SHINWA ART AUCTION

SHINWA ART AUCTION
Modern Ceramics Auction
July 18, 2009

The following prices in YEN not including the Buyer's Premium.

Modern Ceramics Modern Art Part ll (works of art)

101- 261

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LOT	PRICE	LOT	PRICE	LOT	PRICE	LOT	PRICE
101	85,000	141	130,000	181	0	221	110,000
102	250,000	142	130,000	182	0	222	170,000
103	160,000	143	240,000	183	300,000	223	250,000
104	120,000	144	120,000	184	400,000	224	75,000
105	110,000	145	185,000	185	1,200,000	225	110,000
106	120,000	146	180,000	186	1,050,000	226	160,000
107	210,000	147	180,000	187	1,250,000	227	50,000
108	420,000	148	320,000	188	70,000	228	55,000
109	110,000	149	300,000	189	15,000	229	40,000
110	150,000	150	0	190	85,000	230	680,000
111	130,000	151	0	191	25,000	231	140,000
112	180,000	152	920,000	192	40,000	232	50,000
113	160,000	153	880,000	193	60,000	233	30,000
114	180,000	154	0	194	90,000	234	60,000
115	170,000	155	0	195	95,000	235	85,000
116	160,000	156	540,000	196	85,000	236	30,000
117	270,000	157	450,000	197	25,000	237	25,000
118	270,000	158	0	198	160,000	238	25,000
119	320,000	159	340,000	199	90,000	239	110,000
120	270,000	160	0	200	90,000	240	520,000
121	160,000	161	400,000	201	70,000	241	300,000
122	150,000	162	280,000	202	120,000	242	160,000
123	160,000	163	320,000	203	85,000	243	150,000
124	100,000	164	360,000	204	50,000	244	300,000
125	70,000	165	360,000	205	60,000	245	2,500,000
126	150,000	166	460,000	206	70,000	246	500,000
127	120,000	167	0	207	60,000	247	260,000
128	250,000	168	420,000	208	100,000	248	680,000
129	150,000	169	540,000	209	150,000	249	880,000
130	240,000	170	0	210	95,000	250	400,000
131	200,000	171	340,000	211	160,000	251	600,000
132	180,000	172	1,250,000	212	180,000	252	700,000
133	660,000	173	1,400,000	213	230,000	253	700,000
134	440,000	174	4,400,000	214	100,000	254	110,000
135	250,000	175	4,400,000	215	120,000	255	320,000
136	Withdrawn	176	4,000,000	216	140,000	256	110,000
137	270,000	177	0	217	70,000	257	480,000
138	290,000	178	0	218	110,000	258	50,000
139	620,000	179	0	219	50,000	259	160,000
140	360,000	180	0	220	85,000	260	100,000
						261

Auction Result
The percentage of successful bids: 89.38%	Sale total: JPY 39,645,000