END OF YEAR: Collector #4 Auction

Terms and Conditions for Impressionist, Modern & Contemporary Fine Art Conditions of Sale The auction will be conducted by the auctioneer's representatives of Matsart Auctioneers & Appraisers (Matsart). Unless otherwise specified, Matsart is acting as an agent on behalf of the seller. The contract for the sale of the property is between the seller and the buyer. The auctioneer has sole discretion and authority at any time to determine the winner in the auction or to withdraw any lot or lots from the sale or to re-offer and resell any lot, all according to his sole judgment, including yet not limited to prior to the auction, during the auction, and following the auction. Purchasing an item is legitimate only when the auctioneer lowers his hammer and announces a card number of a participant in the room or a bidder in writing or a bidder by phone or by internet. Notwithstanding the above, it is the auctioneer's sole judgment to reopen a lot and/or cancel a sale. The auctioneer reserves the right to reject any bid. The prices quoted in the catalogue are estimate prices of the lots. These prices are estimates, normally different from the minimum prices. A sale will be only at the minimum price or above, all according to the auctioneer's discretion. If, in the auctioneer's opinion, any opening bid is below the reserve of the lot, he may withdraw the lot from the sale. Following an opening bid, the auctioneer may reject further bids if, in his opinion the advance is not sufficient. All lots are sold "as is". Neither Matsart nor the seller makes any express or implied warranty of any kind with respect to the description, attribution, literature, former owners, period, provenance, condition and/or frame concerning the lots offered in the auction. No statement in the catalogue or in the sale or the invoice or the bill of sale given to purchasers shall be deemed such a warranty. All bidders are responsible to examine the work and its condition and its authenticity prior to bidding. It is important and recommended to examine all items before bidding. The details of this exhibition are published in the catalogue. Condition reports and catalog entries are to be used as guidance only by the buyers. Prior to bidding, bidders should personally inspect the lots. Following the auction, if the bidder has questions regarding authenticity and wishes to show the work to a recognized expert (acceptable to Matsart), the item must be paid for in full and the buyer must arrange (at his expense) to show the work to the expert and receive a response within 30 days following date of sale. Prior arrangements must be made with Matsart to allow that payment be withheld from the seller. Should the expert declare that the painting is not authentic, Matsart will refund money paid for lot (less expenses) under the condition that confirmation of lack of authenticity is received within 30 days of sale. To remove all doubt, following 30 days, Matsart will have no responsibility. All potential bidders must register prior to bidding by completing all necessary registration forms and provide proper identification. Matsart reserves the right to request bank and/or other financial references. Upon registration, potential bidders will receive a paddle number, which serves as identification in the event that the participant is the successful high bidder of any lot in the sale. The purchaser, whether present in the auction room at the time of sale or bidding by writing or by phone, whether for himself or for any third party, will be irrevocably committed to pay for the article and to accept it. The auctioneer and/or Matsart may take any measures necessary for realizing the commitment, i.e. to force the winner to pay expenses, bank interest and/or inflation index appropriation, to sue compensations, to withhold the articles that the buyer purchased or left in company's hold, to deduct the debt from any sum of money that Matsart owes the winner. Matsart accepts absentee bids with no additional fee. Attached herewith a form enabling buyers unable to be present at the time of auction to make their bids. By this form potential buyers authorize Matsart representatives to represent them during the auction in the interest of purchasing and/or to contact them by telephone to allow to bid during the auction by telephone. This service is given at no additional fee, beyond the buyer's premium as stated below. A bid cannot be revoked in any form and is an obligation for purchasing. We will take all reasonable measures to process the bid, yet take no liability in the event that for any reason a bid was not processed. Bids can be delivered via fax: +972-2-6257779 or by email: bids@matsart.net. Auctions are conducted in U.S. dollars. Payment is to be made in US$. However, payment can be accepted in Euros or in N.I.S., according to the high rate of exchange published by Bank Leumi Le'israel on the day of the sale, or the day of the payment, the higher of the two. In many instances, works may not be present in the saleroom at time of sale and may be digitally exhibited. Discrepancies may occur. Matsart accepts no liability for such errors. Unless otherwise indicated, all lots are offered subject to a reserve price. This reserve will not exceed the low estimate. The reserve price is the minimum price for which the item will sell and is confidential. The auctioneer may open bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve by placing successive or consecutive bids for a lot, or by placing bids in response to other bidders. The highest bidder acknowledged by the auctioneer shall be the buyer (as above), from among the bidders present in the auction room at the time of sale or the bidders in writing or by phone. The bidders in writing or by phone authorize Matsart representatives to represent them and to bid on their behalf at the time of auction in the interest of purchasing. All lots must be paid for and collected not later than 3 business days following the auction. Special expenses including yet not limited to, forwarding and the forwarding insurance, special packaging, messengers etc., will be borne by the buyer. It is the responsibility of the high bidder to insure the purchase within three days after sale. Should the high bidder wish, he may inform Matsart to insure the work on his behalf and at his expense. Payment for the article, plus a buyer's premium of 23% plus all local taxes where applicable, will be paid in full immediately and not later than three days from the date of sale. From the seller we deduct seller's commission plus local taxes on commission where applicable. Payment will be accepted only in these manors: Checks drawn on US or Israeli banks, money transfers, Credit cards: Visa, American Express and MasterCard (with an addition of 3.5% on total payment via credit card). All bank fees in regards to transfers, both those of the buyer and those of Matsart, are the responsibility and at the expense of the buyer. The buyer is responsible for all local taxes where applicable including, yet not limited to VAT, sales tax, customs duties and VAT on imports, etc. New York sales tax will be charged for all items picked up and/or delivered in New York. For items shipped out of state, or imported to the USA from other locations, Matsart may be exempt from charging sales tax on hammer price. For items to be picked up and/or delivered in Israel, local VAT laws apply. For items to be picked up and/or delivered in Europe, local VAT laws apply. For more information, please contact bid department. All expenses caused by storing the article in the company after final date for collecting the article will be charged to buyer's accounts. We recommend to our customers to make sure, in advance, the availability of place in the auction. Seats will be reserved until 15 minutes before the sale. Unsold lots will be returned to their owner. Sale of a lot by Matsart after the auction is legitimate and will be guided by the same conditions as those that apply to items sold at auction. Items may be displayed in one of three locations. A v beside a lot number indicates an item that Israeli VAT will be charged on the hammer price as well as the premium if the item is collected from Matsart in Israel. In all cases, transit costs, import costs and all other costs are the responsibility of the buyer. Jurisdiction - if Matsart decides to file a lawsuit against a seller or a buyer Matsart can choose the venue either in New York or in Paris or in Israel and the reigning law will be according to the venue chosen by Matsart. However, without derogating from this, any lawsuit against Matsart can ONLY be filed in Israel, according to Israeli law, and the SOLE jurisdiction for any legal action of any kind against Matsart is ONLY in Israel and ONLY according to Israeli law. Shipping Terms Please note that lots may be located in different locations. Please contact Auction house prior to bidding to check possible shipping costs. Auction House will help arrange shipment at buyer's expense. Buyer's Premium 23% plus VAT where applicable