Auction 55

1.??Kedem? Public Auction House (?Kedem?) acts as agent for sellers of items to be offered for sale to the public (?the Sellers?). 2.??Kedem? will produce a catalogue for every sale (?The Catalogue?), which will include a list of items available at the sale, their serial numbers and opening prices. For the avoidance of doubt, information provided in the Catalogue, including opening prices, descriptions of items and any other information concerning the items, are solely for the purpose of information for potential buyers and are in no way to be construed as stand andor obligation on behalf of ?Kedem? andor its employees andor representatives. Kedem reserves all rights to the pictures that appear in the catalog. Additionally, "Kedem" will conduct online auctions which will take place online only, without an auctioneer or printed cataloge, which will hence be called "online auctions". 3.??Kedem? will appoint a person as manager of the sale (?the Auctioneer?) who will be responsible on its behalf for the execution and management of the auction. 4.?The Auctioneer reserves the right to prevent participation in the auction of any person. The auctioneer reserves the right to determine the winner of each lot, to cancel the sale of any item (even after it?s sold) or to re-enter it for sale, at his own discretion and at any stage whatsoever. The auctioneer also has the right to withdraw or add items to the sale and to add or withdraw from the Catalogue any information about an item to be offered in the auction on the basis of information received by ?Kedem? after publication of the Catalogue. 5.?In order to participate in the auction, a potential purchaser must obtain a numbered paddle before the auction which will enable him to bid at the auction. 6.?The auction will be conducted using US Dollars as currency. 7.?On the fall of the hammer and the acknowledgment of the numbered paddle of the offeror by the Auctioneer, the offeror`s offer will be binding and will be considered to be accepted and title to the item will pass to the offeror whose offer was accepted (?the Purchaser?), subject to the fulfilment by the Purchaser of all payment obligations to ?Kedem? as set out hereunder. 8. The amount mentioned in an offer at a sale by a Purchaser which is accepted) the Hammer Price( shall be paid to "Kedem" by the Purchaser, together with a commission ('the Commission') ) and Israeli VAT on commission only. The commission per lot will be 23% of the hammer price up to and including $180,000, 18% of the portion of the hammer price above $180,000 up to and including $1,000,000, and 12% of the portion of the hammer price above $1,000,000. Payment to "Kedem" shall be effected immediately upon the conclusion of the auction but, at any event, not later than seven days after the date of the auction. 9. Payment can be made in cash (New Israeli Shekels or US Dollars), check (NIS or US Dollars), credit card (up to $25,000) or via bank wire transfer. 10. It is the responsibility of the buyer to collect the purchased items directly from the offices of ?Kedem,? or have them collected by a delivery service or courier on his behalf. In certain cases in which a buyer so requests, ?Kedem? can, at its sole discretion and without taking or accepting any responsibility for damages or loss, pack and ship the items to the buyer, provided the buyer pays in advance for the full cost of shipping and handling. The cost of shipping and handling varies according to type, size and weight of the package, the shipping method and the shipping destination. For further information about shipping methods and charges, please contact ?Kedem.? 11.?An item which is priced in US dollars will be calculated in New Israel Shekels in accordance with the representative rate of exchange as published by Israel Bank on the date of the auction. 12.?A Purchaser is liable to pay interest on any delay in payment, at the rate of 2% per month of the amount payable, with adjustments to index-link all outstanding amounts payable to the Dollar Exchange Rate 13.?The purchaser, whether for himself or for another, is obliged to pay for the items and take them. The auctioneer has the right to take any means he thinks appropriate to ensure the purchaser keeps his obligation, among these to cancel a sale, sell the item to another, charge the purchaser with any expenses caused to the auctioneer including interest and index linkage, sue for compensation, delay the release of the item and add all expenses to the sum due. 14.??Kedem? is responsible for the information given regarding the items? nature, originality and condition. However all information given by ?Kedem?, in its capacity as agent for the consignor, and based on accumulated information and the experience of its experts. It is entirely the responsibility of the prospective purchaser to check and inspect the items to determine condition, quality, authenticity, size, authorship during the allocated time prior to the auction. The purchaser may submit in writing, any doubts regarding the authenticity and condition of the item within 30 days of the sale. If it is proven to ?Kedem? that there has clearly been an error in the information which was given relating to any item, ?Kedem? shall refund any sums paid by the purchaser and the item shall be returned to the possession of ?Kedem?. Subject to this obligation, the purchaser shall have no claims andor further demands with respect to that item. 15.?A purchaser is obliged to collect the purchased item and to fulfill his obligations to pay for the item no later than seven days from the date of the sale of the item. For the avoidance of doubt, the right to possession of the item will pass only once the purchaser has fully filled his payment obligations as set out in these conditions. 16.??Kedem? will represent, free of charge, potential purchasers who do not wish or who are unable to attend the auction. These potential purchasers are requested to complete the Rights to Bid form in the catalogue or website, no later than one day prior to auction. ?Kedem? will not be liable, under no circumstances, for any error, emissions in connection therewith. 17.?Any potential purchaser who wishes to participate in the auction via telephone shall make the necessary arrangements within a reasonable time before commencement of the auction. 18.?The courts of Jerusalem, Israel, shall have the sole jurisdiction in any dispute between ?Kedem? and the purchaser or any potential purchaser, based on the details of this agreement andor related to the sale andor to the transfer of any item. 19.?In any case of doubt the Hebrew version of this Terms Of Sale will be the binding document.