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GENERAL TERMS event of non-participation due to any errors that may oc - 10 – Payment
AND CONDITIONS cur during or prior to the telephone and/or internet con - Payment must be made by buyers in the saleroom at the
time of delivery of the lots and for buyers participating
nection.
by written offers, via telephone or online within 7 (sev -
6 – Awarding of lots
1 – Introduction en) calendar days from receipt of the invoice. Payments
These Terms and Conditions govern the sale by public Lots will be awarded to the highest bidder. Aste Bolaffi can be made in cash (within the limits permitted by law),
auction, private negotiation or by any other means of any reserves the right to cancel an award in the event of any by cheque or banker’s draft, debit card, credit card (only
type of goods or collectables by Aste Bolaffi S.p.A. auction third-party disputes claiming private or State ownership American Express, MasterCard and Visa circuits) or by
house, with registered office at Via Cavour no. 17, Turin, of the Lot. We do not accept bids below the starting bank transfer. If payment is made by American Express
share capital of 10,567.00 Euro fully paid-up, VAT number price. Lots will open at the bid indicated as the starting credit card or PayPal, a surcharge of 3.50% (three point five
09591610010, Register of Companies no. TO-1064393, PEC price, except when a higher offer has been received pri - zero per cent) is payable on the hammer price or sale price.
(certified email) address astebolaffi@pec.bolaffi.it (here - or to the opening of the auction; in this case the lot will Payments will not be accepted from anyone other than the
inafter “Aste Bolaffi ”). The lots offered for sale, except in open at the subsequent bidding increment after that of - buyer. Default interest will be charged on all amounts that
exceptional cases, are the property of third parties (here - fer. In the event of equal absentee bids, which take prior - are not paid according to the terms at an annual rate of
inafter “Seller”) who have irrevocably entrusted the sale of ity over bids made in the saleroom, the bid which arrived 5% (five per cent). Aste Bolaffi may grant extended pay -
the lots to Aste Bolaffi which acts only as an intermediary. first shall take precedence. Bidding increments will be ment terms. Extended payment terms must be agreed and
Information about the auction may be included in the cat - regulated at the discretion of the auctioneer. The mini - formalised prior to the auction. Aste Bolaffi will issue an
alogue or announced in the saleroom before or during the mum increment will be € 25.00. The auctioneer reserves invoice to a successful bidder using the procedures pro -
sale. The terms and conditions of sale are subject to up - the right to withdraw, add, combine or divide lots, and vided for in these Terms and Conditions. In the event of
dates that will immediately be posted on www.astebolaffi. the right to refuse a bid in the saleroom or a written offer. non-payment of the purchase price or any other amount
it. If there are any discrepancies between the text of the The auctioneer reserves the right to withdraw a lot from due by the buyer to Aste Bolaffi within thirty (30) calendar
Terms and Conditions published in the auction catalogue the auction if bids do not reach the reserve price agreed days from the end of the month in which the invoice is
and those published on the Aste Bolaffi website, the on - with the Seller. issued, Aste Bolaffi shall be entitled to rescind the sales
line version will take precedence. 7 – Auction fees for the sale of lots with the VAT margin contract pursuant to Art. 1456 of the Italian Civil Code by
scheme giving written notice to the buyer, without prejudice to
2 – Catalogues
Aste Bolaffi shall not be held liable with regard to illustra - The Article 45 of Italian Law 342 of 21 November 2000 its right to compensation for the damage caused by the
tions, descriptions, values and estimates of the lots con - provides the application of margin scheme to sales where non-fulfilment. Any instalments paid by the buyer before
tained in the catalogues and in any other illustrative ma - commission charges applied: with: (a) private persons; (b) the sales contract is rescinded will be retained by the auc -
terials. Illustrations, descriptions, values and estimates are taxable persons which have subjected the transaction tion house as compensation pursuant to Art. 1526 of the
provided purely as a guide and only serve to clearly iden - to the margin scheme; (c) persons who have not been Italian Civil Code without prejudice to compensation for
tify the lot and bidders should not rely on them as state - able to deduct tax in accordance with Articles 19, 19-bis further damages.
ment of fact. The illustrations, descriptions, values and es - and 19-bis2 of Italian Presidential Decree no. 633/72 (who 11 – Collection and delivery of sold lots
timates are made to the best of Aste Bolaffi’s knowledge have sold the asset in exemption pursuant to Articles 10 Without prejudice to the provisions in Article 21 below
and do not in any way constitute guarantees or promises and 27-quinquies); (d) persons covered by the exemption and until full payment of the amount due has been re -
of quality in accordance with Articles 1490 and 1497 of the arrangements provided for small businesses in the State ceived, the lots shall be kept at Aste Bolaffi’s premises and
Italian Civil Code. Lots may be sold at prices that are higher they belong to. No particular symbol will be used to iden - insured with adequate coverage at the expense of Aste
or lower than the estimated values indicated in the cata - tify the lots sold in the margin scheme. As regards this Bolaffi. The obligation to deliver the lots sold is subject to
logues. At the sole discretion of Aste Bolaffi estimated val - scheme, in the event of award or sale, the buyer will be full settlement of all sums due to Aste Bolaffi by the buy -
ues are subject to change. The estimated values published charged a buyer’s premium in favour of Aste Bolaffi ac - er. Aste Bolaffi does not assume the obligation to arrange
in the catalogue do not include Aste Bolaffi’s buyer’s pre - cording to the following percentages: shipment of lots, which must be picked up from the Aste
mium, the costs of droit de suite (artist’s resale royalty), Auction of classic cars and motorcycles: in addition to the Bolaffi premises. The lot will be delivered to the Buyer at
customs and export duties and fees and VAT (if any). All hammer price, the buyer shall pay a fixed buyer’s premium the latter’s expense and care, no later than 5 (five) work -
copyrights related to images, illustrations, text, captions of 15% on each lot. ing days from the date of sale. If the buyer fails to collect
and descriptions in Aste Bolaffi catalogues are and will Numismatic and philatelic auctions: in addition to the the lot within this deadline Aste Bolaffi shall be entitled
remain the exclusive property of Aste Bolaffi. Such imag - hammer price, the buyer shall pay the following buyer’s to charge the buyer an amount equal to 1% of the sale
es, illustrations, text, captions and descriptions may not premium on each lot: 22% on the portion of the hammer price for each month of delayed collection of the lot. Upon
be used or reproduced by the buyer and/or third parties price up to € 250,000; 20% on the portion between € receipt of payment and when requested the lots may be
without Aste Bolaffi’s prior written consent. 250,001 and € 500,000; 18% on portions over € 500,001. shipped by registered mail at the risk and expense of the
For all other auctions: in addition to the hammer price, the
3 – Inspection of lots prior to the auction buyer shall pay the following buyer’s premium on each lot: buyer.
Prospective buyers are able to examine lots before the 25% on the portion of the hammer price up to € 100,000; 12 – Exporting lots
auction on days and during the times established at Aste 22.5% on the portion between € 100,001 and € 250,000; Customs and export costs shall be borne by the buyer.
Bolaffi’s discretion. Individuals may handle lots on display 20% on the portion between € 250,001 and € 500,000; 18% Applications to the relevant authorities and entities for
at their own risk. Some large or heavy items may be dan - on portions over € 500,001. the issuance of the certificate of free circulation for ex -
gerous if handled incorrectly and may only be handled The buyer’s premium in favour of Aste Bolaffi is inclusive port, in accordance with the applicable legislation on such
with the assistance of Aste Bolaffi Staff. of VAT. matters, will be made by the auction house on behalf of
4 – Participation in the saleroom 8 – Auction fees for the sale of lots with standard VAT the buyer. The buyer is required to pay the expenses upon
In order to improve auction procedures, all potential buy - The ± symbol after the lot number indicates standard receipt of the invoice. Approximately 10-12 weeks are re -
ers are required to obtain a numbered bidding paddle be - VAT and a buyer’s premium that differs from that normally quired to obtain the export licence. Lots in the Temporary
fore the start of the public auction for use when making used for lots sold in the margin scheme. These premiums Import regime and coming from abroad are authorised
bids. Buyers may also pre-register during the pre-auction vary depending on where the goods are shipped: to remain in Italy for a determinate amount of time and
viewing days. By completing and signing the registration - goods that remain within the EU: are exempt from the relevant safeguard provisions in the
form and being given a numbered paddle, buyers accept 1. Buyer’s premium rate for VAT exempt buyers: 15% (classic Code of Cultural Heritage. For this reason it will not be
these Terms and Conditions. Aste Bolaffi reserves the right cars and motorcycles); 18% (all other categories). necessary to apply for a free circulation certificate to leave
to ask bidders for information and documents for identi - 2. Buyer’s premium rate for VAT payers: the same as those Italy. Temporarily imported lots cannot be collected by
fication purposes as well as information regarding bank applied for the VAT margin scheme. buyers, but must be shipped by the auction house at the
references. In some situations, Aste Bolaffi reserves the 3. VAT on the hammer price at the following rates: expense of the buyer.
right to require bidders to pay a deposit to guarantee the • books 4% 13 – No guarantees on lots
payment of the sale price and auction commission. Aste • stamps 10% Without prejudice to the provisions in Article 23 below, all
Bolaffi may, in its sole discretion, ban unwelcome or un - • all other categories 22%; lots are sold “as is” by Aste Bolaffi on behalf of the Sell -
suitable bidders from entering the saleroom. If a bidder 4. VAT on buyer’s premium payable at 22%. er with any flaws, defects, imperfections, damage and/or
is acting in the name and on behalf of another person or - goods that are shipped outside the EU: lack of quality present at the time of the auction. Each auc-
entity a suitable power of attorney must be shown before The buyer’s premium rates are the same as those applied tion is preceded by a public viewing that allows potential
the auction takes place. Aste Bolaffi reserves the right to for the VAT margin scheme. buyers to examine the lots in person or through trusted
refuse agents or brokers of third parties to participate in VAT refund. Non-European buyers that are exempt from representatives, and establish their authenticity, state of
an auction if, in its opinion, power of attorney has not been paying VAT are eligible for a refund of the VAT paid on conservation, provenance, characteristics, qualities and
demonstrated. A bidding paddle must be used to indicate the hammer price if they present an official document possible defects and flaws. Each potential buyer is re -
bids to the auctioneer during the auction. In the event of (customs declaration) attesting to the export of the goods sponsible for inspecting a lot before purchasing to ensure
any doubts regarding the hammer price or the successful from the European Union within 90 days of delivery. that it complies with the descriptions and pictures in the
bidder, participants should attract the auctioneer’s at - Non-resident buyers that are VAT payers, domiciled in Eu - catalogue and, where appropriate, seeking the opinion of
tention immediately. All lots sold will be invoiced to the ropean Union countries or non-EU countries, can request a scholar or an independent expert to verify its authen -
name and address provided when the bidding paddle is a refund of the VAT paid on the hammer price and the 22% ticity, provenance, attribution, origin, date, age, period,
assigned and may not be transferred to other name and/or VAT calculated on the buyer’s premium, by presenting an cultural origin or source and condition. Upon request and
address. Aste Bolaffi will not accept any complaint or claim official document (CMR or customs declaration) attesting for guidance only, Aste Bolaffi can provide written reports
for paddle loss or theft. At the end of the auction, the pad- to the export of the goods from the European Union with - (“condition reports”) that can supplement the catalogue
dle must be returned to the registration desk. in 90 (ninety) calendar days after delivery. If the goods are information. Except in cases where defects or material
shipped outside the European Union by the auction house,
5 – Participation by mail, via telephone or online flaws have intentionally been concealed from the buyer,
By submitting and signing the designated forms, the par - the aforementioned refundable VAT will not be included Aste Bolaffi gives no contractual guarantee regarding the
ticipant agrees to take part in the relevant auction and on the invoice. sale of the lots even against loss of rights of title since the
agrees to pay the hammer price and buyer’s premium if 9 – Lots being sold under Temporary Import regime sale is at the risk and danger of the buyer pursuant to and
his or her offer(s) is or are successful. The participant also The symbol E after the lot number indicates its Temporary with the effects of Article 1488, paragraph 2, of the Italian
agrees to verify at the end of the auction if his or her of - Import status within Italy. Lots purchased under the Tem - Civil Code.
fer(s) has or have been successful, exempting Aste Bolaffi porary Import regime cannot be collected directly by the
from any liability in this regard. Claims due to negligence buyer, but must be shipped by the auction house, at the 14 - Limitation of Aste Bolaffi’s liability
or error in the filling out of written offers will not be ac - expense of the buyer, once the Temporary Import proce - Except in the case of wilful misconduct or gross negli -
cepted. Aste Bolaffi declines all liability to persons partic - dure has been closed. gence, Aste Bolaffi and its employees, assistants, directors
ipating in the auction by telephone and or online in the or consultants shall not be liable for acts or omissions re -
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