END OF YEAR FINE ART AUCTION

1. The auction will be conducted by the auctioneer's representatives of Matsart Auctioneers & Appraisers (Matsart) 2. The auctioneers are the sole 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 it, all according to their 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 auctioneers sole judgement to reopen a lot and/or cancel a sale. 3. 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 auctioneers discretion. 4. Auctions may be conducted in Euros or in U.S. dollars. Payment is in Euros, US$ 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. 5. 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. 6. 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 auctioneers 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. 7. 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 sale or the invoice or the bill of sale given to purchasers shall be deemed such a warranty, the auctioneer accepts information also from data given by the seller if he trusts his reliability. All bidders are responsible to examine the work and authenticity prior to bidding. Nonetheless, should the high bidder wish to show the work to a recognized expert (acceptable to Matsart), he must pay for the work and arrange (at his expense) and show to the expert and receive a response within 30 days 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. The auction house is not responsible and / or obligated for the artwork condition, and it is the buyer's responsibility to ensure, that he has requested, received and considered, any condition report before the sale. The terms of sale, including the condition report, do not apply to the artwork frame. Matsart is not responsible for condition or damages on frame.. 8. Payment for the article, plus a buyer's premium (please view auction catalog for updated buyer's premium), plus VAT on the buyer's premium, 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 VAT on commission. Payment will be accepted only in these manors: Cash, Checks drawn on US or Israeli banks (please allow six weeks for overseas checks to clear), money transfers in and outside Israel, 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. 9. Special expenses including yet not limited to, forwarding in and outside Israel 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. 10. All expenses caused by storing the article in the company after final date for collecting the article will be charged to buyer's accounts. 11. 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. This service is given at no additional fee, beyond the buyer's premium as above article 8. A bid can not be revoked in any form and is an obligation for purchasing. 12. Offers can be delivered through fax: +972-2-6257779 or by email: bids@matsart.net. 13. All parties interested to participate in an auction must obtain, prior to bidding, a paddle number, which serves as identification in the event that the participant is the successful high bidder of any lot in the sale. 14. 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. 15. Items consigned to Matsart may not be withdrawn without prior permission and agreement by Matsart. Once an item has been sold and paid for in full, the consignor shall receive the sum subject to paragraph 7 above. Unsold lots will be returned to its owner. Sale of a lot by Matsart after the auction is legitimate. 16. Certain lots in this auction are subject to a minimum price, as concluded with the consignor. The auctioneer is responsible to keep the minimum price of the lots in this auction. Certain lots may not be subjected to any minimum price. 17. ** by a lot number indicates an item that arrived from outside Israel and is subjected to the Israeli tax laws meaning an 17% value added tax on the purchase price and the buyer's commission. This tax will not be collected from foreign residents paying in foreign currency and exporting the item(s) via a shipper recognized by Matsart. 18. It is important and recommended to examine all items before bidding. The details of this exhibition are published in the catalogue. 19. All lots must be paid for and collected not later than 3 business days following the auction.