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GENERAL TERMS                     auction by telephone and or online in the event of non-par-  10 – Payment
                                              ticipation due to any errors that may occur during or prior
                                                                                Payment must be made by buyers in the saleroom at the
            AND CONDITIONS                    to the telephone and/or internet connection.   time of delivery of the lots and for buyers participating
                                                                                by written offers, via telephone or online within 7 (sev-
                                              6 – Awarding of lots
            1 – Introduction                  Lots will be awarded to the highest bidder. Aste Bolaffi   en) calendar days from receipt of the invoice. Payments
            These Terms and Conditions govern the sale by public   reserves the right to cancel an award in the event of any   can be made in cash (within the limits permitted by law),
            auction, private negotiation or by any other means of any   third-party disputes claiming private or State ownership   by  cheque  or banker’s  draft,  debit  card,  credit card  (only
            type of goods or collectables by Aste Bolaffi S.p.A. auction   of the Lot. We do not accept bids below the starting   American Express, MasterCard and Visa circuits) or by
            house, with registered office at Via Cavour no. 17, Turin,   price. Lots will open at the bid indicated as the starting   bank  transfer.  If  payment  is  made  by  American  Express
            share capital of 52,180.00 Euro fully paid-up, VAT number   price, except when a higher offer has been received pri-  credit  card  or  PayPal,  a  surcharge  of  5%  (five  per  cent)
            09591610010, Register of Companies no. TO-1064393, PEC   or to the opening of the auction; in this case the lot will   is payable on the hammer price or sale price. Payments
            (certified  email)  address  astebolaffi@pec.bolaffi.it  (here-  open at the subsequent bidding increment after that of-  will not be accepted from anyone other than the buyer.
            inafter “Aste Bolaffi”). The lots offered for sale, except in   fer. In the event of equal absentee bids, which take prior-  Default interest will be charged on all amounts that are
            exceptional cases, are the property of third parties (here-  ity over bids made in the saleroom, the bid which arrived   not paid according to the terms at an annual rate of 5%
            inafter “Seller”) who have irrevocably entrusted the sale of   first shall take precedence. Bidding increments will be   (five per cent). Aste Bolaffi may grant extended payment
            the lots to Aste Bolaffi which acts only as an intermediary.   regulated at the discretion of the auctioneer. The mini-  terms. Extended payment terms must be agreed and
            Information about the auction may be included in the cat-  mum increment will be € 25.00. The auctioneer reserves   formalised prior to the auction. Aste Bolaffi will issue an
            alogue or announced in the saleroom before or during the   the right to withdraw, add, combine or divide lots, and   invoice to a successful bidder using the procedures pro-
            sale. The terms and conditions of sale are subject to up-  the right to refuse a bid in the saleroom or a written offer.   vided for in these Terms and Conditions. In the event of
            dates that will immediately be posted on www.astebolaffi.  The auctioneer reserves the right to withdraw a lot from   non-payment of the purchase price or any other amount
            it. If there are any discrepancies between the text of the   the auction if bids do not reach the reserve price agreed   due by the buyer to Aste Bolaffi within thirty (30) calendar
            Terms and Conditions published in the auction catalogue   with the Seller.  days from the end of the month in which the invoice is
            and those published on the Aste Bolaffi website, the on-            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                    The Article 45 of Italian Law 342 of 21 November 2000
            Aste Bolaffi shall not be held liable with regard to descrip-  provides the application of margin scheme to sales where   its right to compensation for the damage caused by the
            tions, condition reports, values and estimates of the lots   commission charges applied: with: (a) private persons; (b)   non-fulfilment. Any instalments paid by the buyer before
            contained in the catalogues and in any other illustrative   taxable  persons  which  have  subjected  the  transaction   the sales contract is rescinded will be retained by the auc-
            materials. Illustrations, descriptions, values and estimates   to the margin scheme; (c) persons who have not been   tion house as compensation pursuant to Art. 1526 of the
            are provided purely as a guide and only serve to clearly   able to deduct tax in accordance with Articles 19, 19-bis   Italian Civil Code without prejudice to compensation for
            identify  the  lot  and  bidders  should  not  rely  on  them  as   and 19-bis2 of Italian Presidential Decree no. 633/72 (who   further damages.
            statement of fact. The illustrations, descriptions, val-  have  sold  the  asset  in  exemption  pursuant  to  Articles  10   11 – Collection and delivery of sold lots
            ues and estimates are made to the best of Aste Bolaffi’s   and 27-quinquies); (d) persons covered by the exemption   Without prejudice to the provisions in Article 21 below and
            knowledge and do not in any way constitute guarantees   arrangements provided for small businesses in the State   until full payment of the amount due has been received,
            or promises of quality in accordance with Articles 1490 and   they belong to. No particular symbol will be used to iden-  the lots shall be kept at Aste Bolaffi’s premises and insured
            1497 of the Italian Civil Code. Lots may be sold at prices   tify the lots sold in the margin scheme. As regards this   with  adequate  coverage at the expense of  Aste Bolaffi.
            that  are  higher  or  lower  than the estimated  values  indi-  scheme, in  the  event  of  award  or  sale,  the buyer will be   The obligation to deliver the lots sold is subject to full set-
            cated in the catalogues. At the sole discretion of Aste   charged  a  buyer’s  premium  in  favour  of  Aste  Bolaffi  ac-  tlement of all sums due to Aste Bolaffi by the buyer. Aste
            Bolaffi estimated values are subject to change. The esti-  cording to the following percentages:   Bolaffi does not assume the obligation to arrange ship-
            mated  values  published  in  the  catalogue  do  not  include   Classic cars’ auctions: in addition to the hammer price, the   ment of lots, which must be picked up from Aste
            Aste Bolaffi’s buyer’s premium, the costs of droit de suite   buyer shall pay a fixed buyer’s premium of 15% on each lot.   Bolaffi’s premises. The lots shall be delivered to the buy-
            (artist’s resale royalty), customs and export duties and   Classic motorcycles’ auctions: in addition to the hammer   er at the buyer’s expense and care, no later than 5 (five)
            fees  and  VAT  (if  any).  All  copyrights  related  to  images,  il-  price, the buyer shall pay a fixed buyer’s premium of 19% on   working days from the date of sale. If the buyer fails to
            lustrations, text, captions and descriptions in Aste Bolaffi   each lot.   collect the lots within this deadline Aste Bolaffi shall be
            catalogues are and will remain the exclusive property of   Numismatic and philatelic auctions: in addition to the   entitled to charge the buyer an amount equal to 1% of the
            Aste Bolaffi. Such images, illustrations, text, captions and   hammer price, the buyer shall pay the following buyer’s   sale price for each month of delayed collection of the lots
            descriptions may not be used or reproduced by the buy-  premium on each lot: 22% on the portion of the hammer   plus a minimum charge of € 5 a day for each lot purchased.
            er and/or third parties without Aste Bolaffi’s prior written   price up to € 250,000; 20% on the portion between €   Upon receipt of payment and when requested by the buy-
            consent.                                                            er, the lots may be shipped by registered mail at the risk
                                              250,001 and € 500,000; 18% on portions over € 500,001.
            3 – Inspection of lots prior to the auction  For all other auctions: in addition to the hammer price, the   and expense of the buyer.
            Prospective buyers are able  to  examine  lots before the   buyer shall pay the following buyer’s premium on each lot:   12 – Exporting lots
            auction on days and during the times established at Aste   25% on the portion of the hammer price up to € 100,000;   Customs and export costs shall be borne by the buyer.
            Bolaffi’s discretion. Individuals may handle lots on display   22.5% on the portion between € 100,001 and € 250,000;   Applications to the relevant authorities and entities for
            at their own risk. Some large or heavy items may be dan-  20% on the portion between € 250,001 and € 500,000; 18%   the issuance of the certificate of free circulation for ex-
            gerous if handled incorrectly and may only be handled   on portions over € 500,001. The buyer’s premium in favour   port, in accordance with the applicable legislation on such
            with the assistance of Aste Bolaffi Staff.   of Aste Bolaffi is inclusive 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 Seller
            suitable bidders from entering the saleroom. If a bidder   4. VAT on buyer’s premium payable at 22%.  with any flaws, defects, imperfections, damage and/or lack
            is acting in the name and on behalf of another person or   - goods that are shipped outside the EU:  of quality present at the time of the auction. Each auction is
            entity a suitable power of attorney must be shown before   The buyer’s premium rates are the same as those applied   preceded by a public viewing that allows potential buyers
            the auction takes place. Aste Bolaffi reserves the right to   for the VAT margin scheme.   to examine the lots in person or through trusted represent-
            refuse agents or brokers of third parties to participate in   VAT refund. Non-European buyers that are exempt from   atives, and establish their authenticity, state of conserva-
            an auction if, in its opinion, power of attorney has not been   paying  VAT  are  eligible  for  a  refund  of  the  VAT  paid  on   tion, provenance, characteristics, qualities and possible
            demonstrated. A bidding paddle must be used to indicate   the hammer price if they present an official document   defects and flaws. Each potential buyer is responsible for
            bids to the auctioneer during the auction. In the event of   (customs declaration) attesting to the export of the goods   inspecting a lot before purchasing to ensure that it com-
            any doubts regarding the hammer price or the successful   from the European Union within 90 days of delivery.   plies with the descriptions and pictures in the catalogue
            bidder, participants should attract the auctioneer’s at-  Non-resident buyers that are VAT payers, domiciled in Eu-  and,  where appropriate, seeking  the  opinion  of a scholar
            tention immediately. All lots sold will be invoiced to the   ropean Union countries or non-EU countries, can request   or an independent expert to verify its authenticity, prove-
            name and address provided when the bidding paddle is   a refund of the VAT paid on the hammer price and the 22%   nance, attribution, origin, date, age, period, cultural origin
            assigned and may not be transferred to other name and/or   VAT calculated on the buyer’s premium, by presenting an   or source and condition. Upon request and for guidance
            address. Aste Bolaffi will not accept any complaint or claim   official document (CMR or customs declaration) attesting   only, Aste Bolaffi can provide written reports (“condition
            for paddle loss or theft. At the end of the auction, the pad-  to the export of the goods from the European Union with-  reports”) that can supplement the catalogue information.
            dle must be returned to the registration desk.  in 90 (ninety) calendar days after delivery. If the goods are   Except in cases where defects or material flaws have inten-
                                              shipped outside the European Union by the auction house,
            5 – Participation by mail, via telephone or online                  tionally been concealed from the buyer, Aste Bolaffi gives
            By submitting and signing the designated forms, the par-  the  aforementioned  refundable  VAT  will  not  be  included   no contractual guarantee regarding the sale of the lots
            ticipant  agrees to take part  in the  relevant  auction  and   on the invoice.   even against loss of rights of title since the sale is at the risk
            agrees  to  pay  the  hammer  price  and  buyer’s  premium  if   9 – Lots being sold under Temporary Import regime  and danger of the buyer pursuant to and with the effects of
            his or her offer(s) is or are successful. The participant also   The symbol E after the lot number indicates its Temporary   Article 1488, paragraph 2, of the Italian Civil Code.
                                                     E
            agrees to verify at the end of the auction if his or her offer(s)   Import status within Italy. Lots purchased under the Tem-
            has or have been successful, exempting Aste Bolaffi from   porary Import regime cannot be collected directly by the   14 - Limitation of Aste Bolaffi’s liability
            any liability in this regard. Claims due to negligence or error   buyer, but must be shipped by the auction house, at the   Except in the case of wilful misconduct or gross negli-
            in the filling out of written offers will not be accepted. Aste   expense of the buyer, once the Temporary Import proce-  gence, Aste Bolaffi and its employees, assistants, directors
            Bolaffi declines all liability to persons participating in the   dure has been closed.   or consultants shall not be liable for acts or omissions re-
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