ART INVENTORY

3 Months Ended

Apr. 30, 2012

ART INVENTORY [Text Block]

7. ART INVENTORY

Antiquities art valued at $10,000 represented 100% of total art inventory at both April 30, 2012 and October 31, 2011. The Company records a valuation allowance against the current portion of its inventory to reduce it to its estimated net realizable value based on the history of losses sustained on inventory items sold in the current and previous years. As of April 30, 2012 the valuation allowance is approximately $466,000.