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oh my gosh! i thought i'd have everyone stumped for sure! it is or can be a personal name. julian schnabel's (artist) wife is named olatz. she's from barcelona and i always thought it was a pretty name

Here is what I have on Olatz

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Euskera
Olatz Femenino
Ermita de Nuestra Señora situada en el barrio de Izarraitz, en Azpeitia (G). Hasta el siglo XVII se reunían en dicho lugar las Juntas extraordinarias de Gipuzkoa. En Subitza (N) también existe una advocación mariana de este nombre.
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Basically it is a name in the Euskera language, the name of a hermitage, dedicated to the Virgin Mary, located in Izarraitz Azpeitia, Basque Country. Until the XVII century, this is where the Assemblies of Gipuzkoa used to meet. There is also, devotion for "Our Lady of Olatz" in Subitza.

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Hope this helps a little,
Magia.

Olatz

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A Spanish Names site gives the following:

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Olatz

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Meaning:
(Virgen) (Azpeitia, Guip.)

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Which I assume is a reference to a title of the Virgin Mary, so the name may be a place name, rather than a traditional given name.