(1) "Lot" means each item or collection of items entered for a sale and sold under a single lot number.

(2) "The Buyer" of a lot means the person who makes the highest bid for that lot which is accepted by eh Auctioneer and upon which the hammer falls.

(3) "The Hammer Price" for any lot means the amount of the successful bid accepted by the Auctioneer and upon which the hammer falls for that lot together with (and where and if appropriate) and Value Added Tax chargeable thereon.

(4) "The Buyers Premium" means a sum equivalent to 12% of the hammer price for any lot which is payable by the buyer of that lot to Henry Holden & Son , which premium is subject to Value Added Tax payable by the buyer.

(4a) Where indicated by * in the catalogue, Value Added Tax is payable at the current rate is payable on the hammer price.

(5) "The Purchase Price" of any lot means the aggregate of the hammer price for that lot and the buyers premium and any Value Added Tax chargeable on the hammer price and the buyers premium.

(6) "The Total Amount Due" in respect of any lot means the aggregate of the purchase price for that lot and any additional charges and expenses payable by the buyer under these terms and conditions together with any Value Added Tax which may be chargeable thereon.

(7) "The Sellers Commission" means the amount payable to Henry Holden & Son  by the seller of the lot being calculated as a percentage of the hammer price of that lot in accordance with Henry Holden & Son  published rates for the time together with Value Added Tax chargeable thereon.

(8) "Charges and Expenses" in relation to the sale of any lot means Henry Holden & Son  charges and expenses for insurance, illustrations, special advertising, packing and freight of the lot together with and Value Added Tax chargeable thereon.

(9) The Sale Proceeds" for any lot means the net amount due to the seller from Henry Holden & Son  being the hammer price for that lot less the sellers commission at the stated rates and any charges and expenses in relation to the sale of that lot payable by the seller under these terms and conditions.

(10) "The Auctioneer" means the servant or agent of Henry Holden & Son  actually conducting the sale or any part thereof on behalf of Henry Holden & Son .

2. Henry Holden & Son  AGENT FOR SELLER

Henry Holden & Son  sells each lot as the agent for the seller (unless and except where Henry Holden & Son  is stated to be the owner or part owner of such lot as principal) and as such is not responsible or liable for any default by the seller of the buyer of that lot.

(1) WARRANTY AND TITLE AND AVAILABILITY

By and on entering a lot for inclusion in an auction the seller:

(a) CONFIRMS AND WARRANTS to both Henry Holden & Son  and the buyer that he is the absolute owner of the lot or is duly authorised by the owner to sell the lot and is able to transfer good and marketable title to it free from any encumbrance or third party claim.

(b) WARRANTS AND UNDERTAKES to both Henry Holden & Son  and the buyer that any lot sold by auction but not held by Henry Holden & Son  on its premises or otherwise

under Henry Holden & Son  control is or will be made available by the buyer on demand.

(c) INDEMNIFIES both Henry Holden & Son  (together with its servants and agents) and the buyer against any loss/damage or expense which may be suffered either of them in consequence of any breach by the seller of the warranties set out in (a) and (b) hereof.

(2) WITHDRAWALS

Once a lot has been entered for sale in any particular auction ("the Sale") the lot can be withdrawn from the Sale by the Seller only upon the Seller.

(a) giving to Henry Holden & Son  written instructions to withdraw the same AND

(b) indemnifying Henry Holden & Son  against any claim by any prospective buyer arising out of such withdrawal AND

(c) reimbursing Henry Holden & Son  for all and any expenses incurred in relation to that lot (inclusive of Value Added Tax where applicable) AND

(d) paying to Henry Holden & Son  a withdrawal fee of ,2.00 plus Value Added Tax from each lot withdrawn.

(3) RESERVES

(a) Each lot entered for sale will be sold WITHOUT RESERVE unless the seller shall have stipulated in writing to Henry Holden & Son  before the sale that the lot is to be sold subject to a reserve ( here meaning that the lot is not to be treated as sold if there as been no accepted bid of or above the minimum price stipulated by the Seller.

(b) Once a reserve has been stipulated by the Seller it may not be changed or removed with out the consent of Henry Holden & Son .

(c) Where a reserve has been stipulated by the Seller only the Auctioneer may bid on behalf of the Seller.

(d) For the avoidance of doubt, Henry Holden & Son  shall not be liable to the seller for any failure to comply with an instruction in relation to a reserve where such instruction is received by Henry Holden & Son  after the time advertised for the start of the sale.

(4) RIGHTS TO PHOTOGRAPHS AND ILLUSTRATIONS

The Seller authorises Henry Holden & Son  to photograph and illustrate any lot entered for sale and to use such photographs and illustrations and any photographs and illustrations at any time provided by the Seller for any purpose and at any time, whether or not in connection with the sale.

(5) AUTHORITY TO DEDUCT FROM SALE PROCEEDS

In entering a lot for inclusion in an auction the Seller hereby authorises Henry Holden & Son  to deduct from any moneys received by Henry Holden & Son  from the Buyer in respect of the hammer price thereof the full amount of the Sellers Commission together with any charges and expenses in relation to the sale of that lot AND any other sums then due and payable by the Seller to Henry Holden & Son  however arising.

(1) Each lot is sold on behalf of the Seller thereof with all faults, imperfections and defects therein as at the fall of the hammer and with all errors of description.

(2) Any statement as to any lot made and contained in Henry Holden & Son  advertisements, catalogues or brochures of forthcoming sale of made from the rostrum during a sale is made without responsibility or liability on the part of Holmes & Sons (Auctioneers & Valuers)  of the Seller of that lot. Without prejudice to the generality of the above disclaimer.

(a) any statement in Henry Holden & Son  advertisements, catalogues or brochures or from the rostrum as to the authorship, origin, date, age, attribution, genuineness, provenance or condition of any lot is merely a statement of opinion and is not intended to be relied upon (whether by a prospective buyer at the Sale or by anyone else) as a statement of representation of fact.

(b) prospective buyers must satisfy themselves by their own inspection or otherwise as to the condition of any lot and must rely upon their own judgement as to whether the lot accords with its description.

(3) For the avoidance of all doubt, neither the seller of any lot nor Henry Holden & Son  makes or gives any representation or warranty whatsoever in relation to that lot save as expressly stated at Condition (1) hereof, and no servant or agent of Henry Holden & Son  has any authority to make or give any representation or warranty in relation to any lot.

Henry Holden & Son  reserves to itself the right without giving any reason therefore:

(1) to refuse to accept the bids of any person or persons;

(2) to regulate the bidding and the amounts of the bids;

(3) to re-arrange/consolidate or withdraw any lots and to vary the order of the sale.

(1) The fact of a person bidding for any lot shall constitute:

(a) CONFIRMATION that such a person has read these Terms and Conditions of Business;

(b) an UNDERTAKING on the part of that person and of any principal (whether or not disclosed or identified) for whom he acts to abide and to be bound by the said Terms and Conditions;

AND

(c) AUTHORITY to the Auctioneer to make as agent for that person a binding entry in the Auctioneer's Book recording his name as a purchaser of that lot in the event of the lot being knocked down to him.

(2) The maker of the highest bid which is accepted by the Auctioneer for each lot shall be the buyer of that lot.

(3) Henry Holden & Son  at its sole discretion may accept instructions on behalf of a prospective buyer who is unable or unwilling to attend the Sale to bid on his behalf but in no case shall Henry Holden & Son  be liable to such prospective buyer for any neglect or default on the part of its servants or agents in making any such bid or for failing to make any such bid.

(4) In the event of a dispute between two or more bidders Henry Holden & Son  reserves to itself the right but without obligation and in its absolute discretion to put up the lot again and to re-sell the same and the decision of the Auctioneer shall be final and binding.

(1) the successful bidder for each lot shall give his name and address and, if so requested, proof thereof to the Auctioneer immediately after the lot has been knocked down to him and his name shall be entered into the Auctioneer's book as the Buyer of that lot. Failure to comply with this condition shall entitle the Auctioneer to put up the lot again and to resell the same.

(2) Where the successful bidder has bid not on his own behalf but as an agent for any principle then unless he or his principle shall have lodged with Henry Holden & Son before the start of the Sale a written authorisation signed by the principle which has been accepted and counter-signed by someone duly authorised on behalf of Henry Holden & Son the successful bidder shall be jointly and severally liable with his principle under the contract of sale.

(3) Unless the Buyer shall have agreed credit terms with Henry Holden & Son before the sale, the Buyer shall pay to Henry Holden & Son the total amount due in respect of the lot bought.

(a) Payment of the total amount due shall be made by cash or banker's draft or cheque or credit card acceptable to Henry Holden & Son within 1 hour after the conclusion of the Sale and in any event before the Buyer shall be entitled to physical possession of the lot.

(b) As between itself and both the Seller and the Buyer Henry Holden & Son shall be deemed to have the authority to accept a cheque or credit card in payment of the total price for each lot and on receipt of such cheque or after processing such credit card shall be entitled to release the lot to the Buyer but Henry Holden & Son reserves to itself the right in its absolute discretion and without giving any reason therefore:

(i) to refuse any cheque or credit card and

(ii) to withhold delivery of the lot to the Buyer until the cheque or credit transaction has cleared.

(4) If the buyer of a lot shall fail to pay for it in accordance with (3) above, Henry Holden & Son shall be entitled:

(a) to retain the lot until paid for and shall have a lien upon the lot for all expenses actually incurred by it or on its behalf in storing, preserving and insuring or otherwise dealing with the lot during the period of such retention (and such lien shall not be lost by reason of the fact that the lot is kept by or on behalf of Henry Holden & Son elsewhere than on Henry Holden & Son premises); and

(b) at any time and without prejudice to its rights to recover its expenses as aforesaid to re-sell the lot, whether by public auction or by private sale (at which Henry Holden & Son shall be entitled to reject any bid or offer made by or on behalf of the Buyer), and, in the event of there being and deficiency attending such re-sale, shall be entitled forthwith to recover the same from the defaulting Buyer in the original sale.

(5) Henry Holden & Son hereby reserves to itself the right at its absolute discretion to apply any monies received from a Buyer towards payment of any debt or liability then owed by that Buyer to Henry Holden & Son howsoever and whensoever arising, notwithstanding any directions, whether express or implied, given by the Buyer or his agent in relation to the purpose for which such monies were intended to be paid and applied.

(6) Not withstanding the provisions of (4) above, if the Buyer of a lot shall fail to pay for it in accordance with sub-condition (3) above, then, as between Henry Holden & Son and the Seller, Henry Holden & Son shall be responsible only for the return of the lot to the Seller.

(1) Ownership of a lot purchased shall not pass to the Buyer until he has made payment in full of the total amount due.

(2) Within 2 working days of the Sale (or such other period as may have been agreed between Henry Holden & Son and the Buyer but in any event subject to the lot having been paid for in accordance with Condition 7(4) above the Buyer at his own expense shall take away the lot purchased and any loss or damageto the lot caused or arising (howsoever caused or arising) after the Buyer shall have taken possession of the lot or after the expiry of the time limit specified herein (whichever shall be the sooner) shall be at the Buyer's sole risk.

(3) The buyer shall be responsible for any removal, storage, insurance and other charges incurred or arising on any lot not taken away within the time limit specified in (2) above.

(4) Any packing or handling undertaken by or on behalf of Henry Holden & Son is undertaken solely as a courtesy to the Buyer at Henry Holden & Son .'s sole discretion and neither Henry Holden & Son nor its servants or agents shall have any responsibility or liability to the Buyer or anyone else for any loss or damage arising therefrom, howsoever caused.

(1) The seller of a lot shall be entitled to have released to him by Henry Holden & Son the sale proceeds in respect of that lot within 1 calendar month after the Sale PROVIDED THAT Henry Holden & Son actually shall have received the total amount due from the Buyer and SUBJECT TO the right which Henry Holden & Son hereby reserves to itself to set off against the sale proceeds otherwise due to the Seller any existing liability of the Seller to Henry Holden & Son howsoever and whenever arising.

(2) If Henry Holden & Son shall not have received the total amount due from the Buyer within the time limit specified in (1) above, Henry Holden & Son will remit the sale proceeds to the Seller within 5 working days after the date on which the amount due actually is received from the Buyer.

(3) If, notwithstanding that Henry Holden & Son shall have not received the total amount due from the Buyer within the time limit specified in (1) above, Henry Holden & Son shall remit the proceeds to the seller, then ownership of the lot shall pass to Henry Holden & Son .

(1) Where any lot is not sold, whether by reason of its failure to make the reserve price or because it is withdrawn by the Auctioneer, Henry Holden & Son shall notify the Seller accordingly and the seller shall have the option of entering the lot for another

sale for another sale or of collecting the same and paying commission at the rate stated for any unsold lots and any charges and expenses in relation thereto.

(2) The Seller shall inform Henry Holden & Son in writing of this regard within 7 days after Henry Holden & Son shall have notified him in accordance with (1) hereof and, in default of him doing so, he shall be responsible to Henry Holden & Son for any removal, storage, insurance or other charges incurred in respect of the lot after the expiry of that period.

(3) In the event of the Seller failing to notify Henry Holden & Son of his decision in this regard within 3 months after notification by Henry Holden & Son that the lot remains unsold, Henry Holden & Son shall be entitled to sell the unsold lot whether by public auction or by private sale and to deduct from the sale proceeds any sums owed ti it by the Seller before remitting the balance to the Seller and, in the event of any deficiency attending such sale, shall be entitled to forthwith to recover the same from the Seller.

(1) Henry Holden & Son reserves the right to itself to cancel or postpone any advertised sale and to alter, cancel or postpone any viewing times advertised therefore for whatever reason and shall not be liable for any loss or damage suffered by any seller who has entered any lot for such sale nor for any loss or damage suffered by any prospective buyer arising out of the cancellation or postponement of the sale or the alteration, cancellation or postponement of the viewing times therefore.

(2) Henry Holden & Son reserves to itself the right without giving any reason therefore to exclude or eject any person from its premises.

(3) Admission of persons to Henry Holden & Son or to any premises at which Henry Holden & Son is conducting a sale or at which lots to be included in any sale by auction by Henry Holden & Son are on view is subject to the condition that Henry Holden & Son shall have no liability for any personal injury, or loss of or damage to property howsoever caused save that nothing in this condition shall be taken to exclude or restrict Henry Holden & Son's liability for death or personal injury resulting from its negligence as defined in the Unfair Contract Terms Act (1977).

(4) Henry Holden & Son reserves to itself the right to charge INTEREST, at the rate for the time being charged by its bankers on unauthorised overdrafts, on any unpaid account of any seller or buyer as from the date when such account is due and payable until the date of actual payment.

(5) Any notice required to be given by Henry Holden & Son under these Terms & Conditions maybe given by first class post and, if so given, shall be deemed duly to have been received by the addressee not later than 48 hours after the same was posted.

(6) Any notice required to be given to Henry Holden & Son under these Terms & Conditions shall not be treated as having been given unless and until actually received by Henry Holden & Son at its registered office.

(7) These Terms & Conditions shall be construed in accordance with English Law and they and all transactions to which they apply and all matters connected therewith are subject to the exclusive jurisdiction of the English Courts.

Henry Holden & Son July 1999