TIME ART MAY AUCTION

CONDITIONS OF SALES TIME ART APPRAISAL & AUCTION INC "The company" and "Time Art" mean Time Art Appraisal & Auction Inc. in the Conditions of Sale. The lots listed in this catalog will be offered by Time Art as owner or as agent for consignor(s) subject to the following terms and conditions. By bidding in auction, you agree to be bound by these Conditions of Sale. BEFORE THE SALE Prospective buyers are strongly advised to personally examine any property in which they are interested in before the auction takes place. Condition reports are usually available upon request on lots with a low estimate of $300 and above. All lots are sold "AS IS" and without recourse; Neither Time Art nor its consignor(s) make(s) any warranties or representations, express or implied with respect to such lots. Neither Time Art nor its consignor(s) makes any express or implied warranty or representation of any kind or nature with respect to merchantability, fitness for purpose, correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, material, genuineness, attribution, provenance, period, culture, source, origin, exhibitions, literature or historical significance of any lot sold. The absence of any reference to the condition of a lot does not imply that the lot is in perfect condition or completely free from wear and tear, imperfections or the effect of aging. No statement, whether written or oral, and whether made in the catalog, or in supplements to the catalog, an advertisement, a bill of sale, a salesroom posting or announcement, the remarks of an auctioneer, or otherwise, shall be deemed to create any warranty, representation or assumption of liability. Time Art and its consignor(s) make no warranty or representation, express or implied that the purchaser will acquire any copyright or reproduction rights to any lot sold. Time Art expressly reserves the right to reproduce any image of the lots sold in the catalogue. AT THE SALE Refusal of Admission Time Art has the right, at our complete discretion, to refuse admission to the premises or participation in any auction and to reject any bid. Registration before bidding A prospective buyer must complete and sign a registration form and provide identification before bidding. We may require bank or other financial references. Bidding as principal When making a bid, a bidder is accepting personal liability to pay the purchase price, including the buyer?s premium, all applicable taxes and all other applicable charges, unless it has been explicitly agreed upon in writing with Time Art before the commencement of the sale that the bidder is acting as agent on behalf of an identified third party acceptable to Time Art and that Time Art will only look to the principal for payment; otherwise, each bidder as the principal must assume responsibility. Absentee Bids We will use reasonable efforts to carry out written bids given to us at least 24 hours prior to the sale for the convenience of clients who are not present at the auction in person, by an agent or by telephone. Bids must be placed in Canadian dollar (CAD). If we receive written bids on a particular lot for identical amounts, and these are the highest bids on the lot at the auction, it will be sold to the person whose written bid was received and accepted first. Execution of written bids is a free service undertaken subject to other commitments at the time of the sale and we do not accept liability for failing to execute a written bid or for errors and omissions in connection with the written bid. Telephone Bids On lots with a low estimate of $300 and above and if a prospective buyer makes arrangements with us prior to the commencement of the sale we will use reasonable efforts to contact them to enable them to participate in the bidding by telephone and we do not accept liability for failure to do so or for errors and omissions in connection with telephone bidding. Online Bids Time Art will use reasonable efforts to carry out online bids and do not accept liability for equipment failure, inability to access the internet or software malfunctions related to the execution of online bids. Reserves Some lots in the sale are subject to a reserve which is the confidential minimum price below which such lot will not be sold. The reserve will not exceed the low estimate of the lot. Reserves are agreed upon with consignors or in the absence thereof, the absolute discretion of Time Art. The auctioneer may open the bidding on any lot below the reserve by placing a bid on behalf of the seller. The auctioneer may continue to bid on behalf of the seller up to the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer, in his or her discretion, will generally open the bidding at half of the low estimate for the lot. In the absence of a bid at that level, the auctioneer may proceed backward at his or her discretion until a bid is recognized, and then continue up from that amount. Auctioneer's Discretion The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw any lot, and in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive. Successful Bid The highest bidder acknowledged by the auctioneer will be the purchaser. In the case of a tie bid, the winning bidder will be determined by the auctioneer at his or her sole discretion. In the event of a dispute between bidders, the auctioneer has final discretion to determine the successful bidder or to reoffer the lot in dispute. If any dispute arises after the sale, the Time Art sale record shall be conclusive. Title passes upon the fall of the auctioneer's hammer to the highest acknowledged bidder subject to the Conditions of Sale set forth herein, and the bidder assumes full risk and responsibility. AFTER THE SALE Buyer's Premium In addition to the hammer price, the buyer agrees to pay Time Art a buyer's premium and applicable sales tax added to the final total. Each lot sold is subject to a premium of up to 25% of the successful bid price of each lot as part of the purchase prices; 20% for credit card, 17% for payment of cash, Money Order, Debit or wire transfer. Online bidding is subject to a 25% buyer's premium. Unless exempted by law, the buyer is required to pay HST on the total purchase price including buyer?s premium, taxes are not applicable when purchases are shipped out of the country. Items shipped out of Ontario, the buyer is required to pay taxes as per all applicable taxes of that province, be it HST or GST. All payments including any price for purchase, fee and taxes shall be paid in Canadian dollar. Payment The buyer must pay the entire amount due (including the hammer price, buyer's premium, all applicable taxes and other charges) no later than 5 pm. on the fifteenth (15) business day following the sale. Payment in Canadian dollar may be made with credit card, debit card, cash, money order or wire transfer. Collecting Purchases Once Time Art has received all funds due to us, the buyer shall collect purchased lots within ten (10) business days from the date of the sale. Packing and shipping Upon winning a bid, it is the responsibility of the purchaser to carry out the packaging and shipping. We can provide you with a list of shippers. We will not be responsible for the acts, errors, or omissions of carriers or packers regardless if recommended by us. The property will not be released to the shipper without the buyer's written consent and until payment has been made in full. Packing and handling of purchased lots by us is at the entire risk of the purchaser, and Time Art will have no liability for any loss or damage to such items. Non Payment If we do not receive payment in full, in good cleared funds, within fifteen (15) business days following the sale, we are entitled in our absolute discretion to exercise one or more of the following measures, in addition to any additional actions available to us by law: a.) to impose a late charge of $5 per day after the tenth day of the total purchase price (including our service fees) b.) to hold the defaulting buyer liable for the total amount due and to begin legal proceedings for its recovery together with interest, legal fees and costs to the fullest extent permitted under applicable law c.) to cancel the sale d.) to resell the property publicly or privately with such terms as we find appropriate, to resell the property at public auction without reserve, and with the purchaser liable for any deficiency, cost, including handling charges, the expenses of both sales, our commission on both sales at our regular rate, all other charges due hereunder and incidental damages. In addition, a defaulting purchaser will be deemed to have granted us a security interest in, and we may retain as collateral security for such purchaser's obligations to us, any property in our possession owned by such purchaser. At our option, payment will not be deemed to have been made in full until we have collected funds represented by checks, or in the case of bank or cashier's checks, we have confirmed their authenticity. e.) to offset against any amount owed f.) to not allow any bids at any upcoming auction by or on behalf of the buyer g.) to take other action as we find necessary or appropriate Failure to Collect Purchases If the property is not picked up within twenty five (25) business days following the sale, whether or not payment has been made, Time Art reserves the right to charge $5 per day or to deliver said property to a public warehouse for storage at the purchaser's expense. Time Art shall have no liability for any damage to property left on its premises for more than twenty five (25) days following the sale. In addition, we reserve the right to impose a late charge of $5 per day of the total purchase price if payment is not made in accordance with the conditions set forth herein. Property which is paid for but left on our premises for any reason in excess of sixty (60) calendar days is subject to sale by us with the balance of any funds recovered in excess of storage charges and any other fees being remitted to you. LIABILITY Condition Reports Time Art is not responsible for the correctness of any statement of any kind concerning any lot, whether written or oral, nor for any other errors or omissions in description or for any faults or defects in any lot. Neither the seller, ourselves, our officers, employees or agents, give any representation, warranty or guarantee or assume any liability of any kind in respect of any lot with regard to merchantability, fitness for a particular purpose, description, size, quality condition, attribution, authenticity, rarity, importance, medium, provenance, exhibition history, literature or historical relevance. Except as required by local law any warranty of any kind whatsoever is excluded by this paragraph. Purchased Lots If for any reason a purchased lot cannot be delivered in the same condition as at the time of sale, or should any purchased lot be stolen, mis-delivered or lost prior to delivery, Time Art shall not be liable for any amount in the excess of that paid by the purchaser. Legal Ramifications The rights and obligations of the parties with respect to these Conditions of Sale, the conduct of the auction and any matters connected with any of the foregoing shall be governed and interpreted by the laws of the jurisdiction in Canada. If any part of these Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by law. Right to alteration The company reserves the right to modify the Conditions of sale at its sole discretion at any time. The altered version is valid and becomes automatically effective on the date it is altered and is to be published in the way the Company considers proper. Any individual or party involved must pay attention to any alterations of the Conditions of Sale of Time Art. Packing and shipping Upon winning a bid, it is the responsibility of the purchaser to carry out the packaging and shipping. We can provide you with a list of shippers. We will not be responsible for the acts, errors, or omissions of carriers or packers regardless if recommended by us. The property will not be released to the shipper without the buyer's written consent and until payment has been made in full. Packing and handling of purchased lots by us is at the entire risk of the purchaser, and Time Art will have no liability for any loss or damage to such items. Discretion Any and all of the conditions may be waived or modified in the sole discretion of Time Art.

Buyer pays the custom tax.