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             CERTIFICATE OF INSURANCE
                   FRENKEL & CO., INC.
                     NAMED INSURED
                   
                Susanne Hilberry Gallery
                   555 South Woodward
                 Birmingham, Michigan 48009

                TYPE OF INSURANCE

Insurer: Lloyds      Effective Date:01/26/00

Policy No.: L 8981361 Expiration Date:04/26/00

                     COVERING
Amount/Limit
See Attached list

                 PERILS INSURED

  Customary "All Risk" Fine Arts Conditions $1,000., Deductible including Transit coverage
    Pace Wildenstein is additional insured AIMA
              ISSUED FOR

           Tucker CApparell, Ass't Registrar
                 Pace Wildenstein
                   32 E. 57th St.
                New York, NY  10022

FRENKEL & CO. INC.
2 WORLD TRADE CENTER
NEW YORK, N. Y.  10048

DATED: JANUARY 25, 2000    BY Pieda Healy
                              AUTHORIZED 
                            REPRESENTATIVE