Lot 445: Romul Nutiu 1932 - 2012

CONDITIONS OF BUSINESS AND TERMS OF GUARANTEE:

1. URAGAN TIROCHE LTD. (U.T.B.) acts as the agent for sellers of items to be offered for sale to the public (` the Sellers` ).

2. U.T.B. will produce a catalogue for every sale (` the Catalogue` ), which will include, inter alia, a list of items available at the sale, their serial numbers and price estimates. For the avoidance of doubt, information provided in the Catalogue, including price estimates, 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 and/or obligation on behalf of U.T.B. and/or its employees and/or representatives.

3. U.T.B. will appoint a person as manager of the sale (` the Auctioneer` ) who will be responsible on its behalf, inter alia, for the execution and management of the auction.

4. The auction will follow the order of the numbers next to the items as set out in the Catalogue.

5. The Auctioneer, at his own discretion and at any stage whatsoever, reserves the right, verbally and/or by written notice, 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 U.T.B. after publication of the Catalogue.

6. 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.

7.
7.1. 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 U.T.B. as set out hereunder. In the case of any dispute or disagreement as to the identity of the Purchaser, the Auctioneer will have absolute discretion to determine the successful bidder or to decide to reoffer the item for sale.

7.2. The amount mentioned in an offer at a sale by a Purchaser which is accepted (` the Hammer Price` ) shall be paid to U.T.B by the Purchaser, together with the commission of 15% of the Hammer Price ( the Commission ) and Israeli VAT on commission only. Payment to U.T.B shall be effected immediately upon the conclusion of the auction but, at any event, not later than four business days after the date of the acceptance of the offer by the Purchaser.

7.3. Payments to U.T.B shall be made in cash, or by personal cheque, bank transfer or PayPal.

7.3.1. Payment by PayPal is subject to a minimum 3.5% service charge on the total sum for payment, plus additional PayPal fees according to the origin of the payment (hammer price + commission + VAT)

U.T.B. does not accept credit cards.

7.4. An item which is priced in US dollars will be calculated in New Israel Shekels in accordance with the prevailing rate of exchange cash sale as published by Bank Leumi BM on the date of the payment (` the Dollar Exchange Rate` ), but not less than the exchange rate on the day of the auction.

7.5. 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. Interest is payable from the date payment became due up to the date of actual payment.

8. Should the Purchaser fail to pay the hammer price and/or Commission and/or the Vat, U.T.B will be entitled to act as it deems fit to preserve the rights of the Seller, including retention of the acquired item, forfeiture and set off any amounts payable.

9. Some items may be subject to a lower sale price which will be set between U.T.B and the Seller (` the Minimum Price` ). In most cases, the Minimum Price will be below the lower estimate and it will never be above the highest estimate of the item. The Purchaser acknowledges that U.T.B is obliged to the Seller to use its best endeavors to obtain a price higher than the minimum price.

10. U.T.B. is responsible for the name of the artist or the creator appearing next to the item being auctioned. However, all information given by U.T.B., in its capacity as agent for the consignor, is based on accumulated information. 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 allegations regarding the origin of an item and/or the identity of the artist or the creator of the item within 21 days of the sale. If it is proven to U.T.B. that there has clearly been an error in the information which was given relating to any item, U.T.B. shall refund any monies paid by the Purchaser and the item shall be returned to the possession of U.T.B. subject to this obligation, the Purchaser shall have no claims and/or further demands with respect to that item.

11. A Purchaser is obliged to collect the purchased item and to fulfill his obligations to pay for the item no later than 4 days from the date of the sale of the item. The Purchaser will be liable for all costs, as determined by U.T.B., which is incurred by U.T.B. as a result of delay by the Purchaser in collecting the item, including storage and security costs. 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.

12. Any item marked in the catalogue with airplane logo has been imported from abroad into Israel for sale at the auction. Any taxes and/or surcharges and/or other obligatory payments in respect of the sale of objects of art incurred on these items will be payable by the Purchaser.

13. Items bought by a Purchaser who is a non-Israeli resident may be paid for in foreign currency and exported, subject to the provisions of Israeli law.

14. U.T.B. 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, no later than one day prior to the auction. U.T.B. will not be liable, under any circumstances, for any error, omissions in connection therewith.

15. Any potential Purchaser who wishes to participate in the auction via telephone or internet shall make the necessary arrangements within a reasonable time before the commencement of the auction.
U.T.B. will not be liable under any circumstances for any error, omissions in connection therewith.

16. Any reference in this agreement to the singular shall include the plural and vice versa, and any reference to a person shall include a body corporate and vice versa.

17. The courts of Tel Aviv-Jaffa, Israel, shall have the sole jurisdiction in any dispute between U.T.B. and the Purchaser or any potential Purchaser, based on the details of this agreement and/or related to the sale andor to the transfer of any item.

18. These conditions constitute the entire agreement between U.T.B., the Purchaser and/or the potential Purchaser, and include all understandings, agreements, liabilities and conditions between the parties.

19. Any changes or additions to this agreement shall be in writing, and if not, such changes shall not be effective.

20. These conditions override and cancel any other or prior agreement between the parties.

Payment by PayPal is subject to a minimum 3.5% service charge on the total sum for payment, plus additional PayPal fees according to the origin of the payment (hammer price + commission + VAT)

Altair Auctions: Terms & Conditions
All property offered and sold through Altair Auctions shall be offered and sold on the terms and conditions set forth below. By bidding at the auction, whether present in person or by agent, by absentee bid, telephone, internet or other means, the buyer agrees to be bound by these terms and conditions.
1. ALL SALES ARE FINAL. ALL PROPERTIES SOLD AS IS. NO RETURNS. NO EXCEPTIONS.

2. An 18% buyer's premium will be added to the hammer price of each lot for floor and phone bidders, a 23% buyer's premium for online platforms.

3. All purchases (including buyer's premium) will be subject to a Massachusetts State Sales Tax of 6.25%, unless the buyer is an out-of-state resident and lots are being shipped out of Massachusetts, or if the purchaser has a valid Tax Exempt Certificate (an actual resale certificate must be presented and on file with Altair Auctions).

4. All properties are sold as is, and all sales are final. Though all description and commentary are believed to be correct, neither the auctioneer nor the consignor makes any warranties or representations of any kind with respect to merchandise. Buyer shall not rely on the auctioneer, employees, the catalog description, or advertisements in any part, and must rely only on his own inspection and opinions of all items: we offer a preview and high resolution photos for potential buyers to review and make their own conclusions about the piece. No employee is authorized to make any warranties, expressed or implied, on behalf of Altair Auctions. NO GUARANTEE OF PROVENANCE: Altair Auctions is not responsible for the research and provenance of each item. Altair Auction is not responsible for authenticity, genuineness of, estimated selling price of, or defects in any lot, and makes no warranty in connection therewith. No allowance will be made or sale set aside on account of any incorrectness, error in cataloging or any imperfection not noted. No deduction will be allowed on damaged articles as all goods being exposed for public exhibition are sold "as is" and without recourse. NO GUARANTEE OF AUTHENTICITY FOR JADE: Altair Auctions does not guarantee the authenticity of the color or age of any jade. All jade will be sold as is, without any warranties. All sales are final in jade purchases, no returns will be accepted. Judgment of such qualities is at the sole discretion of the buyer. NO GUARANTEE OF AUTHENTICITY FOR CHINESE PAINTINGS: Altair Auctions does not guarantee any of the lot number descriptions concerning Chinese paintings including authentication, originator, and the date of execution. NO GUARANTEE OF AUTHENTICITY FOR CHINESE STAMPS, COIN, AND/OR PAPER CURRENCY: Altair Auctions cannot guarantee any of the lot number descriptions, illustrations, and conditions are provided as reference. All items sold as, no returns.

5. All bidders shall obtain a bidding number tag/pad at least 30 minutes before the start of the auction by presenting his/her ID or valid passport. All bidders shall keep the number tag/pad under his/her safe custody. The tag/pad shall not be lent to any other person(s). Otherwise, he/she shall bear all the responsibilities associated with the use of his/her number tag/pad for bidding or any other use.

6. All buyers must provide a credit card in order to approve requests in case of default by the buyer. If you are the high bidder on an item, you will receive an invoice by email within 24-48 hours with instructions regarding payment and shipment of your item. You will be given the opportunity at that time to contact us and let us know your preferred method of making payment (credit card, check, or wire transfer). By providing Altair Auctions with this information, you allow us to charge and immediately refund $100 USD to ensure validity of the credit card. Altair reserves the right to charge up to 30% deposit fee to customers who make purchases in excess of $10,000, or 10 lots.

7. We accept credit cards (Master Card, Visa, and Discover), checks, cash, and wire transfers. Payments over $3000.00 will be charged an additional 3%, if payment is made by credit card. If payment is made by cash, wire transfer or check there is no additional charge. All payments or settlements shall be made in US Dollars. Buyers can only collect the lots after full payments are made. Should payments be made by check or draft, lots will only be released after bank clearance. Should payments be made by check or draft, lots will only be released after bank clearance which should be five business days after we receive the check. Should payments be made by Wire Transfer please be advised that there may be an additional charge from the bank that receives the transfer. Wire transfers can take up to five to ten business days to clear in order for your invoice to be paid. PAYMENT MUST BE RECEIVED WITHIN 20 DAYS OF THE AUCTION. If you fail to pay within 30 days, we will charge your credit card the total amount on your invoice. All property purchased from Altair Auctions must be removed within 60 days after the auction date. Altair Auctions is not responsible for paid items left for over 60 days after the auction date (unless a prior agreement has been made). Items left after 60 days will incur a $10/day storage fee per item. Once storage fees have exceeded the actual purchase price of the item(s) Altair Auctions can exercise the right to re-auction.

8. All items are sold to the highest bidder as acknowledged by the auctioneer. The auctioneer has the right to reject any bid! The auctioneer is the arbiter of any disputed bid. He may reopen bidding at his discretion and reject bids deemed inappropriate. The auctioneer reserves the right to withdraw any item and to reoffer the item at another time. Every effort is made by the auctioneer to execute all bids, including floor, absentee, and telephone and internet bids. We are not responsible for any missed bids. Altair Auctions reserves the right to cancel any sale or bid before, during, and after the auction.

9. Some property that is sold at auction can be subject to laws governing export from the United States, such as items that include material from some endangered species. Import restrictions from foreign countries are subject to these same governing laws. Granting of licensing for import or export of goods from local authorities is the sole responsibility of the buyer. Denial or delay of licensing will not constitute cancellation or delay in payment for the total purchase price of these lots.

The Hitchin' Post Auction Barn staff works responsibly and diligently to ensure complete disclosure of condition of each item listed; said information is disclosed by both text and photo. Hitchin' Post Auctioneers is not responsible for any damage incurred after time of sale once the item has left Hitchin' Post Auction Barn property, in shipment or delivery