Max Liebermann (German, 1847-1935) - Portrait August Gaul, Etching, 1920. Max Liebermann (German, 1847-1935) - Bildnis August Gaul, Etching, 1920. Signed (Pencil) and numbered - 72/100. Plate: 30.5x20.5cm.

ALL SALES ARE FINAL! Estimates Estimates are designed to help buyers gauge what sort of sum might be required for the purchase of a particular lot. The lower estimate may represent the reserve price and certainly will not be below it. Estimates do not include the Buyer's Premium. They are in no sense definitive. The purchase price. The Buyer shall pay the hammer price together with a premium thereon of 25%. We are, primarily, agents for the seller. We are dependent on information provided by the seller and whilst we may inspect lots and act reasonably in taking a general view about them we are normally unable to carry out a detailed or any examination of lots in order to ascertain their condition in the way in which it would be wise for a buyer to do. Intending buyers have ample opportunity for inspection of goods and, therefore, accept responsibility for inspecting and investigating lots in which they may be interested. Please note carefully the exclusion of liability for the condition of lots contained in the Terms & Conditions. Neither the seller nor we, as the auctioneers, accept any responsibility for their condition. In particular, mechanical objects of any age are not guaranteed to be in working order. However, in so far as we have examined the goods and made a representation about their condition, we shall be liable for any defect which that examination ought to have revealed to the auctioneer but which would not have been revealed to the buyer had the buyer examined the goods. Additionally, in specified circumstances lots misdescribed because they are 'deliberate forgeries' may be returned and repayment made. There is a 14 days time limit. (The expression 'deliberate forgery' is defined in our Terms & Conditions). Export of goods Buyers intending to export goods should ascertain whether an export license is required and whether there is any specific prohibition on importing goods of that character. Ask us if you need help. Commission bidding. Commission bids may be left with the auctioneers indicating the maximum amount to be bid excluding buyers' premium. They will be executed as cheaply as possible having regard to the reserve (if any) and competing bids. If two buyers submit identical commission bids the auctioneers may prefer the first bid received. Please inquire in advance about our arrangements for the leaving of commission bids. Live online bidding Now available via liveauctioneers.com. To bid online you need to register at https://liveauctioneers.com. In completing the bidder registration on https://liveauctioneers.com and providing your credit card details and unless alternative arrangements are agreed with Pasarel Ltd, you:(a) authorize Pasarel Ltd, if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased in the auction via liveauctioneers.com, and (b) confirm that you are authorized to provide these credit card details to Pasarel Ltd through https://liveauctioneers.com and agree that Pasarel Ltd are entitled to permit the shipping of the goods to the card holder name and card holder address provided in fulfillment of the sale. Payment and clearance: Payment is due immediately after the auction. PayPal & Card payments where the card-holder is not present will only be accepted for transactions up to $1,500. The following methods of payment may be made: 1. PayPal & credit card Eligible for payments up to $1,500.00 (surcharge of additional 5%). 2. Wire transfer to: Account name: Pasarel Ltd. Account number: 142353 IBAN: IL21 0207 3200 0000 0142 353 Bank: Mizrahi Tefahot Branch Number 732 Swift bank Code: MIZBILIT Bank address: 17 Shtamper Street, Netanya, Israel. Packing and Shipping We pack and ship all lots worldwide at cost. All overseas buyers will receive a shipping quote with the post-sale invoice. We ship all parcels with EMS (Express mail service) special delivery. Insurance, import duties, taxes and charges are not included in the item price or shipping charges, these charges are the buyer's responsibility. Please check with your country customs office to determine what these additional costs will be prior to bidding. Terms & Conditions Pasarel Ltd carries on business with bidders, buyers and all those present in the auction room prior to or in connection with a sale on the following General Conditions and on such other terms, conditions and notices as may be referred to herein. Definitions In these Conditions:(a) 'auctioneer' means Pasarel Ltd or its authorized auctioneer, as appropriate;(b) 'deliberate forgery' means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source but which is unequivocally described in the catalogue as being the work of a particular creator and which at the date of the sale had a value materially less than it would have had if it had been in accordance with the description;(c) 'hammer price' means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer;(d) 'terms of consignment' means the stipulated terms and rates of commission on which Pasarel Ltd accepts instructions from sellers or their agents;(e) 'total amount due' means the hammer price in respect of the lot sold together with any premium, Value Added Tax chargeable and any additional charges payable by a defaulting buyer under these Conditions;(f) 'sale proceeds' means the net amount due to the seller, being the hammer price of the lot sold less commission at the stated rate, Value Added Tax chargeable and any other amounts due to us by the seller in whatever capacity and however arising.(g) ''You', 'Your', etc. refer to the buyer as identified in Condition 2.(h) The singular includes the plural and vice versa as appropriate. Bidding Procedures and the buyer(a) Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid;(b) the maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer's absolute discretion by reoffering the Lot during the course of the auction or otherwise. The auctioneer shall act reasonably in exercising this discretion.(c) Bidders shall be deemed to act as principals. (d) Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved. Increments Bidding increments shall be at the auctioneer's sole discretion. The purchase price The Buyer shall pay the hammer price together with a premium thereon of 25%. Title and collection of Purchases(a) The ownership of any lots purchased shall not pass to you until you have made payment in full to us of the total amount due(c) No purchase can be claimed or removed until it has been paid for. Remedies for non-payment or failure to collect purchases(a) If any Lot is not paid for in full and taken away in accordance with these Conditions or if there is any other breach of these Conditions, we, as agent for the seller and on our own behalf, shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise one or more of the following rights and remedies:(i) to proceed against you for damages for breach of contract;(ii) to rescind the sale of that lot and/or any other lots sold by us to you;(iii) to resell the lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the seller;(iv) to remove, store and insure the lot at your expense and, in the case of storage, either at our premises or elsewhere;(v) to charge interest at a rate not exceeding 1.5% per month on the total amount due to the extent it remains unpaid for more than 3 working days after the sale;(vi) to retain that or any other lot sold to you until you pay the total amount due;(vii) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted;(viii) to apply any proceeds of sale of other Lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien (that is a right to retain possession of any of your property in our possession for any purpose until the debt due is satisfied.(b) We shall, as agent for the seller and on our own behalf pursue these rights and remedies only so far as is reasonable to make appropriate recovery in respect of breach of these conditions Third Party liability All members of the public on our premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly neither the auctioneer nor our employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale. Commission bids Whilst prospective buyers are strongly advised to attend the auction and are always responsible for any decision to bid for a particular lot and shall be assumed to have carefully inspected and satisfied themselves as to its condition we will if so instructed clearly and in writing execute bids on their behalf. Neither the auctioneer nor our employees or agents shall be responsible for any failure to do so save where such failure is unreasonable. Where two or more commission bids at the same level are recorded we reserve the right in our absolute discretion to prefer the first bid so made. Warranty of title and availability The seller warrants to the auctioneer and you that the seller is the true owner of the property consigned or is properly authorized by the true owner to consign it for sale and is able to transfer good and marketable title to the property free from any third party claims. Agency The auctioneer normally acts as agent only and disclaims any responsibility for default by sellers or buyers. Descriptions and condition(a) Whilst we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers are given ample opportunities to view and inspect before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description applied to a lot. Prospective buyers also bid on the understanding that, inevitably, representations or statements by us as to authorship, genuineness, origin, date, age, provenance, condition or estimated selling price involve matters of opinion. We undertake that any such opinion shall be honestly and reasonably held and accept liability for opinions given negligently or fraudulently. Subject to the foregoing neither we the auctioneer nor our employees or agents nor the seller accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, condition or quality of lots, express, implied or statutory, are hereby excluded. This Condition is subject to the next following Condition concerning deliberate forgeries and applies save as provided for in paragraph 6 'information to buyers'. (b) Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation. Forgery Notwithstanding the preceding Condition, any lot which proves to be a deliberate forgery (as defined) may be returned to us by you within 14 days of the auction provided it is in the same condition as when bought, and is accompanied by particulars identifying it from the relevant catalog description and a written statement of defects. If we are satisfied from the evidence presented that the lot is a deliberate forgery we shall refund the money paid by you for the lot including any buyer's premium provided that (1) if the catalog description reflected the accepted view of scholars and experts as at the date of sale or (2) you personally are not able to transfer a good and marketable title to us, you shall have no rights under this condition. The right of return provided by this Condition is additional to any right or remedy provided by law or by these Terms & Conditions. Special note regarding art: we sell artworks, the frame, if exists, is a bonus and we do not take any responsibility on it. Jurisdiction Netanya city court of law is the sole jurisdiction in any conflict between the auctioneers and its clients We shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions by any person.

Office phone number: +972-9-8610-367

Whatsapp: +972-544-315171

Fax: +972-9-8820-449

Translations