ARTWORK BACKGROUND REPORT - Skate's Art Market Research

ARTWORK BACKGROUND REPORT
Artist:
Title:
Date of Report:
Edvard Munch
The Sick Child I (1896)
March 30, 2010
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1. Artwork Profiled
Contents
2. Skate’s Investment Summary
3. Skate’s Artwork Risk Ra=ng
4. Brief Biography of Edvard Munch
5. Past and Present Exhibi=ons of Munch’s Works
6. Galleries Currently Selling Munch’s Works
7. Provenance / Catalogue Raisonné Reference
8. Known TheTs of Munch’s Works
9. Known Forgeries of Munch’s Works
10. Market for Munch’s Works
Top 10 Munch Sales
Repeat Sales of Munch’s Works
11. Market for The Sick Child I
PeerGroupforThe Sick Child I
Repeat Sale in Peer Group
12. Approach to Art Valua=on
13. Suggested Valua=on
14. Skate’s Artwork Risk Scale
15. Peer Group Forma=on
16. Disclaimer
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1. Artwork Profiled
This report has been prepared for the following artwork:
Ar=st: Edvard Munch (1863 -­‐ 1944)
Title: The Sick Child I
Year: 1896
Medium: lithograph printed in colours
Size: L. 421 x 565 mm., S. 580 x 705 mm.
The artwork is listed in the catalogue of the following auc=on:
Auc=on House: Chris=e’s
Auc=on Loca=on: London
Auc=on Name: Old Master, Modern & Contemporary Prints
Lot: 122
Auc=on Date: Wednesday, March 31, 2010
Auc=on Es=mate: £180,000 -­‐ 250,000 ($274,140 -­‐ $380,750)
Source: Courtesy of Chris5e’s. Images of Edvard Munch’s works are
subject to copyright protec5on by BONO (Norway), represented in
the United States by Ar5sts Rights Society.
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2. Skate’s Investment Summary
Ar5st
Edvard Munch is classified by Skate’s as a third-­‐=er ar=st, the middle category in Skate’s rankings
of ar=sts. For a complete list of ar=st categories, please refer to pg. 84 of Skate’s Art Investment
Handbook.
Based on Skate’s Top 1000 ranking of the world’s most valuable art (in nominal auc=on prices,
USD, and including buyer’s premium), as of March 23, 2010:
• Edvard Munch is the 28th most valuable ar=st with 7 artworks in Skate’s Top 1000. The
total market value of these works is $107,199,448.
• The average Munch work listed in Skate’s Top 1000 is priced at $14,233,101 (the average
work in Skate’s Top 1000 in general is $13,573,025).
Artwork
Edvard Munch’s most valuable works (in terms of market prices) were created during the period
of his career from the mid-­‐1890s un=l the mid-­‐1900s; all but one of his top ten highest priced
works were created during this period.
Printed in 1896, The Sick Child I belongs to a series of similar lithographs all from 1896. Although
this series has seen some strong auc=on results and although it generally belongs to the highest-­‐
priced period of Munch’s art, the lithograph medium has generally failed to bring anywhere near
the prices paid for pain=ngs of the same era.
Based on the peer group of similar Munch works from the series discussed further in this report,
our recommended price range for The Sick Child I (from the perspec=ve of ra=onal art
investment) is:
$250,000-­‐300,000
We recommend bidding within the lower end of the auc=on house’s suggested price range.
Investment risk summary
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The Sick Child I is rated BBB+ on Skate’s Artwork Risk Scale (see Sec=on 13 for the full scale),
which corresponds to Tier-­‐3 investment grade art. Skate’s posi=ve outlook is due to both the
work’s sale at a top-­‐=er auc=on house and the low level of authen=city and =tle risk associated
with this work. For a detailed discussion of any risks associated with this pain=ng, refer to
Sec=on 3 of this report.
Skate’s, LLC, Copyright ©2010 3

3. Skate’s Artwork Risk Ra>ng
The Sick Child I is an investment quality work of art and rated BBB+, a ra=ng that captures the
following risk factors:
Ar5st Liquidity Risk: Low
• Edvard Munch was a top Symbolist ar=st who enjoyed a long and prolific career. The
market for his works is both broad and liquid.
Ar5st Price Vola5lity Risk: Low
• Edvard Munch’s art has a well-­‐established historical track record of auc=on prices.
Mul=ple price points in the public domain allow accurate peer groups to be constructed.
Furthermore, there is a strong record of posi=ve returns on repeat sales of several Munch
works.
Title Risk: Moderate-­‐High
• Edvard Munch is not the most amrac=ve ar=st for thieves, but a number of recent
notorious theTs do cast a shadow (see Sec=on 8). Two of these recent theTs involved
lithographs. Nevertheless, it should be said that all four recent theTs took place in Oslo,
and each =me they were carried out with surprising ease, which could be explained by an
unusually low level of security in the city. The moderate-­‐high =tle risk ra=ng, the absence
of a =tle guarantee, and the pre-­‐World War II date of crea=on are the primary factors that
have led Skate’s to place The Sick Child I in the Tier-­‐4 category for investment grade art.
Authen5city Risk: Low
• A typical feature of Munch's graphic work is that he neither numbered his prints nor stated
the size of the edi=on. Furthermore, he did not have the plates destroyed once the
prin=ng was complete. On the contrary, he tried to preserve his stones and plates so that
he could take further impressions at a later date. Consequently, in many cases many years
may have passed between the date when Munch worked the plate and the =me the last
print was pulled from it. This led to great varia=on in the quality of prints from the same
plate. Though the most of the reprints were done in Munch's own life=me and largely
under his control, there is s=ll a slight risk that a reprint could have been completed aTer
his death. Given the fact that this transac=on is taking place at a first-­‐=er auc=on house
that can provide proper authen=ca=on, we view the level of authen=city risk as low.
Condi5on Risk: Low-­‐Moderate
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• The Sick Child I is 114 years old and has not experienced considerable travel or numerous
changes in ownership. Although Chris=e’s catalogue notes the excellent condi=on of the
print, poten=al buyers may want to examine condi=on before comple=ng a transac=on.
Skate’s, LLC, Copyright ©2010 4

4. Brief Biography of Edvard Munch
Source:Tilvekstnummer: NF.WA 02488 Internnr: NBR9407:01241
1863 Born on 12th December in Løten, Hedmark.
1864 The family moves to Kristiania (Oslo).
1868 Munch’s mother dies from tuberculosis.
1877 Munch’s sister Sofie dies from tuberculosis, 15 years old.
1880 Munch discontinues his engineering studies and decides to become a painter.
1881 Student at The Royal Academy of Drawing in Kristiania (Oslo).
1882 Rents a studio near Stortings plass. The painter Christian Krohg corrects his work.
1884 Comes into contact with Hans Jæger and the Kristiania Bohemians.
1885 Exhibits at the World Exhibition in Antwerp. Study trip to Paris.
1886 Participates in the Autumn Exhibition with the painting The Sick Child, called
Study. This arouses a storm of protests.
1889 First solo exhibition in Kristiania. Spends the summer in Åsgårdstrand. Receives
a State grant for artists. Travels to Paris in October – begins studying with Léon
Bonnat. His father dies.
1890 At St. Cloud outside Paris. Spends the summer in Åsgårdstrand and Kristiania.
Receives a second State grant for artists. Travels to France in November.
1891 Paris and Nice. Summer in Norway. Receives a third State grant for artists.
Travels to Paris in the autumn. Makes sketches for The Frieze of Life.
1892 Paints Despair which he later develops into the motif The Scream. Exhibits at
Verein Berliner Künstler. The exhibition is closed after one week due to protests.
1893 Berlin. Associates with August Strindberg, Holger Drachmann, Dagny Juel,
Stanislaw Przybyszewski etc. The Frieze of Life begins to take shape. Paints The
Scream and Madonna.
1894 The first etchings and lithographs are printed in Berlin.
1895 Berlin and Paris
1896 Works with illustrations for Baudelaire’s Les Fleurs du Mal. Prints colour
lithographs and his first woodcuts at Clot’s printing studio in Paris.
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1898 Paris and Berlin. Meets Tulla Larsen in Kristiania.
1902 Exhibits The Frieze of Life – 22 paintings, at the Berlin Secession. Introduced to
Dr. Max Linde in Lübeck. Is wounded in the left hand during the break-up with
Tulla Larsen in Åsgårdstrand.
1903 Berlin, Paris and Lübeck. Becomes a member of the Société des Artistes
Indépendants.
1905 Successful exhibition in Prague. Resident at various clinics due to nerve problems
and misuse of alcohol.
1906 Introduced to the court at Weimar. Makes proposals for theatre decorations for
Ibsen’s Ghosts and Hedda Gabler for Max Reinhardt’s Chamber Theatre
production at the Deutschen Theater.
1907 Berlin. Paints a frieze for the foyer of Max Reinhardt’s theatre. Summer and
autumn at Warnemünde on Germany’s Baltic coast.
1908 Winter in Berlin. Summer in Warnemünde. Has a nervous breakdown in
Copenhagen and admits himself to Dr. Jacobson’s Clinic. Receives the Royal
Order of St. Olav.
1909 Returns home to Norway in May. Settles in Kragerø. Begins work on the proposal
for the decoration of the University Hall in Kristiania.
1912 Awarded his own exhibition space at the Sonderbund Exhibition in Cologne. His
work is placed beside that of Cézanne, Gauguin and Van Gogh.
1914 Berlin and Paris. Summer in Kragerø, Hvitsten and Jeløya. The University accepts
Munch’s proposed project for the University Hall.
1916 Buys Ekely – the property just outside Kristiania. The decoration of the
University Hall is unveiled in September.
1918-19 Publishes the document The Frieze of Life in connection with his exhibition at
Blomqvist in Kristiania. Contracts Spanish influenza.
1922 Commissioned to decorate the employees’ canteen of Freia Chocolate Factory in
Kristiania.
1928 Works on a proposal for the decoration of Oslo Town Hall.
1929 Builds a new winter studio at Ekely.
1930-31 Contracts an eye disease.
1933 Receives the Grand Cross of the Order of St. Olav.
1944 Dies peacefully at Ekely on 23rd January. In his will, he leaves all his remaining
work to Oslo Kommune (The City of Oslo): c. 1 100 paintings, c. 18 000 prints, c.
4 500 watercolours and drawings, 6 sculptures, 92 sketch books and numerous
letters and other correspondence.
Source: The Munch Museum
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5. Past and Present Museum Exhibi>ons of Munch’s Works
Europe
• Munch Museum, Oslo, Norway
• De Pont Founda=on for Contemporary Art,
Netherlands
• Na=onal Galleries of Scotland, Edinburgh, UK
• Birmingham Museums & Art Gallery, UK
• Courtauld Ins=tute of Art, London, UK
• Tate Gallery, London, UK
• Falmouth Art Gallery, England
• Neue Pinakothek, Munich, Germany
• Von der Heydt-­‐Museum, Wuppertal, Germany
• Wallraf-­‐Richartz-­‐Museum, Cologne, Germany
• Rijksmuseum, Amsterdam
• Museum Boijmans Van Beuningen, Romerdam
• Haugesund Museum of Fine Art, Norway
• Kunsthaus Zurich
• Kunstmuseum Basel, Switzerland
• Österreichische Galerie Belvedere, Vienna, Austria
• The Alber=na, Vienna, Austria
• Thyssen-­‐Bornemisza Museum, Madrid
North America
• Art Ins=tute of Chicago, Chicago, IL, USA
• Museum of Modern Art, New York, NY, USA
6. Galleries Currently Selling Munch’s Works
Europe
• Idbury Prints, Oxon, UK
• Grev Wedels Plass Auksjoner, Oslo, Norway
• Kaare Berntsen, Oslo, Norway
• Villa Grisebach Auk=onen GmbH, Berlin, Germany
• Galleri Faurschou, Copenhagen, Denmark
• Detroit Ins=tute of Arts, Detroit, MI, USA
• Na=onal Gallery of Art, Washington D.C., USA
• Museum of Fine Arts, Boston, MA, USA
• Museum of Fine Arts, Houston, TX, USA
• Allen Art Museum at Oberlin College, OH, USA
• Brooklyn Museum, New York, NY, USA
• Cleveland Museum of Art, Cleveland, OH, USA
• J. Paul Gemy Museum, Los Angeles, CA, USA
• Fine Arts Museums of San Francisco, CA, USA
• Harvard University Art Museums, Cambridge, MA,
USA
• Indianapolis Museum of Art, Indianapolis, IN, USA
• Kimbell Art Museum, Fort Worth, TX, USA
• McMullen Museum of Art at Boston College,
Chestnut Hill, MA, USA
• Minneapolis Ins=tute of Arts, Minneapolis, MN, USA
• Princeton University Art Museum, Princeton, NJ, USA
• San Diego Museum of Art, San Diego, CA
• MacKenzie Art Gallery, Saskatchewan, Canada
Asia-­‐Pacific
• Tel Aviv Museum of Art, Tel Aviv, Israel
• Art Gallery of New South Wales, Sydney, Australia
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7. Provenance / Catalogue Raisonné Reference
From Chris8e’s catalogue for Sale 7839, Lot 122, London, United Kingdom, March
31, 2010:
From a Private German Collec5on
Edvard Munch : the complete graphic
works
Gerd Woll, New York : H.N. Abrams ; Oslo :
In Associa5on with Munch-­‐Museet, 2001.
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8. Known TheTs of Munch’s Works
Edvard Munch is a moderate-­‐high risk ar=st under Skate’s theT risk classifica=on.
• Interpol lists as stolen the following work by Edvard Munch:
• Other notable theTs
Portrait Study -­‐
reported stolen in
Norway on August 20,
1993
On August 22, 2004, the BBC
reported that a version of The
Scream and Madonna by Edvard
Munch were stolen from Oslo's
Munch Museum. The artworks
were recovered in August 2006,
both sustained damage and
underwent restoraWon. In May
2009, those connected with the
theZ were convicted and
sentenced.
On February 12, 1994 a version of The
Scream was stolen in from the NaWonal
Gallery in Oslo -­‐ It was recovered
undamaged on May 7, 1994. In January
1996, four men were convicted in
connecWon with the theZ.
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On November 13, 2009, The New
York Times reported that a hand
colored lithograph by Edvard Munch
-­‐ History -­‐ was stolen from an art
gallery in Oslo, Norway the previous
day. The work has not been found.
On November 18, 2009, police
reported the theZ of Munch’s litograph
Loesrivelsen II (The Separa5on II) from
an Oslo gallery during its move in June.
The Sick Child I is not currently listed on an Interpol or FBI stop list and was not listed as missing by Art
Loss Register.
9. Known Forgeries of Munch’s Works
Norwegian media have reported that several fake versions of works by the
Norwegian Painter Edvard Munch have been offered on the global art market. Two
of these have been discovered in Norway.
The Munch Museum has confirmed the existence of even different works that have
been on offer. The experts there say they have never before seen fakes that have
been so painstakingly made, and they now warn against what they see as
organized distribution of the fakes.
The Museum has been contacted by a number of art dealers from around the
world.
Source: The Norway Post
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10. Market for Munch’s Works
Edvard Munch is a third-­‐=er investment quality ar=st with a well-­‐established historical track
record of auc=on prices. Mul=ple price points in the public domain allow for accurate peer
groups to be constructed.
Munch’s most valuable works from the standpoint of auc=on prices were created in the last
decade of 19th century and the first decade of 20th century.
Top 10 Munch Sales
Rank Title
Year of
Crea>on
Date of Sale Auc>on Premium Price, USD
1 Vampire 1894 Nov. 3, 2008 Sotheby’s 38,162,500
2 Girls on a Bridge 1902 May 7, 2008 Sotheby’s 30,841,000
3 Summer day 1904 Feb. 7, 2006 Sotheby’s 10,835,325
4 View from Nordstand 1900 Feb. 5, 2007 Sotheby’s 7,528,145
5 Haus in Aasgaardstrand 1905 Feb. 4, 2002 ChrisWe’s 7,315,822
6 Self-­‐portrait (against two-­‐coloured background) 1904 Feb. 7, 2006 Sotheby’s 6,310,066
7 SpringWme 1911 Feb. 5, 2007 Sotheby’s 6,206,590
8 Badende 1897 Feb. 4, 2002 ChrisWe’s 4,883,782
9 Sommernab, åsgårdstrand (Summer night, åsgårdstrand) 1902 May 3, 2005 Sotheby’s 4,496,000
10 From Åsgårdstrand 1904 Jun. 25, 2008 Sotheby’s 4,046,405
Source: Skate’s Art Market Research (auc5on results from Chris5e's and Sotheby’s)
Repeat Sale of Munch’s Works*
Title
Year of
Crea>on
Date of Sale Auc>on Premium Price, USD ERR**, %
Holding
Period, Years
Girls on a Bridge 1902 May 7, 2008 Sotheby’s 1,272,000 11.57% 11
Source: Skate’s Art Market Research
*Based on presence in Top 10 Munch sales above
**Annualized effec5ve rate of return
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Our sampling of repeat sales (limited to the Top 10 works above) shows that Edvard Munch is a
strong choice as an investment target.
ATer an 11-­‐year holding period, Girls on a Bridge achieved an 11.57% effec=ve rate of return
(ERR) on an annualized basis.
Poten=al buyers should expect considerable price stability with Munch’s work and assuming that
an irra=onal premium is avoided at the =me of purchase (see more in Sec=on 13 below), buyers
should assume that The Sick Child I will at least maintain its value over the long term.
11. Market for The Sick Child I
Peer Group for The Sick Child I
The sick child I
The sick child I
The sick child I
Work Medium Year of
crea>on
The sick child I (Das Kranke Kind
I)
The sick child I (Das kranke Kind
I)
The sick child I
The sick child I
Color
lithograph
lithograph in
black, grey,
red and
yellow
lithograph in
colors
lithograph in
black, grey,
yellow and
red
Color
lithograph
Color
lithograph
Color
lithograph
Source: Skate’s Art Market Research, artnet
N.B. Repeat sale indicated in blue
Repeat Sales in Peer Group
Title
Year of
Crea>on
Auc>on Date of sale
Es>mate (low)
USD
Es>mate (high)
USD
Premium Price,
USD
1896 ChrisWe's Oct. 30, 2007 200,000 300,000 668,200
1896 Sotheby's Sep. 20, 2007 202,429 303,643 496,975
1896 ChrisWe's May 3, 2005 20,000 30,000 62,400
1896 Sotheby's Apr. 29, 2005 250,000 350,000 296,000
1896 ChrisWe's Jun. 30, 2004 108,695 144,927 129,891
1896 Sotheby's Nov. 8, 2002 150,000 250,000 207,500
1896 ChrisWe's Nov. 5, 2002 18,000 22,000 45,410
Date of Sale Auc>on Premium Price, USD ERR**, %
Holding
Period, Years
The Sick Child I (Das Kranke Kind I) 1896 Sep. 20, 2007 Sotheby’s 496,975 14.02% 2.4
Source: Skate’s Art Market Research
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Skate’s, LLC, Copyright ©2010 12

The es=mate set by Chris=e’s for the March 31, 2010 sale of The Sick Child I is the highest ever
for this peer group, which means that purchasing within this es=mate range slightly increases
the likelihood of a nega=ve return on investment in the event of a resale. This risk remains
minimal, however, as all of the sales in the above peer group have sold either comfortably in the
middle of the es=mate range or well above the high es=mates assigned by the auc=on houses.
A strong investment case also comes from the fact that all of the works in the peer group found
buyers at auc=on (i.e., none of the works was “bought in” by the auc=on houses).
Poten=al buyers should note the large price gap for works in The Sick Child I’s peer group, which
can in part be explained by differences in the quality of the lithographs sold. In 1894, Munch
produced his first works in this medium, so it was a completely new field for him. Chris=e’s sale
catalogue notes the superior quality of the edi=on profiled in this report.
Part of the reason for the large price gap is invariably =ed to the irra=onal premium paid at the
=me of purchase. The average work in the peer group (including the repeat sale) sold for
$272,339, which is on the low end of Chris=e’s es=mate range for this sale.
Edvard Munch’s repeat sales show that his works can be a reasonable bet as an investment
target. Although there has been only one repeat sale among Munch’s most valuable works (Girls
on a Bridge), its effec=ve rate of return was a solid 11.57%. Its sale during the summer of 2008 -­‐
just before the global financial crisis got underway and before the art market shiTed decidedly
away from Contemporary art toward Impressionist and Modern art -­‐ confirms Munch’s strength
and low level of price vola=lity. The resale in the sick child peer group occurred on September
20, 2007 -­‐ i.e., at the very height of boom in the market for Contemporary art. This result only
provides further confirma=on of Munch’s price stability.
The Sick Child I is a lithograph and cannot be directly compared with a pain=ng such as Girls on a
Bridge. However, both artworks are superior in quality and capture the most famous themes of
Munch’s art. There is a high probability, therefore, that his iconic status might boost the
irra=onal premium paid in the event of the work’s repeat sale at auc=on.
12. Approach to Art Valua>on
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Skate’s approach to art valua=on is based on the applica=on of Skate’s Art Asset Pricing Model
(AAPM), which defines a valua=on range for an artwork based on the valua=on range of
comparable artworks (i.e., a peer group). An adjustment is made using a provenance factor (i.e.,
a discount rate that varies between 0 and 1 and captures all the risks per=nent to the art asset,
including authen=city, =tle and transport restric=ons) and irra=onal premium reflec=ng personal
affec=on of a poten=al buyer and the individual artwork.
We have not es=mated an irra=onal premium that can be added to this artwork (i.e., an es=mate
on how much a buyer may be willing to pay beyond the fair value), which can drama=cally affect
an artwork’s final selling price. We believe, however, that the auc=on’s suggested pricing range
for the artwork does imply that a buyer may be willing to pay an irra=onal premium amoun=ng
to 20% more than the price levels of comparable artworks (i.e., the peer group discussed above).
Skate’s, LLC, Copyright ©2010 13

13. Suggested Valua>on
Based on the informa=on we have on the artwork offered for sale and the historical
performance of Edvard Munch’s works at auc=on, for The Sick Child I Skate’s would recommend
assigning a valua=on within the $250,000-­‐300,000 range, including buyer’s premium. Given
previous prices for works in The Sick Child I’s peer group, a poten=al buyer could bid somewhat
higher than Chris=e’s es=mate range before paying a significant irra=onal premium. If such is the
goal of the purchaser, a posi=ve return on this investment is likely given a proper holding
strategy.
Prior to engaging in a transac=on with The Sick Child I, Skate’s would recommend that poten=al
buyers thoroughly research all transac=on costs, including auc=on house commissions, UK taxes,
as well as transport and insurance expenses. Poten=al buyers would also be advised to check on
any poten=al export restric=ons involving this work.
14. Skate’s Artwork Risk Ra>ng Scale
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Skate's Artwork Risk Ra=ng Scale consists of three major parts: Investment Quality (Grade),
Specula=ve Quality (Grade) and Non-­‐investment Quality (Grade).
Skate’s, LLC, Copyright ©2010 14

15. Peer Group Forma>on
The forma=on of peer groups for use in Skate’s Artwork Background Reports varies considerably
depending on the ar=st and the size of the sample. In general, all peer groups are limited to a
single ar=st and medium. The peer groups used by Skate’s contain works by only one ar=st for
the reason that the inclusion of more than one name would represent a subjec=ve judgement
that would inevitably lead to skewed pricing results in the peer group.
Once an ini=al sampling of works is obtained, peer groups are narrowed by year of crea=on (or
range of years), subject and, in some cases, size.
Although in prac=ce there is no standard number of works included in the peer groups used by
Skate’s, experience has shown that groups of 5-­‐15 works tend to be the most efficient when it
comes to showing the market dynamics for a given work.
16. Disclaimer
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Client 0030
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This report is not an appraisal, condi=on report or authen=city report. It has been prepared
using publicly available sources of informa=on and without seeing or otherwise examining the
actual artwork. Upon request, Skate’s is able to provide addi=onal research into provenance and
other amributes, as well as to secure access to the paperwork necessary for comple=ng due
diligence on =tle quality and preparing a more accurate valua=on range. In certain
circumstances, Skate’s is able to arrange for a full authen=ca=on of the artwork.
Skate’s Art Market Research is an independent art investment research provider that is majority
owned by IndexAtlas Group (www.indexatlas.com).
Neither Skate’s nor IndexAtlas Group are involved in or have otherwise vested interest in any art
trade or art assets.
Skate's, LLC believes that the informa=on in the report is reliable, but it does not guarantee, and
has not independently verified, its accuracy. Skate's, its affiliates, and any third party providers,
as well as its and their managers, directors, officers, shareholders, employees or agents (each a
"Skate's Party") do not guarantee the accuracy, completeness and =meliness of the informa=on
in the report or any valua=on or opinion stated in the report (which informa=on, valua=ons and
opinions are referred to as the "Content"). Skate's provides the Content on an “as is” basis. EACH
SKATE'S PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT
NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR USE. In no event shall any Skate's Party be liable to any party for any direct,
indirect, incidental, exemplary, compensatory, puni=ve, special or consequen=al damages, costs,
expenses, legal fees, or losses (including, without limita=on, lost income or lost profits and
opportunity costs) in connec=on with any use of the Content even if advised of the possibility of
such damages.
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