The Terms and Conditions of Auction listed below are the complete and only understanding on which artwork offered for auction at the Western Masters DBA Heart of the West Art Show and Sale (the "Auction") is sold.

1. BINDING EFFECT: BY REGISTERING FOR A BIDDER NUMBER, OR BY PLACING A BID (in person, online, by absentee bid form, telephone bid, or FAX bid)

2. NO REPRESENTATIONS OR WARRANTIES: There are no representations or warranties that extend beyond these Terms and Conditions of Auction. Western Masters Art Show and Sale, Inc. ("Western Masters") and its officers, directors, employees, volunteers, agents and artists participating in the auction make no representations or warranties as to merchantability, fitness for a particular purpose, correct-ness of the catalogue or descriptions of lots, including, but not limited to, the physical condition, size, quality, rarity, importance, medium, provenance, dates, exhibitions, literary or historical relevance of any lot and no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. There are no representations and warranties, express or implied, as to whether the Buyer acquires any copyrights, including, but not limited to, any reproduction rights in any lot. The contents of the Auction catalogue are subject to change or supplementation before or during the sale, including the sale of any lot. No representative of Western Masters is authorized to make any representation or warranty, oral or written, with respect to any artwork.

3. PREVIEW: Artists will make artwork available for preview prior to the Auction, during the regular hours of the Heart of the West Art Show and Sale from August 11-13, 2016 in Bozeman, MT and September 1-4, 2016 in Coeur d'Alene, ID. Prospective bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored.

4 . BUYER'S PREMIUM: The purchase price paid by a purchaser shall be the sum of the final bid and a buyer's premium of 16% of the hammer price up to and including $50,000; and 15% of the portion of the hammer price above $50,000 (the "Buyer's Premium"), plus all applicable sales tax (none in Montana). An additional buyer's premium may be charged on any purchase made through a live online auction as posted by Western Masters in accordance with such live online auction.

5. PAYMENT: All purchases must be paid for in full by Visa, Mastercard, or Discover, during or immediately after the auction. We reserve the option to hold Artwork in Auction's possession until authorization is obtained on credit cards or until checks clear the Buyer's financial institution.

6. PICK UP: Artwork entered in the Auction shall remain in the possession, custody or control of the Auction at all times until delivery to the Buyer. Buyer must take possession of all artwork from the Auction immediately after making full payment at the conclusion of the Auction. At no time will Western Masters, its officers, directors, employees, or volunteers assume any risk of loss for the artwork, or otherwise provide storage, delivery, or security services. Arrangements for shipping or delivery must be made directly with the artist or shipping company representative after the Buyer
takes possession of the artwork.

7. BIDDING: Western Masters and the auctioneer have the right to reject any bid for any reason. The highest bidder acknowledged by the auctioneer will be the Buyer. In the event of any dispute between bidders, or in the event of doubt on our part as to the validity of any bid, the auctioneer will have the final discretion to determine the successful bidder, cancel the sale, or to re-offer and resell the article in dispute. If any dispute arises after the sale, our sale record is conclusive. Although in our discretion we will execute order or absentee bids or accept telephone bids as a convenience to bidders who are not present at the Auction, we are not responsible for any errors or omissions in connection therewith.

8. TITLE: On the fall of the auctioneer's hammer, the highest bidder acknowledged by the auctioneer assumes full risk and responsibility for the offered lot, subject to all of the Terms and Conditions of Auction set forth herein, and is immediately obligated to pay the full purchase price. All sales are final and there shall be no exchanges or returns.

9. RESERVES: All artwork offered for sale may be subject to a reserve (a confidential minimum price below which a lot is not to be sold). If the auctioneer decides that any opening bid is below the reserve of the article offered, he may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he decides that any advance thereafter is insufficient, he may reject the advance. Western Masters reserves the right to bid on behalf of their consignors up to, but not more than, the reserve amount if at any time the highest outstanding bid is below the reserve amount.

10. WITHDRAWAL AND CANCELLATION: Western Masters reserves the right, at its sole discretion, to withdraw any artwork at any time before actual sale, reject any bid from any bidder, or cancel any sale.

11. DEFAULT. If any applicable conditions herein are not complied with by the Buyer, the Buyer will be in default, and in addition to any and all other remedies available to Western Masters and its agents and artists by law, including, without limitation, the right to hold the Buyer liable for the total purchase price, together with all fees, charges and expenses set forth in these Terms and Conditions of Auction, Western Masters, at its sole option, may (i) cancel the sale of that, or any other lot or lots sold to the defaulting Buyer, or (ii) resell the purchased lot or lots, whether at auction or by private sale, or (iii) effect any combination thereof. The Buyer will be liable for any deficiency, any and all costs, handling charges, late charges, expenses and commissions of both sales, legal fees and expenses, collection fees and incidental damages. Western Masters and its agents and artists shall have all of the rights accorded to a secured party under the Montana Uniform Commercial Code. The Buyer of each lot agrees that each lot is unique and that Western Masters, in its sole discretion, shall not be required to sell or otherwise seek to mitigate damages should such Buyer fail to pay the total purchase price. Payment in full will not be deemed to have been made until Western Masters shall have collected good and sufficient funds.

12. LIMITATION OF LIABILITY: In no event will our liability to Buyer exceed the purchase price actually paid.

13. GOVERNING LAW AND JURISDICTION: These Terms and Conditions of Auction, as well as the Buyer's and our respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Montana for Bozeman sale and State of Idaho for Coeur d'Alene sale. By bidding at an auction, whether present in person or by agent, online, order bid, telephone or other means, the purchaser shall be deemed to have consented to the jurisdiction of the state courts of, and the federal courts sitting in, the State of Montana or the State of Idaho.