Document:

NICKLEBYS.COM, INC.

                             STOCK OPTION AGREEMENT

     THIS STOCK  OPTION  AGREEMENT  (the  "Agreement")  is made and entered into
effective as of the 30th day of July, 1999, by and between Nicklebys.com,  Inc.,
a Colorado  corporation  (the  "Company"),  899  Broadway,  Suite #200,  Denver,
Colorado 80203, and Mr. Mark K. Shaner (the "Optionee"), 3177 South Parker Road,
Aurora, Colorado 80014.

     The Company  desires to provide the  Optionee  an  opportunity  to purchase
shares of its common stock,  $.0001 par value per share (the "Common Stock"), as
hereinafter provided.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein, the receipt and sufficiency of which are hereby acknowledged,  the
parties hereto agree as follows:

     This Option and the Common Stock issuable upon exercise  hereof are subject
to the terms and conditions hereinafter set forth:

     1.   Definitions.   As  used in  this Agreement,  the following terms shall
          -----------
mean:

          (a)   "Board" - the Board of Directors of the Company.

          (b)   "Common Stock" -  the Common  Stock, $.0001 par value per share,
of the Company.

          (c)   "Company" -   Nicklebys.com,  Inc.,  899  Broadway,  Suite #200,
Denver, Colorado 80203.

          (d)   "Effective Date" - December 30, 1999.

          (e)   "Optionee" - Mark K. Shaner.

          (g)   "Exercise   Period"  -  from   December  30, 1999,  through  and
including December 29, 2004.

          (h)   "Expiration Date" - December 29, 2004.

          (i)   "Option" -  The right to purchase  shares of Common Stock of the
Company as  provided  herein,  and any  options  delivered  in  substitution  or
exchange therefor, as provided herein.

          (j)   "Purchase Price" - $.66 per share.

          (k)   "Shares" - 41,651 shares of Common Stock of the Company.

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          (l)   "Subscription  and  Acknowledgment Form" - The form  attached to
this Agreement as Exhibit "A."

     2.   Grant  of  Option.   Subject  to  the  terms  and  conditions  of this
          -----------------
Agreement,  the Company  hereby grants to the Optionee the right to purchase all
or any part of an aggregate  of 41,651  shares of Common Stock of the Company at
the  Purchase  Price set forth in  Section 3 hereof and in  accordance  with the
schedule  set forth in  Section  5  hereof.  This  right to  purchase  Shares is
hereinafter referred to as the "Option."

     3.   Purchase  Price.   The purchase price of the shares of Common Stock of
          ---------------
the Company  issuable  pursuant to the exercise of this Option shall be $.66 per
Share (the "Purchase Price.")

     4.   Term of Option.  Notwithstanding anything to the contrary contained in
          --------------
this  Agreement,  no option granted  hereunder  shall be  exercisable  after the
expiration of the Expiration Date.

     5.   Exercise.
          --------

          (a)   Time of Exercise.   This Option  may be exercised  commencing on
                ----------------
the Effective  Date,  in whole or in part (but not as to a fractional  share) at
the  principal  executive  offices of the  Company,  at any time or from time to
time,  through and including  December 29, 2004;  provided,  however,  that this
Option shall expire and be null and void if not  exercised in the manner  herein
provided by 5:00 p.m., Mountain Daylight Time, on December 29, 2004.

          (b)   Manner  of Exercise.  This Option is exercisable at the Purchase
                -------------------
Price,  payable  in cash or by  cashier's  check  payable  to the  order  of the
Company,  subject to adjustment as provided in Section 6 hereof.  Upon surrender
of this  Option to the  Company  at its  principal  executive  offices  with the
annexed  Subscription  and  Acknowledgment  Form duly  executed,  together  with
payment of the  Purchase  Price for the  Shares  purchased  (and any  applicable
transfer taxes) at the Company's principal executive offices, the Optionee shall
be  entitled  to  receive  a  certificate  or  certificates  for the  Shares  so
purchased.  The Optionee hereby acknowledges and agrees to the taxable nature of
the event of the exercise of the Option and that the Optionee  will not hold the
Company responsible for the reporting or payment of such taxes.

          (c)   Delivery of Stock Certificates.  As soon as practicable, but not
                ------------------------------
exceeding  five days after  complete  or partial  exercise of this  Option,  the
Company,  at its  expense,  shall cause to be issued in the name of the Optionee
(or  upon  payment  by  the  Optionee  of any  applicable  transfer  taxes,  the
Optionee's  assigns) a certificate or certificates  for the number of fully-paid
and  nonassessable  Shares to which the  Optionee  shall be  entitled  upon such
exercise,   together  with  such  other  stock  or  securities  or  property  or
combination  thereof to which the Optionee shall be entitled upon such exercise,
determined in accordance with Section 6 hereof.

          (d)   Record  Date of Transfer of Shares.  Irrespective of the date of
                ----------------------------------
issuance and delivery of certificates for any stock or securities  issuable upon
the  exercise  of  this  Option,   each  person   (including  a  corporation  or
partnership)  in whose name any such  certificate  is to be issued shall for all

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<PAGE>

purposes  be  deemed  to have  become  the owner of record of the stock or other
securities represented thereby immediately prior to the close of business on the
date on which a duly executed Subscription Form containing notice of exercise of
this Option and payment of the Purchase Price is received by the Company.

     6.   Adjustment of Purchase Price.
          ----------------------------

     The Purchase Price shall be subject to adjustment as follows:

          (a)   In  case the Company  shall  (i) pay a dividend in shares of its
capital  stock (other than an issuance of shares of capital  stock to holders of
Common  Stock who have elected to receive a dividend in shares in lieu of cash),
(ii) subdivide its outstanding shares of Common Stock, (iii) reduce, consolidate
or combine  its  outstanding  shares of Common  Stock  into a smaller  number of
shares or (iv)  issue by  reclassification  of its  shares  of Common  Stock any
shares of the Company,  the Purchase Price in effect  immediately  prior thereto
shall be adjusted to that amount determined by multiplying the Purchase Price in
effect  immediately  prior to such date by a  fraction,  of which the  numerator
shall be the number of shares of Common  Stock  outstanding  on such date before
giving   effect  to  such   division,   subdivision,   reduction,   combination,
consolidation or stock dividend and of which the denominator shall be the number
of shares of Common Stock after giving effect thereto.  Such adjustment shall be
made  successively  whenever any such effective date or record date shall occur.
An  adjustment  made  pursuant to this  subsection  (a) shall  become  effective
retroactively  to the Effective  Date  immediately  after the record date in the
case of a dividend and shall become  effective  immediately  after the effective
date in the case of a  subdivision,  reduction,  consolidation,  combination  or
reclassification.

          (b)   In case  the Company  shall issue  rights or  options to  all or
substantially  all  holders of its  Common  Stock  entitling  them (for a period
expiring within 45 days after the record date mentioned  below) to subscribe for
or purchase shares of Common Stock (or securities convertible into Common Stock)
at a price per share (the "Offering  Price") less than the Purchase Price at the
record date mentioned  below, the Purchase Price shall be determined by dividing
the Purchase Price in effect immediately prior to such issuance by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding on
the date of  issuance of such  rights or options  plus the number of  additional
shares of Common Stock offered for  subscription  or purchase,  and of which the
denominator  shall be the number of shares of Common  Stock  outstanding  on the
date of issuance of such rights or options  plus the number of shares  which the
aggregate Offering Price of the total number of shares so offered would purchase
at such fair market value. Such adjustment shall be made whenever such rights or
options are issued, and shall become effective retroactively,  immediately after
the record date for the  determination of shareholders  entitled to receive such
rights or options.

          (c)   In case the Company shall distribute to allor  substantially all
holders of its Common Stock evidence of its indebtedness, shares of any class of
the Company's stock other than Common Stock or assets (excluding cash dividends)
or rights or options to  subscribe  for or  purchase  shares of Common  Stock or
securities  convertible  into  Common  Stock  (excluding  those  referred  to in
subsection  (b)  above),  then in each such  case the  Purchase  Price  shall be
determined by dividing the Purchase  Price in effect  immediately  prior to such

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issuance by a fraction,  of which the numerator  shall be the Purchase  Price on
the date of such  distribution  and of which the denominator  shall be such fair
market value per share of the Common Stock,  less the then fair market value (as
determined  by the  Committee,  whose  determination  shall be  conclusive,  and
described  in a statement,  which will have the  applicable  resolutions  of the
Board of Directors  attached thereto,  filed with the Company) of the portion of
the assets or  evidences of  indebtedness  or shares so  distributed  or of such
subscription rights or options applicable to one share of the Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become
effective retroactively  immediately after the record date for the determination
of stockholders entitled to receive such distribution.

          (d)   If  the Common Stock issuable  upon the conversion of the Option
shall be changed  into the same or a different  number of shares of any class or
classes  of  stock,  whether  by  capital  reorganization,  reclassification  or
otherwise  (other than a subdivision  or combination of shares or stock dividend
provided for above, or a reorganization, merger, consolidation or sale of assets
provided for in this Section 6, then, and in each such event, the Optionee shall
have the right  thereafter  to convert  such  Option into the kind and amount of
shares of Common Stock and other  securities and property  receivable  upon such
reorganization, reclassification or other change by the holders of the number of
shares of Common  Stock into which such  Option  might have been  converted,  as
reasonably   determined   by  the   Committee,   immediately   prior   to   such
reorganization, reclassification or change, all subject to further adjustment as
provided herein.

          (e)   If at any time or  from  time to  time there shall  be a capital
reorganization  of the Common  Stock  (other  than a  subdivision,  combination,
reclassification  or exchange of shares provided for elsewhere in this Section 6
or a merger or consolidation of the Company with or into another corporation, or
the sale of all or substantially  all of the Company's  properties and assets to
any other person  (except as provided for in Section  6(f)),  then, as a part of
such reorganization,  merger,  consolidation or sale, provision shall be made as
reasonably  determined by the Committee so that the Optionee shall thereafter be
entitled to receive  upon  conversion  of such  Option,  the number of shares of
stock or  other  securities  or  property  of the  Company  or of the  successor
corporation  resulting  from such merger or  consolidation  or sale,  to which a
holder of Common Stock  deliverable  upon conversion would have been entitled on
such capital reorganization, merger, consolidation or sale.

          (f)   The  adjustments provided  for in this Section 6  are cumulative
and shall apply to successive divisions, subdivisions, reductions, combinations,
consolidations,  issues,  distributions  or  other  events  contemplated  herein
resulting in any adjustment under the provisions of this Section; provided that,
notwithstanding  any other  provision  of this  Section,  no  adjustment  of the
Purchase  Price  shall be  required  unless  such  adjustment  would  require an
increase  or  decrease  of at least 1% in the  Purchase  Price  then in  effect;
provided,  however,  that any adjustments which by reason of this subsection (f)
are not  required to be made shall be carried  forward and taken into account in
any subsequent adjustment.

          (g)   Notwithstanding Sections 6(b) and (c) above, no adjustment shall
be made  in the  Purchase  Price  if  provision  is made  for  the  Optionee  to
participate  in such  distribution  as if the Optionee had  converted all of the
principal  balance of the Option  into  shares of Common  Stock at the  Purchase
Price in effect immediately prior to such distribution.

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<PAGE>

          (h)   Upon  each adjustment  of the Purchase Price,  the Company shall
give prompt written  notice thereof  addressed to the Optionee at the Optionee's
address as shown on the records of the  Company,  which  notice  shall state the
Purchase Price resulting from such  adjustment and the increase or decrease,  if
any, in the number of shares  issuable upon the  conversion  of such  Optionee's
Option,  setting forth in reasonable  detail the method of  calculation  and the
facts upon which such calculation is based.

          (i)   In  the  event of  any  question  arising with  respect  to  the
adjustments  provided  for in Section  6, such  question  shall be  conclusively
determined by an opinion of independent  certified public accountants  appointed
by the Company (who may be the auditors of the  Company) and  acceptable  to the
Optionee.  Such  accountants  shall have access to all necessary  records of the
Company,  and such  determination  shall be  binding  upon the  Company  and the
Optionee.

          (j)   The  Company  may,  in  its  sole  discretion  and  without  any
obligation to do so, reduce the Purchase  Price then in effect by giving fifteen
days' written notice to the Optionee. The Company may limit such reduction as to
its  temporal  duration  or may  impose  other  conditions  thereto  in its sole
discretion.

     7.   Acceleration of Right to Exercise Options.   Notwithstanding  anything
          -----------------------------------------
to the contrary contained herein regarding the time for exercise of this Option,
the following provisions shall apply:

          (a)   Mergers and Reorganizations.  If the Company or its shareholders
                ---------------------------
enter into an agreement to dispose of all or substantially  all of the assets of
the Company by means of a sale,  merger or other  reorganization or liquidation,
or  otherwise  in a  transaction  in  which  the  Company  is not the  surviving
corporation,  this Option shall become  immediately  exercisable with respect to
the full number of Shares subject to the Option during the period  commencing as
of the date of the  agreement  to  dispose  of all or  substantially  all of the
assets or stock of the  Company  and ending  when the  disposition  of assets or
stock  contemplated  by the agreement is consummated or this Option is otherwise
terminated in  accordance  with its  provisions,  whichever  occurs first.  This
Option shall not become  immediately  exercisable,  however,  if the transaction
contemplated in the agreement is a merger or reorganization in which the Company
will survive.

          (b)   Change  in  Control.   In  the event  of a change  in control or
                -------------------
threatened  change  in  control  of  the  Company,   this  Option  shall  become
immediately  exercisable.  The term  "change in  control,"  for purposes of this
Section,  shall  refer to the  acquisition  of 20 per cent or more of the voting
securities  of the Company by any person or by persons  acting as a group within
the  meaning of Section  13(d)(3) of the  Securities  Exchange  Act of 1934,  as
amended;  provided  that no change in  control or  threatened  change in control
shall be deemed to have  occurred if, prior to the  acquisition  of, or offer to
acquire,  20 per cent or more of the voting securities of the Company,  the full
Board of  Directors  shall  have  adopted  by not less  than  two-thirds  vote a
resolution  specifically  approving such acquisition or offer. The term "person"
refers,  for  purposes  of this  Section,  to an  individual  or a  corporation,
partnership,   trust,   association,   joint  venture,  pool,  syndicate,   sole

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<PAGE>

proprietorship,  unincorporated  organization  or any other  form of entity  not
specifically  listed herein.  Whether a change in control is threatened shall be
determined solely by the Committee.

     8.   Restrictions on Transfer.
          ------------------------

          (a)   This Option may  not be sold, assigned, transferred, pledged  or
otherwise  disposed of or encumbered in any manner  otherwise  than by will, the
laws of descent and distribution,  or pursuant to a qualified domestic relations
order as defined by the Code; provided, however, that the Optionee may assign or
transfer  this Option to members of his  immediate  family or to a trust for the
benefit of such members of his immediate  family and, during the lifetime of the
Optionee,  this Option may be exercised only by the Optionee or assignee, as the
case may be, or his legally  authorized  representative.  The Optionee shall not
have any right to sell,  assign,  transfer,  pledge or  otherwise  dispose of or
encumber this Option, and any attempted transfer,  sale,  assignment,  pledge or
encumbrance  shall have no effect on the  Company.  The Company may also require
the  Optionee  to furnish  evidence  satisfactory  to the  Company,  including a
written and signed representation letter and consent to be bound by any transfer
restrictions  imposed by law, legend,  condition or otherwise.  The Shares shall
not be issued with respect to any Option unless the exercise of the Option shall
comply all  relevant  provisions  of Federal  and state law,  including  without
limitation  the Securities  Act of 1933, as amended,  the rules and  regulations
promulgated thereunder and the requirements of any stock exchange upon which the
Shares may then be  listed,  and shall be further  subject  to the  approval  of
counsel for the Company with respect to such compliance.

          (b)   The  Optionee, by  his  acceptance hereof,  represents,  opines,
covenants  and agrees that (i) the  Optionee  has  knowledge of the business and
affairs of the Company,  and (ii) this Option is being  acquired for  investment
and not with a view to the  distribution  hereof and that,  absent an  effective
registration statement under the Securities Act of 1933, as amended (the "Act"),
covering  the  disposition  of this  Option,  it will not be sold,  transferred,
assigned,  hypothecated  or otherwise  disposed of without  first  providing the
Company  with an opinion of counsel  (which may be counsel  for the  Company) or
other evidence,  reasonably  acceptable to the Company,  to the effect that such
sale, transfer, assignment,  hypothecation or other disposal will be exempt from
the  registration and prospectus  delivery  requirements of the Act, as amended,
and the  registration  or  qualification  requirements  of any applicable  state
securities  laws.  The  Optionee  consents  to the making of a  notation  in the
Company's  records  or giving to any  transfer  agent of the  Option an order to
implement such restriction on transferability.

          This  Option shall bear the  following  legend or a legend  of similar
import; provided, however, that such legend shall be removed, or not placed upon
the Option if such legend is no longer  necessary to assure  compliance with the
Act:

     "THIS OPTION HAS NOT BEEN REGISTERED WITH THE UNITED STATES  SECURITIES AND
     EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE BECAUSE IT IS
     BELIEVED  TO BE EXEMPT  FROM  REGISTRATION  UNDER THE ACT.  THIS  OPTION IS
     "RESTRICTED" AND MAY NOT BE RESOLD OR TRANSFERRED EXCEPT AS PERMITTED UNDER
     THE ACT PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM."

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<PAGE>

     9.   Information  to Optionee.  The Company shall furnish to the Optionee a
          ------------------------
copy of the annual  report,  proxy  statements and all other reports sent to the
Company's  shareholders.  Upon written request, the Company shall furnish to the
Optionee  a copy of its  most  recent  Annual  Report  on Form  10-KSB  and each
quarterly  report to  shareholders  issued since the end of the  Company's  most
recent fiscal year.

     10.  Payment of Taxes.  All Shares  issued upon the exercise of this Option
          ----------------
shall be validly issued,  fully-paid and nonassessable and the Company shall pay
all taxes and other  governmental  charges  (other  than income tax) that may be
imposed in respect of the issue or delivery  thereof.  The Company  shall not be
required, however, to pay any tax or other charge imposed in connection with any
transfer  involved in the issue of any  certificate for Shares in any name other
than that of the Optionee  surrendered  in connection  with the purchase of such
Shares,  and in such case the Company  shall not be required to issue or deliver
any stock  certificate  until  such tax or other  charge has been paid or it has
been  established to the Company's  satisfaction  that no tax or other charge is
due.

     11.  Reservation of Common Stock.   The Company  shall at all times reserve
          ---------------------------
and keep available out of its  authorized  but unissued  shares of Common Stock,
solely for the purpose of issuance upon the exercise of this Option, such number
of shares of Common  Stock as shall be issuable  upon the exercise  hereof.  The
Company  covenants and agrees that,  upon exercise of this Option and payment of
the  Purchase  Price  thereof,  all Shares of Common  Stock  issuable  upon such
exercise shall be duly and validly issued, fully-paid and nonassessable.

     12.  Notices  to  Optionee.   Nothing  contained in this  Option  shall  be
          ---------------------
construed as conferring upon the Optionee hereof the right to vote or to consent
or to receive notice as a shareholder in respect of any meetings of shareholders
for the  election  of  directors  or any other  matter or as having  any  rights
whatsoever as a shareholder of the Company. All notices, requests,  consents and
other  communications  hereunder shall be in writing and shall be deemed to have
been duly made when delivered or mailed by registered or certified mail, postage
prepaid, return receipt requested:

          (a)   If to the  Optionee, to the address of such Optionee as shown on
the books of the Company; or

          (b)   If  to the  Company,  to  the  address set forth in Section 1(c)
hereof.

     13.  Replacement   of   Option.    Upon   receipt  of  evidence  reasonably
          -------------------------
satisfactory to the Company of the ownership of and the loss, theft, destruction
or mutilation of this Option and (in case of loss,  theft or  destruction)  upon
delivery of an indemnity  agreement in an amount reasonably  satisfactory to the
Company,  or (in the case of mutilation)  upon surrender and cancellation of the
mutilated Option,  the Company will execute and deliver,  in lieu thereof, a new
Option of like tenor.

     14.  Successors.   All  the covenants,   agreements,   representations  and
          ----------
warranties  contained  in this Option  shall bind the  parties  hereto and their
respective  heirs,  executors,  administrators,   distributees,  successors  and
assigns.

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<PAGE>

     15.  Change;  Waiver.   Neither  this Option  nor  any term  hereof  may be
          ---------------
changed, waived,  discharged or terminated verbally but only by an instrument in
writing  signed by the party against which  enforcement  of the change,  waiver,
discharge or termination is sought.

     16.  Headings.   The  section headings  in this  Option  are  inserted  for
          --------
purposes of convenience only and shall have no substantive effect.

     17.  Law  Governing.   This Option shall for all purposes be construed  and
          --------------
enforced in accordance  with, and governed by, the internal laws of the State of
Colorado, without giving effect to principles of conflict of laws.

     IN WITNESS WHEREOF,  the Company has caused this Option to be signed by its
duly authorized officer and this to be dated as of the date first above written.

                                     NICKLEBYS.COM, INC.

                                     By: /s/ Bruce A. Capra
                                         ---------------------------------------
                                         Bruce A. Capra, Chief Executive Officer

                                        8
<PAGE>STOCK PURCHASE AND EXCHANGE AGREEMENT

         THIS STOCK PURCHASE AND EXCHANGE AGREEMENT (hereinafter  referred to as
the  "Agreement")  is made and entered into this 28th day of June,  1999, by and
among Nicklebys.com,  Inc., a Colorado corporation  (hereinafter  referred to as
the "Company"),  on the one hand, and Art Exchange, Inc., a Colorado corporation
(hereinafter  referred to as "Art  Exchange"),  and Paul J. Zueger  (hereinafter
referred to as "Zueger") and The Zueger Family Trust (hereinafter referred to as
the "Trust"),  on the other hand. Paul J. Zueger and The Zueger Family Trust are
hereinafter, together, referred to as the "Purchasers."

                                    RECITALS:

         WHEREAS,  the  Company  desires  to  issue,  sell  and  deliver to  the
Purchasers, and the Purchasers desires to purchase, acquire and receive from the
Company,  an aggregate of 1,000,000  authorized and unissued shares (hereinafter
referred  to as the  "Shares")  of  common  stock,  $.0001  par  value per share
(hereinafter  referred to as the "Nicklebys  Common  Stock"),  of the Company in
consideration  of the exchange  therefor of all 1,000,000 issued and outstanding
shares of common stock,  $.0001 par value per share (hereinafter  referred to as
the "Art  Exchange  Common  Shares"),  of Art  Exchange  which  are owned by the
Purchasers, on the terms and subject to the conditions set forth herein; and

         WHEREAS,  the parties hereto  intend that  the issuance and sale of the
Shares of Nicklebys  Common Stock in exchange for all of the Art Exchange Common
Shares  shall  qualify as a "tax-free"  reorganization  as  contemplated  by the
provisions  of Section  368(a)(1)(B)  of the Internal  Revenue Code of 1986,  as
amended.

         NOW,  THEREFORE,  in consideration of  the foregoing  premises and  the
mutual covenants,  agreements,  representations and warranties contained herein,
the parties hereto agree as follows:

                                    ARTICLE 1
                   ISSUANCE AND/OR SALE AND PURCHASE OF SHARES
                   -------------------------------------------

     1.1    Issuance and Sale of Shares of Nicklebys  Common Stock by Company to
            --------------------------------------------------------------------
Purchasers  in Exchange  for Art Exchange  Common  Shares.  At the  Closing,  as
----------------------------------------------------------
defined and to be held in accordance with the provisions of Article 2 below, the
Company  agrees  to  issue,  sell and  deliver  a total of  1,000,000  Shares of
Nicklebys Common Stock to the Purchasers and the Purchasers  agrees to purchase,
acquire and receive said  aggregate  number of Shares of Nicklebys  Common Stock
from the Company.  In consideration  for the issuance and sale of said 1,000,000
Shares of Nicklebys Common Stock to the Purchasers pursuant to the provisions of
this Agreement, and as payment in full of the purchase price for the said Shares
of Nicklebys  Common Stock to be issued and sold to, and  purchased and acquired

                                      -1-
<PAGE>

by,  them  pursuant  to the  provisions  of this  Agreement,  at the Closing the
Purchasers,  severally and not jointly, shall sell, assign, transfer, convey and
deliver to the Company the stock  certificates,  duly executed,  endorsed and/or
authenticated  for transfer to the Company,  evidencing  1,000,000  Art Exchange
Common Shares owned of record and beneficially by them.

                                    ARTICLE 2
                                     CLOSING
                                     -------

     The  consummation  of the issuance and sale to and purchase and acquisition
by the  Purchasers of 1,000,000  Shares of Nicklebys  Common Stock  (hereinafter
referred to as the  "Closing")  shall occur at the offices of Cudd & Associates,
1120  Lincoln  Street,  Suite  #1310,  Denver,  Colorado  80203,  at 10:30 a.m.,
Mountain  Daylight Time, on June 29, 1999, or at such other place and/or on such
other  date not later  than July 29,  1999,  as the  parties  may agree  upon in
writing (hereinafter referred to as the "Closing Date"). If the Closing fails to
occur by June 29,  1999,  or by such  later  date to which  the  Closing  may be
extended  as  provided  hereinabove,  then this  Agreement  shall  automatically
terminate,  all parties  shall pay their own  expenses  incurred  in  connection
herewith  and no party  hereto  shall have any  further  obligations  hereunder;
provided,  however,  that no such  termination  shall constitute a waiver by any
party or parties which is not in default of any of his, its or their  respective
representations,  warranties or covenants  herein, of any rights or remedies he,
it or they might have at law if any other party or parties are in default of any
of his, its or their respective  representations,  warranties or covenants under
this Agreement.

     At or prior to the Closing, as conditions thereto,

     (a) The Company shall deliver, or cause to be delivered, to the Purchasers:

         (i)  Newly-issued stock certificates representing 600,000  shares,  and
400,000 shares, of Nicklebys Common Stock which are being purchased and acquired
for the  account of Zueger and the Trust,  respectively,  in form and  substance
reasonably satisfactory to the Purchasers and their counsel.

         (ii)  The certified resolutions of  the Company's  Board  of  Directors
specified in Section 7.3 (a) below.

         (iii) The certificate of the Company specified in Section 7.3(b) below.

         (iv) The letters of resignation of the current directors of the Company
specified in Section 7.3 (c) below.

     (b) The Purchasers shall deliver to the Company:

                                       -2-
<PAGE>

         (i)  The stock  certificates  evidencing 1,000,000  Art Exchange Common
Shares owned of record and  beneficially by the Purchasers which are being sold,
assigned,  transferred  and conveyed to the  Company,  duly  executed,  endorsed
and/or authenticated for transfer to the Company.

         (ii)  The certified resolutions of Art Exchange's  Board  of  Directors
specified in Section 7.4 (a) below.

         (ii) The certificate of Art  Exchange and the Purchasers  specified  in
Section 7.4 (b) below.

                                    ARTICLE 3
                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY
                  ---------------------------------------------

     The  Company  hereby  represents  and  warrants  to Art  Exchange  and  the
Purchasers  as  follows  (it  being  acknowledged  that  Art  Exchange  and  the
Purchasers  are entering into this  Agreement in material  reliance upon each of
the following representations and warranties, and that the truth and accuracy of
each of which  constitutes  a  condition  precedent  to the  obligations  of Art
Exchange and the Purchasers hereunder):

     3.1    Organization and Corporate Power.  The Company is a corporation duly
            ---------------------------------
organized,  validly existing and in good standing under the laws of the State of
Colorado, and is duly qualified and in good standing to do business as a foreign
corporation in each  jurisdiction  in which such  qualification  is required and
where the failure to be so qualified would have a materially adverse effect upon
the Company.  The Company has all  requisite  corporate  power and  authority to
conduct its business as now being  conducted  and to own the  personal  property
which it now owns. The Articles of Incorporation  of the Company,  as amended to
date,  certified by the  Secretary  of State of Colorado,  and the Bylaws of the
Company, certified by the President and the Secretary of the Company, which have
been delivered to the  Purchasers  prior to the execution  hereof,  are true and
complete copies thereof as in effect as of the date of this Agreement.

     3.2   Authorization.   The  Company  has  full  power, legal  capacity  and
           --------------
authority  to  enter  into  this  Agreement  and  all  attendant  documents  and
instruments  necessary to consummate the transactions  herein  contemplated;  to
issue,  sell and deliver the Shares of Nicklebys Common Stock to the Purchasers;
and to perform all of the obligations to be performed by the Company  hereunder.
This  Agreement  and all  other  agreements,  documents  and  instruments  to be
executed in connection herewith by the Company have been effectively  authorized
by all necessary  action,  corporate or  otherwise,  on the part of the Company,
which authorizations remain in full force and effect and have been duly executed
and delivered by the Company, and no other corporate  proceedings on the part of
the Company  are  required  to  authorize  the  execution  and  delivery of this

                                      -3-
<PAGE>

Agreement, such other agreements, documents and instruments and the transactions
contemplated  hereby.  This Agreement and such other  agreements,  documents and
instruments have been duly executed and delivered by the Company; constitute the
legal,  valid and binding  obligation of the Company;  and are enforceable  with
respect to the Company in  accordance  with their  respective  terms,  except as
enforcement  thereof may be limited by bankruptcy,  insolvency,  reorganization,
priority or other laws or court decisions relating to or affecting generally the
enforcement  of creditors'  rights or affecting  generally the  availability  of
equitable  remedies.  Neither the execution and delivery of this Agreement,  the
consummation by the Company of any of the transactions  contemplated  hereby nor
the  compliance  by the  Company  with  any of the  provisions  hereof  will (i)
conflict with or result in a breach of, violation of or default under any of the
terms, conditions or provisions of any note, bond, mortgage, indenture, license,
lease, credit agreement or other agreement,  document,  instrument or obligation
(including, without limitation, any of the Company's charter documents) to which
the  Company  is a  party  or by  which  the  Company  or any of the  assets  or
properties  of the Company may be bound or (ii)  violate  any  judgment,  order,
injunction, decree, statute, rule or regulation applicable to the Company or any
of the  assets  or  properties  of the  Company.  To the best  knowledge  of the
Company,  no authorization,  consent or approval of any public body or authority
is  necessary  for  the   consummation  by  the  Company  of  the   transactions
contemplated by this Agreement.

     3.3 Capitalization.
         ---------------

     (a) The  authorized  capital  stock of the Company  consists of  30,000,000
shares of common  stock,  $.0001  par  value  per  share  (defined  above as the
"Nicklebys  Common Stock"),  and 3,000,000 shares of preferred stock,  $.001 par
value per share (hereinafter referred to as the "Nicklebys Preferred Stock"). At
the date hereof,  there are 33,000,000  shares of Nicklebys  Common Stock issued
and outstanding,  with no shares of Nicklebys Common Stock held in the Company's
treasury and no shares of Nicklebys  Preferred Stock  outstanding or held in the
Company's treasury. All of the outstanding shares of Nicklebys Common Stock have
been duly authorized and validly issued and are fully-paid and nonassessable.

     (b) There are no warrants,  options, calls,  commitments or other rights to
subscribe  for or to purchase  from the Company any capital stock of the Company
or any securities  convertible  into or  exchangeable  for any shares of capital
stock the Company,  or any other  securities or agreement  pursuant to which the
Company is or may become obligated to issue any shares of its capital stock, nor
is there outstanding any commitment,  obligation or agreement on the part of the
Company to repurchase, redeem or otherwise acquire any of the outstanding shares
of Nicklebys Common Stock.

     (c)  There  currently  are no  rights,  agreements  or  commitments  of any
character  obligating the Company,  contingently  or otherwise,  to register any
shares of its capital  stock under any  applicable  Federal or state  securities
laws.

                                      -4-
<PAGE>

     3.4    Financial Statements.   Attached hereto as  Exhibit A are  true  and
            ---------------------
complete  copies of the financial  statements of the Company as of May 31, 1999,
including the unaudited balance sheet as of May 31, 1999  (hereinafter  referred
to as the "Nicklebys  Balance Sheet"),  and the related  unaudited  statement of
profit and loss for the period from January 13, 1999 (inception) through May 31,
1999, which have been certified to by the chief executive  officer and the chief
financial officer of the Company. Such financial statements are herein sometimes
collectively referred to as the "Nicklebys Financial  Statements." The Nicklebys
Financial  Statements (i) are derived from the books and records of the Company,
which books and records  have been  consistently  maintained  in a manner  which
reflects,  and such  books and  records do fairly and  accurately  reflect,  the
assets and  liabilities of the Company,  (ii) fairly and accurately  present the
financial  condition of the Company on the respective  dates of such  statements
and the results of its  operations for the periods  indicated,  except as may be
disclosed  in the notes  thereto,  and (iii) have been  prepared in all material
respects  in  accordance   with   generally   accepted   accounting   principles
consistently  applied  throughout  the  periods  involved  (except as  otherwise
disclosed in the notes thereto).

     3.5    Subsidiaries.   The Company has no subsidiaries and no  investments,
            -------------
directly or indirectly,  or other financial interest in any other corporation or
business organization, joint venture or partnership of any kind whatsoever.

     3.6    Absence of Undisclosed Liabilities.   Except  as and  to the  extent
            -----------------------------------
reflected or reserved against in the Nicklebys Balance Sheet, the Company has no
liability(s) or obligation(s)  (whether  accrued,  to become due,  contingent or
otherwise)  which  individually  or in the  aggregate  could  have a  materially
adverse  effect on its business,  assets,  properties,  condition  (financial or
otherwise) or prospects.

     3.7    Absence of Certain Developments.   Except as described  on Exhibit B
            --------------------------------
attached hereto and incorporated herein by this reference, since the date of the
Nicklebys Balance Sheet,  there has been (i) no materially adverse change in the
condition (financial or otherwise) of the Company or in the assets, liabilities,
properties,   business,   operations  or  prospects  of  the  Company;  (ii)  no
declaration, setting aside or payment of any dividend or other distribution with
respect  to  the  Nicklebys  Common  Stock  or  redemption,  purchase  or  other
acquisition   of  any   Nicklebys   Common   Stock  or  any  split-up  or  other
recapitalization   relative  to  any  Nicklebys   Common  Stock  or  any  action
authorizing or obligating the Company to do any of the foregoing; (iii) no loss,
destruction or damage to any material property or asset of the Company,  whether
or not insured; (iv) no acquisition or disposition of assets (or any contract or
arrangement  therefor),  or any other  transaction by the Company otherwise than
for fair value and in the  ordinary  course of  business;  (v) no  discharge  or
satisfaction  by the  Company  of any  lien or  encumbrance  or  payment  of any
obligation or liability  (absolute or contingent) other than current liabilities
shown on the Nicklebys Balance Sheet, or current liabilities  incurred since the
date thereof in the ordinary  course of business;  (vi) no sale,  assignment  or
transfer  by the  Company of any of the  tangible  or  intangible  assets of the
Company,  cancellation  by the  Company  of any  debts,  claims or  obligations,
mortgage,  pledge or  satisfaction  by the  Company  of any  assets to any lien,
charge,  security  interest or other encumbrance or waiver by the Company of any
rights of value  which,  in any such case,  is material  to the  business of the

                                      -5-
<PAGE>

Company (whether or not in the ordinary course of business); (vii) no payment of
any bonus to or change in the compensation of any director,  officer or employee
of the  Company,  whether  directly  or by means  of any  bonus,  pension  plan,
contract  or  commitment;  (viii) no  write-off  or  material  reduction  in the
carrying  value of any asset which is material to the  business of the  Company;
(ix) no disposition  or lapse of rights as to any  intangible  property which is
material  to the  business  of the  Company;  (x)  except  for  ordinary  travel
advances, no loans or extensions of credit to shareholders,  officers, directors
or employees of the Company; (xi) no entry into any commitment or transaction by
the  Company   (including,   without   limitation,   any  borrowing  or  capital
expenditure)  involving an amount in excess of  $1,000.00;  (xii) no issuance of
any capital stock, or of any other security  convertible into any of the capital
stock, of the Company; and (xiii) no agreement to do any of the things described
in this Section 3.7.

     3.8   Tangible Personal Property.   Exhibit B sets forth a complete list of
           ---------------------------
all items of  tangible  personal  property  owned and used by the Company in the
current  conduct  of its  business  where  the  original  cost was in  excess of
$1,000.00.  The Company has, and at the Closing will have,  good and  marketable
title to, and be in possession of, all such items of personal  property owned by
the Company, free and clear of all title defects,  mortgages,  pledges, security
interests,  conditional  sales agreements,  liens,  restrictions or encumbrances
whatsoever.

     3.9   Tax  Matters.   The Company has, since its inception,  duly filed all
           -------------
Federal,  state,  county and local tax returns required to have been filed by it
in those jurisdictions where the nature or conduct of its business requires such
filing  and where the  failure  to so file  would be  materially  adverse to the
Company.  Copies of all such tax returns have been  furnished to the  Purchasers
prior to the  execution  hereof.  All  Federal,  state,  county and local taxes,
including  but not  limited to those  taxes due with  respect  to the  Company's
property,  income,  gross  receipts,  excise,  occupation,   franchise,  permit,
licenses,  sales, payroll and inventory due and payable as of the Closing by the
Company have been paid.  No amount is required to be reflected in the  Nicklebys
Balance  Sheet as a  liability  or reserve  for taxes  which are due but not yet
payable and, to the best  knowledge  of the Company,  the Company has no accrued
and unpaid taxes of the types referred to hereinabove.

     3.10    Contracts and Commitments.  The Company has no contract, agreement,
             --------------------------
obligation or commitment,  written or verbal, express or implied, which involves
a commitment  or liability in excess of $1,000.00 or for a term of more than six
months,  and no union  contracts,  employee or consulting  contracts,  financing
agreements, debtor or creditor arrangements, licenses, franchise, manufacturing,
distributorship  or  dealership  agreements,  leases or  bonus,  health or stock
option plans,  except as described on Exhibit B. True and complete copies of all
such contracts and other agreements listed on Exhibit B have been made available
to the Purchasers prior to the execution hereof. The Company has no knowledge of
any  circumstances  which would affect the validity or  enforceability of any of
such contracts and other agreements in accordance with their  respective  terms.
The  Company  has  performed  and  complied in all  material  respects  with all
obligations  required to be performed by it to date under, and is not in default
(without  giving  effect to any required  notice or grace period)  under,  or in
breach of, the terms,  conditions  or  provisions  of any of such  contracts and

                                      -6-
<PAGE>

other  agreements.  The  validity  and  enforceability  of any contract or other
agreement  described herein shall not in any manner be affected by the execution
and delivery of this Agreement without any further action.

     3.11   Patents,  Trade  Secrets and  Customer Lists.   The  Company has  no
            ---------------------------------------------
patents,  applications  for patents,  trademarks,  applications  for trademarks,
trade names,  licenses or service marks  relating to the business of the Company
except as set forth on Exhibit B hereto, nor does any present or former officer,
director  or  employee  of the  Company  own any patent  rights  relating to any
products  manufactured,  rented or sold by the  Company.  Except as disclosed on
Exhibit B, the Company has the unrestricted  right to use, free and clear of any
claims or rights of others, all trade secrets,  customer lists and manufacturing
and secret  processes  reasonably  necessary to the manufacture and marketing of
all products  made or proposed to be made by the Company,  and the continued use
thereof after the Closing by the Company will not conflict  with,  infringe upon
or otherwise violate any rights of others. Except as set forth on Exhibit B, the
Company has not used and is not making use of any  confidential  information  or
trade secrets of any present or past employee of the Company.

     3.12    No Pending Material Litigation or Proceedings.  Except as disclosed
             ----------------------------------------------
on Exhibit B, there are no actions,  suits or  proceedings  pending,  threatened
against or affecting the Company (including actions,  suits or proceedings where
liabilities  may be  adequately  covered  by  insurance)  at law or in equity or
before or by any Federal,  state,  municipal or other  governmental  department,
commission,  court,  board,  bureau,  agency  or  instrumentality,  domestic  or
foreign,  or  affecting  any of the  officers  or  directors  of the  Company in
connection with the business,  operations or affairs of the Company, which might
result in any adverse  change in the business,  properties or assets,  or in the
condition  (financial or  otherwise) of the Company,  or which might prevent the
sale of the Nicklebys  Common Stock pursuant to this Agreement.  The Company has
not, since its inception on January 13, 1999,  been  threatened with any action,
suit, proceeding or claim (including actions, suits, proceedings or claims where
its  liabilities may be adequately  covered by insurance) for personal  injuries
allegedly  attributable  to products  sold or services  performed by the Company
asserting a  particular  defect or  hazardous  property in any of the  Company's
respective  products,  services or business  practices  or methods,  nor has the
Company been a party to or threatened with proceedings  brought by or before any
Federal or state  agency;  and the  Company  has no  knowledge  of any defect or
hazardous  property  claimed or actual in any such product,  service or business
practice or method.  The Company is not subject to any voluntary or  involuntary
proceeding  under  the  United  States  Bankruptcy  Code  and  has  not  made an
assignment for the benefit of creditors.

     3.13   Arrangements  with  Personnel.  Except  as  set  forth on Exhibit  B
            ------------------------------
hereto, no stockholder,  director, officer or employee of the Company is a party
to any transaction with the Company,  including without limitation any contract,
loan or other agreement or arrangement  providing for the furnishing of services
by, the rental of real or personal  property  from or to or otherwise  requiring
loans or payments to, any such stockholder, director, officer or employee, or to
any  member  of the  family  of any of  the  foregoing,  or to any  corporation,
partnership,  trust or other entity in which any stockholder,  director, officer
or  employee  of the  Company  or any  member of the family of any of them has a
substantial interest or is an officer,  director,  trustee, partner or employee.
There is set forth on Exhibit B a list  showing  (i) the name,  title,  date and

                                       -7-
<PAGE>

amount of last  compensation  increase,  and aggregate  compensation,  including
amounts  paid  or  accrued  pursuant  to any  bonus,  pension,  profit  sharing,
commission, deferred compensation or other plans or arrangements in effect as of
the date of this Agreement,  of each officer,  employee,  agent or contractor of
the Company who received salary and/or other  compensation from the Company,  as
well as any employment  agreements relating to any such persons; (ii) all powers
of  attorney  from the  Company to any person or entity;  (iii) the name of each
person or entity  authorized to borrow money or incur or guarantee  indebtedness
on  behalf  of the  Company;  (iv) all  safes,  vaults  and safe  deposit  boxes
maintained  by or on  behalf  of the  Company  and  the  names  of  all  persons
authorized to have access thereto;  and (v) all bank and savings accounts of the
Company and the names of all persons who are authorized signatories with respect
to such  accounts,  the capacities in which they are authorized and the terms of
their authorizations.

     3.14   Labor Relations. The Company has no obligations under any collective
            ----------------
bargaining  agreement or other contract with a labor union, under any employment
contract or consulting  agreement or under any  executive's  compensation  plan,
agreement  or  arrangement,  nor is any  union or labor  organization  presently
seeking the right to enter into  collective  bargaining  with the  Company.  The
Company  has  furnished  to the  Purchasers  a copy  of  all  written  personnel
policies,  including without limitation  vacation,  severance,  bonus,  pension,
profit sharing and commissions policies.

     3.15   Compliance with Laws.   To the best  knowledge of the  Company,  the
            ---------------------
Company holds all licenses, franchises, permits and authorizations necessary for
the lawful conduct of its business as presently conducted, and has complied with
all  applicable  statutes,  laws,  ordinances,  rules  and  regulations  of  all
governmental  bodies,  agencies and subdivisions  having,  asserting or claiming
jurisdiction  over it, with  respect to any part of the conduct of its  business
and corporate affairs.

     3.16    Relationships  with Customers and Suppliers.   No present  customer
             --------------------------------------------
or  substantial  supplier to the Company has indicated an intention to terminate
or materially and adversely alter its existing  business  relationship  with the
Company  and the  Company  has no  reason  to  believe  that any of its  present
customers or substantial suppliers intends to do so.

     3.17   Brokerage.   The  Company has no  obligation to any person or entity
            ----------
for brokerage  commissions,  finders' fees or similar compensation in connection
with the transactions contemplated by this Agreement.

     3.18   Investment  Representation.   The  Company  has  the  knowledge  and
            ---------------------------
experience in business and financial matters to meaningfully evaluate the merits
and risks of the issuance  and sale of the Shares of  Nicklebys  Common Stock in
exchange and  consideration  for the Art Exchange  Common Shares as contemplated
hereby. The Company shall conduct an independent review of the business, assets,
properties,  books and records of Art  Exchange  for the  purpose of  satisfying
itself as to the truth,  accuracy and  completeness of the  representations  and
warranties made by the Purchasers. The Company understands and acknowledges that
the Art Exchange Common Shares were originally issued to the Purchasers and will
be sold and transferred to the Company in the transactions  contemplated  hereby
without registration or qualification or other filings being made under the U.S.

                                      -8-
<PAGE>

Securities Act of 1933, as amended,  or any applicable state securities or "Blue
Sky" law, in reliance upon specific  exemptions  therefrom,  and in  furtherance
thereof the Company represents that the Art Exchange Common Shares will be taken
and  received by the Company  for its  account for  investment,  with no present
intention  of a  distribution  or  disposition  thereof to others.  The  Company
further  acknowledges  and agrees  that the  certificates  representing  the Art
Exchange  Common  Shares  transferred  to the  Company  shall  be  subject  to a
stop-transfer  order and shall bear a restrictive  legend,  in substantially the
following form:

          "THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE  WERE ISSUED WITHOUT
          REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
          ARE  "RESTRICTED  SECURITIES,"  AND MAY NOT BE  SOLD,  TRANSFERRED  OR
          ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE  REGISTRATION STATEMENT UNDER
          THE  ACT  OR  IN A  TRANSACTION  WHICH,  IN  THE  OPINION  OF  COUNSEL
          SATISFACTORY  TO THE COMPANY,  IS NOT REQUIRED TO BE REGISTERED  UNDER
          THE ACT."

     3.19    Disclosure.   Neither  this Agreement, nor any certificate, exhibit
             -----------
or other  written  document or  statement,  furnished to the  Purchasers  by the
Company in  connection  with the  transactions  contemplated  by this  Agreement
contains or will  contain any untrue  statement  of a material  fact or omits or
will omit to state a material  fact  necessary to be stated in order to make the
statements contained herein or therein not misleading.

                                    ARTICLE 4
             REPRESENTATIONS AND WARRANTIES OF ART EXCHANGE AND THE
             ------------------------------------------------------
                                   PURCHASERS
                                   ----------

     Art Exchange and the Purchasers hereby jointly and severally  represent and
warrant to the  Company as follows  (it being  acknowledged  that the Company is
entering  into this  Agreement in material  reliance  upon each of the following
representations and warranties, and that the truth and accuracy of each of which
constitutes a condition precedent to the obligations of the Company hereunder):

     4.1  Authorization.
          --------------

     (a)  Art Exchange has full power,legal capacity and authority to enter into
this  Agreement  and  all  attendant  documents  and  instruments  necessary  to
consummate  the  transactions  herein  contemplated;  and to perform  all of the
obligations  to be performed by Art Exchange  hereunder.  This Agreement and all
other  agreements,  documents  and  instruments  to be  executed  in  connection
herewith by Art  Exchange  have been  effectively  authorized  by all  necessary
action,   corporate  or  otherwise,   on  the  part  of  Art   Exchange,   which
authorizations  remain in full force and effect and have been duly  executed and
delivered  by  Art  Exchange  and/or  the  Purchasers,  and no  other  corporate
proceedings  on the part of Art Exchange are required to authorize the execution

                                      -9-
<PAGE>

and delivery of this Agreement, such other agreements, documents and instruments
and  the  transactions  contemplated  hereby.  This  Agreement  and  such  other
agreements,  documents and instruments  have been duly executed and delivered by
Art  Exchange  and the  Purchasers;  constitute  the  legal,  valid and  binding
obligation of Art Exchange and the Purchasers;  and are enforceable with respect
to Art Exchange and the Purchasers in accordance  with their  respective  terms,
except  as  enforcement  thereof  may  be  limited  by  bankruptcy,  insolvency,
reorganization,  priority  or  other  laws or  court  decisions  relating  to or
affecting  generally the enforcement of creditors' rights or affecting generally
the  availability of equitable  remedies.  Neither the execution and delivery of
this  Agreement,  the  consummation  by Art Exchange of any of the  transactions
contemplated  hereby  nor  the  compliance  by  Art  Exchange  with  any  of the
provisions  hereof will (i) conflict with or result in a breach of, violation of
or default under any of the terms,  conditions or provisions of any note,  bond,
mortgage,  indenture,  license,  lease,  credit  agreement  or other  agreement,
document,  instrument or obligation (including,  without limitation,  any of Art
Exchange's  charter  documents) to which Art Exchange is a party or by which Art
Exchange or any of the assets or properties of Art Exchange may be bound or (ii)
violate any judgment,  order,  injunction,  decree,  statute, rule or regulation
applicable  to Art Exchange or any of the assets or  properties of Art Exchange.
To the best  knowledge  of Art Exchange and the  Purchasers,  no  authorization,
consent or  approval  of any  public  body or  authority  is  necessary  for the
consummation by Art Exchange of the transactions contemplated by this Agreement.

     (b)   The Purchasers have full power, legal capacity and authority to enter
into this  Agreement and all attendant  documents and  instruments  necessary to
consummate the transactions  herein  contemplated;  to sell,  assign,  transfer,
convey and deliver the Art Exchange Common Shares to the Company; and to perform
all of the  obligations  to be  performed  by them  hereunder.  All  agreements,
documents and instruments to be executed in connection  herewith by Art Exchange
have  been  effectively  authorized  by  all  necessary  action,   corporate  or
otherwise,  on the part of Art  Exchange,  which  authorizations  remain in full
force and effect and have been duly executed and delivered by Art Exchange,  and
no other  corporate  proceedings  on the part of Art  Exchange  are  required to
authorize  the  execution  and  delivery  of  such  agreements,   documents  and
instruments.  This  Agreement  has  been  duly  executed  and  delivered  by the
Purchasers,   constitutes  the  legal,  valid  and  binding  obligation  of  the
Purchasers and is enforceable  with respect to the Purchasers in accordance with
its  terms,   except  as  enforcement  hereof  may  be  limited  by  bankruptcy,
insolvency,  reorganization,  priority or other laws or court decisions relating
to or affecting  generally the  enforcement  of  creditors'  rights or affecting
generally  the  availability  of equitable  remedies.  Neither the execution and
delivery  of this  Agreement  nor the  consummation  by the  Purchasers  and Art
Exchange of any of the transactions  contemplated  hereby,  or compliance by the
Purchasers and Art Exchange with any of the provisions hereof, will (i) conflict
with or result in a breach of,  violation of or default  under any of the terms,
conditions or provisions of any note, bond, mortgage, indenture, license, lease,
credit  agreement  or  other  agreement,   document,  instrument  or  obligation
(including,  without  limitation,  any of Art Exchange's  charter  documents) to
which either the  Purchasers  or Art Exchange are parties or by which either the
Purchasers  or Art  Exchange  or any of the assets or  properties  of either the
Purchasers  or Art Exchange may be bound or (ii)  violate any  judgment,  order,
injunction, decree, statute, rule or regulation applicable to either the

                                      -10-
<PAGE>

Purchasers  or Art  Exchange  or any of the assets or  properties  of either the
Purchasers  or Art Exchange.  To the best  knowledge of the  Purchasers  and Art
Exchange, no authorization,  consent or approval of any public body or authority
is necessary  for the  consummation  by the  Purchasers  and Art Exchange of the
transactions contemplated by this Agreement.

     4.2   Ownership  of  Art  Exchange.   The  Purchasers  owns  1,000,000  Art
           -----------------------------
Exchange Common Shares, constituting all of the issued and outstanding shares of
capital stock of Art Exchange, free and clear of (i) any lien, charge, mortgage,
pledge,  conditional  sale agreement or other  encumbrance of any kind or nature
whatsoever and (ii) any claim as to ownership  thereof or any rights,  powers or
interest  therein by any third party,  whether legal or beneficial,  and whether
based on contract, proxy or other document or otherwise. All of the Art Exchange
Common Shares have been duly  authorized  and validly  issued and are fully-paid
and  nonassessable.  Except  as set  forth in this  Section  4.2,  there  are no
warrants,  options,  calls,  commitments  or other rights to subscribe for or to
purchase from Art Exchange any capital  stock of Art Exchange or any  securities
convertible  into or  exchangeable  for  any  shares  of  capital  stock  of Art
Exchange, or any other securities or agreement pursuant to which Art Exchange is
or may become  obligated to issue any shares of its capital stock,  nor is there
outstanding any commitment,  obligation or agreement on the part of Art Exchange
to repurchase,  redeem or otherwise acquire any of the outstanding shares of Art
Exchange.

     4.3   Organization and Corporate Power.  Art Exchange is a corporation duly
           ---------------------------------
organized,  validly existing and in good standing under the laws of the State of
Colorado, and is duly qualified and in good standing to do business as a foreign
corporation in each  jurisdiction  in which such  qualification  is required and
where the failure to be so qualified would have a materially adverse effect upon
Art Exchange.  Art Exchange has all requisite  corporate  power and authority to
conduct its business as now being  conducted and to own and lease the properties
which it now owns and leases.  The Articles of  Incorporation  of Art  Exchange,
certified by the Secretary of State of Colorado, and the Bylaws of Art Exchange,
certified by the President  and the  Secretary of Art Exchange,  which have been
delivered to the Company  prior to the execution  hereof,  are true and complete
copies thereof as in effect as of the date of this Agreement.

     4.4    Financial Statements.   Attached hereto as  Exhibit  C is a true and
            ---------------------
complete copy of the  financial  statements of Art Exchange as of June 28, 1999,
including the unaudited balance sheet as of June 28, 1999 (hereinafter  referred
to as the "Art Exchange Balance Sheet"),  and the related unaudited statement of
profit or loss for the period  from June 3, 1999  (inception)  through  June 28,
1999, which have been certified to by the chief executive  officer and the chief
financial  officer  of  Art  Exchange.  Such  financial  statements  are  herein
sometimes  collectively referred to as the "Art Exchange Financial  Statements."
The Art Exchange Financial Statements (i) are derived from the books and records
of Art Exchange,  which books and records have been consistently maintained in a
manner  which  reflects,  and such books and  records  do fairly and  accurately
reflect, the assets and liabilities of Art Exchange,  (ii) fairly and accurately
present the financial  condition of Art Exchange on the respective dates of such
statements and the results of its operations for the periods  indicated,  except
as may be disclosed in the notes  thereto,  and (iii) have been  prepared in all
material respects in accordance with generally  accepted  accounting  principles

                                      -11-
<PAGE>

consistently  applied  throughout  the  periods  involved  (except as  otherwise
disclosed in the notes thereto).

     4.5    Subsidiaries.   Art Exchange has no subsidiaries and no investments,
            -------------
directly or indirectly,  or other financial interest in any other corporation or
business organization, joint venture or partnership of any kind whatsoever.

     4.6    Absence  of  Undisclosed  Liabilities.   Except as and to the extent
            --------------------------------------
reflected  or reserved  against in the Art  Exchange  Balance  Sheet,  and as to
matters arising in the ordinary course of the business of Art Exchange since the
date of the Art Exchange  Balance Sheet which are disclosed on Exhibit D hereto,
Art Exchange has no liability(s) or obligation(s)  (whether  accrued,  to become
due,  contingent or otherwise) which individually or in the aggregate could have
a materially  adverse  effect on the  business,  assets,  properties,  condition
(financial or otherwise) or prospects of Art Exchange.

     4.7    Absence of Certain Developments.   Except as described on Exhibit D,
            --------------------------------
since  the  date of the Art  Exchange  Balance  Sheet,  there  has  been  (i) no
materially  adverse  change in the  condition  (financial  or  otherwise) of Art
Exchange or in the assets,  liabilities,  properties,  business,  operations  or
prospects of either corporation;  (ii) no declaration,  setting aside or payment
of any dividend or other  distribution  with respect to the Art Exchange  Common
Shares or redemption,  purchase or other  acquisition of any Art Exchange Common
Shares or any  split-up or other  recapitalization  relative to any Art Exchange
Common Shares or any action  authorizing or obligating Art Exchange to do any of
the foregoing;  (iii) no loss, destruction or damage to any material property or
asset  of  Art  Exchange,  whether  or  not  insured;  (iv)  no  acquisition  or
disposition  of assets (or any contract or arrangement  therefor),  or any other
transaction  by Art Exchange  otherwise  than for fair value and in the ordinary
course of business; (v) no discharge or satisfaction by Art Exchange of any lien
or  encumbrance  or  payment  of  any  obligation  or  liability   (absolute  or
contingent)  other than current  liabilities  shown on the Art Exchange  Balance
Sheet,  or current  liabilities  incurred since the date thereof in the ordinary
course of business;  (vi) no sale, assignment or transfer by Art Exchange of any
of the tangible or intangible assets of either corporation,  cancellation by Art
Exchange of any debts, claims or obligations,  or mortgage, pledge, satisfaction
of any assets to any lien,  charge,  security  interest or other  encumbrance or
waiver by Art  Exchange  of any  rights of value  which,  in any such  case,  is
material to the business of Art Exchange  (whether or not in the ordinary course
of business);  (vii) no payment of any bonus to or change in the compensation of
any director,  officer or employee of Art Exchange, whether directly or by means
of any bonus,  pension plan,  contract or  commitment  and no change in employee
compensation,  whether directly or by means of any bonus, pension plan, contract
or commitment;  (viii) no write-off or material  reduction in the carrying value
of any  asset  which  is  material  to the  business  of Art  Exchange;  (ix) no
disposition or lapse of rights as to any  intangible  property which is material
to the business of Art Exchange;  (x) except for ordinary  travel  advances,  no
loans or extensions of credit to shareholders,  officers, directors or employees
of Art  Exchange;  (xi) no  entry  into any  commitment  or  transaction  by Art
Exchange (including,  without limitation,  any borrowing or capital expenditure)
involving  an amount in excess of  $1,000.00;  (xii) no  issuance of any capital
stock,  or of any other security  convertible  into any of the capital stock, of

                                      -12-
<PAGE>

Art Exchange;  or (xiii) any agreement to do any of the things described in this
Section 4.7.

     4.8   Tangible Personal Property.  Exhibit D  sets forth a complete list of
           ---------------------------
all items of tangible personal property owned or leased and used by Art Exchange
in the current  conduct of its business where the original cost was in excess of
$1,000.00.  Art Exchange has, and at the Closing will have,  good and marketable
title to, and be in possession of, all such items of personal  property owned by
it, free and clear of all title defects, mortgages, pledges, security interests,
conditional sales agreements, liens, restrictions or encumbrances whatsoever.

     4.9   Tax Matters.   Art Exchange has, since its inception,  duly filed all
           ------------
Federal,  state,  county and local tax returns required to have been filed by it
in those jurisdictions where the nature or conduct of its business requires such
filing  and where the  failure  to so file  would be  materially  adverse to Art
Exchange.  Copies of all such tax  returns  have been  furnished  to the Company
prior to the  execution  hereof.  All  Federal,  state,  county and local taxes,
including  but not  limited to those  taxes due with  respect to Art  Exchange's
properties,  income,  gross receipts,  excise,  occupation,  franchise,  permit,
licenses,  sales, payroll and inventory due and payable as of the Closing by Art
Exchange  have been  paid.  No amount is  required  to be  reflected  in the Art
Exchange Balance Sheet as a liability or reserve for taxes which are due but not
yet payable are  sufficient  for the payment of all accrued and unpaid  taxes of
the types referred to hereinabove.

     4.10   Contracts and Commitments.  Art Exchange has no contract, agreement,
            --------------------------
obligation or commitment,  written or verbal, express or implied, which involves
a commitment  or liability in excess of $1,000.00 or for a term of more than six
months,  and no union  contracts,  employee or consulting  contracts,  financing
agreements, debtor or creditor arrangements, licenses, franchise, manufacturing,
distributorship  or  dealership  agreements,  leases or  bonus,  health or stock
option plans,  except as described on Exhibit D. True and complete copies of all
such contracts and other agreements listed on Exhibit D have been made available
to the Company  prior to the  execution  hereof.  Neither Art  Exchange  nor the
Purchasers  has any  knowledge  of any  circumstances  which  would  affect  the
validity or  enforceability  of any of such  contracts  and other  agreements in
accordance  with their  respective  terms.  Art Exchange and the Purchasers have
performed and complied in all material respects with all obligations required to
be  performed  by them to date  under,  and are not in default  (without  giving
effect to any  required  notice or grace  period)  under,  or in breach  of, the
terms,  conditions or provisions of any of such contracts and other  agreements.
The validity and  enforceability  of any contract or other  agreement  described
herein shall not in any manner be affected by the execution and delivery of this
Agreement without any further action.

     4.11   Patents,  Trade  Secrets and Customer Lists.   Art Exchange does not
            --------------------------------------------
have  any  patents,  applications  for  patents,  trademarks,  applications  for
trademarks,  trade names,  licenses or service marks relating to the business of
Art  Exchange  except as set forth on Exhibit D hereto,  nor does any present or
former  officer,  director  or employee of Art  Exchange  own any patent  rights
relating to any products manufactured, rented or sold by Art Exchange. Except as
disclosed on Exhibit D, Art Exchange has the unrestricted right to use, free and
clear of any claims or rights of others,  all trade secrets,  customer lists and

                                      -13-
<PAGE>

manufacturing and secret processes  reasonably  necessary to the manufacture and
marketing of all products made or proposed to be made by Art  Exchange,  and the
continued  use thereof  after the Closing by Art  Exchange and will not conflict
with,  infringe  upon or otherwise  violate any rights of others.  Except as set
forth on  Exhibit  D, Art  Exchange  has not used and is not  making  use of any
confidential information or trade secrets of any present or past employee of Art
Exchange.

     4.12    No Pending Material Litigation or Proceedings.  Except as disclosed
             ----------------------------------------------
on Exhibit D, there are no actions,  suits or proceedings  pending or threatened
against or affecting Art Exchange (including actions, suits or proceedings where
liabilities  may be  adequately  covered  by  insurance)  at law or in equity or
before or by any Federal,  state,  municipal or other  governmental  department,
commission,  court,  board,  bureau,  agency  or  instrumentality,  domestic  or
foreign,  or  affecting  any of the  officers or  directors  of Art  Exchange in
connection with the business, operations or affairs of Art Exchange, which might
result in any adverse  change in the business,  properties or assets,  or in the
condition  (financial or otherwise) of Art Exchange,  or which might prevent the
sale of the Art Exchange  Common Shares  pursuant to this  Agreement.  Except as
disclosed on Exhibit D, Art  Exchange has not,  during the three (3) years prior
to the Closing Date, been threatened with any action, suit,  proceeding or claim
(including  actions,  suits,  proceedings or claims where its liabilities may be
adequately covered by insurance) for personal injuries allegedly attributable to
products  sold or services  performed  by Art  Exchange  asserting a  particular
defect or  hazardous  property  in any of Art  Exchange's  respective  products,
services or business practices or methods,  nor has Art Exchange been a party to
or threatened with proceedings brought by or before any Federal or state agency;
and the Company has no knowledge of any defect or hazardous  property claimed or
actual in any such product, service or business practice or method. Art Exchange
is not  subject to any  voluntary  or  involuntary  proceeding  under the United
States  Bankruptcy  Code  and has not  made an  assignment  for the  benefit  of
creditors.

     4.13   Arrangements  with  Personnel.   Except  as  set  forth on Exhibit D
            ------------------------------
hereto,  no stockholder,  director,  officer or employee is presently a party to
any transaction with Art Exchange,  including  without  limitation any contract,
loan or other agreement or arrangement  providing for the furnishing of services
by, the rental of real or personal  property from or to, or otherwise  requiring
loans or payments to, any such stockholder, director, officer or employee, or to
any  member  of the  family  of any of  the  foregoing,  or to any  corporation,
partnership,  trust or other entity in which any stockholder,  director, officer
or  employee  or any  member  of the  family  of any of them  has a  substantial
interest or is an officer, director,  trustee, partner or employee. There is set
forth on Exhibit D a list showing (i) the name,  title,  date and amount of last
compensation  increase,  and aggregate  compensation,  including amounts paid or
accrued pursuant to any bonus,  pension,  profit sharing,  commission,  deferred
compensation  or other  plans or  arrangements  in effect as of the date of this
Agreement, of each officer,  employee, agent or contractor of Art Exchange whose
salary and other compensation,  in the aggregate,  received from Art Exchange or
accrued is at an annual  rate (or  aggregated  for the most  recently  completed
fiscal  year) in  excess  of  $1,000.00,  as well as any  employment  agreements
relating to any such  persons;  (ii) all powers of attorney from Art Exchange to
any  person or entity;  (iii) the name of each  person or entity  authorized  to
borrow money or incur or guarantee indebtedness on behalf of Art Exchange;  (iv)
all  safes,  vaults and safe  deposit  boxes  maintained  by or on behalf of Art

                                      -14-
<PAGE>

Exchange and the names of all persons authorized to have access thereto; and (v)
all bank and savings  accounts of Art  Exchange and the names of all persons who
are  authorized  signatories  with respect to such  accounts,  the capacities in
which they are authorized and the terms of their authorizations.

     4.14    Compliance  with  Laws.  To the best  knowledge of Art Exchange and
             -----------------------
the  Purchasers,  Art  Exchange  holds all  licenses,  franchises,  permits  and
authorizations  necessary  for the lawful  conduct of its  business as presently
conducted,  and has complied with all  applicable  statutes,  laws,  ordinances,
rules and  regulations of all  governmental  bodies,  agencies and  subdivisions
having, asserting or claiming jurisdiction over said corporations,  with respect
to any part of the conduct of its businesses and corporate affairs.

     4.15    Brokerage.   Neither  the  Purchasers  nor  Art  Exchange  has  any
             ----------
obligation to any person or entity for brokerage  commissions,  finders' fees or
similar  compensation in connection with the  transactions  contemplated by this
Agreement.

     4.16   Investment Representation.  The Purchasers and Art Exchange, through
            --------------------------
the  Purchasers,  have the  knowledge  and  experience in business and financial
matters  to  meaningfully  evaluate  the merits  and risks of the  purchase  and
acquisition   of  the  Shares  of   Nicklebys   Common  Stock  in  exchange  and
consideration  for the issuance and sale of the Art  Exchange  Common  Shares as
contemplated   hereby.   The  Purchasers  and  Art  Exchange  shall  conduct  an
independent review of the business, assets, properties, books and records of the
Company for the purpose of satisfying  themselves as to the truth,  accuracy and
completeness  of the  representations  and warranties  made by the Company.  The
Purchasers  understand  and  acknowledge  that the Nicklebys  Common Stock to be
issued,  sold, assigned,  transferred,  conveyed and/or delivered to them in the
transactions  contemplated hereby will be issued, sold,  assigned,  transferred,
conveyed and/or  delivered by the Company without  registration or qualification
or other filings being made under the U.S.  Securities  Act of 1933, as amended,
or any applicable  state securities or "Blue Sky" law, in reliance upon specific
exemptions  therefrom,  and in furtherance thereof the Purchasers represent that
the shares of  Nicklebys  Common  Stock will be taken and  received  by them for
their own accounts for investment,  with no present  intention of a distribution
or disposition  thereof to others.  The  Purchasers,  severally and not jointly,
further  acknowledge and agree that the certificates  representing the shares of
Nicklebys  Common  Stock  issued  and  sold  to  them  shall  be  subject  to  a
stop-transfer  order and shall bear a restrictive  legend,  in substantially the
following form:

          "THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE  WERE ISSUED WITHOUT
          REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
          ARE  "RESTRICTED  SECURITIES,"  AND MAY NOT BE  SOLD,  TRANSFERRED  OR
          ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE  REGISTRATION STATEMENT UNDER
          THE  ACT  OR  IN A  TRANSACTION  WHICH,  IN  THE  OPINION  OF  COUNSEL
          SATISFACTORY  TO THE COMPANY,  IS NOT REQUIRED TO BE REGISTERED  UNDER
          THE ACT."

                                      -15-
<PAGE>

     4.17    Disclosure.   Neither  this Agreement, nor any certificate, exhibit
             -----------
or  other  written  document  or  statement,  furnished  to the  Company  by the
Purchasers or Art Exchange in connection with the  transactions  contemplated by
this Agreement  contains or will contain any untrue statement of a material fact
or omits or will omit to state a material  fact  necessary to be stated in order
to make the statements contained herein or therein not misleading.

                                    ARTICLE 5
                   OBLIGATIONS OF THE COMPANY PRIOR TO CLOSING
                   -------------------------------------------

     The  Company  hereby  covenants  to and agrees  with Art  Exchange  and the
Purchasers that between the date hereof and the Closing:

     5.1    Access to Properties and Records.
            ---------------------------------

     (a) The  Company  shall  give to Art  Exchange,  the  Purchasers  and their
authorized  representatives  full access,  during reasonable  business hours, in
such a manner as not unduly to disrupt normal  business  activities,  to any and
all of the premises,  properties,  contracts,  books, records and affairs of the
Company,  and will cause the officers of the Company to furnish any and all data
and information pertaining to the business of the Company that Art Exchange, the
Purchasers and their authorized representatives may from time to time reasonably
require.

     (b) Unless and until the  transactions  contemplated by this Agreement have
been consummated,  the Purchasers,  Art Exchange and their representatives shall
hold  in  confidence  all  information  so  obtained  and  if  the  transactions
contemplated  hereby are not consummated  will return all documents  hereinabove
referred to and obtained  from the Company or its officers.  Such  obligation of
confidentiality  shall not extend to any information which is shown to have been
previously (i) known to the Purchasers or Art Exchange;  (ii) generally known to
others  engaged in the trade or  business of the  Company;  (iii) part of public
knowledge  or  literature;  or (iv)  lawfully  received by the  Purchasers,  Art
Exchange or their authorized representatives from a third party.

     5.2    Corporate Existence, Rights and Franchises.   The Company shall take
            -------------------------------------------
all  necessary  actions to  maintain  in full  force and  effect  the  corporate
existence,  rights, franchises and good standing of the Company. No change shall
be made in the Articles of Incorporation, as amended, or Bylaws of the Company.

     5.3    Conduct of  Business  in the  Ordinary  Course.   The Company  shall
            -----------------------------------------------
not  permit to be done any act which  would  result in the  breach of any of the
covenants   of  the   Company   contained   herein  or  which  would  cause  the
representations  and warranties of the Company contained herein to become untrue
or inaccurate as of any date subsequent to the date hereof. Without limiting the
generality of the foregoing, the Company shall take all necessary actions to (i)
operate its business diligently in the ordinary course of business as an ongoing
concern  and will use their  best  efforts  to  preserve  intact  the  Company's
organization  and  operations at current  levels,  to retain the services of the
Company's present employees and to preserve the Company's relationships with its

                                      -16-
<PAGE>

suppliers  and  customers  and others  having  business  relationships  with the
Company;  (ii)  maintain in good  operating  condition,  ordinary  wear and tear
excepted, all of the Company's assets and properties which are in such condition
as of the date hereof;  (iii)  maintain  the books,  accounts and records of the
Company in the usual,  regular and ordinary  manner on a basis  consistent  with
past practice in recent  periods;  (iv) refrain from entering into any contract,
agreement,  sales order,  lease,  capital  expenditure or other  commitment of a
value in excess of $1,000.00 (other than purchases of raw materials and sales of
inventory in the ordinary  course of  business),  or from  modifying,  amending,
canceling or  terminating  any of such  contracts,  agreements,  leases or other
commitments  presently  in  force,  except  as  expressly  contemplated  by this
Agreement,  without the prior approval of Art Exchange and the Purchasers (which
approval  shall  not be  unreasonably  withheld  and  which  may be verbal to be
followed  by written  confirmation);  (v)  refrain  from paying any bonus to any
employee,  officer or director  and from  declaring or paying any  dividend,  or
making any other  distribution in respect of, or from  redeeming,  the Nicklebys
Common Stock;  and (vi) refrain from issuing any capital stock of the Company or
any other securities convertible into such capital stock.

                                    ARTICLE 6
         OBLIGATIONS OF ART EXCHANGE AND THE PURCHASERS PRIOR TO CLOSING
         ---------------------------------------------------------------

     Art Exchange and the Purchasers  hereby  jointly and severally  covenant to
and agree with the Company that between the date hereof and the Closing:

     6.1   Access to Properties and Records.
           ---------------------------------

     (a)  The Purchasers shall cause Art Exchange to give to the Company and its
authorized  representatives  full access,  during reasonable  business hours, in
such a manner as not unduly to disrupt normal  business  activities,  to any and
all of the premises,  properties,  contracts,  books, records and affairs of Art
Exchange,  and will cause the  officers  of Art  Exchange to furnish any and all
data and information pertaining to the business of Art Exchange that the Company
and its authorized representatives may from time to time reasonably require.

     (b)  Unless and until the  transactions contemplated by this Agreement have
been consummated,  the Company and its representatives  shall hold in confidence
all information so obtained and if the transactions  contemplated hereby are not
consummated will return all documents  hereinabove referred to and obtained from
Art Exchange or the officers of Art Exchange. Such obligation of confidentiality
shall not extend to any  information  which is shown to have been previously (i)
known to the Company;  (ii)  generally  known to others  engaged in the trade or
business of Art Exchange; (iii) part of public knowledge or literature;  or (iv)
lawfully received by the Company or its authorized  representatives from a third
party.

     6.2    Corporate  Existence, Rights and  Franchises.   The Purchasers shall
            ---------------------------------------------
take all  necessary  actions to cause Art Exchange to maintain in full force and

                                      -17-
<PAGE>

effect the  corporate  existence,  rights,  franchises  and good standing of Art
Exchange. No change shall be made in the Articles of Incorporation,  as amended,
or Bylaws, as amended, of Art Exchange.

     6.3    Conduct of Business in the Ordinary  Course.   The Purchasers  shall
            --------------------------------------------
not  permit to be done any act which  would  result in the  breach of any of the
covenants  of the  Purchasers  or Art Exchange  contained  herein or which would
cause the  representations  and  warranties  of the  Purchasers  or Art Exchange
contained herein to become untrue or inaccurate as of any date subsequent to the
date hereof.  Without  limiting the generality of the foregoing,  the Purchasers
shall  take all  necessary  actions to cause Art  Exchange  to (i)  operate  its
business diligently in the ordinary course of business as an ongoing concern and
will use his best efforts to preserve  intact Art  Exchange's  organization  and
operations at current levels,  to retain the services of Art Exchange's  present
employees and to preserve Art  Exchange's  relationships  with its suppliers and
customers  and others having  business  relationships  with Art  Exchange;  (ii)
maintain in good operating  condition,  ordinary wear and tear excepted,  all of
Art Exchange's  assets and properties which are in such condition as of the date
hereof;  (iii)  maintain the books,  accounts and records of Art Exchange in the
usual,  regular and ordinary manner on a basis  consistent with past practice in
recent periods; (iv) refrain from entering into any contract,  agreement,  sales
order,  lease,  capital  expenditure or other commitment of a value in excess of
$1,000.00  (other than  purchases of raw materials and sales of inventory in the
ordinary  course  of  business),  or  from  modifying,  amending,  canceling  or
terminating  any of such  contracts,  agreements,  leases  or other  commitments
presently in force, except as expressly contemplated by this Agreement,  without
the prior  approval of the Company  (which  approval  shall not be  unreasonably
withheld  and which may be verbal to be followed by written  confirmation);  (v)
refrain  from paying any bonus to any  employee,  officer or  director  and from
declaring or paying any dividend,  or making any other  distribution  in respect
of, or from  redeeming,  the Art Exchange  Common Shares;  and (vi) refrain from
issuing any capital  stock of Art Exchange or any other  securities  convertible
into such capital stock.

                                    ARTICLE 7
                  CONDITIONS TO THE OBLIGATIONS OF THE PARTIES
                  --------------------------------------------

     The  respective  obligations  of  the  parties  hereto  to  consummate  the
transactions  contemplated  hereby  shall be subject to the  fulfillment,  at or
prior to the Closing, of the following conditions:

     7.1    Regulatory  Approvals.   There  shall  have  been  obtained  any and
            ----------------------
all permits,  approvals and qualifications of, and there shall have been made or
completed  all  filings,  proceedings  and  waiting  periods  required  by,  any
governmental  body,  agency or regulatory  authority  which,  in the  reasonable
opinion of counsel to the Company, Art Exchange and the Purchasers, are required
for the consummation of the transactions contemplated hereby.

     7.2    No  Action or Proceeding.   No claim, action, suit, investigation or
            -------------------------
other proceeding shall be pending or threatened before any court or governmental

                                      -18-
<PAGE>

agency which presents a substantial  risk of the restraint or prohibition of the
transactions contemplated by this Agreement or the obtaining of material damages
or other relief in connection therewith.

     7.3    Obligations of Art Exchange and the Purchasers.   The obligations of
            -----------------------------------------------
Art  Exchange  and the  Purchasers  hereunder  to  consummate  the  transactions
contemplated by this Agreement are expressly subject to the satisfaction of each
of the further  conditions set forth below, any or all of which may be waived by
Art Exchange and the Purchasers,  jointly and not severally, in whole or in part
without  prior  notice;  provided,  however,  that no such waiver of a condition
shall  constitute  a waiver  by Art  Exchange  or the  Purchasers  of any  other
condition  or of any of their rights or  remedies,  at law or in equity,  if the
Company shall be in default or breach of any of its representations,  warranties
or covenants under this Agreement:

     (a)  Art Exchange and the Purchasers, severally and not jointly, shall have
received copies of resolutions (certified as of the date of the Closing as being
in full force and effect by an appropriate  officer of the Company) duly adopted
by the Board of Directors of the Company  adopting and approving this Agreement,
which shall be in form and substance reasonably satisfactory to Art Exchange and
the Purchasers and their counsel.

     (b)  The Company shall have performed the agreements and covenants required
to be performed by it under this Agreement prior to the Closing, and there shall
have been no material adverse change in the condition  (financial or otherwise),
assets, liabilities,  earnings or business of the Company since the date hereof,
and the  representations  and warranties of the Company  contained herein shall,
except as  contemplated  or  permitted  by this  Agreement  or as qualified in a
writing  dated as of the Closing  Date  delivered by the Company to Art Exchange
and the  Purchasers,  with  the  approval  of Art  Exchange  and the  Purchasers
indicated thereon (which writing is to be attached hereto as Exhibit E), be true
in all  material  respects on and as of the Closing Date as if made on and as of
such date, and Art Exchange and the Purchasers, severally and not jointly, shall
have received a certificate,  dated as of the Closing Date,  signed by the chief
executive  officer and the chief  financial  officer of the Company,  reasonably
satisfactory to Art Exchange and the Purchasers, to such effect.

     (c)  The directors of the Company shall have  resigned  their  positions as
Company  directors  effective  as of the Closing  Date after one or more of said
directors  has caused the  election  of the slate of  directors  proposed by Art
Exchange and the Purchasers.

     7.4    Obligations of the Company.  The obligation of the Company hereunder
            ---------------------------
to  consummate  the  transactions  contemplated  by this  Agreement is expressly
subject to the  satisfaction of each of the further  conditions set forth below,
any or all of which may be waived by the  Company,  in whole or in part  without
prior  notice;  provided,  however,  that no such  waiver of a  condition  shall
constitute  a waiver  by the  Company  of any other  condition  or of any of its
rights or remedies, at law or in equity, if the Purchasers or Art Exchange shall
be in default or breach of any of their representations, warranties or covenants
under this Agreement:

     (a)  The Company shall have received copies of resolutions  certified as of
the date of the  Closing  as being in full  force and  effect by an  appropriate

                                      -19-
<PAGE>

officer of the  Company)  duly adopted by the Board of Directors of Art Exchange
adopting and  approving  this  Agreement,  which shall be in form and  substance
reasonably satisfactory to the Company and its counsel.

     (b) The Purchasers and Art Exchange shall have performed the agreements and
covenants  required to be  performed by them under this  Agreement  prior to the
Closing,  and there shall have been no material  adverse change in the condition
(financial  or  otherwise),  assets,  liabilities,  earnings  or business of Art
Exchange since the date hereof,  and the  representations  and warranties of the
Purchasers and Art Exchange  contained  herein shall,  except as contemplated or
permitted by this Agreement or as qualified in a writing dated as of the Closing
Date  delivered by the  Purchasers  and Art  Exchange to the  Company,  with the
approval  of the  Company  indicated  thereon  (which  writing is to be attached
hereto as Exhibit F), be true in all material  respects on and as of the Closing
Date as if made on and as of such date,  and the Company  shall have  received a
certificate, dated as of the Closing Date, signed by the chief executive officer
and  the  chief  financial  officer  of Art  Exchange  and  by  the  Purchasers,
reasonably satisfactory to the Company, to such effect.

                                    ARTICLE 8
                      ADDITIONAL AGREEMENTS OF THE PARTIES
                      ------------------------------------

     8.1   Taxes and Expenses.
           -------------------

     (a)  Except as otherwise expressly  provided in subsection (b)  immediately
below, the Company, on the one hand, and Art Exchange and the Purchasers, on the
other hand,  shall each pay all of their own respective  taxes,  attorneys' fees
and other costs and expenses  payable in  connection  with or as a result of the
transactions  contemplated  hereby and the  performance  and compliance with all
agreements  and  conditions  contained  in  this  Agreement  respectively  to be
performed or observed by each of them.

     (b)  The Company shall pay any and all Colorado taxes, if any, which become
due on account of the  issuance,  sale and  delivery of the Shares of  Nicklebys
Common Stock to the Purchasers.

     8.2   Expiration of Representations and Warranties.
           ---------------------------------------------

     (a)  The representations and warranties of the Company contained herein and
in any other document or instrument delivered by or on behalf of the Company, as
such  may be  qualified  in  Exhibit  E,  shall  survive  the  Closing  and  any
investigations  made by or on behalf of Art  Exchange  or the  Purchasers  prior
thereto,  and shall  remain in full  force and  effect for a period of three (3)
months after the date of Closing (the "Warranty Period") and thereupon expire.

     (b)  The representations  and warranties of the Purchasers and Art Exchange
contained  herein and in any other  document or  instrument  delivered  by or on
behalf of them, as such may be qualified in Exhibit F, shall survive the Closing

                                      -20-
<PAGE>

and any  investigations  made by or on behalf of the Company prior thereto,  and
shall remain in full force and effect for a period of three (3) months after the
date of Closing (the "Purchasers' Warranty Period") and thereupon expire.

     8.3    Indemnification.   The  Purchasers,  jointly  and  severally, hereby
            ----------------
agree to  indemnify  and hold the Company  harmless  with respect to any and all
claims,  losses,  damages,  obligations,  liabilities  and expenses,  including,
without   limitation,   reasonable   legal  and  other  costs  and  expenses  of
investigating and defending any actions or threatened actions, which the Company
may incur or suffer  following the Closing by reason of any breach of any of the
representations  and  warranties  of the  Purchasers  or Art Exchange  contained
herein,  during the  Purchasers's  Warranty Period  following the Closing during
which any such  representation  and warranty  shall survive as provided  herein,
provided that the Company comply with the following indemnification procedure:

          (i) The Company shall give written notice to the Purchasers of a claim
     for indemnification  within the Purchasers'  Warranty Period;  which notice
     shall set forth the amount  involved in the claim for  indemnification  and
     contain a reasonably  thorough  description of the facts  constituting  the
     basis of such claim.

          (ii) The  Purchasers  shall have a period of thirty (30) days from the
     receipt of the notice  referred to above to respond to the indemnity  claim
     to the mutual satisfaction of the Company and the Purchasers.

          (iii) If a third party claim is asserted which might result in a claim
     for  indemnification   hereunder,  all  information  within  the  Company's
     knowledge or control relevant and material to the defense of any such claim
     shall promptly be made  available to the  Purchasers  and their  authorized
     representatives,  and  the  Company  shall  otherwise  cooperate  with  the
     Purchasers  in the defense of the claim.  The  Company  shall not settle or
     compromise  any  such  claim  without  the  prior  written  consent  of the
     Purchasers  unless suit shall have been instituted  against the Company and
     the Purchasers shall have failed, after reasonable notice of institution of
     the suit, to take control of such suit as provided below. If the Purchasers
     admit in writing  that they will be liable to the Company  with  respect to
     the full  amount and as to all  material  elements  of a third  party claim
     alleging  damages,  should  the  third  party  prevail  in such  suit,  the
     Purchasers  shall have the right to assume  full  control of the defense of
     such  claim.  Otherwise,  the  Company  shall  have and retain the right to
     control the defense of such claim,  and the Purchasers shall be entitled to
     participate  in the  defense  of such  claim  only with the  consent of the
     Company.

                                    ARTICLE 9
                                  MISCELLANEOUS
                                  -------------

     9.1    Other  Documents.   Each  of  the  parties hereto  shall execute and
            -----------------
deliver such other and further  documents and  instruments,  and take such other
and  further  actions,  as  may be  reasonably  requested  of him or it for  the

                                      -21-
<PAGE>

implementation  and consummation of this Agreement and the  transactions  herein
contemplated.

     9.2    Parties in Interest.  This Agreement shall be binding upon and inure
            --------------------
to the benefit of the parties hereto, and the heirs,  personal  representatives,
successors  and assigns of all of them,  but shall not confer,  expressly  or by
implication, any rights or remedies upon any other party.

     9.3    Governing Law.   This Agreement is made and shall be governed in all
            --------------
respects,  including  validity,  interpretation  and effect,  by the laws of the
State of Colorado.

     9.4    Notices.  All  notices, requests or demands and other communications
            --------
hereunder  must be in  writing  and  shall be  deemed  to have been duly made if
personally delivered or mailed, postage prepaid, to the parties as follows:

     (a) If to the Company, to:

         Nicklebys.com, Inc.
         899 Broadway Street, Suite #200
         Denver, Colorado  80203
         Attention:  Mr. Bruce A. Capra, President and Chief Executive Officer

         With copies to:

         Patricia Cudd, Esq.
         Cudd & Associates
         1120 Lincoln Street, Suite #1310
         Denver, Colorado 80203

     (b) If to Art Exchange or the Purchasers, to:

         Art Exchange, Inc.
         3177 South Parker Road
         Aurora, Colorado  80014
         Attention:  Mr. Paul J. Zueger, President and Chief Executive Officer

         With copies to:

         Mark Shaner, Esq.
         3177 South Parker Road
         Aurora, Colorado  80014

Any party  hereto may change his or its  address by written  notice to the other
parties given in accordance with this Section 9.4.

                                      -22-
<PAGE>

     9.5    Entire Agreement.   This Agreement and the exhibits attached  hereto
            -----------------
contain the entire  agreement  between and among the parties and  supersede  all
prior agreements,  understandings and writings between or among the parties with
respect to the subject matter hereof and thereof. Each party hereto acknowledges
that  no  representations,   inducements,  promises  or  agreements,  verbal  or
otherwise,  have been made by any party,  or anyone  acting  with  authority  on
behalf of any party,  which are not embodied herein or in an exhibit hereto, and
that no other  agreement,  statement  or promise  may be relied upon or shall be
valid or binding.  Neither  this  Agreement  nor any term hereof may be changed,
waived,  discharged or terminated verbally. This Agreement may be amended or any
term hereof may be changed, waived,  discharged or terminated by an agreement in
writing signed by all parties hereto.

     9.6     No  Equitable  Conversion.   Prior  to  the  Closing,  neither  the
             --------------------------
execution of this  Agreement  nor the  performance  of any  provision  contained
herein  shall cause any party  hereto to be or become  liable in any respect for
the operations of the business of any other party,  or the condition of property
owned by any other party, for compliance with any applicable laws,  requirements
or regulations  of, or taxes,  assessments or other charges now or hereafter due
to, any governmental  authority or for any other charges or expenses  whatsoever
pertaining to the conduct of the business or the ownership,  title,  possession,
use or occupancy of any other party.

     9.7    Headings.  The captions and headings used herein are for convenience
            ---------
only and shall not be construed as part of this Agreement.

     9.8    Attorneys'  Fees.  In the event  of any  litigation between or among
            -----------------
the parties hereto, the non-prevailing party or parties shall pay the reasonable
expenses,  including but not limited to the  attorneys'  fees, of the prevailing
party or parties in connection therewith.

     9.9    Counterparts.   This Agreement may be executed in counterparts, each
            -------------
of which  shall be deemed an  original  but all of which  taken  together  shall
constitute but one and the same document.

     9.10   IN  WITNESS  THEREOF,  the parties  hereto  have  duly  executed and
delivered this Agreement as of the day and year first above written.

THE COMPANY:

ATTEST:                               NICKLEBYS.COM, INC.

By: /s/ Scott M. Thornock             By: /s/ Bruce A. Capra
    ------------------------------       --------------------------------------
        Scott M.Thornock, Secretary      Bruce A. Capra, Chief Executive Officer

                                      -23-
<PAGE>

Attached  to and  incorporated  in that  certain  Stock  Purchase  and  Exchange
Agreement dated June 25, 1999, between and among Nicklebys.com, Inc., on the one
hand, and Art Exchange, Inc., Paul J. Zueger and the Zueger Family Trust, on the
other hand.

THE PURCHASERS:

                                             THE ZUEGER FAMILY TRUST

/s/ Paul J. Zueger                           By: /s/ Paul J. Zueger
--------------------------------                 -----------------------------
    Paul J. Zueger, Individually                 Paul J. Zueger, Trustee

ART EXCHANGE:

ATTEST:                                      ART EXCHANGE, INC.

By: /s/ Mark Shaner                          By: /s/ Paul J. Zueger
    ------------------------------               ------------------------------
        Mark Shaner, Secretary                       Paul J. Zueger, President

                                      -24-
<PAGE>

                                   EXHIBIT A
                                 (Page 1 of 3)
                              Nicklebys.Com, Inc.
                              -------------------
8/22/99                          Balance Sheet
                                 -------------
                               As of May 31, 1999

                                                         May 31, '99
                                                      -----------------
ASSETS
  Current Assets
    Checking/Savings
      checking - 1st Bank                                   9,713.97
      Nicklebys MMKT                                      272,607.15
                                                        ------------
    Total Checking/Savings                                262,321.12

  Other Current Assets
    merchandise inventory                                  56,812.25
                                                        ------------
  Total Other Current Assets                               56,812.25
                                                        ------------
  Total Current Assets                                    339,133.37

  Fixed Assets
    Office Equipment                                        3,615.80
    Software                                                  312.40
    Accum. Depreciation - Office                             -218.09
    Accum. Depreciation - Software                            -26.04
                                                        ------------
  Total Fixed Assets                                        3,684.07

  Other Assets
    Web Site                                               20,000.00
    Accum. Amort. - Website                                  -333.33
    Mailing List                                            2,500.00
    Accum. Amort. - Mail. List                                -41.67
    Organization Costs                                      7,500.00
    Accum. Amort. - Org. Costs                               -375.00
    Prepaid Marketing                                      22,185.32
                                                        ------------
 Total Other Assets                                        51,435.32

TOTAL ASSETS                                              384,262.75
                                                        ============
LIABILITIES & EQUITY
  Liabilities
    Current Liabilities
      Other Current Liabilities
        Accounts Payable - Trade                              585.01
        Payroll Liabilities
          Federal Withholding Payable                         770.38
          Medicare Payable                                    220.97
          Social Security Payable                             944.76
          Colorado Withholding Payable                        561.09
          Unemployment Taxes Payable                          395.60
                                                        ------------
        Total Payroll Liabilities                           2,892.60

        Sales Tax Payable                                   2,612.51
                                                        ------------
      Total Other Current Liabilities                       6,290.32
                                                        ------------
    Total Current Liabilities                               6,290.32
                                                        ------------
  Total Liabilities                                         6,290.32

  Equity
    Capital Stock                                         420,000.00
    Net Income                                            -32,037.56
                                                        ------------
  Total Equity                                            387,982.44
                                                        ------------
TOTAL LIABILITIES & EQUITY                                384,252.76
                                                        ============

                                                                          Page 1
<PAGE>

                                   EXHIBIT A
                                 (Page 2 of 3)
                              Nicklebys.Com, Inc.
                              -------------------
8/22/99                         Profit and Loss
                                ---------------
                            January through May 1999
                                                          Jan-May '99
                                                       -----------------
Ordinary Income/Expense
    Income
      Auction sales                                        79,227.58
      Consulting                                            4,953.45
      Internet sales                                       27,937.14
      Retail sales                                         53,288.00
                                                       --------------
    Total Income                                          165,384.17

    Cost of Goods Sold
      Purchases - merchandise                             146,645.22
      Purchases - consigned merch.                         41,888.28
      Purchaese - training                                  5,854.00
      Purchases - inventory adjustment                    -56,812.25
                                                       --------------
    Total COGS                                            140,575.25
                                                       --------------
  Gross Profit                                             24,808.92

    Expense
      Amortization                                            750.00
      Advertising                                           6,040.85
      Bank Service Charges                                    351.91
      Contract labor                                          568.00
      Credit Card Discount Charge                             579.36
      Depreciation Expense                                    244.13
      Freight                                                 252.71
      Licenses and Permits                                    178.00
      Miscellaneous                                             0.22
      Payroll Expenses
        Officer Salary                                  14,000.00
        Auction commissions                              3,769.88
        Payroll Expenses - Other                             0.00
                                                    --------------
      Total Payroll Expenses                               17,789.88

      Postage and Delivery                                    473.36
      Printing and Reproduction                             2,445.57
      Professional Fees
        Legal Fees                                           0.00
        Web and Computer design                            750.00
                                                    --------------
      Total Professional Fees                                 750.00

      Rent                                                  1,532.63
      Repairs
        Building Repairs                                   135.89
                                                    --------------
      Total Repairs                                           135.89

      Supplies
        Marketing                                       20,908.09
        Office                                             204.52
                                                    --------------
      Total Supplies                                       21,112.61

      Taxes
      Federal Income Tax                                    13.63
      Payroll Taxes                                      1,810.37
                                                    --------------
      Total Taxes                                           1,824.00

      Telephone                                               990.48
      Travel & Ent
        Entertainment                                      221.57
        Travel                                           4,910.38
                                                    --------------
      Total Travel & Ent                                    5,131.95

      Uncategorized Expenses                                    0.00
                                                       --------------
    Total Expense                                          61,131.55
                                                       --------------
Net Ordinary Income                                       -36,322.63

                                                                          Page 1
<PAGE>

                                   EXHIBIT A
                                 (Page 3 of 3)
                              Nicklebys.Com, Inc.
                              -------------------
8/22/99                         Profit and Loss
                                ---------------
                            January through May 1999
                                                          Jan-May '99
                                                       -----------------
  Other Income/Expense
    Other Income
      Interest Income                                       3,570.10
      Shipping to Buyer                                       714.97
      Transfer of funds                                         0.00
                                                       --------------
    Total Other Income                                      4,285.07
                                                       --------------
  Net Other Income                                          4,285.07
                                                       --------------
Net Income                                                -32,837.58
                                                       ==============

                                                                          Page 2
<PAGE>

                                    EXHIBIT B

3.7(xi)   Commitments  and  transactions  by  the  Company  (including,  without
          limitation,  any borrowing or capital expenditure) involving an amount
          in excess of $1,000.00:

3.8       Items of tangible  personal  property owned and used by the Company in
          the current  conduct of its business  where the  original  cost was in
          excess of $1,000.00:

3.10      Contracts, agreements, obligations and commitments, written or verbal,
          express or implied,  which involve a commitment or liability in excess
          of $1,000.00  or for a term of more than six months,  and employee and
          consulting  agreements,   licenses,   distributorship  and  dealership
          agreements and leases:

<PAGE>

                                    Exhibit C
                                  (Page 1 of 2)

                               ART EXCHANGE, INC.
                          (A Development Stage Company)

                            BALANCE SHEET (Unaudited)

                                                                   June 28,
                                                                     1999
                                                                     ----
                                     ASSETS

Current Assets:                                                    $  -0-

Plant, Property and Equipment:                                        -0-

Other Assets:
    Organization costs - net                                          49

    Assumed name, "auction" customer mailing list and
    non-exclusive live auction rights to consigned goods              99
                                                                      --
       Total Other Assets                                            148
                                                                     ---

TOTAL ASSETS                                                       $ 148
                                                                   -----

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:                                               $  -0-

Stockholders' Equity:
    Preferred Stock, $.001 par value;
    3,000,000 shares authorized;
    none issued                                                       -0-

Common Stock, $.0001 par value;
    30,000,000 shares authorized;
    issued and outstanding
    1,000,000 shares                                                 100

    Additional paid-in capital                                        50

    Deficit accumulated during
    the development stage                                             (2)
                                                                     ----

      Total Stockholders' Equity                                   $ 148
                                                                   -----
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY                                               $ 148
                                                                   -----

<PAGE>

                                    Exhibit C
                                  (Page 2 of 2)

                               ART EXCHANGE, INC.
                          (A Development Stage Company)

                       STATEMENT OF OPERATIONS (Unaudited)
                             For the Period as Noted

                                                                 June 3, 1999
                                                                  (inception)
                                                                 through June
                                                                   28, 1999
                                                                   --------

Revenues:                                                          $   -0-

Costs and Expenses:
    Amortization                                                        2
                                                                       ---
Net (Loss) from
    Operations                                                         (2)

Other Income
    (Expense)                                                          -0-

Net (Loss) for
    the Period                                                     $   (2)
                                                                   --------
(Loss) Per Share of
    Common Stock                                                   $ (.00)

Weighted Average
Shares of Common
Stock Outstanding                                               1,000,000
                                                                ---------

<PAGE>

                                    EXHIBIT D

4.10 Art Exchange  obtained,  pursuant to that certain  Asset  Purchase and Sale
     Agreement dated June 25, 1999 (the  "Agreement"),  between Art Exchange and
     Museum  Auctions,  Ltd.,  now  known  as  Gallery  Denver,  Inc.  ("Gallery
     Denver"), the non-exclusive right to conduct live auctions of originals and
     reproductions of fine art,  antiques and collectibles  marketed and sold by
     Gallery Denver on consignment;  for the provision of which services Gallery
     Denver  has  agreed  to pay Art  Exchange  auction  sales  commissions,  as
     provided in Articles XVIII of the Agreement and that certain. Agreement for
     Auction Sales  Commissions  between the parties dated July 28, 1999, in the
     amount of  twenty-five  per cent (25%) of the aggregate  sales price of all
     such  consigned  goods marketed and sold by Gallery Denver via live auction
     conducted by Art Exchange from time-to-time from and after July 28, 1999.

4.11 Art  Exchange  purchased,  pursuant to the  Agreement,  the assumed name of
     "Museum  Auctions,  Ltd." in  Colorado  and all rights to Gallery  Denver's
     "auction" customer mailing list; which list, however,  includes some or all
     of the names on Gallery Denver's "gallery" customer mailing list which will
     continue to be utilized by Gallery Denver and/or its affiliates.

<PAGE>

                                   EXHIBIT E

7.3(b)  There is no response which is required to this Section.

<PAGE>

                                   EXHIBIT F

7.4(b)  There is no response which is required to this Section.

<PAGE>

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