TERMS AND CONDITIONS OF SALE

for the Illustration House Art Auction March 15, 2014 at 1:00

The following as amended by any posted notices or oral announcements during the sale, constitutes Illustration House Inc.'s ("IH") and the Consignor's entire agreement with the purchaser relative to the property listed in this catalogue. Bidding on any item, whether by paddle, order or telephone, indicates acceptance of these terms and all other terms announced at the time of sale.

PREMIUM
The buyer's premium shall be 15% of the final bid price.

RESERVE
All lots in this sale subject to a reserve, which is the confidential minimum price agreed to with the consignor below which the lot will not be sold. (In most cases, the reserve will be set below the estimated range, but in no case will it exceed the low estimate.) IH may implement such reserve by bidding on behalf of the consignor. IH reserves the right to withdraw any lot at any time prior to the commencement of bidding for such lot. Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue.

ESTIMATES
IH furnishes estimates of the approximate valuations expected to be realized at the sale. The estimates are educated assessments based upon previous sales, and are not to be taken as definitive prices. They are prepared well in advance of the sale and are subject to revision. Bidding normally begins below the low estimate.

BIDDING
IH will record the name or paddle number of the successful bidder upon the fall of the hammer, and may require such bidder to sign a bid confirmation slip. (Successful order bidders shall be notified by invoice mailed after the sale.)
Order Bids: Where bidders are unable to attend the sale, IH will be pleased to enter their bids without charge and in strict confidence. Order bids must always be made or confirmed in writing, reference being made to the lot number. Such bids will be executed at the lowest possible price taking into account the reserve price and other bids. In the event identical bids are submitted, the earliest will take precedence. "Buy" bids will not be accepted; all bids must state the highest bid price the bidder is willing to pay. Sale results may be obtained by telephoning after the sale during normal business hours.
Telephone Bids: IH will accept bids by telephone, providing arrangements are made at least 1 day prior to the sale, and sufficient phone lines are available.
IH reserves the right to reject any bid or advance not commensurate with the value of such lot. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to reoffer the lot in dispute. If any dispute arises after the sale, IH's sale record shall be conclusive. Employees of IH are not prohibited from bidding. In the course of their employment it is possible that they may have access to information not available to the public.

TITLE
On the fall of the auctioneer's hammer, title to the offered lot will pass to the highest bidder acknowledged by the auctioneer, subject to fulfillment of the conditions set forth herein. Such bidder thereupon (a) assumes full risk and responsibility for the lot, and (b) will pay the full purchase price therefore or such part as we may require. To prevent misdelivery and inconvenience in settlement of a purchase, no lot may be transferred. Buyers will be charged a late charge of 1.5% per month on the total purchase price if payment in full is not received by IH in accordance with these Conditions of Sale.

REMOVAL OF PROPERTY
All property must be removed from the premises at the purchaser's expense not later than seven (7) business days following the sale. The purchaser of any lot which remains on the premises after that time will incur a charge for storage and handling of $5. per day for each lot.

PAYMENT TERMS
All items are to be paid for by (a) Cash, (b) Cashier's check, (c) Wire transfer, or (d) Personal check only if credit has been established with IH or if a bank authorization has been received guaranteeing a personal check. IH reserves the right to hold merchandise purchased by a personal check until the check has cleared the bank. The purchaser agrees to pay IH a handling charge of $25 for any check dishonored by the drawee. The purchase price and applicable taxes are payable in U.S. funds only. Payment must be made in full within 7 days of the sale.

TAX
New York State sales tax is charged on any purchases picked up or delivered in New York State, unless the purchaser (regardless of state or country of business) has given IH a valid sales tax exemption number issued by New York State. Those successful bidders who wish to have works shipped to Connecticut must pay Ct. sales tax (6%) in addition to shipping costs, as IH is incorporated in the State of Ct., unless bidder has a valid Ct. tax-exemption certificate.

BREACH OF OBLIGATIONS
If the purchaser breaches any of its obligations under these Conditions of Sale, including their obligation to pay in full the purchase price of all items for which they were the highest successful bidder, IH may exercise all of its rights and remedies under the law including, without limitation, (a) cancelling the sale and applying any payments made by the purchaser to the damages caused by the purchaser's breach, and (b) offering at public auction, without reserve, any lot or item for which the purchaser has failed to pay in full the purchase price, holding the purchaser liable for any deficiency plus all costs of sale. All sales are final.

PREVIEW & INSPECTION Lots may be viewed at IH's offices, Mondays through Saturdays 10:00-6:00 until the day preceding the auction date.

SHIPPING IH is not responsible for the acts or omissions of carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots by us is at the entire risk and expense of the purchaser. If prevented by fire, theft or any other reason from delivering any property to the purchaser, IH shall not be liable for any amount in excess of that actually paid by the purchaser. Any and all of these conditions may be waived or modified at the sole discretion of IH. Allow 2 - 3 weeks for delivery of shipments from IH.

DESCRIPTIONS OF WORKS:
Names of works, whether casual, or conventional, are shown with initial caps. Actual captions are shown within double quotes (""). Names of stories are within double quotes (""); names of publications are shown in italic. Lack of any listed publication information does not indicate that the work was not published, only that we did not have that information at press time. Medium is determined by visual assessment, not chemical analysis. As such, it is not guaranteed. Size is given in decimal inches to the nearest 1/4 inch; height precedes width. All measurements are of image only, not of support or frame, and are approximate.
Condition - All property is sold "As Is" and neither IH nor the Consignor makes any express or implied warranty or representation as to the condition of any lot offered for sale, and no statement made at any time, whether oral or written, shall constitute such a warranty or representation. Descriptions of condition are not warranties. If you have questions on the condition of a work, please refer them to a qualified IH staff member. Notwithstanding any verbal or written condition report, all works and their frames, mounts, etc. if any, are sold as viewed on the day of sale. Accordingly, all lots should be viewed personally by prospective buyers to evaluate the condition of the articles offered. IH and the Consignor make no representations or warranties, express or implied, that the purchaser acquires any copyright or reproduction rights in the property.
Signed, initialed, or monogrammed - Autographs, which in our best judgment, are in the hand of the artist are located in areas of the work described or abbreviated as follows:
ll - lower left
cl - center left
ul - upper left
uc - upper center
lr - lower right
cr - center right
ur - upper right
lc - lower center

Guarantee - IH guarantees the authenticity of Authorship of each lot contained in this catalogue, with the exceptions listed below. Authorship is defined as the name of the artist on the top line of each description:
Name - In our judgment, the work is by the artist named.
Name "attributed to" - The artist named is only a reasonable guess; we make no guarantee as to the Authorship of such a designated work.
Name "Studio" - In our judgment, the work was executed by an assistant of the artist named.
"Artist Unidentified" - We make no guarantee as to the Authorship of such a designated work.
Ownership - IH will hold in confidence the identity of all sellers of lots, except those items in which IH has an interest. Those lots are marked with a º or a ∆ in the online listing.

PRICES REALIZED -A list of prices realized at the auction will be published shortly after the sale and will be available upon request. Where lots are withdrawn from sale or fail to reach the reserve price, the lot number will not appear in the published list. Prices realized on such a 'bought-in' lot that is sold within one day of the auction may be included on the list of prices realized but will be marked to indicate that such prices were not brought at the auction.

LOCATION - Our gallery is located at 34 West 27 Street, suite 400; New York, NY 10001.

HOURS - Monday — Saturday, 11:00 - 6:00