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Leonard Joel

A new 7 day settlement at Leonard Joel

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Following recent events in the auction industry and the feedback you have provided us on what we can do to offer more security and transparency, I wanted to announce a new rapid 7-day settlement period for private collections valued at $250,000 and above.

We are proud that Leonard Joel has operated a separate Client Account throughout its 99 years of business and this new service, unprecedented in the industry, is designed to reassure you that your funds are not only secure, but also that they will be paid quickly. This new service is, in my opinion, the best and most secure means by which to manage vendor funds while the industry and regulatory bodies work through whether fine art and antique auctioneers should fall under a statutory regime and operate legally regulated Trust Accounts, similar to that of real estate agents and lawyers.

While these industry issues are under discussion, our Client Account has always been and will remain an account that functions entirely separately to our Trading Account. Add to this now our enhanced rapid settlement terms for private collections valued at $250,000 and above, in addition to the existing settlement terms of 28 days for all other private collections, as well as Fine and Speciality Auctions, and 7 days for the weekly Thursday Auction, and I state with confidence that we are now offering the most secure arrangements of any Fine Art and Antique auction house
in Australia.

Please feel free to contact me directly should you have any questions or concerns.

JOHN ALBRECHT, MANAGING DIRECTOR LEONARD JOEL

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