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The Academy of Manuscript and Autograph, LLC Estimate Reports are not appraisals nor can there be any assurance that past auction sales results described herein may accurately reflect the value of the autograph that is the subject of the report. The estimate shown in the Estimate Reports is not an auction or fair market value estimate. Estimates are not final and could change based on physical inspection and additional research. Users of these reports are advised to consult with expert advisors to determine the value of their autograph objects and the legal and tax consequences of transactions related thereto.

Academy of Manuscript and Autograph, LLC Performance Reports are intended to provide market information about autographs that has sold in the public auction market. There can be no assurance that this information is complete, accurate, or includes all available auction market data; all information is subject to change. Although most auction houses report transactions prices that include a buyer’s premium, some auction houses report only the hammer price. Based on analysis of historical auction catalogs, Academy of Manuscript and Autograph applies a formula to all records with hammer prices only, to estimate the effect of a buyer’s premium. All prices in the Academy of Manuscript and Autograph Market Performance Reports are therefore either reported as, or equated to, hammer price plus buyer’s premium. Users of the Market Performance Reports are advised to consult with a financial experts about the interpretation and usefulness of information contained therein. It is unlawful to duplicate or distribute the information contained in the Market Performance Reports without the prior written consent of Academy of Manuscript and Autograph, LLC

The information included in the Academy of Manuscript and Autograph Market Performance Reports, written or oral from the Academy of Manuscript and Autograph, LLC, its officers or representatives is not an appraisal, opinion or legal, tax, accounting, investment or other expert advice. The Academy of Manuscript and Autograph, LLC disclaims any responsibility to investigate the authenticity or condition of the autograph/collectible reflected in Academy of Manuscript and Autograph Market Performance.

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