Consignment Agreement

CONDITIONS OF CONSIGNMENT

The Consignor and the Auctioneer agree to the following consignment agreement:

The consigned items shall be offered for sale to the highest bidder by Auktionshaus Dr. Jürgen Fischer at

public auction within the meaning of Section 383 (3), sentence 1, in the Auctioneer's own name and for the

account of the Consignors, whose identities shall remain undisclosed. Settlement shall be made in

accordance with Section 25a of the German Value Added Tax Act (UStG).

Items marked with an asterisk (*) shall be auctioned by the Auctioneer in his own name as commission agent

and for the account of the Consignor. The hammer price shall be subject to VAT in full.

The items are the property of the Consignor and are used goods.

The Consignor hereby declares that he/she is the owner entitled to dispose of the items or is duly authorised

to act on behalf of the owner. The Consignor further agrees to indemnify and hold harmless Kunst- und

Auktionshaus Dr. Fischer GmbH & Co. KG against any claims of whatever nature arising against Kunst- und

Auktionshaus Dr. Fischer GmbH & Co. KG in connection with the auction, unless such claims are attributable

to fault on the part of Kunst- und Auktionshaus Dr. Fischer GmbH & Co. KG.

The Consignor confirms that the requirements for the application of the margin scheme pursuant to Section

25a UStG are fulfilled. Should the Consignor fail to inform the Auctioneer that these requirements are not

fulfilled, the Consignor shall bear the costs of any necessary corrections to invoices and statements of

account.

The Consignor shall be liable, in accordance with the corresponding provisions of German sales law, for all

material defects and defects in title affecting the auctioned items.

The net proceeds payable to the Consignor for sold items shall be calculated by deducting the agreed

commission and expenses from the sale price.

If the Consignor withdraws the consignment in whole or in part, the Consignor shall pay the Auctioneer the

agreed commission calculated on the estimated value as well as any expenses already incurred. The

Consignor shall remain entitled to prove that the actual loss incurred was lower or that no loss was incurred at

all.

In order to cover the statutory artist's resale right (Section 26 of the German Copyright Act - UrhG), the

Auctioneer shall pay a levy on the sale proceeds. The Consignor shall bear one half of the applicable levy

rate in force for the respective accounting period. Where settlement has already taken place, such charges

may subsequently be claimed.

Unless the Consignor has stipulated a reserve price, the Consignor authorises the Auctioneer to accept bids

at the Auctioneer's reasonable discretion. No reserve price may be set for items with a value of less than

EUR 300.

Where a lot is knocked down subject to reservation, the bidder shall remain bound by the bid for a period of

four weeks only. The Consignor must communicate his/her decision in sufficient time to enable the bidder to

be notified in the ordinary course of business.

The Conditions of Auction binding upon the buyer shall be determined by the Auctioneer. The Auctioneer

shall be entitled to make a sale subject to reservation.

The Auctioneer shall only be liable for receipt of the purchase price after the purchased item has been

released to the buyer. The Auctioneer shall be entitled to collect and, where necessary, pursue legal action in

his own name for purchase monies, outstanding amounts and ancillary costs.

The auction proceeds shall be paid to the Consignor approximately five weeks after the end of the auction.

The Auctioneer shall not be liable for any damage to or loss of items accepted for auction unless such

damage or loss is caused intentionally or by gross negligence. However, the Auctioneer has arranged

insurance coverage, for the account of the Consignor, against all risks covered under a special auction

insurance policy.

Transportation of the consigned items shall be at the Consignor's risk and expense.

If items remain unsold at the first auction, they may be offered for private sale or in subsequent auctions

unless they are collected by the Consignor. For subsequent auctions, the reserve price shall be reduced by

40%. At the third auction, the item may be sold without reserve.

Unsold items must be collected by the Consignor, without further request, no later than three weeks after the

statement of account has been sent. Thereafter, the Auctioneer shall be entitled to place the items in storage

at the Consignor's expense and risk or to charge storage fees of EUR 1 per item per day.

This agreement contains all arrangements between the Consignor and the Auctioneer. No oral ancillary

agreements have been made. Any amendments to this consignment agreement must be made in writing in

order to be valid.

By placing the consignment, the Consignor accepts the above Conditions of Consignment.

Dr. Jürgen Fischer

Heilbronner Auktionshaus GmbH & Co. KG

Elbinger Str. 11

D-74078 Heilbronn