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Gentlemen: 

Attention Mr. Jucker. 

We beg to confirm herewith the terms discussed between your Mr.O'Toole and us relative to the sale at public auction of a collection of modern paintings and drawings.

The pictures shall be placed on exhibition on Sunday, December 18th, from 2:00 to 5:00 P.M. and remain on exhibition all day Monday and Tuesday, from 9:00 A.M. to 6:00 P.M., with an evening exhibition form 8:00 to 10:00 if you so desire it. The sale is to take place on either Tuesday or Wednesday evening, December 20th or 21st, as you prefer, commencing about eight o'clock.

We are to receive fifteen percent (15%) of the sales of all pictures made to others than yourselves. On those items which you elect to purchase there will be no commission charge whatsoever. Should, however, the total of the commission thus received by us not reach the sum of $500.-, you will pay us the difference so that we shall received a minimum of Five Hundred Dollars for holding said public auction, including all expenses as specified below. It is understood that the sale of any item is consummated only when we have effected delivery and received payment therefore.

We shall have published five hundred (500) catalogues of our customary type and approximately three thousand (3000) announcements to mail to that number of individuals on our mailing list. You are to instruct us if so desired as to the sum you wish to spend on newspaper advertising, which amount shall be borne entirely by you. We will, of course, endeavor to obtain such free newspaper publicity as we deem advisable in the interest of the sale.

You are to receive payment for all your articles sold to others than yourselves, less our commissions and cost of newspaper advertising, not later than eight days after the last day of sale, unless otherwise agreed. It will be necessary that you cover by insurance your property while it is in our possession, and we are to be relieved of any liability in connection with loss by fire, burglary, or theft.

We shall furnish you soon after the auction a complete list of the purchasers with their names and addresses.

Your signature appended to the copy of this letter indicates your approval and acceptance of the above terms.

Very truly yours,

RAINS AUCTIONS ROOMS, Inc.