CONDITIONS OF BUSINESS FOR BUYERS for New York Sales

(formerly referred to as “Conditions of Sale”)

1. Introduction

In these Conditions of Business for Buyers,

“we”, “us” and “our” refers to Sotheby’s, Inc. and “you” and “your” refer to

Bidders and Buyers. For New York Wine & Spirits auctions, “we”, “us” and

“our” refers to both Sotheby’s, Inc. and Sotheby’s Wine. If you are an agent

acting on behalf of a principal, “you” and “your” refer to both principal and

agent. Capitalized terms will have the meaning set out in Condition 2.

These Conditions of Business for Buyers are

the terms and conditions applicable to Bidders and Buyers in our New York

auctions (both live and timed auctions). The Conditions of Business for Buyers

include the Authenticity Guarantee and any other additional conditions that are

expressly stated as applicable to a sale, and they may be amended by any oral

or written announcement or notice prior to or during the sale. Our and the

Seller’s relationship with Buyers and any Bidders in relation to the Lots

offered in a sale is governed by these Conditions of Business for Buyers and

the express representations and warranties and indemnity given by the Seller.

In relation to a sale, where applicable, any reference by us to “Conditions of

Sale” or “Terms of Guarantee,” should be understood to mean these Conditions of

Business for Buyers and the Authenticity Guarantee, respectively. A sale

contract is made directly between the Seller and the Buyer. In some cases, we

act as agent for the Seller, and in some cases a Sotheby’s Group Company may

own a Lot and/or may have a legal, beneficial or financial interest in a Lot as

a secured creditor or otherwise. For New York Wine & Spirits auctions, Sotheby’s

Wine acts as agent for the Seller (though in some cases a Sotheby’s Group

Company may own a Lot and/or may have a legal, beneficial or financial interest

in a Lot as a secured creditor or otherwise), and Sotheby’s Inc. conducts the

auction.

By registering for an auction, including

through our Online Platforms, you agree to be bound by these Conditions of

Business for Buyers.

We may change these Conditions of Business for

Buyers from time to time in our sole discretion, without notice to you or to

the Seller, by posting such changes on the Sotheby’s website at www.sothebys.com. It is your and the Seller’s

responsibility to periodically check the Conditions of Business for Buyers for

changes by clicking the link “Conditions of Business.” You will know if these

Conditions of Business for Buyers have been revised since your last review by

referring to the “Last Modified” date at the bottom of this page. If you do not

agree to the current Conditions of Business for Buyers, you should refrain from

registering to bid in an auction.

2. Defined Terms

Authenticity Guarantee: the guarantee we provide as principal to the

Buyer in relation to a purchased Lot, as set out in Condition 15. In relation

to a sale, where applicable, any reference by us to the “Terms of Guarantee”

should be understood to mean the Authenticity Guarantee.

Bidder: any person or entity registered to bid in a

sale.

Buyer: the buyer of record of a Lot.

Buyer’s Expenses: any costs or expenses, plus any applicable

VAT, due to us from the Buyer in respect of the purchase of a Lot.

Buyer’s Premium: the commission the Buyer must pay to us as

part of the Purchase Price for auction Lots. The Buyer’s Premium rate is

subject to change at any time. The current Buyer’s Premium rate for all

auctions except Wine & Spirits is 25% of the Hammer Price for a Hammer

Price up to and including $1,000,000, 20% of any amount of the Hammer Price in

excess of $1,000,000 up to and including $4,500,000, and 13.9% of any amount of

the Hammer Price in excess of $4,500,000. For Wine & Spirits auctions, the

Buyer’s Premium rate is 24% of the Hammer Price for all Lots. Buyer’s Premium

is subject to any applicable VAT and/or sales or use tax.

Catalogue: the list of Lots offered in a sale and

associated information, available on our website, any Sotheby’s Group

application and, in some cases, in printed form.

Hammer Price: for each auction Lot sold, the last price

accepted for the Lot by the auctioneer or acknowledged by the Sotheby’s online

bidding system, or in the case of a post-auction sale, the agreed sale price.

Lot: an item (or more than one item grouped as

one) of property offered for sale. In some cases, a Lot may be, or may be

accompanied by, an experience (an “Experience”).

A Lot may be or include an NFT (or more than one NFT), and the term “NFT” may

be used to refer to any such Lot.

NFT: a non-fungible token established on a

blockchain.

Online Platforms: our websites, any Sotheby’s Group

application, and any other online means through which we enable Bidders to bid

on Lots in our sales.

Overhead Premium: the fee the Buyer must pay to us as part of

the Purchase Price for auction Lots, as an allocation of overhead costs

relating to our facilities, property handling and other administrative

expenses. The Overhead Premium rate is subject to change at any time. The

current Overhead Premium rate is 1% of the Hammer Price. Overhead Premium is

subject to any applicable VAT and/or sales or use tax.

Parcel: a group of Lots of the same type and quantity

of wine. There may be some discrepancies between the different Lots in a Parcel

with respect to level, condition or otherwise, as set out in the catalogue

descriptions for each Lot.

Purchase Price: for auction Lots, the Hammer Price plus the

Buyer’s Premium, Overhead Premium, any applicable VAT and/or sales or use tax,

and any applicable artist resale right royalty payable by the Buyer on a

qualifying Lot.

Referenced Content: with respect to an NFT, the metadata

(excluding any legal terms and conditions embedded or referenced therein),

content, digital asset and/or physical item, if any, to which the NFT relates.

Reserve: the confidential minimum Hammer Price at

which an auction Lot can be sold.

Seller: the person(s) or entity(ies) on whose behalf

we are offering a Lot for sale. Where a Sotheby’s Group Company owns a Lot,

Sotheby’s acts in a principal capacity as Seller.

Sotheby’s, Inc.: the company incorporated in New York, with its

headquarters at 1334 York Street, New York, NY 10021.

Sotheby’s Group: the Delaware corporation Sotheby’s, Sotheby’s

Financial Services, Inc., and any entities in which either of them hold, from

time to time, directly or indirectly, more than 50% of the issued share

capital; and each, a “Sotheby’s Group Company.”

Sotheby’s Wine: the company incorporated as 72nd and York

Inc., a wholly owned subsidiary of Sotheby’s, Inc., d.b.a. Sotheby’s Wine.

VAT: any applicable Value Added Tax or goods and

services tax, or an amount in lieu of Value Added Tax or goods and services

tax, as the case may be, at the prevailing rate.

3. The Lots

(a) All Lots are offered for sale in the condition

they are in at the time of the sale. You acknowledge that many Lots are of an

age and type such that they are not in perfect condition. Catalogue

descriptions and condition reports may refer to imperfections of a Lot or

Referenced Content, but Lots or Referenced Content may have other faults not

expressly referred to in the Catalogue or condition report. Illustrations are

for identification purposes only and may not convey full information as to the

actual condition of a Lot or Referenced Content.

(b) You accept responsibility for carrying out

your own inspections and investigations of Lots in which you may be interested.

You should inspect a Lot before bidding to determine and to satisfy yourself as

to its condition, size, description and whether it has been repaired or

restored, as applicable, and we accept bids on Lots solely on this basis.

Condition reports may be available to assist when inspecting Lots. Lots may be

available for viewing in person at our premises or another location and viewing

information will be available on our website. For any NFT Lot, in addition to

the foregoing, you are solely responsible for reviewing and inspecting the

smart contract, if available, prior to your purchase.

(c) You acknowledge that our knowledge of each Lot

is partially dependent on information provided by the Seller, and we are not

able to and do not carry out exhaustive due diligence on each Lot. Information

provided to you regarding any Lot, including any estimates, information in the

Catalogue, condition reports, or information in respect of the age of

hand-coloring in maps, atlases or books, is a matter of opinion only and not a

representation of fact. This information is dependent upon, among other things,

the condition of the Lot, the degree of research, examination or testing that

is possible or practical in the circumstances, and the status of generally

accepted expert opinion, research and scientific or technical analysis at the

time of cataloguing. Any estimates should not be relied upon as a prediction of

the selling price or value of a Lot and may be revised from time to time in our

absolute discretion.

(d) If the Lot is an NFT, you acknowledge and

agree that our staff are not information technology or data experts, and that

by bidding in the auction of the NFT, or otherwise purchasing or acquiring the

NFT, you accept that NFTs are subject to inherent technological risks which may

affect their performance now or in the future. You further acknowledge and

agree that the characterization and regulatory scheme governing NFTs,

cryptocurrencies, and blockchain technology is uncertain and undetermined, that

your purchase and/or receipt of the NFT complies with applicable laws and

regulations in your jurisdiction, and that new regulations or policies may

materially adversely affect the sale or resale of the NFT.

(e) If the Lot is an NFT, you acknowledge and

agree that the NFT may be subject to resale royalties, including to a Sotheby’s

Group Company, through application of the smart contract or other technical

solution on any subsequent resales of the NFT. On any such resale by you, you

may be obligated to collect and remit to the appropriate party resale royalties

as applicable, and you are responsible for any network fees and/or gas fees

that may apply to such payments as well as any transaction duties imposed by

law.

(f) We reserve the right to withdraw any Lot from

an auction or to cancel an auction, whether prior to or during the auction, and

we will not be liable to you for any claims, causes of action, liabilities,

damages, losses, or expenses in connection with such withdrawal or

cancellation.

(g) Unless otherwise specified, all auction Lots

are offered subject to a Reserve. The Reserve for a Lot cannot exceed the Lot’s

low estimate. In a timed auction, you acknowledge that we may reduce the

Reserve for any Lot at any time during the auction, provided it has been agreed

with the Seller prior to any such reduction.

(h) Each Lot offered will be referenced by its Lot

number assigned in the Catalogue. Unless we specify otherwise, bids must be on

a per-Lot basis.

(i) Experiences will be fulfilled by the relevant

entity or entities specified in its description in the Catalogue. We do not

plan, host, operate, fulfill, endorse, verify, vouch for, investigate or vet

any Experience. For each Experience, any incidental costs and expenses such as

fees for travel, food or lodging are the sole responsibility of the Buyer

unless otherwise expressly stated in the Experience description.

(j) The Buyer is solely responsible for

identifying and obtaining any necessary export, import, firearm, endangered

species or other permit for a purchased Lot. Any symbols or notices in the

Catalogue reflect our reasonable opinion at the time of cataloguing and are

included for informational purposes only. Without prejudice to Condition 3(k),

neither we nor the Seller make any representations or warranties as to whether

any Lot is subject to export or import restrictions or any embargoes. The

denial of any permit or license will not justify cancellation or rescission of

the sale or excuse any delay in payment. We will not deliver a firearm to a

Buyer unless the Buyer has first supplied evidence to our satisfaction of

compliance with this Condition.

(k) DISCLAIMER OF WARRANTIES:

(i) All Lots are offered for sale “AS IS,” without any guarantee,

representations or warranties by us or the Seller, except for the express

representations and warranties given by the Seller and the Authenticity

Guarantee, which we, as principal, provide to the Buyer. We and the Seller

disclaim all implied warranties, including but not limited to merchantability

and fitness for a particular purpose, except in so far as such obligations

cannot be excluded by law. Neither we nor the Seller give you any guarantee,

representation or warranty as to the correctness of the Catalogue or other

images or descriptions of the condition, completeness, size, quality, rarity,

value, importance, medium, frame, provenance, exhibition history, or literary

or historical relevance of any Lot, and no statement anywhere, whether oral or

written, will be deemed such a warranty, representation or assumption of

liability. Except as expressly set forth elsewhere in these Conditions of

Business for Buyers, neither we nor the Seller make any representations or

warranties as to whether any Lot is subject to copyright or whether the Buyer

acquires any copyrights, including but not limited to, any reproduction rights

in any Lot.

(ii) In the case of NFTs, in addition to the above and except for the express

representations and warranties given by the Seller and the Authenticity

Guarantee, which we, as principal, provide to the Buyer, neither we nor the

Seller make any representations or warranties as to the following: (1) whether

the NFT or any Referenced Content is subject to copyright; (2) the nature,

character, contents, condition, behavior, operation, performance, security,

integrity, metadata, persistence, quality, technical details or terms of the

smart contract, NFT or the Referenced Content, including without limitation any

further iterations of the same; (3) that the smart contract, NFT or Referenced

Content or the delivery mechanism for the NFT does not contain vulnerabilities,

viruses or malware or other harmful components, or that either will function as

any bidder or Buyer expects or without error or mistake; (4) the uniqueness of

the Referenced Content; (5) that the NFT is reliable, correctly programmed,

compatible with your or others’ computer systems, up-to-date, error-free,

compatible with your digital wallet or meeting your requirements, or that

defects in the NFT can or will be corrected; or (6) the accuracy or reliability

of any simulation or videos depicting the intended performance of the NFT or

the Referenced Content, whether displayed on our websites or on any other

platform.

4. Buyer Representations and Warranties

(a) You represent and warrant to us and the Seller

that at all relevant times:

(i) your bids on any Lot are genuine and are not the product of any collusive

or other anti-competitive agreement and are otherwise consistent with any

applicable antitrust laws;

(ii) your performance under these Conditions of Business for Buyers has not

and will not violate any applicable law, regulation or code in any

jurisdiction;

(iii) regarding any Lots containing alcoholic beverages, where required by

applicable law, you are properly licensed, permitted or otherwise authorized to

purchase, receive, possess and/or cause to transport alcoholic beverages;

(iv) your purchase of a Lot and, if you are acting as an agent on behalf of a

principal, the arrangement between you and your principal, will not facilitate

tax crimes;

(v) you have no knowledge or reason to suspect that (1) the funds used to

purchase a Lot are connected with the proceeds of criminal activity, or (2) you

or your principal, if applicable (or, if you are an entity, any person(s) or

entity(ies) with a beneficial or ownership interest in you), are under

investigation, charged with, or convicted of any substantive or predicate money

laundering or economic sanctions crime, terrorist activity, tax evasion or act

in violation of any anti-bribery or anti-corruption laws or regulations;

(vi) you (and your principal, if applicable) are not, nor are you (or your

principal, if applicable) owned (in whole or in part), controlled, or acting on

behalf of, an entity or individual that is: (1) the subject of economic

sanctions, embargoes or other trade restrictions in any jurisdiction, including

those administered and enforced by the United States, European Union or any of

its member states, United Kingdom, United Nations Security Council, or other applicable

sanctions authority (collectively, “Sanctions”),

or (2) located, organized, or resident in a country or territory that is the

subject of Sanctions (including Crimea, Cuba, Iran, North Korea, Syria, the

Russian Federation and Belarus) (collectively, “Sanctioned

Jurisdictions”);

(vii) you (and your principal, if applicable) are currently in compliance, and

for the past five years have complied, with applicable Sanctions, anti-money

laundering, anti-terrorism, and anti-bribery or anti-corruption laws;

(viii) the Purchase Price will not be funded directly or indirectly by or

from anyone that is the subject of Sanctions or located, organized, or resident

in a Sanctioned Jurisdiction;

(ix) no party directly or indirectly involved in the transaction is the

subject of Sanctions or is owned (in whole or in part) or controlled by any

individual or entity that is the subject of Sanctions or otherwise located,

organized, or resident in a Sanctioned Jurisdiction, except as expressly

authorized in writing by the government authority having jurisdiction over the

purchase and with our prior express written consent;

(x) if you are acting as agent on behalf of a principal, you have taken steps

reasonably designed to ensure compliance with Sanctions, anti-money laundering,

anti-terrorism, and anti-bribery or anti-corruption laws, including but not

limited to, conducting appropriate due diligence on your principal and

screening source of funds. You will retain and make available upon request

the documentation evidencing such due diligence for at least five years after

the purchase, and all commissions payable to you for this consignment have been

authorized by your principal;

(xi) your purchase will not cause (or otherwise result in) us, Sellers, or

anyone else to violate any Sanctions, anti-money laundering, anti-terrorism, or

anti-bribery or anti-corruption laws; and

(xii) you have full legal authority without any further action or other party’s

consent to enter into and perform under these Conditions of Business for Buyers

and to give these representations and warranties; if you are an entity, the

individual bidding on your behalf is authorized to do so and the entity is duly

incorporated or formed, validly existing and in good standing in the

jurisdiction where it is incorporated or formed.

(b) We may, in our sole discretion, rescind the

sale of a Lot if we reasonably determine that (i) any of the Buyer’s

representations or warranties is inaccurate, incomplete or breached; (ii) any

of the Seller’s representations or warranties is inaccurate, incomplete or

breached; or (iii) the sale has subjected or might subject us or the Seller to

liability.

5. Indemnity

You shall indemnify and hold us, each Sotheby’s

Group Company, our and their respective officers and employees, and the Seller

harmless against any and all claims, causes of action, liabilities, damages,

losses, and expenses (including but not limited to reasonable attorneys’ fees),

arising out of or in connection with any inaccuracy, incompleteness or breach

of any of your representations or warranties or breach of your obligations

under these Conditions of Business for Buyers to the fullest extent permitted

by law.

6. Bidding

(a) You must create an account and provide the

requested information in order to bid. We may require financial references,

guarantees, deposits or other security, as we determine necessary or

appropriate.

(b) To bid on a Lot containing an NFT, you must

have a digital wallet capable of supporting and accepting the NFT.

(c) To bid on any auction Lot designated as a

“Premium Lot,” you must complete the required Premium Lot pre-registration

application. We must receive your application at least 3 business days prior to

the commencement of the auction, and our decision whether to accept your

application will be final. Online bidding may not be available for Premium

Lots.

(d) We advise Bidders to place their bids

directly, either in person at the auction (where available) or through our

Online Platforms. If you elect to bid or to participate in an auction held

through an Online Platform, you are responsible for making yourself aware of

all salesroom notices and announcements, which will be available on the Online

Platforms.

(e) We also accept written bids and telephone

bids, by arrangement with the Bids Department. A written bid, also known as an

absentee bid, is where a Bidder submits a maximum bid ahead of a live auction,

which will be executed on the Bidder’s behalf by the auctioneer at the lowest

bid increment possible, as may be determined at the auctioneer’s discretion,

and never for more than the maximum amount the Bidder indicates. Written bids

and telephone bids are offered as a courtesy for no additional charge, at the

Bidder's risk and subject to our other commitments at the time of the auction.

We will seek to carry out written bids, endeavoring to ensure that the first

received of identical written bids has priority. We will not accept liability

for failure to place written or telephone bids.

(f) For certain sales, Bidders are permitted to

submit via the Online Platform a maximum bid before the start of a live auction

(an “Advance Bid”).

Advance Bids will be executed on your behalf automatically up to your

predefined maximum value in response to other bids placed on the Lot, including

bids placed by us on behalf of the Seller, up to the amount of the Reserve (if

applicable). The current leading bid will be visible to all Bidders; the value

and status of your Advance Bid will be visible only to you, unless it is the

leading bid. 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.

(g) All bidding will be in the currency of the

sale location. As a courtesy to Bidders, a currency board is operated in many

salerooms for live auctions for informational purposes only. Online Bidders

will not be able to see any such currency conversion board that may be

displayed in the auction room.

(h) We reserve the right to refuse or revoke

permission to bid before or during a sale for any reason. For live auctions

with bidding in person, we may refuse admission to the auction. For timed

auctions, we also reserve the right to deactivate your account at any time

prior to, during, or after an auction.

(i) For timed auctions, live auctions with Advance

Bidding, and online sales, you may cancel a bid after you place it only if (i)

the description of or the condition report for the Lot has been materially

revised after the bid was placed; or (ii) a notice regarding the Lot has been

posted on our website after the bid was placed. Other than in the foregoing

limited circumstances, you agree that any bid you place, regardless of the

means by which you have done so, is final and you will not be permitted to

amend or retract it. For all auctions and sales, should your bid be successful,

you irrevocably agree to pay the full Purchase Price and any applicable Buyer’s

Expenses. We are not responsible for any errors that you make or that are made

through your Sotheby’s account in placing a bid on a Lot.

7. Conduct of an Auction

(a) An auction is by its nature fast-moving and

bidding may progress very quickly. In a live auction, the auctioneer will

commence and advance the bidding at levels and in increments the auctioneer

considers appropriate (including by reference to any advance bids made). The

auctioneer has discretion to vary bid increments in the auction room and on the

telephone but Bidders using Online Platforms may not be able to place a bid

that is less than a whole bidding increment above the previous bid.

(b) In a timed auction, bidding opens at an amount

that is at or below the low estimate for the Lot and escalates in bid

increments that we determine. We may vary the amount of the bid increments

during a timed auction. Lots will be closed sequentially, either by the online

system or, in some cases, by a live auctioneer. If closed by the online system,

Lots will close sequentially in 30-second or one-minute intervals (as indicated

on the sale page) unless a bid is placed within one minute of a Lot’s scheduled

closing time, in which case we will extend the sale of that Lot by two minutes

from the time of the last bid and such extensions may be repeated for a maximum

period of two hours. The extension of any 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.

(c) With respect to Parcels, at the auctioneer’s

discretion, the successful Bidder of the first Lot in a Parcel will have the

option, but not the obligation, to purchase in consecutive order one or more of

the remaining Lots in the Parcel, each at the same successful bid price as the

first Lot. If any Lots in the Parcel are not purchased, the auctioneer will

open the bidding on the next unsold Lot in the Parcel, and the successful

Bidder of that Lot will have the option, but not the obligation, to purchase in

consecutive order one or more, if any, of the remaining Lots in the Parcel,

each at the newly-established successful bid price.

(d) The auctioneer (or, in a timed auction, the

online system) may open bidding on any Lot by placing a bid on behalf of the

Seller below the Reserve. The auctioneer may further bid on behalf of the

Seller, up to but not at the Reserve, by placing successive or consecutive bids

for a Lot, or by placing bids in response to other Bidders; in a timed auction,

such bids will be counted toward the total bid count displayed on the Online

Platform.

(e) The auctioneer (or, in a timed auction, the

online system) may refuse or reject any bid, including bids that have

previously been accepted, withdraw any Lot, or reopen or continue the bidding

(including after the fall of the hammer or, in a timed auction, the close of a

Lot). If the Reserve for a Lot is not met, the auctioneer may withdraw the Lot

from sale, and the auctioneer or online system will announce that the withdrawn

Lot has been “passed”, “withdrawn”, “returned to owner,” “unsold,” “bought-in”

or the equivalent.

(f) In the case of error or dispute with respect

to bidding, either during or after the auction, we in our sole discretion may

refuse any bid, withdraw a Lot, determine who the Buyer is, continue or re-open

the bidding, cancel the sale of a Lot, or re-offer and re-sell a Lot (including

after the fall of the hammer or, in a timed auction, the close of a Lot), and

take such other action as we reasonably deem appropriate. In the case of any

dispute, our sale record will be absolute and final. In the event of any

discrepancy between any online records or messages provided to you and our sale

record, our sale record will prevail. Where we decide to cancel the sale of a

Lot or to re-offer and sell a Lot following an error or dispute with respect to

bidding, we will notify the Buyer of such decision as soon as reasonably

practicable.

(g) Subject to Condition 7(e), the Buyer will be:

in a live auction, the highest Bidder accepted for a Lot at the fall of the

hammer; in a timed auction, the highest Bidder accepted for a Lot on the close

of the Lot; in the case of a Bidder bidding as agent, such Bidder’s principal

will be the Buyer. This means that, subject to Condition 7(e), the sale

contract between the Buyer and the Seller is concluded on the striking of the

auctioneer’s hammer in a live auction, or on the close of a Lot in a timed auction,

whereupon the Buyer becomes liable to pay the full Purchase Price and any

applicable Buyer’s Expenses. The sale contract between the Seller and the Buyer

of a Lot will be final at the end of the auction session.

(h) Any post-auction sale of Lots will be made

pursuant to these Conditions of Business for Buyers.

8. Payment

(a) Generally.

(i) Buyers will be invoiced after the sale. For online Bidders, the purchase

information shown in the “My Bids” section of the Sotheby’s App and in the

“Account Activity” section of “My Account” on our website is provided for your

convenience only. In the event of any discrepancy between the online purchase

information and the invoice we send you following the sale, the invoice will

prevail. We may process payments through third-party service providers, which

may post operating rules related to payment on their respective websites and

change such rules from time to time. For credit card payments, you authorize

us, and our third-party service providers, to immediately charge your selected

payment method for all amounts presented to you in the checkout and purchase

process.

(ii) For auction Lots, the Buyer’s Premium and Overhead Premium will be added

to the Hammer Price on a per-Lot basis and are payable by the Buyer as part of

the Purchase Price.

(iii) The Buyer also must pay as part of the Purchase Price any

applicable sales tax, compensating use tax, VAT, consumption tax, goods or

services tax or other indirect taxes, luxury tax, excise tax, and duties or

tariffs (collectively, “Taxes”), as

well as any applicable artist resale right royalty, on the purchase of a Lot

where and as required by applicable law. We will collect any applicable Taxes

and artist resale right royalty on the purchase of a Lot where and as required

by applicable law. The Buyer shall pay the Purchase Price in full without

any deduction for taxes of any kind, unless such deduction is required by

law. In any such case, the amount due to us from the Buyer will be

increased to an amount that after deduction for any such taxes leaves an amount

equal to the Purchase Price.

(iv) Payment of the Purchase Price for a Lot and any Buyer's Expenses is due

from the Buyer in the currency of the relevant sale (except to the extent

permitted in Condition 8(b)) immediately upon conclusion of the auction,

notwithstanding any requirements for export, import or other permit. The

Buyer’s obligation to pay the full Purchase Price and any applicable Buyer’s

Expenses is absolute and unconditional and is not subject to any defenses,

setoffs or counterclaims of any kind whatsoever.

(v) We will not accept payment from a source other than the Buyer. If you are

registered to bid as a company, your company will need to pay for any purchases

in the name of the company via an accepted payment method. Partial payment for

a Lot is not permitted.

(vi) Title in a purchased Lot will not pass to the Buyer until we have

received the full Purchase Price in cleared funds. We will release a Lot to the

Buyer or Buyer’s agent after we have received from the Buyer the full Purchase

Price and any applicable Buyer’s Expenses in cleared funds and appropriate

identification of the Buyer and Buyer’s agent (if any), unless we are prevented

from doing so by an event beyond our control. Any earlier release does not

affect the passing of title or the Buyer’s unconditional obligation to pay the

full Purchase Price and any applicable Buyer’s Expenses.

(b) Payment in cryptocurrency: for Lots eligible for payment in cryptocurrencies, payments made in

cryptocurrency shall be subject to the terms in this Condition 8(b) in addition

to the terms set forth in Condition 8(a) above.

(i) We will accept payment in cryptocurrency only for Lots designated as

eligible for such in the Catalogue or by any oral or written announcement or

notice prior to or during the sale, and only in the following cryptocurrencies:

Bitcoin (BTC), Ether (ETH) and USD Coin (USDC).

(ii) The amount due will be the cryptocurrency equivalent at the time payment

is made of the amount invoiced, and Buyer will be responsible for applicable

network fees required to successfully conduct the transaction on the

blockchain.

(iii) Any payment in cryptocurrency must be made within ten (10) business days

of your receipt of the invoice from us, and payment must be made between the

hours of 9:00am and 12:00pm Eastern Time, Monday through Friday (and not on a

U.S. public holiday).

(iv) Payment must be made from an account or digital wallet in your name

maintained with one of the following platforms: (1) Coinbase Custody Trust; (2)

Coinbase, Inc. (including Coinbase, Coinbase Pro and Coinbase Prime accounts);

(3) Fidelity Digital Assets Services, LLC; (4) Gemini Trust Company, LLC; or

(5) Paxos Trust Company, LLC. Partial payments from multiple digital wallets

will not be accepted, and we may require you to provide documentation to

confirm that you own the wallet used to make payment.

(v) Payments in cryptocurrency will not be accepted other than in accordance

with this Condition 8(b). If you make payment in cryptocurrency other than in

accordance with Condition 8(b), including where we determine or reasonably

believe, in our sole discretion, that any of your representations and

warranties are inaccurate, incomplete or breached, we may, in our sole

discretion, return those funds to you, hold you responsible for all third-party

fees (including, without limitation, network fees, taxes, transfer fees, etc.),

and require you to pay in the fiat currency of the sale. In addition, in the

event we make any refund of Taxes to you and you paid such Taxes using

cryptocurrency, you understand and agree that we may, at our sole discretion,

refund you (1) the same amount(s) of the same cryptocurrency that you paid to

us for such Taxes; (2) the amount(s) in fiat currency that we invoiced to you

for such Taxes; or (3) the fiat currency equivalent at the time the refund is

made of the amount(s) of cryptocurrency that you paid for such Taxes. In no

circumstance will you be entitled to receive any appreciation on the value of

the cryptocurrency that you provided to us as payment in connection with a

refund.

(vi) Once you initiate a cryptocurrency transaction, the transaction cannot be

reversed; this is inherent in the nature of cryptocurrencies and not a policy

set by us. You are responsible for verifying that you have sent the

correct amount to the correct digital wallet address.

(vii) If you make payment in cryptocurrency from a digital wallet or account,

you represent and warrant the following: (1) you own the digital wallet and the

cryptocurrency used to make payment; (2) the digital wallet or account is not

directly or indirectly hosted, operated, or otherwise controlled by anyone that

is the subject of Sanctions or located, resident, or organized in a Sanctioned

Jurisdiction; (3) the cryptocurrency or any other assets in the digital wallet

or account used for the bid or purchase were not sourced from anyone that is

the subject of Sanctions or located, resident, or organized in a Sanctioned

Jurisdiction; and (4) your payment in cryptocurrency will not cause (or

otherwise result in) us, Sellers, or anyone else to violate any Sanctions,

anti-money laundering, anti-terrorism, anti-bribery or anti-corruption laws, or

any other applicable laws. We may, in our sole discretion, refuse payment in

cryptocurrency from any Buyer if we reasonably determine any of the Buyer’s

representations or warranties are, or would be as a result of such payment,

inaccurate, incomplete or breached.

(viii) We shall have no liability for any payment made by you in

cryptocurrency that is not received by us for whatever reason.

(ix) You acknowledge the risks inherent to the use of cryptocurrency,

including without limitation the risk of faulty or insufficient hardware,

software, and internet connections; the risk of introduction or intrusion of

malicious code or software; the risk of hacking or unauthorized access to your

digital wallet or information stored therein, or of theft or diversion of funds

therefrom; volatility and unstable or unfavorable exchange rates; and the risk

of unfavorable regulatory intervention and/or tax treatment in relation to

transaction in such currency. We will have no liability for any of the

foregoing.

9. Consequences of Late- or Non-payment

(a) The Buyer is required to pay the full Purchase

Price for a Lot and any applicable Buyer’s Expenses in cleared funds within

five days of the auction. If the Buyer fails to do so without our prior

agreement, the Buyer will be in default. In such case, without prejudice to any

rights or remedies the Seller may have, we may in our sole discretion exercise

one or more of the following rights or remedies in respect of each Lot for

which the Buyer has failed to pay in full, to the fullest extent permitted by

law, in addition to any and all other rights or remedies available to us or the

Seller by law or in equity:

(i) store the Lot at our premises or, if the Lot is an NFT, in our or the

Seller’s digital wallet, or elsewhere at the Buyer’s sole risk and expense;

(ii) cancel the sale of the Lot;

(iii) set off any amounts owed to the Buyer by a Sotheby’s Group Company

against any amounts outstanding from the Buyer in respect of the Lot;

(iv) apply any payments made to us by the Buyer as part of the Purchase Price

and Buyer’s Expenses towards such Lot or any other Lot purchased by the Buyer,

or to any shortfall on the resale of any Lot pursuant to paragraph (viii)

below, or to any damages suffered by us as a result of breach of contract by

the Buyer;

(v) reject future bids from the Buyer or render such bids subject to payment of

a deposit;

(vi) charge interest at the annual percentage rate of 6% above the prime rate,

but in no event greater than the maximum rate permitted by law, from the date

on which payment is due to the date the Purchase Price and relevant Buyer's

Expenses are received in cleared funds (both before and after judgement);

(vii) retain or exercise a lien over any of the Buyer’s property that is in the

possession of a Sotheby’s Group Company, in which case we will inform the

Buyer, and we may thereafter arrange the sale of such property and apply the

proceeds to the amount outstanding;

(viii) resell the Lot at the Buyer’s expense either at auction or by private

sale, with estimates and reserves set at our discretion, and in the event such

resale is for less than the sum of the Purchase Price and applicable Buyer's

Expenses for that Lot, the Buyer will remain liable for the shortfall together

with all costs incurred in such resale;

(ix) commence legal proceedings to recover the Purchase Price and Buyer's

Expenses for that Lot, or to claim damages for the Buyer’s breach of contract,

together with interest and the costs of such proceedings on a full indemnity

basis; and

(x) release the name and address of the Buyer to the Seller to enable the

Seller to commence legal proceedings to recover the amounts due and legal

costs, and in such case, we will take reasonable steps to notify the Buyer

prior to releasing such details to the Seller.

(b) In the event the Buyer fails to pay any or all

of the Purchase Price for a Lot and we elect to pay the Seller any portion or

all of the sale proceeds, the Buyer acknowledges that we will have all of the

rights that the Seller would otherwise have against the Buyer for any such

amount, whether at law, in equity, or under these Conditions of Business for

Buyers.

(c) A defaulting Buyer will be deemed to have

granted and assigned to us and each other Sotheby’s Group Company a continuing

security interest of first priority in any property or money of or owing to

such Buyer in the possession, custody or control of us or any other Sotheby’s

Group Company, in each case whether at the time of the applicable sale, the

default or if acquired at any time thereafter, and we and each other Sotheby’s

Group Company may retain and apply such property or money as collateral

security for the obligations due to us or to any other Sotheby’s Group Company.

We and each other Sotheby’s Group Company will have all of the rights accorded

a secured party under the New York Uniform Commercial Code. A defaulting Buyer

hereby agrees that we and each other Sotheby’s Group Company may file financing

statements under the New York Uniform Commercial Code without the Buyer’s

signature.

10. Collection

and Delivery of Purchases

(a) The provisions of this Condition 10(a) apply

to all Lots (or portions of Lots) that are not NFTs:

(i) The Buyer is obliged to arrange collection of purchased Lots no later

than 30 calendar days after the date of sale, or if applicable, within the time

stipulated in the relevant sale information available on our website.

(ii) Except as set out in this Condition 10(a)(ii), all packing and handling

are at the Buyer's risk. We will not be liable for any acts or omissions of

third-party packers or shippers. For Lots from a Wine & Spirits auction

where we arrange for domestic shipping at your request on your behalf, we will

charge you a non-refundable fee at a rate of 1% of the Purchase Price for all

domestic shipments arranged. Such fee covers property handling and

administration and bearing liability for loss or damage to the Property while

in our possession. We will only be liable for breakage or loss during transit.

All packages must be inspected upon receipt and breakage or loss reported to us

immediately upon delivery of the property. We will not refund any shipping

charges, packing charges, or fees.

(iii) If you request Sotheby’s to assist with shipping purchased Lots to you,

we will include a shipping quote outlining the Buyer’s shipping costs (the “Buyer’s Shipping Quote”). For

international Buyers, the Buyer’s Shipping Quote will be exclusive of any taxes

or duties, and it is your responsibility to ascertain and pay all international

duties, custom charges, taxes, charges and tariffs owed to the appropriate

government entity or that otherwise need to be paid prior to shipment and/or

delivery including any third-party charges necessary to facilitate shipment.

Once you have accepted the Buyer’s Shipping Quote and we have received in full

the Purchase Price, applicable Buyer’s Expenses and you have paid in full the

amount stated in the Buyer’s Shipping Quote by the payment deadline, we will

arrange shipment of the Lot to you to the address you provided on your account

following conclusion of the sale. Purchased Lots cannot be delivered to P.O.

boxes, and we are unable to arrange delivery to those locations specified as

excluded zones in the shipping costs calculator that is available on the Online

Platform. If you request delivery of a Lot to any such destination, we reserve

the right to require you to collect the Lot from us or to arrange delivery of

the Lot by a third-party carrier.

(iv) If the Buyer pays the Purchase Price and Buyer's Expenses but fails to

collect a Lot within 30 calendar days of the conclusion of the auction, we will

store the Lot at the Buyer's expense and risk at our premises or with a third

party. Regarding uncollected Lots from a Wine & Spirits auction, if a purchased

Lot remains uncollected after 90 days, we may send it to our wine warehouse,

upon which time applicable state and local sales tax will be charged. The Buyer

hereby agrees to the Virtual Cellar Terms of Use, Storage Terms of Use and

Auto-Renewal Policy with regard to the storage of such Lot(s), which can be

found at https://www.sothebyswine.com/ny/storage.

(v) If a purchased Lot is not collected within six months of the auction, the

Buyer authorizes us, having given notice to the Buyer, to arrange a resale of

the Lot by auction or private sale, with estimates and reserves at our

discretion. Any such sale conducted by a Sotheby’s Group Company will be

conducted under the standard Conditions of Business for Sellers and the

Conditions of Business for Buyers, if any, applicable to the relevant sale. If

the Lot sells, we will be entitled to deduct from the sale proceeds our

standard seller’s commission and any other costs we incur in selling the Lot,

and any excess will be remitted to the Buyer.

(b) The provisions of this Condition 10(b) apply

to all Lots (or portions of Lots) that are NFTs:

(i) In order to receive an NFT, you must have a digital wallet that is

capable of supporting and accepting the NFT, that you own, and to which you

have access. You understand and acknowledge that not all digital wallets

can support storage of a non-fungible token, and that if your wallet does not

support storage of the NFT purchased by you, you may not be able to access that

NFT. If you fail to provide us with an address for a digital wallet that is

capable of supporting and accepting the NFT within five business days of the

conclusion of the sale, we may, in our sole discretion, treat the NFT as

transferred to you for purposes of Condition 11(a)(iii), treat the NFT Lot as a

Lot for which the Buyer has failed to pay in full for purposes of Condition 9,

and hold you responsible for all resulting third-party fees (including, without

limitation, custodial fees, insurance, network fees, taxes, transfer fees,

etc.).

(ii) We or the Seller will mint or transfer the NFT to the digital wallet that

you have specified, after you have met the conditions in Condition 8 and

subject to any additional timing or criteria included in the Catalogue or other

descriptions of the Lot. We or the Seller will transfer the NFT to the wallet

address specified by you and are not responsible for confirming that you have

supplied us with the correct or a valid address. We and the Seller are not

responsible if the transfer of the NFT to your wallet fails, unless such

failure is the result of us sending the NFT to a wallet address other than the

one provided by you.

11. Risk

and Responsibility for Lots

(a) Risk and responsibility for a purchased Lot

will transfer to the Buyer as follows:

(i) for Lots (or

portions of Lots) that are not NFTs in live auctions: on the earlier of: (1) collection of the Lot, or (2) the 31^st calendar day after the sale, or if applicable, the expiry of the time

specified in the special sale information available on our website, except that

risk and responsibility for wine or spirits casks will transfer to the Buyer

upon the fall of the hammer. For any Lots stored at a third-party location and

not available for collection from our premises, your provision to us of

instructions authorizing the release to you or your agent shall constitute

collection by the Buyer.

(ii) for Lots (or

portions of Lots) that are not NFTs in timed auctions: (1) if we dispatch the Lot to the Buyer (using the method of shipping

the Buyer specified for the Lot), when the Lot comes into the physical

possession of the Buyer or the Buyer’s designated agent or (2) if collection by

the Buyer is available, when the Buyer or the Buyer’s designated agent collects

the Lot, except that in either of the foregoing, risk and responsibility for

wine or spirits casks will transfer to the Buyer upon the fall of the hammer.

If you choose to exercise any right you may have to cancel the contract for the

purchase of the Lot (in accordance with the procedure set out at Condition 12

below), you acknowledge that the Lot is at your risk and that you should

therefore insure the Lot against loss or damage until it is returned to us.

(iii) For Lots (or

portions of Lots) that are NFTs: After transfer of the NFT to the digital

wallet specified by you, you are responsible for secure storage of the NFT in

the wallet or other storage mechanism you use to receive and/or hold the

NFT. You are solely responsible for any risks associated with the

transferring, creating, holding, storing, or use of NFTs or a digital wallet,

as applicable, including network failures or disruptions; corrupted wallet

files; viruses, phishing, bruteforcing, hacking, security breaches, mining

attacks, or other means of attack against the NFT; risk of losing access to the

NFT due to loss of private key(s); custodial or buyer error; regulatory

interference in one or more jurisdictions; token taxation; personal information

disclosure; uninsured losses; failure to provide appropriate maintenance

(including without limitation hosting); and other unanticipated risks. Neither

we nor the Seller will not be responsible for any such risks or losses.

(b) Once risk passes to the Buyer, the Buyer

irrevocably releases us and each other Sotheby’s Group Company, our and their

respective officers and employees, agents, warehouses and the Seller, from any

and all claims, causes of action, liabilities, damages, losses, and expenses

(including but not limited to reasonable attorneys’ fees) for loss of or damage

to the Lot.

(c) Before risk and responsibility for a purchased

Lot transfers to the Buyer in accordance with this Condition 11, we assume

liability for loss or damage to a Lot, subject to the exclusions set out in

paragraph (d) below. In the event of loss or damage for which we have assumed

liability, we will determine the extent of depreciation to the Lot, if any,

caused by the loss or damage and compensate the Buyer in respect of that loss

up to the amount of the Purchase Price paid by the Buyer for the Lot.

(d) We will not be liable for any loss or damage

(1) caused by any process undertaken by independent contractors engaged with

your consent, including but not limited to for restoration, conservation,

framing or cleaning; (2) caused to frames or to glass covering prints,

paintings or other flat works; or (3) caused by changes in humidity or

temperature (as long as we take reasonable care in handling the Lot), normal

wear and tear, gradual deterioration or inherent vice or defect (including

woodworm), war, any act or acts of terrorism (as defined by our insurers),

nuclear fission, radioactive contamination, or chemical, bio-chemical or

electromagnetic weapons. If the Lot is an NFT, in addition to the above, we

will not be liable for any loss related to damage or corruption to the

Referenced Content, failure of the NFT to reference the Referenced Content, or

loss of, or other security or persistence issues related to, the Referenced

Content.

(e) Upon your receipt of payment from us for any

loss or damage to a Lot in accordance with this Condition 11, you, on your own

behalf and on behalf of your insurer(s), irrevocably release us and each other

Sotheby’s Group Company, our and their respective officers and employees,

agents, warehouses and the Seller from all liability for loss of or damage to

such Lot and irrevocably waive all rights and claims that you might have

against us or any other Sotheby’s Group Company, our or their respective

officers or employees, agents, warehouses or the Seller in connection with the

same.

12. Consumer

Cancellation

(a) Timed Auction Cancellation of Purchase

(i) If you are a “Consumer”

(namely a person acting for purposes that are wholly or mainly outside of your

trade, business, craft or profession) who habitually resides in the European

Union or United Kingdom and the Seller is a “Trader”

(namely a Seller acting for purposes relating to their trade, business, craft

or profession, whether acting personally or through another person acting in

the trader’s name or on the trader’s behalf), then you have the right to cancel

your online purchase of goods (except for goods that are personalized or made

to the Buyer’s specifications) (the “Consumer

Cancellation Right”) for any reason during the period of 14

calendar days after you or your designated agent (other than the carrier)

acquires physical possession of the Lot or, if the Lot is an NFT, after the

date that you have submitted payment but before we or the Seller have initiated

the transfer of the NFT to the wallet specified by you (the “Consumer Cancellation Period”).

Once, however, we or the Seller have initiated the transfer of the NFT to the

wallet specified by you, you agree that you will no longer have the right to

cancel the sale under the terms of this Condition. To exercise the Consumer

Cancellation Right in relation to a Lot, the Consumer must (1) notify us of

intention to cancel by a clear statement (e.g. a letter sent by post, fax or

email or you may use the model cancellation form provided in Condition 12(c))

prior to the end of the Consumer Cancellation Period, and (2) for Lots that are

not NFTs, return the Lot to us in the same condition as when you or your

representative received it, by no later than 14 calendar days after providing

notice of intent to cancel.

(ii) You shall return the Lot or deliver it to us at such address as we may

specify for the purpose, without undue delay and in any event no later than 14

calendar days from the day after which you notify us of your intention to

cancel your purchase of the Lot. This deadline is met if you send back the Lot

before the period of 14 calendar days has expired. You must bear the direct costs

of returning the Lot. If we had arranged for the Lot to be delivered to you, we

estimate that the cost of returning the Lot by the same means is likely to be

similar to the cost of delivery, but it is not possible for us to be more

accurate as to this cost due to the many variables involved in our worldwide

business model and the means by which a return might be made.

(iii) If the foregoing conditions for exercising the Consumer Cancellation

Right are met, we will reimburse the Buyer for Purchase Price, if paid, plus

standard delivery charges, if we are required to do so in accordance with the

Consumer Cancellation Right. We will not process the reimbursement unless and

until the Lot is returned to us or you have supplied us with evidence of having

returned the Lot to us.

(iv) We will make the reimbursement to the Buyer using the same method of

payment as the Buyer used for the initial transaction, unless expressly agreed

otherwise. We will not charge the Buyer any fee in connection with processing

the reimbursement.

(v) We will not reimburse the Buyer for any supplementary costs that arose if

you chose a type of delivery other than the least expensive type of standard

delivery offered by us or any import duties you incur as a result of you

returning the Lot to us. We are entitled to deduct from the reimbursement the

amount of any loss in value of the Lot that is caused as a result of

unnecessary handling by you.

(vi) If you exercise a Consumer Cancellation Right pursuant to this Condition

12 and you paid any amount(s) due using cryptocurrency, we may, at our sole

discretion, refund you (1) the same amount(s) of the same cryptocurrency that

you paid to us; (2) the amount(s) in fiat currency that we invoiced to you; or

(3) the fiat currency equivalent, based on the exchange rate quoted by a

financial entity designated by us, at the time the refund is made of the

amount(s) of cryptocurrency that you paid. In no circumstance will you be

entitled to receive any appreciation on the value of the cryptocurrency that

you provided to us as payment in connection with a refund.

(b) Cancellation of Delivery Services

(i) If you are a Consumer who habitually resides in the European Union or

United Kingdom, then you have the right to cancel the contract for any delivery

services in connection with your purchase of a Lot (the “Services Cancellation Right”) for

any reason during the period of 14 calendar days after the conclusion of the

contract for delivery services (the “Services

Cancellation Period”).

(ii) If you request us to begin performance of the delivery services during

the Services Cancellation Period and subsequently decide to exercise your right

to cancel the provision of services during the Services Cancellation Period,

you shall pay us the cost of the services that have been performed by the time

you exercise your cancellation right. We will make any reimbursement due to you

not later than 14 days after the date on which we are informed about your

decision to cancel the services. We will make the reimbursement to you using

the same method of payment as you used for the initial transaction, unless

expressly agreed otherwise. We will not charge any fee in connection with

processing the reimbursement.

(c) To exercise a Consumer or Services

Cancellation Right, you must notify us of your intention to cancel by a clear

statement (e.g. a letter sent by post, fax or email) prior to the end of the

Consumer or Services Cancellation Period. Alternatively, you may use the

following model cancellation form:

To: Sotheby’s [insert the name of the company within the Sotheby’s Group

conducting the relevant sale]

I/We* hereby give notice that I/We* cancel [my/our online purchase of the

following goods[*]][the provision of the following delivery services [*]],

Ordered on [*]/received on [*],

Name of Consumer(s):

Address of Consumer(s):

Signature of Consumer(s) [only if the notification is in hard copy]

Date:

[*] Delete as appropriate

13. Exclusions

and Limitations of Liability

(a) Generally

(i) Neither we nor the Seller will be liable for errors or omissions in the

glossary of terms, if any, or the Catalogue or other descriptions of the Lot,

though if we discover a material error or omission in such materials prior to

the auction, we will endeavor to provide a correction, time permitting.

(ii) We reserve the right to withdraw any Lot before the conclusion of the

sale and will have no liability to you for such withdrawal. Regarding

Experiences, we reserve the right to withdraw any Experience before or after

the sale, and we will have no liability to you for such withdrawal.

(iii) We offer the Online Platforms as a convenience to clients. The

application that enables participation via the Online Platforms is optimized

for broadband connectivity (DSL or cable modem). Broadband or other internet

capacity constraints, corporate firewalls and other technical problems beyond

our reasonable control may create difficulties for some users including, for

example, in relation to accessing an auction via the Online Platforms and in

maintaining continuity of such access. Neither we nor the Seller will be liable

to you for any failure to execute bids through our Online Platforms, or errors

or omissions in connection therewith, including, without limitation, errors or

failures caused by (1) any loss of connection between you and our Online

Platforms; (2) a breakdown on or problem with our Online Platforms or other

technical services; or (3) a breakdown or problem with your internet

connection, computer, mobile device or system.

(iv) We are not liable to you for any acts or omissions in connection with the

conduct of the auction or for any matter relating to the sale of any Lot, other

than as set out in the Authenticity Guarantee, or as may be required by

applicable law.

(v) The Seller of any Lot is not liable to you for any acts or omissions in

connection with any matter relating to the sale of such Lot, other than a

breach of the express representations and warranties given by the Seller.

(vi) Unless we own a Lot offered for sale, we are not responsible for any

breach of these Conditions of Business for Buyers by the Seller.

(vii) Neither you nor we nor the Seller will be liable for any special,

consequential, indirect, incidental or punitive damages.

(viii) With respect to Experiences, no Sotheby’s Group Company, nor our and

their respective officers and employees, will be liable for any negligent act

or omission of any person or entity providing any goods or services arising out

of or in connection with the fulfillment of an Experience or the Buyer’s

participation in the Experience, or for any claims, causes of action,

liabilities, damages, losses, or expenses (including but not limited to

reasonable attorneys’ fees) arising out of or in connection with the Buyer’s

interaction with the Seller or any third party in connection with an

Experience.

(ix) Without prejudice to Conditions 13(a)(i)-(viii), our and the Seller’s

aggregate liability to you under these Conditions of Business for Buyers for

any claim relating to a Lot will not exceed the amount of the Purchase Price of

the Lot actually paid, except in the case of our willful misconduct or fraud,

or in the case of death or personal injury caused by our negligent acts or

omissions.

(b) In addition to the terms set forth in

Condition 13(a) above and without limiting Condition 3(j) above in any way,

NFTs shall be subject to the additional terms in this Condition 13(b).

(i) We are only selling the ownership rights to the NFT and in no way are we

responsible for any resales or secondary market sales of the NFT or the

Referenced Content or any iterations of the same. Any copyright(s) in and to

the NFT and Referenced Content, including but not limited to, any reproduction

rights in any Referenced Content, remain with the creator(s) thereof, and the

purchase of the NFT does not constitute an assignment of any copyright(s) in

and to the NFT or Referenced Content. If you purchase an NFT, then, including

without limitation, these Conditions of Business for Buyers, and any Listing

Terms, we hereby grant you a worldwide, non-exclusive, non-transferable,

royalty-free license to use, copy and display the NFT and the Referenced

Content for such purchased NFT solely for the following purposes: (a) for your

own personal, non-commercial use; (b) as part of a marketplace that permits the

purchase and sale of your NFTs; or (c) as part of a third party website or

application that permits the inclusion, involvement, or participation of your

NFT. This license only lasts as long as you are the valid owner and holder of

the NFT associated with the Referenced Content. If you sell or transfer the NFT

to another person, this license will transfer to such other owner or holder of

the NFT, and you will no longer have the benefits of such license. All rights

not expressly granted herein are reserved.

(ii) You agree that you may not, nor permit any third party to do or attempt

to do any of the following without our (or, as applicable, our licensors’)

express prior written consent in each case: (a) modify the Referenced Content

for NFTs in any way, including, without limitation, the shapes, designs,

drawings, attributes, or color schemes; (b) use the Referenced Content for your

NFT to advertise, market, or sell any third party product or service; (c) use

the Referenced Content for your NFT for any derogatory or defamatory purpose

that creates harmful associations or a risk of harm, damage or liability to any

of the Sotheby’s Group Companies, e.g., in connection with images, videos, or

other forms of media that depict hatred, intolerance, violence, cruelty, or

anything else that could reasonably be found to constitute hate speech or

otherwise infringe upon the rights of others; (d) sell, distribute for

commercial gain (including, without limitation, giving away in the hopes of

eventual commercial gain), or otherwise commercialize merchandise that

includes, contains, or consists of the Referenced Content for your NFT; (e)

attempt to trademark, copyright, or otherwise acquire additional intellectual

property rights in or to the Referenced Content for your NFT; (f) create, sell

or attempt to create or sell fractionalized interests in the Referenced Content

or any NFT; or (g) otherwise utilize the Referenced Content for your NFT for

your or any third party’s commercial benefit.

(iii) If the Referenced Content associated with your NFT contains third party

copyrights, trade secrets, trademarks, know-how, patent rights or any other

intellectual property rights recognized in any country or jurisdiction in the

world (collectively, “Third Party IP”)

(e.g., licensed intellectual property from any rights holder, such as music

performance rights or publicity rights), you understand and agree as follows:

(a) you will not have the right to use such Third Party IP in any way except as

incorporated in the Referenced Content for your NFT, and subject to the license

and restrictions contained herein; (b) depending on the nature of the license

granted from the owner of the Third Party IP, we may need to (and reserve every

right to) pass through additional restrictions on your ability to use the

Referenced Content; (c) to the extent that we inform you of such additional

restrictions, you will be responsible for complying with all such restrictions

from the date that you receive the notice, and that failure to do so will be

deemed a breach of the license contained herein; (d) such third party owns and

retains all right, title and interest in and to such Third Party IP except as

expressly licensed hereunder; and (e) the licensor of such Third Party IP shall

be a third-party beneficiary of (but not a party to), and entitled to enforce,

these Conditions of Business for Buyers against you with respect to such Third

Party IP.

(iv) Transfer of ownership to an NFT will not guarantee that you will continue

to have access to the Referenced Content to which it relates and you further

acknowledge and agree to the risks associated with purchasing, using,

transferring, and owning NFTs, as applicable, including, but not limited to,

telecommunications, network, server, or blockchain failures, malfunctions, or

disruptions; risk of losing access to the NFT due to lost or forgotten private

key(s) or password(s) or corrupted wallet files; mis-typed addresses or

incorrectly constructed transactions; viruses, phishing, bruteforcing, hacking,

security breaches, mining attacks, or other means of cyber-security attack;

custodial or buyer error; regulatory interference in one or more jurisdictions;

token taxation; personal information disclosure; uninsured losses; and other

unanticipated risks.

(v) Neither you nor we nor the Seller will be liable for any special,

consequential, indirect, incidental or punitive damages, including, as

applicable, damages relating to any of the risks or disclaimed attributes set

forth in Condition 13(b)(iii). In addition to the above, we will not be liable

for any loss whatsoever related to damage or corruption to the Referenced

Content, failure of the NFT to reference the Referenced Content, or loss of, or

other security or persistence issues related to, the Referenced Content.

(vi) You have sufficient understanding of NFTs, digital wallets and other

storage mechanisms, cryptocurrencies, blockchain technology, and the use,

characteristics, functionality, programming, and/or other material

characteristics of all of the foregoing, to fully understand and agree to these

Conditions of Business for Buyers and the disclaimers and risks outlined

herein, or have consulted with professional advisors in relation to the

foregoing such that any participation by you in the auction of any NFT

constitutes an informed acceptance of such disclaimers and risks.

14. Data

Protection

(a) We will hold and process your personal

information and may share it with another Sotheby’s Group Company for use as

described in, and in line with, our Privacy Policy published on our website

https://www.sothebys.com/privacy-policy or available on request by email to enquiries@sothebys.com.

(b) We may film auctions or other activities on

any Sotheby’s Group Company’s premises and such recordings may be transmitted

over the internet via our website or other Online Platforms or social media.

Online and telephone bids may be recorded and you agree to such recording.

15. AUTHENTICITY

GUARANTEE

(a) We, as principal, provide an Authenticity

Guarantee to the Buyer, subject to the following terms and conditions, that the

information regarding authorship, period or origin set out in the Guarantee

Line (as defined) is correct. The “Guarantee

Line” for each Lot is set out on the respective Lot page in the

online Catalogue on our website and, where applicable, in the Guarantee Line

Schedule in the hardcopy Catalogue (if any). Notwithstanding anything to the

contrary in this Condition 15, with respect to NFTs, unless otherwise set forth

on the respective Lot page on our website, the Guarantee Line is regarding the

authorship of the Referenced Content, if any. The Guarantee Line may be amended

by a salesroom or website posting or announcement. Buyers should refer to

the glossary of terms, if any, for an explanation of terminology used in the

Guarantee Line.

(b) The Authenticity Guarantee is provided for a

period of five years after the date of the auction (the “Guarantee Period”), except as

otherwise provided below.

(c) The Authenticity Guarantee is provided solely

for the benefit of the Buyer and cannot be transferred to any third party.

(d) To claim under the Authenticity Guarantee, the

Buyer must:

(i) notify us in writing within three months of receiving any information

that causes the Buyer to question the correctness of the Guarantee Line and in

any event by no later than the expiry of the Guarantee Period, specifying the

Lot number and the date of the sale in which it was purchased, and providing

all the information in the Buyer’s possession in support of the Buyer’s claim;

and

(ii) return the Lot to us or, at our direction, to the Seller or another third

party, in the same condition as at the date of sale to the Buyer and be able to

transfer good title in the Lot, free from any third-party interest or claim(s)

arising after the date of the sale.

^[1]In addition, we may also require the Buyer

to obtain at the Buyer's cost the reports of two independent and recognized

experts in the field, mutually acceptable to us and the Buyer. We will not be

bound by any such reports and we reserve the right to seek additional expert

advice at our expense.

(e) We reserve, in our absolute discretion as

principal, the right to reject a claim under the Authenticity Guarantee if:

(i) the Guarantee Line was in accordance with the opinions of scholars and

experts, which are generally accepted and known or privately expressed to us,

as at the date of the sale, or the Lot description indicated that there was a

conflict of such opinions;

(ii) the only method of establishing that the Guarantee Line was incorrect at

the date of the sale would have been by means or processes not then generally

available or accepted, unreasonably expensive or impractical to use, or likely

to have caused damage or loss of value to the Lot;

(iii) the manner in which the Guarantee Line is said to be incorrect is due

only to damage, restoration, modification work of any kind (including

repainting or over-painting) present at the time of the sale, or the inability

of the manufacturer, maker or relevant archives to confirm the correctness of

the Guarantee Line; or

(iv) the manner in which the Guarantee Line is incorrect does not result in a

material loss in value of the Lot.

(f) Subject to the above, if we reasonably

determine that the Guarantee Line in respect of a Lot is not correct, we will

ensure that the sale is rescinded, and that the Buyer is refunded the Purchase

Price in the currency of the sale.

(g) The Buyer acknowledges and agrees that

rescission of the sale and the refund of the Purchase Price is the Buyer’s sole

remedy available under the Authenticity Guarantee and is in lieu of any other

remedy that might otherwise be available to the Buyer as a matter of law or in equity.

(h) Additional provisions specific to Lots in

Jewelry, Wine & Spirits, Tea and Books & Manuscripts auctions:

(i) With respect to Lots containing any gemstone, jade or pearls, the

Authenticity Guarantee is that the gemstone or pearls are genuine or of natural

origin, and the Guarantee Period for any claim that the gemstone or pearls are

not genuine or of natural origin is 21 days from the date of the sale.

(ii) With respect to Lots sold in a Wine & Spirits or Tea auction, the

Authenticity Guarantee is that the producer and vintage (and for Tea, type) is

as stated in the Guarantee Line, and the Guarantee Period is 21 days from the

date of the auction.

(iii) With respect to Lots sold in a Books & Manuscripts auction, the

Authenticity Guarantee also includes a guarantee to the Buyer for a Guarantee

Period of 21 days from the date of the auction that, subject to Conditions

15(c)-(g), the Lot’s text and/or illustrations are not materially defective.

Subject to the following exceptions, if we reasonably determine that the text

or illustrations in a Lot are materially defective, we will ensure that the

sale is rescinded, and that the Buyer is refunded the Purchase Price in the

currency of the sale. We reserve the right to reject a claim under this

Condition 15(h) if:

(1) the Lot comprises an atlas, an extra-illustrated book, a volume with

fore-edged paintings, a periodical publication or a print or drawing;

(2) in the case of a manuscript, the Lot was not described in the Catalogue

as complete;

(3) the defect complained of was mentioned in the Lot description or the item

complained of was sold un-named in a Lot;

(4) the defect complained of is not a defect in text or illustration, such as

without limitation, damage to bindings, stains, foxing, marginal wormholes,

lack of blank leaves or half titles or other conditions not affecting the

completeness of the text or illustration, lack of list of plates, inserted

advertisements, cancels or any subsequently published volume, supplement,

appendix or plates or error in the enumeration of the plates, or is based on

the age of hand-coloring in maps, atlases or books; or

(5) the manner in which the text or illustrations are defective does not

result in a material loss in value of the Lot.

(i) For the avoidance of any doubt, the

Authenticity Guarantee does not limit any rights or remedies that may be

available to the Buyer under the applicable law and that cannot by law be

excluded or limited by these Conditions of Business for Buyers.

16. Miscellaneous

(a) You shall provide to us, upon our request,

verification of identity and any additional information required to comply with

our Know Your Client requirements, applicable law or to evidence your authority

to enter into these Conditions of Business for Buyers. If you are an agent

acting on behalf of a principal, you shall also disclose to us the identity of

the principal and provide to us, upon our request, verification of identity and

any additional information required to comply with our Know Your Client

requirements, applicable law with respect to you and the principal or to

evidence your authority to bid on behalf of and to bind the principal. We

reserve the right to seek identification of the source of funds received. If we

have not completed our enquiries in respect of Know Your Client, Sanctions,

anti-money laundering, anti-terrorist financing or other checks as we consider

appropriate concerning you (or your principal, if applicable) to our

satisfaction or if we are not satisfied in our sole discretion with the results

of such enquiries, we may, in our sole discretion, prohibit you or the

principal from bidding, or not complete, cancel or rescind the sale of any Lot,

including refusing or returning any payment, as appropriate, and take any

further action required or permitted under applicable law without any liability

to you.

(b) You are personally liable for your bid. If you

are an agent acting on behalf of a principal, you and your principal are bound

by the terms of these Conditions of Business for Buyers and jointly and

severally assume your obligations and liabilities under them.

(c) We own the exclusive copyright to all images

and written material we produce relating to each Lot. You cannot use them

without our prior written permission. We may use them as we deem appropriate,

to the extent permitted by law, before, during or after the sale of a Lot.

(d) The Conditions of Business for Buyers,

including the Authenticity Guarantee, and the express representations and

warranties and indemnity given by the Seller together are the entire agreement

between us, the Seller and you with respect to the subject matter hereof and

supersedes all prior or contemporaneous written, oral or implied

understandings, representations or agreements relating to the subject matter of

this agreement. If any part of this agreement is deemed invalid or

unenforceable, such invalidity or unenforceability will not affect the

remaining provisions, which will remain in full force and effect. No act,

omission or delay by us shall be deemed a waiver or release of any of our

rights.

(e) These Conditions of Business for Buyers are

binding upon, and inures to the benefit of, you, your estate, heirs, executors,

devisees, representatives, administrators, successors and permitted assigns.

(f) You may not assign or delegate your rights or

obligations under these Conditions of Business without our prior written

consent.

(g) Notices to us should be in writing and

addressed to the department in charge of the sale, quoting the reference number

specified for the auction.

17. Law

and Jurisdiction

This agreement will be governed by and

construed in accordance with the laws of the State of New York. In the event of

a dispute arising from or relating to this agreement, you agree to submit to

the exclusive jurisdiction of the state courts of and the federal courts

sitting in the State and County of New York, though we will retain the right to

bring proceedings in a court other than the state and federal courts sitting in

the State and County of New York.

Last Modified November 14, 2022

BUYING AT AUCTION

The following will help in understanding the

auction buying process as well as some of the terms and symbols commonly used

in an auction catalogue. All bidders should read the Conditions of Business for

Buyers, as well as the Glossary or any other notices. By bidding at auction,

bidders are bound by the Conditions of Business for Buyers, as amended by any

oral announcement or posted notices.

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 Business for Buyers 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, a notice will be added to the Sotheby’s webpage for the

auction, or a pre-sale or pre-lot announcement will be made indicating that

there is a guarantee on the lot.

⋑ 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, a notice will be added to the Sotheby’s

webpage for the auction, or a pre-sale or pre-lot announcement will be made

indicating that there is an irrevocable bid on the lot. 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, a notice will be added to the Sotheby’s

webpage for the auction, or a pre-sale or pre-lot announcement will be made

indicating that an interested party may bid on the lot.

◉ 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. 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 inspect the lot and 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 lot’s 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 Special 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.

➿ Cryptocurrency Payments

We will accept cryptocurrency as payment for

lots with this symbol, within the parameters specified in the Conditions of

Business for Buyers (or where applicable, in the Conditions of Sale and

Additional Conditions of Sale for Payment by Cryptocurrency) applicable to the

sale and only on the terms and conditions set out therein as of the date of the

sale. Please review those terms and conditions if you are interested in paying

in cryptocurrency, and contact Post Sale Services for more information.

¤ Financing Eligible

Lots with this symbol indicate that financing

of up to 50% of the lot’s low auction estimate is available for eligible

borrowers through Sotheby’s Financial Services. More information is available

at sothebys.com/bidnowpaylater or by speaking to your Sotheby’s Relationship

Manager.

2. BEFORE THE AUCTION

Bidding in advance of the live auction For certain sales, you may bid in advance of the live auction

(“Advance Bids”) on sothebys.com or the Sotheby’s App. In order to do so, you

must register an account with Sotheby’s and provide requested information. Once

you have done so, navigate to your desired lot, and click the “Place Bid”

button. You may bid at or above the starting bid displayed on the Online

Platforms. Please note that we reserve the right to amend the starting bid

prior to the start of the live auction. You may also input your 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). The

current leading bid will be visible to all bidders; the value and status of

your maximum bid will be visible only to you. If the status of your bid

changes, you will receive notifications via email and push (if you have enabled

push notifications) leading up to the live auction. You may raise your maximum

bid at any time in advance of the live auction. Please note in certain

circumstances, clients who have been outbid may be reinstated as the leading

bidder and will receive notification via email or push notifications (if

enabled on your device).

The Catalogue The catalogue will help familiarize you with

property being offered at the designated auction. Prospective bidders should

consult sothebys.com for the most up to date cataloguing of the property in

this catalogue.

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 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

include 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 in charge

of the sale, or Sotheby’s Client Services Department. You may also request a

condition report from the specialist in charge.

Viewing Property will be available for viewing at an

exhibition of the auction property or by appointment only at our New York

premises or such other location as we may indicate from time to time as

indicated on the webpage for the sale.

Salesroom Notices Salesroom notices amend the catalogue

description after our catalogue is available. They are announced by the

auctioneer and/or posted on the sale page. Please take note of them.

Registration 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 date

of the sale. Any exchange losses or fees associated with the refund shall be

borne by you. Registration to bid on Premium Lots must be done at least 3

business days prior to the sale.

3. DURING THE AUCTION

The Auction Auctions are open to the public (subject to

any governmental health or safety restrictions) without any admission fee or

obligation to bid. The auctioneer introduces the objects for sale — known as

“lots” — in numerical order as listed in the catalogue. Unless otherwise noted

in the catalogue, on the sale page or by an announcement at the auction,

Sotheby’s 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. The auctioneer may further bid on behalf of the seller, up to the

amount of the reserve, by placing responsive or consecutive bids for a lot. The

auctioneer will not place consecutive bids on behalf of the seller above the

reserve.

Absentee Bidding for Live Auctions If you do not wish to bid online during a live auction, 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. Once the live auction opens, when

the lot that you are interested in comes up for sale, the auctioneer will

execute the bid on your behalf, at the lowest bid increment possible, as may be

determined at the auctioneer’s discretion, and never exceeding your limit. This

service is free and confidential.

Advance Bidding for Live Auctions For certain live

sales, where Advance Bids are accepted, if you submit an “Advance Bid” (as

described above in “BEFORE THE AUCTION”), and your bid is not executed up to

its maximum value before the live 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 the Online Platforms

at the next increment above your maximum bid. Online bidding may not be

available for Premium Lots.

In Person Bidding for Live Auctions For the most up-to-date information regarding in person bidding, please

call Sotheby’s or visit Sothebys.com. Bidders are encouraged to submit bids

online on Sothebys.com or through the Sotheby’s App.

Telephone Bidding for Live Auctions In some circumstances, we offer the ability to place bids by telephone

live to a Sotheby’s representative on the auction floor. Please contact the Bid

Department prior to the sale to make arrangements or to answer any questions

you may have. Telephone bids are accepted only at Sotheby’s discretion and at

the caller’s risk. Calls may also be recorded at Sotheby’s discretion. By

bidding on the telephone, prospective buyers consent thereto.

Online Bidding Bidders are encouraged to submit bids online

on Sothebys.com or through the Sotheby’s App. For information about registering

to bid on sothebys.com or through the Sotheby’s App, please see sothebys.com.

Online bidding may not be available for Premium Lots.

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.

Economic Sanctions The United States, the United Kingdom and the

European Union maintain economic and trade sanctions against targeted foreign

countries, groups and organizations. There may be restrictions on the import

into the United States, the United Kingdom and the European Union of certain

items originating in sanctioned countries. The purchaser’s inability to import

any item into these countries 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 the Overhead Premium For lots which are sold, the last price for a lot as announced by the

auctioneer is the hammer price. 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 applicable buyer’s premium and overhead premium rates

are as set forth in the Conditions of Business for Buyers.

Currency Board As a courtesy to bidders, a currency board is

operated in many salesrooms. It displays the lot number and current bid in both

U.S. dollars and foreign currencies. Exchange rates are approximations based on

recent exchange rate information and should not be relied upon as a precise

invoice amount. Sotheby’s assumes no responsibility for any error or omission

in foreign or United States currency amounts shown.

Results Sale results are available on sothebys.com

and on the Sotheby’s App.

International Auctions If you need assistance placing bids,

obtaining condition reports or receiving auction results for a Sotheby’s sale

outside the United States, please contact our International Client Services

Department.

4. AFTER THE AUCTION

Payment If your bid is successful, your invoice will

be 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. 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) through the Sotheby’s

App, (c) by calling in to Post Sale Services at +1 212 606 7444, or (d) in

person at Sotheby’s premises at the address noted in the catalogue (subject to

any governmental health or safety restrictions). Please contact Post Sale

Services for more information regarding paying in person.

Payment by Check Please contact Post Sale Services for

information regarding payment by check.

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

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 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 courtesy to purchasers who come to Sotheby’s to collect property,

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.

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

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 Business for Buyers

applicable to the sale.

IMPORTANT INFORMATION FOR PURCHASERS AT WINE AND SPIRIT SALES

The following will help explain some of the

words and symbols commonly used throughout this catalogue.

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.

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.

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.

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.

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 Buyers.

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 Buyers. Sotheby’s will

forward to Sotheby’s Wine all delivery and collection requests received from

Buyers. On behalf of Buyers, 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. 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. Sotheby’s Wine does not ship wine via DHL, FedEx or UPS

when a lot contains wine which is older than 25 years old 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.

Shipping to Hong Kong Sotheby’s Wine is delighted to offer

consolidated shipping to Hong Kong up to four times a year 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 transit time is one to two months.

Please note Sotheby’s Wine will not guarantee arrival dates.

• Sotheby’s or Sotheby’s Wine 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 may not ship partial

invoices.

• Wines may be sold and delivered only to

persons who are 18 years old or above.

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.

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 We Collect 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, 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%.

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 wine

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.

Sales Taxes, VAT and other Indirect Taxes on NFTS Please note that many jurisdictions will consider the sale of NFT’s to be

the sale of digital property or goods or an Electronically Supplied Service

subject to the buyers’ local indirect taxes. Sotheby’s will collect any

applicable sales tax, compensating use tax, VAT, consumption tax, goods or

services tax or other indirect taxes, luxury tax, excise tax, and duties or

tariffs on the purchase of NFTs where and as required by applicable law. In

most cases, such determination will be based on the billing address of the Buyer.

For the lots that include physical objects associated with them, tax may be

collected on those lots based on the physical delivery address and not billing

address. 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.

Sotheby’s is required to request a properly completed resale certificate to

document that the purchase is for resale. If you wish to provide a resale

certificate for your purchase, please contact our Post Sale Services team. The

winning bidders will be provided with a declaration statement, which they will

be required to complete to provide us with the billing address, and return to

Sotheby’s, along with supporting documentation for that billing address, before

an invoice can be issued.

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 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 our 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 we are

registered, we are 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, we 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 We are Not Required to Collect Sales Tax We are 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 we are 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. We are 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. Similarly, 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.

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

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 Business for Buyers. 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 of our or our vendor’s

premises. 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 any 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 premises

or our vendor’s premises by the buyer at their expense no later than 30

calendar days following 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 date of

the auction.

Collection & Shipping All collections and deliveries for purchased property will be handled by

Post Sale Services in coordination with purchasers after the auction.

For any in-person collections at any of our

vendor’s premises, please alert Post Sale Services of your proposed collection

date, ensure that all outstanding invoices have been paid for, and that you or

your agent have the appropriate photo identification upon arrival.

If you are using your own shipper to collect

property, please provide a letter of authorization and instruct your shipper to

email their bill of lading to billsoflading@sothebys.com and ensure the correct

collection location is specified.

Sotheby’s can arrange for delivery of your

property through one of our contracted vendors or can coordinate pick up at our

offsite location with you or your shipper directly. Please contact Post Sale

Services at +1 212 606 7444 or USPostSaleServices @sothebys.com to start your

collection process.

Important Notice Regarding Packing

As a courtesy to purchasers who come to

Sotheby’s to pick up property, Sotheby’s will assist in packing framed

paintings. Sotheby’s is unable to remove canvases off stretchers or to roll

works on paper. Purchasers are advised to contact an independent painting

restorer to pack works in this manner.

GLOSSARY FOR PAINTINGS

Giovanni Bellini

The work is, in our best judgement, by the

named artist. When the artist’s forename is not known, a series of asterisks

followed by the surname of the artist, whether preceded by an initial or not,

indicates that the work is, in our best judgement, by the named artist.

Attributed to Giovanni Bellini

In our opinion, probably a work by the artist

but less certainty as to authorship is expressed than in the preceding

category.

Studio of Giovanni Bellini

In our opinion, a work by an unknown hand in

the studio of the artist which may or may not have been executed under the

artist’s direction.

Circle of Giovanni Bellini

In our opinion, a work by an as yet

unidentified but distinct hand closely associated with the named artist but not

necessarily his pupil.

Style of…Follower of Giovanni Bellini

In our opinion, a work by a painter working in

the artist’s style, contemporary or nearly contemporary, but not necessarily

his pupil.

Manner of Giovanni Bellini

In our opinion, a work in the style of the

artist and of a later date.

After Giovanni Bellini

In our opinion, a copy of a known work of the

artist. The term signed and/or dated and/or inscribed means that, in our

opinion, a signature and/or date and/or inscription are from the hand of the

artist. The term bears a signature and/or a date and/or an inscription means

that, in our opinion, a signature and/or date and/or inscription have been

added by another hand. Dimensions are given height before width. Pictures are

framed unless otherwise stated.

GLOSSARY FOR SCULPTURE

Bronze Figure of a Woman, Maurice Giraud-Rivière, circa 1925 This heading indicates

that the casting was done by the

artist or with his direct authorization or

supervision.

Bronze Figure of a Woman, After Maurice Giraud-Rivière, circa 1925 This heading

indicates the casting was done by another,

i.e., artisans at a foundry. Maurice

Giraud-Rivière, Bronze Figure of a

Woman, circa 1925 This heading indicates

that the casting was done by the

artist or with his direct authorization or

supervision.

Spanish, probably 17th century