1. The Auction House has produced this catalogue (below:" The Catalogue”), listing the art objects offered for sale, in their order of appearance at the auction. This Catalogue contains a description and photograph of each item and two price estimates which, in the Auction House’s opinion, are the range of valuation of the item. All of the items included in the auction are subject to a reserve price. The reserve price is the confidential minimum price agreed upon between the auction house and the consigner. The reserve price will not exceed the lower estimate.
2. The buyer’s registration to participate in the auction constitutes confirmation that the buyer has read the conditions of this document and has agreed to them.
3. Before making a decision to purchase any item in the Catalogue, the buyer must carry out an independent examination of all the details concerning the item, its origin, condition, nature and value and any other detail relevant to the decision concerning the purchase of the item.
4. Participation in the auction is conditional upon receiving an auction paddle from the Auction House.
5. A buyer who wishes to participate in the auction by telephone and/or by means of an authorized representative on his behalf must contact the Auction House at least 24 hours before the auction and arrange the manner of participation in the auction and signature of the required forms.
6. A buyer who wishes to purchase an item without being present at the auction and/or participate on the telephone must complete and sign a bid form and deliver it to the Auction House before the day of the auction. Delivery of the bid form signed by the buyer shall be regarded as the buyer’s bid within the framework of the auction.
7. The auction shall be conducted by the auctioneer appointed by the Auction House.
8. The auctioneer may at any time add or remove an item from the auction and/or update the details concerning an item. All the updates shall be publicized on the day of the auction.
9. At the auctioneer’s strike of the hammer and declaration of the winning bid, the buyer whose bid has been declared the winner shall be regarded as having purchased the item at the price declared by the auctioneer (below: “the Winning Buyer” and “the Purchase Price”).
10. The Winning Buyer shall pay the Auction House the Purchase Price and in addition to the Purchase Price the Winning Buyer shall also pay the Auction House commission in the amount of 19% + value-added tax (VAT) on the commission only, not later then 5 business days from the day of the declaration of the buyer’s bid as the winning bid.
11. An item which appears in the Catalogue and is marked is an item which arrived from overseas for the auction. The tax laws of Israel apply to such an item, which means the Winning Buyer shall have to pay value added tax on the purchase price and on the Auction House’s commission.
12. Any item which is purchased by a non Israeli (overseas) resident and the consideration for is paid in foreign currency, and is taken out of Israel’s borders, is exempt from payment of value-added tax.
13. Payment shall be made to the Auction House in New Israeli Shekels according to the representative rate of exchange of the dollar known on the day of payment, but not less than the representative rate of exchange of the dollar which was known on the day of the auction, or alternatively in US dollars. Credit card payments will be charged an addition of 2.5% on total payment.
14. Delay in making payment shall oblige the winning buyer to pay interest at the rate of 2% per month, as well as linkage differentials to the rate of the dollar until the day of actual payment, without derogating from any right and/or relief available to the Auction House against the Winning Buyer because of delay in payment, which shall be regarded as material breach of the Winning Buyer’s obligations. In the event the Winning Buyer has not yet fulfilled his obligations entirely within 14 days from the day of the auction, the Auction House shall be entitled to sell the item to another buyer or return it to its owner, without derogating from any relief and/or right available to the Auction House due to the damage caused by the breach of the buyer’s obligations.
15. The Winning Buyer shall be obliged to take possession of the item from the Auction House not later then 7 days from the day of the auction, and on condition that he has paid the full consideration as detailed above. Delay in taking the item shall render the Winning Buyer liable for storage and insurance fees.
16. The Buyer must verify the authenticity of the item independently, and if he has proof that the item is a fake, he must furnish the Auction House with it within 14 days from the day of the auction and must at the same time return the item intact and in good order to the Auction House. If the buyer’s allegation is proved to the satisfaction of the Auction House and he has returned the item as stated above, he shall be entitled to receive back the consideration which he paid and any claims and/or demands by the buyer against the Auction House in this matter shall thereby be settled in a final and absolute manner. It has been made clear to the buyer and it is his duty to carry out the examination and to furnish proof of lack of authenticity at the time specified in this clause, as after such time the consideration shall be transferred to the seller and the Auction House cannot guarantee its return to the buyer.
17. The court in Tel Aviv shall have exclusive jurisdiction to adjudicate any claims regarding this agreement.