Nature and Purpose of the Appraisal

The subject property is appraised for the purposes of establishing market value as it equates to replacement cost in the event of loss or damage. This appraisal (is) or (is not) made in contemplation of a sale of the artwork. Accordingly, this particular report (is) or (is not) suitable for use by a prospective buyer or seller of the subject property.

Definitions

Fair Market Value, as used herein, is defined to mean the price that a buyer might reasonably expect to pay and a seller might reasonably expect to receive for the subject property, assuming that the subject property is held for sale on the open market for a reasonable period of time and that both buyer and seller are in possession of all pertinent facts and that neither are under any unreasonable compulsion to act.

Assumptions and Limiting Conditions

1. This report and appraisal are made for the purpose and function set forth above in the section entitled "Nature and Purpose of the Appraisal". Its use for any other purpose invalidates the results of the appraisal.
2. The appraisal assumes no responsibility for legal issues affecting the subject property, nor is any opinion of title rendered herein. The property has been appraised as though free and clear of any and all encumbrances other than those, if any stated herein.
3. This appraisal is based on information provided by others and/or obtained from sources that are believed to be reliable. No opinion, warranty, or guarantee of the reliability of the data relied upon is implied or expressed by the use of that data herein, and the appraiser does not warrant the correctness of the data.
4. No adjustment is made for inflation except where stated, and all dollar amounts are expressed in current year dollars. In some valuations, where clearly stated, the highest fair market value may refer to markets outside the continental United States.
5. Possession of this report, or a copy thereof, does not carry with it the right of publication of all or any part of it, nor may it be used for any purpose by anyone but the client without the previous written consent of the appraiser.
6. Appraiser is not required to give testimony in court or be in attendance at any hearings or depositions unless previous arrangements have been made and appropriate tender of payment made.
7. The information in this report and the valuation conclusion reached by the appraiser is confidential. Disclosure of this information to any person who has not retained the services of the appraiser may affect the legal rights and benefits of others. The appraiser gives notice of this fact and assumes no responsibility for the disclosure of the information contained herein to anyone other than those individuals who have retained the services of the appraiser.