Photographs From The Refco Collection
April 25, May 5 + May 10 , 2006

NEW YORK, Christie's is delighted to disclose full
details of the much-anticipated sale of the Refco Contemporary Photography
Collection.

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These
masters provoked and pushed the traditional boundaries associated between art
and photography, a constant theme the Refco curators embraced as the
Collection was built over 30 years. Bernd +
Hilla Becher, the Dusseldorf University-based German conceptualists, are
represented by the nine-print Watertowers (Typology), 1980 (estimate: $40,000-
60,000). The auction will offer collectors the opportunity to
bid on images and photographers that are fresh to the secondary market. Open by private appointment, ALFA is located in a tranquil
neighborhood of Pasadena, Calif.

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Comprising of more than 500 photographs, the Collection will be
sold in 340 lots spread across three auctions. On May 5, a dedicated Refco
Collection Evening Sale will showcase over 40 of the top works from the
Collection.

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Carlson also received the
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Thomas Ruff, a student of this highly-influential pair, absorbed
their ideas and created his own unique vision - Substrat 7 III, 2002 is
included in the Day sale (estimate: $35,000-45,000 ). For more information
on these artists, contact ALFA's Managing Director, Elaine Adams, at
626 -577-7733 or visit www.americanlegacyfinearts.

Born in 1918 in Nuremberg, Germany, Herman Zapf has designed some of the 20th century's most important fonts, including Palatino and Optima.

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Finally, the remaining lots will be incorporated into the
Post-War and Contemporary Day Sale, to be held on May 10.
A seminal event for collectors across the globe, the vast majority of the
lots will be offered without reserve, and the Collection is expected to
realize in excess of $5 million.
The photographs were removed from the offices in November and December of
last year.
Notable highlights include a selection of Diane Arbus photographs, Galax
and Route 9 West by Lee Friedlander, an oversize 56 x 45 inch Richard Avedon
print, Petra Alvarado, Factory Worker On Her Birthday, El Paso, Texas - and a
group of Cindy Sherman, Thomas Struth and Hiroshi Sugimoto works.

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The use of photography to explore conceptualist ideas is a recurrent
thematic thread that runs throughout the collection , and Untitled, 1973 by
Charles Ray (estimate: $120,000-180,000) is a fine early example with John
Baldessari's Beach Scene/Nuns/Nurse (with Choices), 1991 a later work. The museum's executive
director , Robert Edison, presented Pinkham with his award at a ceremony on
Saturday, March 5, the evening before the three-week exhibition opened to
the public.
Pinkham.

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Important influences on the later generation of artists, works by Richard
Avedon and William Eggleston are featured, including Andy Warhol, Artist, New
York, New York, August 20, 1969, printed 1975 by Avedon (estimate: $100 ,000-
150,000) and Eggleston's Memphis, circa 1969-70 (estimate: $40,000-60,000).

About American Legacy Fine Arts

American Legacy Fine Arts (www., near the world-famous Rose Bowl Stadium.

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Classic masters of contemporary photographs, their direct influence on artists
such as Cindy Sherman and Matthew Barney are well-documented.

Pinkham received the $10,000 Grand Prize at the Arizona-Sonora Desert
Museum's Plein Air 2005 in Tucson for his landscape painting Light of Day.

A principle force in the resurgence of plein-air painting, Pinkham was one
of 50 invited and juried artists who created new works of the timeless
beauty of the Sonoran Desert for this exhibition.

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The fabled art collection, well known and well respected by art experts
worldwide, was the subject of a 2003 catalogue Subjective Realities and graced
the walls of Refco's offices in New York and Chicago.com

Pinkham and George Carlson received top honors at recent museum exhibitions
that explored distinctive images of life in the American West, both past
and present.

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Auction: Photographs From The Refco Collection
April 25 at 10am
May 5 at 5pm
May 10 at 2pm

Images available on request
Visit Christie's Web site at http://www.

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Refco Contemporary Photography Collection To Be Sold At Christie's New York This April + May

Refco Collection Evening Sale and the Post-War and Contemporary Day Sale
May 5 and 10
Offering a comprehensive overview of the evolution of post-war and
contemporary photographs, the 140-lot selection made for the Evening Sale and
the Day Sale include key works by masters of contemporary art history.
Contemporary American artists Daniel W.

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Photographs
April 25
Over 200 lots are included in the April 25 sale and feature a wide array
of established and emerging contemporary photographers, with many of the works
estimated below $5,000.

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The Collection is being sold by order of the U. filed for Chapter 11 on
October 17, 2005.christies.

PRESS RELEASE Daniel W. Pinkham George Carlson Take Top Honors at Prestigious West Coast Museum Exhibitions

com) was founded by
art industry veteran Elaine Adams to assist collectors in their
acquisitions of traditional fine art by today's premier American artists ,
including Peter Adams, George Carlson, Jeremy Lipking and Daniel W.

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American Legacy Fine Arts

Both artists are represented by American Legacy Fine Arts (ALFA), an art
gallery in Pasadena, Calif.americanlegacyfinearts.

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Geraghty Award in recognition of his outstanding support of
contemporary Western art.

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Amy Cappellazzo , International Co-Head of Christie's Post-War and
Contemporary Department, and Joshua Holdeman, International Director of
Christie's Photographs department, said, "The Refco Collection is an
outstanding assemblage of contemporary photographs. Works by Barney
are included in both auctions, including CREMASTER 1: Ms.

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His monumental
bronze sculpture of a Percheron horse's head, The Conqueror, received the
exhibition 's highest honor, the Masters of the American West Award, and was
purchased for the museum's permanent collection., that is dedicated to assisting collectors in
the acquisition of contemporary-traditional fine art.

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Goodyear, 1995
(estimate: $120,000-180,000) and OTTOdrone (manual) A, 1992 (estimate:
$50,000-70,000), while an important Sherman, Untitled #95, 1981, is an Evening
sale highlight (estimate: $200,000-300,000). One of the Bechers' most
famous students, Andreas Gursky, is one of the best-known photographers
working today, and his work Avenue of the Americas, New York, 2001 will
provide a key highlight during the Evening session (estimate: $250,000-
350,000).

Carlson, recognized as one of the country's premier sculptors, received two
awards at the eighth annual Masters of the American West Fine Art
Exhibition and Sale, held at the Autry National Center's Museum of the
American West in Los Angeles from February 5 to March 6. Built on the philosophy that artists should be encouraged to
exercise artistic freedom, ALFA provides art lovers with the opportunity to
expand their collections with exceptional works that have truly inspired
the artists.

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The works were acquired
over three decades under the direction of Frances Dittmer, the ex-wife of the
former company chairman Thomas Dittmer, and the collection's long-time
curator, Adam Brooks. Bankruptcy Court
for the Southern District of New York.

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Approximately 200 lots will be
sold during the Photographs auction on April 25. With an emphasis on the
curatorial and intellectual, the works together provide a highly influential
international review of contemporary photography and its developing role as a
fine art medium in its own right.