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These Conditions of Business govern the relationship between (i) you as the bidder and/or the buyer of a lot or lots offered on PhiAuctions.com (the "Site") (ii) Phi Auctions ("Phi Auctions", "we", "us", or "our") acting as agent for the seller and providing services to the bidder and/or the buyer,(iii) the seller of the lot(s) consigned to Phi Auctions and being offered for sale on the Site (the "Seller") and (iv) Phi Auctions as the owner and operator of the Site. These Conditions of Business, which set out the terms on which Phi Auctions and the Seller contract with you, and all other terms and conditions applicable to the sale of lot(s) offered on the Site and displayed or linked to the lot page on the Site (the "Additional Terms"), form the entire agreement between you, Phi Auctions and the Seller. In the event of a conflict between these Conditions of Business and the Additional Terms, the Additional Terms shall prevail. These Conditions of Business, which set out the terms on which Phi Auctions and the Seller contract with you, and all other terms and conditions applicable to the sale of lot(s) offered on the Site and displayed or linked to the lot page on the Site (the "Additional Terms"), form the entire agreement between you, Phi Auctions and the Seller. In the event of a conflict between these Conditions of Business and the Additional Terms, the Additional Terms shall prevail. We have the right to amend these Conditions of Business and the Additional Terms from time to time, and we shall inform you of any such amendments by posting notices on the Site. You should read these Conditions of Business and any Additional Terms carefully before participating in our sales. By registering to bid on the Site, you acknowledge that you are bound by these Conditions of Business and any Additional Terms. 1. Phi Auctions as Agent Unless otherwise indicated, Phi Auctions acts as an agent for the Seller. If you buy a lot on the Site, the contract of sale of the lot is concluded directly between you, as the buyer, and the Seller. Separately, Phi Auctions provides certain services to you in connection with your bidding on, and buying, the lot. 2. Our Sales PhiAuctions.com is an online platform where you can buy fine art and collectibles. You can buy property through the Site during the timed auction. You can bid for the lot and if at the end of the timed auction, your bid is the highest bid (if there is more than one highest bid on the lot at the end of the timed auction, the highest bid first received by PhiAuctions will be the winning bid), you will become the buyer of the lot. The date and time when the timed auction commence and end are clearly displayed on the Site. 3. Property Details Lots are sold on the Site subject to the Limited Authorship Guarantee, and in the condition that they are in at the time of the sale on the following basis. (a) The information provided on the Site in relation to lots offered for sale is dependent on information provided to us by the Seller, and Phi Auctions is not able to and does not carry out exhaustive due diligence on each lot. In particular, when we do not take possession of the lot, we do not have the opportunity to inspect its physical condition, and we rely on the images of the lot and other information provided by the Seller to describe it on the Site. You acknowledge that our and your ability to conduct due diligence on lots is limited, and you accept that when bidding and/or buying a lot on the Site, you rely on information provided by the Seller. Notwithstanding the foregoing, we shall exercise reasonable care when describing a lot on the Site in light of (i) the information provided to us by the Seller; (ii) scholarship and technical knowledge and (iii) the generally accepted opinions of relevant experts, in each case as is reasonably available to Phi Auctions at the time of the sale taking into account the number of lots posted by Phi Auctions on the Site and the limited amount of time available to Phi Auctions to post such lots. (b) You may contact Phi Auctions to inspect the lot to satisfy yourself as to its condition and description before making offers to purchase. Inspections are granted on a discretionary basis and are contingent on the nature and the location of the lot. We offer no guarantee that the lot you wish to inspect will be available for inspection. If you decide to make an offer for a lot you have not inspected prior to making the offer, you acknowledge that you do so at your own risk. (c) You acknowledge that many lots are of an age and type, which means that they are not in perfect condition. Lots may have other faults and imperfections not expressly referred to in the lot description on the Site or in a condition report. All dimensions are approximate. Illustrations are for identification purposes only and cannot be used as precise indications of size or convey full information as to the actual condition of lots. (d) The description of lots on the Site may include references to condition. Additionally, upon request, we may provide a report on the condition of a lot. If the lot is not in our possession when the condition report is requested, we may facilitate the provision of a condition report by the Seller. Alternatively, we may facilitate the commissioning of a condition report by the prospective bidder. The provision of a condition report may not be practical, given time constraints, the physical location of the lot and other considerations. The condition of lots can vary widely due to factors such as age, previous damage, restoration, repair and wear and tear. Their nature means that they will rarely be in perfect condition. Lots are sold in the condition they are in at the time of the sale. Any reference to condition on the lot page on the Site will not amount to a full description of condition, and images may not show the condition of the lot clearly. In particular, colors and shades may look different in print or on screen to how they look in real life. Condition reports may help you evaluate the condition of a lot. They are provided free of charge as a convenience to prospective bidders and are for guidance only. They may not refer to all faults, restoration, alteration or adaptation because our staff are not professional restorers or conservators, accordingly condition reports posted on the lot page on the Site or provided by us simply record the result of a cursory visual inspection of the lot. For that reason they are not an alternative to examining a lot in person or taking your own professional advice. It is your responsibility to ensure that you have received and considered any condition report. The description of a lot on the Site is not a warranty and Phi Auctions does not accept any liability whatsoever for any condition report and prospective bidders? reliance on them. (e) Information provided to you in respect of any lot, including any representation or description on the Site, in a condition report or elsewhere, is not a representation of fact but rather a statement of opinion held by the Seller and/or Phi Auctions. (f) Save for the Limited Authorship Guarantee and without prejudice to any mandatory obligation placed on us and/or the Seller by applicable law, all lots are sold "AS IS" without any representations or warranties by us or the Seller as to merchantability, fitness for a particular purpose, the correctness of the description of the lot including but not limited to its physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance and no statement anywhere, whether oral or written, whether made on the Site or elsewhere, shall be deemed such a representation or warranty. 4. Participating in the Sale (a) Phi Auctions has absolute discretion to deny participation in a sale on the Site. (b) You must register to bid on the Site to participate in our timed auction. In order to register, you will be asked to supply the information requested on our registration page for verification purposes only. Registrants must be 18 or over to participate in an online auction. To bid on a lot, you will need to provide your credit card information. We will execute a $1.00 authorization or temporary charge on your credit card to verify that your credit card is valid and active. This authorization does not cost you anything and will expire in a few days. (c) To purchase a lot from one of our timed auctions: (i) You must enter a bid amount equal to or greater than the amount displayed below the "Place Bid" field, then click on the "Place Bid" button. You will be asked to provide your credit card number and personal data before you can place a bid. Once you have placed your bid, you will be asked to "Confirm Your Bid". You will receive an email confirmation of your bid. Once you have confirmed your bid, the Site will automatically place a straight bid at the next bidding increment on your behalf. Bidding increments can be found at Paragraph 4.1.1(c) below. The Site will treat your bid as your "Maximum Bid". In other words, if your bid exceeds the next bidding increment, the Site will keep you in the lead by placing automatic bids on your behalf in response to other bids up to your "Maximum Bid". As the auction proceeds, the Site will process bids it receives and execute them in the order in which they are received. The Site will increase your bid by increments only as much as necessary to maintain your position as the highest bidder. You will be notified by email if a bid exceeds your "Maximum Bid", to give you the opportunity to place a new, higher, bid. Your "Maximum Bid" amount if in excess of the next bidding increment, does not necessarily mean you will pay that amount for the lot. You may end up paying less, depending on how many other bids are received for the lot and the amount of those bids. If the lot has a Reserve Price (as defined below), and your "Maximum Bid" meets or exceeds the Reserve Price, the Site will automatically bid on your behalf at the Reserve Price (and not at the next bidding increment unless the next bidding increment and the Reserve Price are the same). Thereafter, the Site will execute bids on your behalf against other bidders. (ii) Given the fast-pace of online auctions, bidding can move quickly. You accept and agree that bids submitted are final and you may not, under any circumstances, amend, retract, withdraw or revoke your bid. (iii) The highest bid on a lot from an authorized bidder when the timed auction closes will be the winning bid. If there is more than one highest bid on a lot received from an authorized bidder at the end of the timed auction, the highest bid first placed on the Site will be the winning bid. (iv) By clicking on the button "Confirm Bid" on the "Confirm Your Bid" page, you will be deemed to have made an irrevocable offer to buy the lot for a price up to the amount shown as your current bid on that page. If you become the winning bidder, we will notify you by email, and a binding sale contract will automatically be concluded between you as the buyer, and the Seller of the lot. The price will be the amount shown on the email confirmation, plus additional charges. You will then be required to complete your purchase. Failure to complete your purchase will amount to a breach by you of the sale contract. (v) You are requested to log in as soon as possible after the conclusion of the timed auction to obtain details on the outcome of any bids you may have placed by checking ?Items You Won? under the "Account" section of the Site and to complete the "Check Out" process by providing us the information requested, including your shipping address, and making payment using one of our payment methods. (vi) Bidding generally opens below the low estimate and advances in increments as follows, subject to Phi Auctions' discretion: Below $2,000 by $100s $2,000 to $4,999 by $200s $5,000 to $9,999 by $500s $10,000 to $19,999 by $1,000s $20,000 to $49,999 by $2,000s $50,000 to $99,999 by $5,000s $100,000 to $199,999 by $10,000s $200,000 to $499,999 by $20,000s $500,000 to $999,999 by $50,000s above $1,000,000 by $100,000s. Phi Auctions may vary the increments above during the course of an auction at our discretion. (d) When bidding online, you accept personal liability to pay the Total Amount Due. (e) By participating in our auctions, you represent and warrant that any bids placed or offers made by you are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with all applicable laws. (f) The provision of the online platform enabling your participation in the sale is a free service provided by Phi Auctions. While it undertakes to exercise reasonable care in providing the service, Phi Auctions does accept any liability for failure to allow you to execute any offer or bid. (g) Employees of Phi Auctions and its affiliated companies may participate in auction sales on the Site. (h) Broadband or other internet capacity constraints, corporate firewalls and other technical problems beyond our reasonable control may create difficulties for some registered users including but not limited to accessing sales, placing bids, receiving emails and making online payments. Errors may occur in the quality of digital images. Phi Auctions accepts no liability for such difficulties or errors. 5. Conduct of the Sale (a) Unless indicated otherwise, all lots in Phi Auctions' auctions are offered with a reserve price. A reserve price is the confidential minimum selling price agreed between Phi Auctions and the Seller and below which the lot cannot be sold (the "Reserve Price"). The Reserve Price will not exceed the low pre-sale estimate shown on the lot page on the Site. (b) Certain lots offered on the Site may be owned by Phi Auctions or its affiliated companies. (c) Occasionally, Phi Auctions or one of its affiliated companies may have a direct financial interest in a lot offered on the Site. (d) Phi Auctions reserves the right to reject,revoke or refuse to accept any bid at any time before, during or after any auction. If any dispute arises after the sale, our sale record is conclusive. (e) Phi Auctions reserves the right to restart a sale or to restart bidding on any particular lot if we consider it is appropriate and reasonable to do so. Phi Auctions shall have no liability whatsoever for any such action taken by us. If any dispute arises after the sale, our sale record is conclusive. (f) Phi Auctions reserves the right, at our sole discretion, to withdraw any lot from the sale, whether prior to or during the auction, and shall have no liability whatsoever for any such withdrawal. If any dispute arises after the sale, our sale record is conclusive. (g) Our sales will usually be conducted in US Dollars and all payments are due, and must be made, in US Dollars. (h) The sale of a lot after the end of a timed auction shall incorporate these Conditions of Business, as if sold in the auction.