Auctioneer and declaration of the winning Bidder is final. 10. The highest qualified Bidder shall be the buyer. In the event of any dispute between floor Bidders, Auctioneer may at his sole discretion reoffer the lot. Auctioneer's decision shall be final and binding upon all Bidders. RESERVES: 11. All Lots in this catalogue are subject to reserve, which is the confidential minimum hammer price, as agreed upon by the Consignor and the Auctioneer. No Reserve shall exceed the low estimate as stated in the catalogue. PAYMENT: 12. All sales are strictly for cash in United States dollars. Cash includes: U.S. currency, bank wire, cashier checks, travelers checks, Credit Cards (Visa, and MasterCard), and bank money orders, all subject to reporting requirements. We reserve the right to retain all goods paid for by check until the payment has been cleared. At the Auctioneers discretion, all foreign transactions exceeding $1,000 USD must be paid for by bank wire. 13. Lots delivered in the State of New York or other states where the Auction may be held, are subject to all applicable state and local taxes, unless appropriate permits are on file with us or presented prior to payment. Bidder agrees to pay Auctioneer the actual amount of tax due in the event that sales tax is not properly collected due to: 1) an expired, inaccurate, inappropriate tax certificate or declaration, 2) an incorrect interpretation of the applicable statute, 3) or any other reason. Lots from different Auctions may not be aggregated for sales tax purposes. 14. Auctioneer reserves the right to require payment in full in good funds before delivery of the merchandise to the buyer. 15. Title shall not pass to the successful Bidder until all invoices are paid in full. 16. All purchases must be paid for and picked up within five (5) business days. Items left after this time will be placed in a storage facility and the buyer will be charged accordingly. Property removed to offsite facility will be moved at buyer?s risk and expense. 17. All shipping charges will be borne by the successful Bidder. Due to the nature of some items sold, it shall be the responsibility for the successful bidder to arrange pick-up and shipping through third parties, as to such items Auctioneer shall have no liability. Any risk of loss during shipment will be borne by the buyer following Auctioneer's delivery to the designated common carrier, regardless of domestic or foreign shipment. Any request for shipping verification for undelivered packages must be made within 30 days of shipment by Auctioneer. 18. ALL SALES ARE FINAL AND ITEMS ARE PURCHASED AS IS. CATALOGING, WARRANTIES AND DISCLAIMERS: 19. NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, IS MADE WITH RESPECT TO ANY DESCRIPTION CONTAINED IN THIS AUCTION OR ANY SECOND OPINION. Any description of the items or second opinion contained in this auction is for the sole purpose of identifying the items for those Bidders who do not have the opportunity to view the lots prior to bidding, and no description of items has been made part of the basis of the bargain or has created any express warranty that the goods would conform to any description made by Auctioneer. All listed measurements are approximate. 20. Auctioneer is selling only such right or title to the items being sold as Auctioneer may have by virtue of consignment agreements on the date of auction and disclaims any warranty of title to the Property. 21. Translations of foreign language documents are provided as a convenience to interested parties. The Bogallery Inc. makes no representation as to the accuracy of those translations and will not be held responsible for errors in bidding arising from inaccuracies in translation. 22. Auctioneer disclaims any warranty of merchantability or fitness for any particular purposes. 23. Auctioneer disclaims all liability for damages, consequential or otherwise, arising out of or in connection with the sale of any property by Auctioneer to Bidder. No third party may rely on any benefit of these Terms and Conditions and any rights, if any, established hereunder are personal to the Bidder and may not be assigned. Any statement made by the Auctioneer is an opinion and does not constitute a warranty or representation. No employee of Auctioneer may alter these Terms and Conditions, and, unless signed by a principal of Auctioneer, any such alteration is null and void. RELEASE: 24. In consideration of participation in the auction and the placing of a bid, a Bidder expressly releases Auctioneer, its officers, directors and employees, its affiliates, and its outside experts that provide second opinions from any and all claims, cause of action, chose in action, whether at law or equity or any arbitration or mediation rights existing under the rules of any professional society or affiliation based upon the assigned grade or a derivative theory, breach of warranty express or implied, representation or other matter set forth within these Terms and Conditions of Auction or otherwise, except as specifically declared herein; e.g., authenticity, typographical error, etc., and as to those matters, the rights and privileges conferred therein are strictly construed and is the exclusive remedy. Purchaser, by non-compliance to its express terms of a granted remedy, shall waive any claim against Auctioneer. MISCELLANIOUS: 25. The Bogallery Inc. reserves the right to withdraw any lots from the auction at any time prior to its actual sale. In the event of any dispute, the Auction record of the final sale price and of the successful buyer shall be conclusive. 26. The Auctioneer has the right to sell certain items after the close of the sale. Items sold by Auctioneer post sale shall be considered sold during the auction and all these Terms and Conditions shall apply to such sales including but not limited to the payment of the buyer's premium, return rights and disclaimers. 27. Agreements between Bidders and consignors to effectuate a non-sale of an item at Auction, inhibit bidding on a consigned item to enter into a private sale agreement for said item, or to utilize the Auctioneer's Auction to obtain sales for non-selling consigned items subsequent to the auction, are strictly prohibited. If a subsequent sale of a previously consigned item occurs in violation of this provision, Auctioneer reserves the right to charge Bidder the applicable Buyer's Premium and consignor a Seller's Commission as determined for each auction venue and by the terms of the seller's agreement.