Auction Terms & Conditions The provisions of these Terms and Conditions of Sale shall govern any proposed or actual transaction between Consignor ("ROYAL ESTATE AUCTIONS LTD.") and the prospective buyer/bidder ("Bidder"). ROYAL ESTATE AUCTIONS LTD. is acting as agent for the person who has consigned the property to ROYAL ESTATE AUCTIONS LTD. for sale, whether as principal, owner or agent ("Consignor"). 1. All funds are in CAD. Buyer's Premium of 15% and HST/PST/GST (for Canadian bidders) are added to all winning lots. 2. The descriptions of items offered by ROYAL ESTATE AUCTIONS LTD. ("Property"), including artist, title, medium, size, date of execution, provenance, exhibition history, inclusion/reproduction within literature sources, attribution and genuineness, are subject to change leading to the final sale of said Property (including the process during which bidding is active for the Property during ROYAL ESTATE AUCTIONS LTD. online auctions). Descriptions of Property provided by ROYAL ESTATE AUCTIONS LTD. are not meant to stand as a representation to Bidders and no guarantee or warranty of complete accuracy of the provided descriptions is intended or should be assumed. Bidders are provided the opportunity to view and inspect all Property offered for sale by ROYAL ESTATE AUCTIONS LTD. through public and/or prearranged private viewings prior to a sale's completion. No sale shall be rescinded due to a lack of correspondence between the provided description of the Property by ROYAL ESTATE AUCTIONS LTD. and the Property itself, including the illustration of the Property provided by ROYAL ESTATE AUCTIONS LTD. It is the sole responsibility of a Bidder to make arrangements for the inspection of the Property of interest (by the Bidder itself and/or by the Bidder's advisers) prior to sale, and to bid in accordance to this actual inspection and/or reliance upon their advisers' guidance. All submitted bids are final. Removal or alteration of submitted bids is not permitted during the course of any auction. 3. All items in the auction are available for preview during specific hours or by appointment prior to sale. Everyone is encouraged to examine the items prior to bidding. Royal Estate Auctions Ltd. tries to describe the items to the best of our ability but all property is sold as is, where is with no warranty as to condition or authenticity of the items. There are no refunds, no exchanges and no credit given for any items purchased. No written or verbal statement given by any employee of Royal Estate Auctions Ltd. shall be taken as a guarantee or warranty as to the authenticity or the condition of the item. All comments given by employees at Royal Estate Auctions Ltd. are given as opinion only. No verbal or written description shall be taken as express or implied warranty. Royal Estate Auctions Ltd. offers no representation or assumption of liability and gives no warranty as to the age, condition or authenticity of any items. All such warranties are waived. Unless noted otherwise, all items have some natural wear including scratches, chips, etc. Measurements on paintings and pictures are image size. 4. The Bidder who has successfully bid on Property (the "Successful Bidder") confirms that any claims relating thereto shall be claims against Consignor, without recourse to ROYAL ESTATE AUCTIONS LTD. ROYAL ESTATE AUCTIONS LTD. represents the Consignor exclusively and makes no representation or warranty, express or implied, regarding legal title or ownership of the Property offered by ROYAL ESTATE AUCTIONS LTD. and has relied upon the Consignor confirming same to ROYAL ESTATE AUCTIONS LTD., without further independent investigation. The Bidder shall be solely responsible for satisfying itself of the legal title or ownership of the Property and liens or encumbrances affecting same and the capacity of the Consignor to sell the Property offered. However, notwithstanding the stipulations listed above, the Successful Bidder may make arrangements for a recognized and fully-qualified authority, who is accepted by ROYAL ESTATE AUCTIONS LTD., to inspect the Property prior to collection by the Successful Bidder from ROYAL ESTATE AUCTIONS LTD.'s premises. 5. ROYAL ESTATE AUCTIONS LTD. is pleased to offer a service of providing condition reports on the lots which are offered through its auctions. Please note that these reports are matters of opinion and are prepared by ROYAL ESTATE AUCTIONS LTD. specialists and are not a substitute for a physical inspection of the items by the Bidder or their advisors. ROYAL ESTATE AUCTIONS LTD. specialists are not trained restorers and the provided condition reports are not meant to equal a comprehensive report created by a professional restorer. The reports provided by ROYAL ESTATE AUCTIONS LTD. are meant to provide assistance to the Bidder through observations of the items and the report will not disclose any imperfections which might be revealed through the process of subsequent restoration. In all cases, the Bidder is advised to consult their own conservator for a complete report with regard to condition (ROYAL ESTATE AUCTIONS LTD. is happy to provide access to the items by conservators through public previews and private pre-arranged appointments). Bidders should be aware that ROYAL ESTATE AUCTIONS LTD.'s warranties with regard to the Property offered through their auctions are limited to the terms listed in the Terms and Conditions of Sale and in no case extend to the condition of the items. 6. Estimates given are of market value and are in place in order for the buyer to make an assumption as to what may be expected as the final hammer price of a particular item. The lower estimate may be the reserve price. Estimates do not include the buyer's premium. Estimates are prepared some time before the auction and may be edited to reflect changes in the market or information discovered in regards to the item. All changes to the items within the auction shall be announced before the sale. By bidding you have agreed that you have inspected the item, waived your right to inspect the item or have hired an independent agent to inspect the item on your behalf. 7. All sales are subject to ROYAL ESTATE AUCTIONS LTD.'s Terms and Conditions of Sale. Bidding is available via online, absentee (written or online), phone in or live in house bidding. A 15% Buyer's Premium will be added to the hammer price of all purchases through the auctions except LiveAuctioneer.com or Invaluable.com websites which will add a 22% Buyer's Premium. The Bidder acknowledges that ROYAL ESTATE AUCTIONS LTD. may collect a commission and associated fees through its agreement with the Consignor of a lot included in a ROYAL ESTATE AUCTIONS LTD. auction. 8. Payment: All items must be paid for within 5 business days. Royal Estate Auctions Ltd. will contact and send an invoice to all winning bidders via email at the end of each auction. If a buyer fails to contact ROYAL ESTATE AUCTIONS LTD. within 5 business days following the sale, the credit card used to secure the bid will be charged the full invoice amount. ROYAL ESTATE AUCTIONS LTD. reserves the right to hold the item(s) until all cheques are cleared or until you contact us to confirm the mailing address. We do not accept PayPal!! 9. Absentee bids can be arranged by completing an Absentee Bid Form or by visiting and bidding on Ontario.Hibid.com - Contact us to receive this form. All bids must be secured with a credit card number. All absentee bids will be executed in a fair and ethical manner. Although every effort will be made to execute absentee bids, Royal Estate Auctions Ltd. will not be held responsible for failure to execute the bids and is not liable for any losses that occur as a result of failing to execute the absentee bid. When identical bids are made at the same time, the floor bid will take precedence. Absentee bids will be rounded down to the nearest appropriate bidding increment. 10. Live Internet Bidding is available during the auction. ROYAL ESTATE AUCTIONS LTD. cannot be held liable for live bids that are not sent, received or executed by the administrator. If you choose to bid online, keep in mind that there is a delay in the time the bid is received so bid quickly. Many bids are lost due to time taken to submit the live internet bid. 11. Purchases completed through ROYAL ESTATE AUCTIONS LTD. auctions are not represented to necessarily include copyright allowances to the Successful Bidder for the purchased Property. 12. ROYAL ESTATE AUCTIONS LTD. reserves the right to withdraw any Property from sale for any reason whatsoever and without liability. This withdrawal may occur up to the close of bidding for the Property. ROYAL ESTATE AUCTIONS LTD. also reserves the right to divide lots of Property into smaller lots or to combine individual lots of Property into larger lots. The above can be carried out at the sole discretion of ROYAL ESTATE AUCTIONS LTD. and can occur without notice. 13. Each Bidder must register with ROYAL ESTATE AUCTIONS LTD., agreeing to the Terms and Conditions of Sale. Registered Bidders represent that they are bidding on their own behalf and are responsible for those lots in which they are the successful high bidder (becoming the Purchaser or Successful Bidder). In the event that a registered Bidder is representing another party, ROYAL ESTATE AUCTIONS LTD. must be contacted regarding this arrangement at least twenty four hours prior to the opening of bidding for a particular auction and ROYAL ESTATE AUCTIONS LTD. reserves the right to refuse this arrangement for any reason whatsoever. Failure to abide by this provision shall entitle ROYAL ESTATE AUCTIONS LTD. to deem the Bidder as bidding on its own behalf. Splitting of and/or transferring of an invoice to an individual and/or organization other than the registered Bidder can only be completed at the discretion of ROYAL ESTATE AUCTIONS LTD. and must meet the requirements of such an amendment, including written authorization from both the registered Bidder and its beneficial buyer and the individual or representative of the individual who will become the new invoiced client in such an arrangement. 14. ROYAL ESTATE AUCTIONS LTD. reserves the right to refuse any bid and/or bidding registration application at their absolute discretion. Further, ROYAL ESTATE AUCTIONS LTD. also reserves the right to suspend or cancel any account used for bidding at their sole and absolute discretion. ROYAL ESTATE AUCTIONS LTD. also reserves the right to refuse any bid which is not in relation to the provided pre-sale auction estimate provided by ROYAL ESTATE AUCTIONS LTD. and also reserves the right to not accept a bid recognized to not fall within the set bidding increments during sale. Additionally, ROYAL ESTATE AUCTIONS LTD. reserves the right to accept any bid which does not meet any pre-established reserve. In no instance may a Bidder withdraw their submitted bid. 15. ROYAL ESTATE AUCTIONS LTD. reserves the right to accept and execute absentee or telephone bids on behalf of prospective purchasers, unable to directly participate in the particular auction. In such a case, ROYAL ESTATE AUCTIONS LTD. provides the service of absentee and telephone bidding as a privilege and shall not be responsible for failure to execute the absentee or telephone bid(s) for any reason whatsoever and shall also not responsible for errors and/or omissions related to the process. Bidders who wish to employ ROYAL ESTATE AUCTIONS LTD. in the process of absentee or telephone bidding must complete and sign the required documentation (absentee bidding form) prior to the start of bidding for the particular auction. In the event that two identical absentee bids are submitted to ROYAL ESTATE AUCTIONS LTD., the bid which is received earlier (and which has been submitted through a completed and signed absentee bidding form) will take precedence over the later bid(s), allowing the earlier submitted bid(s) to potentially purchase the lot(s) at bid level submitted. ROYAL ESTATE AUCTIONS LTD. reserves the right to request and charge a deposit to a Bidder submitting an absentee or telephone bid, in relation to the value of the items, to a maximum of $10,000 CAD. ROYAL ESTATE AUCTIONS LTD. reserves the right to hold and apply this Deposit to the invoice, should the Bidder become the Successful Bidder. In the event that final payment and invoice settlement is not made within 30 days following the completion of an auction, then ROYAL ESTATE AUCTIONS LTD. shall have the right to rescind the purchase and the Deposit shall be retained by ROYAL ESTATE AUCTIONS LTD. as liquidated damages. In the event that the Bidder is not successful, the Deposit will be refunded within 10 business days following the completion of the auction. 16. At the completion of the sale, the Successful Bidder shall be recognized as the Purchaser and shall then take on complete responsibility and risk for the purchased Property, adhering to all of the Terms and Conditions of Sale. In the event of a dispute between the Successful Bidder and any other Bidder regarding the result of the auction, ROYAL ESTATE AUCTIONS LTD. will have absolute discretion to rescind any transaction with the Successful Bidder and designate a new winning buyer or to withdraw the Property from the auction. In such a case, ROYAL ESTATE AUCTIONS LTD. may choose to re-offer the Property in a future auction or private sale. In all such cases, final decision shall be made solely by ROYAL ESTATE AUCTIONS LTD. 7. The Successful Bidder will be automatically charged the full invoiced amount following the immediate close of the auction using the credit card used for registration, unless alternate arrangements are agreed by ROYAL ESTATE AUCTIONS LTD. for payment of a portion of the invoiced amount. Until full and final settlement of the invoice is completed by the Successful Bidder, the purchased Property will not be released to the Successful Bidder. Failure to pay for purchases may lead to the cancellation of the sale with no promise of re-offering in a future auction. In the event of failure of payment by the Successful Bidder, ROYAL ESTATE AUCTIONS LTD. reserves the right to suspend and/or delete the bidding account of the Bidder and/or their representatives, all at the sole discretion of ROYAL ESTATE AUCTIONS LTD. The items must be collected by the Successful Bidder or his/her representative or delivered to the shipping destination within 10 days of the invoice date. 18. The Successful Bidder shall settle final payment and collect their purchase(s) from ROYAL ESTATE AUCTIONS LTD. within 10 business days following the completion of any ROYAL ESTATE AUCTIONS LTD. auction. Failure to settle payment and/or collect the property from ROYAL ESTATE AUCTIONS LTD. within 10 business days may lead to monthly interest charges of 1.5% in addition to the invoice amount and/or storage charges for the Property being held on the premises of ROYAL ESTATE AUCTIONS LTD. Property being held by ROYAL ESTATE AUCTIONS LTD. is being stored at the sole risk of the Successful Bidder and may be stored either on the premises of ROYAL ESTATE AUCTIONS LTD. or at a secondary storage location. In the event that final payment is not made within 30 days following the completion of the auction, then ROYAL ESTATE AUCTIONS LTD. shall have the right to rescind the purchase and if an online ROYAL ESTATE AUCTIONS LTD. auction the Deposit shall be retained by ROYAL ESTATE AUCTIONS LTD. as liquidated damages. If payment arrangements have not been initiated by the Successful Bidder Ten business days following a live auction, the Successful Bidder shall be charged 5% up to a maximum of $10,000 of the invoice total (the "Deposit"), which will be held as a deposit against payment for the Property purchased. The Successful Bidder hereby authorizes ROYAL ESTATE AUCTIONS LTD. to charge the Successful Bidder's registered credit card with the Deposit in this case. In the event that final payment is not made within 30 days following the live auction then ROYAL ESTATE AUCTIONS LTD. shall have the right to rescind the purchase and the Deposit shall be retained by ROYAL ESTATE AUCTIONS LTD. as liquidated damages. 19. ROYAL ESTATE AUCTIONS LTD., its employees or agents, shall not be liable for the loss or damage of any Property purchased through a ROYAL ESTATE AUCTIONS LTD. auction (through negligence or otherwise) while the Property remains in the possession of ROYAL ESTATE AUCTIONS LTD. and once the allowed Ten business days following an auction closure or completion of a private sale has passed. 20. In any event resulting in failure by the Successful Bidder (Purchaser) to pay for Property purchased either through the defined auction process or a private sale within the Ten day period following the sale, ROYAL ESTATE AUCTIONS LTD., in its sole discretion, may re-offer the Property in question without limiting the terms in place with the Consignor of the Property. Should ROYAL ESTATE AUCTIONS LTD. reoffer the Property, the original Successful Bidder (Purchaser) shall be responsible to ROYAL ESTATE AUCTIONS LTD. and the Consignor for the following: any difference marked as a deficiency between the price achieved and amount invoiced upon the re-sale of the Property versus the price achieved and amount invoiced to the Purchaser upon the original sale of the Property; any storage charges to ROYAL ESTATE AUCTIONS LTD. for the holding of the Property between its original offering and the reoffering; and the total in sales commissions which ROYAL ESTATE AUCTIONS LTD. would have collected 21. Payment can be made by bank draft, personal cheque, certified cheque, or wire transfer. Credit Card is accepted for orders under $1,000 CAD. If you wish to pay via credit card over $1,000 you may fill out a Credit Card Pre-Authorization Form. 22. ROYAL ESTATE AUCTIONS LTD. is pleased to assist clients in arranging for the shipment of their items from our Toronto premises. However, it is the responsibility of the Successful Bidder to make these arrangements in full, including the packing, insuring and actual shipment of the Property. Assistance provided by ROYAL ESTATE AUCTIONS LTD. in this regard is provided as a service and ROYAL ESTATE AUCTIONS LTD. carries absolutely no liability through this courtesy. ROYAL ESTATE AUCTIONS LTD. carries absolutely no liability to possible damage of framing (including glass) during shipment arranged by ROYAL ESTATE AUCTIONS LTD. or otherwise. 23. Without limitation, the Purchaser accepts that any lot (Property) purchased through ROYAL ESTATE AUCTIONS LTD. may be subject to provisions of the Cultural Property Export and Import Act (Canada). 24. ROYAL ESTATE AUCTIONS LTD. reserves the right to refuse admission, enrolment and/or participation in any of their events and/or auctions. Further, ROYAL ESTATE AUCTIONS LTD. reserves the right to refuse admission to their premises to any individual or group of individuals. 25. It is agreed that by accepting these shipment terms, Royal Estate Auctions Ltd. accepts NO liability for damages reported in transit, at time of delivery, or beyond, unless Shipment Insurance is purchased before the items are packed and shipped. The purchaser agrees to hold harmless Royal Estate Auctions Ltd. or any of its employees or agents, and further agrees to defend it from any claims filed by the shipper or any other party who wish to submit a claim against the said shipment. 26. These Terms and Conditions of Sale and all agreements related to the business of ROYAL ESTATE AUCTIONS LTD. shall be construed under the laws of Ontario and the parties hereby attorn to the exclusive jurisdiction of the Ontario Courts. 27. This agreement may be executed and delivered in a number of counterparts, each of which when executed and delivered is an original but all of which taken together constitute, as applicable, one and the same instrument.

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