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lating to the preparation or management of the auction   Aste Bolaffi. The buyer shall not treat these assessments   at the time of delivery unless this presumption is incom-
            or any matter relating to the sale of the lots. Except in the   as statement of fact or place any reliance on such rep-  patible  with  the  type  of  lot  or  the  nature of the  lack  of
            case of wilful misconduct or gross negligence, Aste Bolaffi   resentations.  conformity. From the seventh month after the delivery
            shall not under any circumstances be liable for indirect or   18 – Verification of cultural interest  of the product, it will instead be the burden of the buyer
            consequential damages, for lost profits or damages from   Aste Bolaffi in its sole discretion may temporarily award   to prove that the lack of conformity already existed at
            loss of opportunities. Any possible liability of Aste Bolaffi   lots that, before or during the auction, are subjected to the   the time of delivery. In order to use the Legal Warranty,
            and/or of the Seller with respect to the buyer in connec-  notification of the start of a procedure for the declaration   the buyer will need to provide evidence of the date of
            tion with the purchase of a lot by the latter shall be limited   of cultural interest referred to in Article 14 et seq. of Italian   purchase and delivery of the lot. It would be advisable
            to the corresponding hammer price and purchase price   Legislative  Decree  no.  42  of 22 January  2004 (the  “Code   for buyers to keep the purchase invoices, delivery notes
            and the buyer’s premium paid by the buyer.                          and any  other documents relating to the purchase  and
                                              of Cultural Heritage”).  In  the  event  of  temporary  award   delivery of lots. It is assumed that the purchased lot is
            15 – Expert reports and certificates  Aste Bolaffi will report the sale to the relevant Ministry   in accordance with the sales contract when the lot: (i)
            Aste Bolaffi reserves the right to issue expert reports/ex-  pursuant to Art. 59 of the Code of Cultural Heritage. The   is suitable for the use that goods of the same type are
            tensions when requested by the buyer. Expert reports are   sale completion will be subject to the ruling made by the   normally used for; (ii) complies with the corresponding
            not issued by Aste Bolaffi in relation to lots whose cata-  relevant Ministry regarding the status of the property as   description given in the catalogue, in expert reports or
            logue description states that they are accompanied by a   a “cultural heritage item” and the failure by the Ministry   reports by Aste Bolaffi or in any accompanying documen-
            certificate. It is hereby specified that any grant of expert   to exercise its right to pre-emption within sixty days of   tation; (iii) provides the usual quality and performance of
            reports/extensions does not change the payment terms   the receipt of the report or within the longer term of one   goods of the same type that the buyer can reasonably
            set out in Article 10 above or constitute any form of guar-  hundred and eighty days referred to in Art. 61, paragraph   expect, also taking into account the statements made in
            antee  regarding  sold  lots.  Only  in  the  cases  provided  for   2, of the Code of Cultural Heritage. Pending these terms,   the catalogue or advertising material; (iv) is suitable for
            by Art. 64 of Italian Legislative Decree no. 42 of 22 January   the lot cannot be released to the buyer.   the particular purpose desired by the buyer as long as
            2004, Aste Bolaffi, upon request from the buyer shall pro-  19 – Droit de suite (Artist’s Resale Royalty)  this was made known to Aste Bolaffi before the auction
            vide the buyer with a statement containing all information   Italian Legislative Decree no. 118 of 13 February 2006, im-  or sale and Aste Bolaffi accepted this. Any failures or mal-
            available on the authenticity of the lot or on its probable   plementing Directive 2001/84/EC, introduced into Italian   functions due to accidental events or the responsibility of
            attribution and provenance.       law the right of authors of works of art and manuscripts,   the buyer are excluded from the scope of the Legal War-
            16 – Numismatic auction catalogues  and their successors, to receive a fee on the price of each   ranty, as well as any use or storage of the lot that does
            The catalogues used as references are as follows: Bol. (Aste   sale of the original work subsequent to the first sale (so-  not comply with its intended use and/or the provisions in
            Bolaffi catalogue of coins and banknotes - Kingdom of   called “droit de suite”). The “droit de suite” is due only if   the documentation accompanying the lot. Furthermore,
            Sardinia, the Kingdom of Italy and Italian Republic), Bol.   the sale price is not less than 3,000.00 Euro. It is calculat-  there is no Legal Warranty of any kind, if at the time of
            Vat. (Aste Bolaffi catalogue of Vatican City coins) Bab.   ed as follows: • 4% for the portion of the sale price from   the award or sale, the buyer was aware of the lack of con-
            (Babelon), Bartolotti, Biaggi, Bohering Calciati, Cottag-  € 0 to € 50,000.00; • 3% for the portion of the sale price   formity or could not have failed to be aware of it with
            es,  BMC  (British  Museum  catalogue),  Ciani,  CNI  (Corpus   from € 50,000.01 to € 200,000.00; • 1% for the portion of   ordinary due diligence or if the lack of conformity stems
            Nummorum  Italicorum),  Cra.  (Crapanzano/  Giulianini),   the sale price from € 200,000.01 to € 350,000.00; • 0.5%   from information or materials provided by the buyer. Each
            Cra.  Vol. II (Crapanzano/Giulianini vol. II), Crawf. (Craw-  for the portion of the sale price from € 350,000.01 to €   auction is preceded by a public viewing that allows po-
            ford), Coh. (Cohen), Crippa, Dav. (Davenport), Di Giulio,   500,000.00; •  0.25%  for  the  portion  of the sale price ex-  tential buyers to examine the lots in person or through
            D.O.C. (Dumbarton Oaks Collection), Friedb. (Friedberg),   ceeding € 500,000.00, for a total amount not exceeding   trusted representatives and establish their authenticity,
            Gad. (Gadoury), Galeotti, Gig. (Gigante), Gav. (Gavello)   € 12,500.00. Aste Bolaffi is required to collect and remit   state of conservation, provenance, characteristics, quali-
            Guadàn, Gulbenkian, Haeb. (Haeberlin) Heiss, Herzfelder,   the “droit de suite” to the Italian Society of Authors and   ties and possible defects and flaws. In the event of a lack
            Jenkins and Lewis, Krause, Mesio, Müller, Mont. (Monte-  Publishers (SIAE). In addition to the price and the buyer’s   of conformity duly reported within the terms, the buyer
            negro), Mont. Ve. (Montenegro Venezia), Muntoni, M.zu.A.   premium and other expenses, the buyer agrees to pay the   shall be entitled: (i) primarily, to the free repair or replace-
            (Miller zu Aicholds), Pag. (Pagani), Pozzi, Rav. (Ravegnani   “droit de suite”, which should be paid to the Seller under   ment of the lot, according to his/her choice, except when
            Morosini), R.I.C. (Roman Imperial Coinage), Rizzo, Seaby,   Article 152, paragraph I, of Italian Law no. 633 of 22 April   the requested remedy is impossible or excessively expen-
            Sears, Schl. (Schlumberger), Sim. Simonetti. Philatelic auc-  1941. The “droit de suite” will be charged in accordance   sive to perform compared to the other option; (ii) sec-
            tion: The numbering refers to that of Bolaffi and Sassone   with Article 10 above.  ondly, (i.e. where the repair or replacement is impossible
            catalogues for the Ancient Italian States, Kingdom of Italy,   20 – Absence of the right of withdrawal  or prohibitively expensive or the repair or replacement
            Italian Republic and Italian countries, to the Yvert-Telli-  Online offers and sale of lots online by Aste Bolaffi con-  has not been carried out within a reasonable time or the
            er catalogue and to the Unificato for Europe and to the   stitute a distance contract governed by Chapter I, Title   previous repair or replacement caused significant incon-
            Yvert-Tellier and Stanley Gibbons catalogue for Overseas.   III (Arts. 45 et seq.) of the Consumer Code and Italian   venience to the buyer) to a price reduction or termination
            Any reference to other catalogues will be indicated spe-  Legislative Decree no. 70 of 9 April 2003, containing the   of the contract, according to his/her choice. The request-
            cifically.                        provisions governing e-commerce. Article 59, paragraph   ed remedy is too expensive if it imposes unreasonable
            17 – Terms used in catalogues     1, sub-para. m) of the Consumer Code excludes the right   costs on the Seller in comparison to alternative remedies
            Furniture and paintings auction: Guido Reni: in our opin-  of withdrawal as regards contracts concluded in a pub-  that may be exercised, taking into account (i) the value
            ion  authentic  work  by  the  artist.  Guido  Reni  (attributed):   lic auction, as the auctions organised by Aste Bolaffi are,   that the lot would have if it were not for the lack of con-
            in our opinion probably work at least partly done by the   which also provide the opportunity of participating online.   formity; (ii) the extent of the lack of conformity; (iii) the
            artist. Guido Reni (workshop): in our opinion work creat-  Therefore, there is no right of withdrawal in relation to lots   possibility that the alternative remedy may be completed
            ed in the artist’s workshop, but by an unidentified artist.   auctioned in this manner.  without significant inconvenience to the buyer.
            Guido Reni (circle): in our opinion the work of an unidenti-  21 – Sale with retention of title  24 – Applicable law
            fied artist, produced during the lifetime of the cited artist.   Lots are awarded or sold by Aste Bolaffi with retention of   These Terms and Conditions and every sales contract with
            Guido Reni (follower): in our opinion the work of an uni-  title under Article 1523 of the Italian Civil Code and the   Aste Bolaffi and/or the Seller shall be governed in all re-
            dentified artist, not necessarily a pupil of the cited artist,   ownership of the lots will be transferred to the buyer only   spects by Italian law.
            potentially produced at a later date. Guido Reni (style): in   when the full purchase/sale price has been received. The
            our opinion a work executed in the style of the artist in   risk of loss or damage of lots will be transferred to the   25 – Jurisdiction
            contemporary or quasi-contemporary times. Guido Reni   buyer upon their delivery. The obligation to deliver sold   Any dispute relating to these Terms and Conditions and
            (manner or school): in our opinion a work executed in the   lots is subject to the prior payment of the price due and of   any sales contract with  the Seller and/or  Aste Bolaffi,
            style of the artist by an unidentified artist but who is in-  any other amount due to Aste Bolaffi in full by the buyer   including those relating to their interpretation, execu-
            fluenced by him/her, even in a period well after the artist’s   according to these Terms and Conditions.   tion, termination or validity, shall be referred exclusively
            death. From Guido Reni: in our opinion a copy of a known            to the Court of Turin, except in cases where the buyer is
            painting of the artist. Signed/Dated/Inscribed: in our opin-  22 – Post-auction sales  a  “consumer”  under  Art.  18,  paragraph  1,  sub-para.  a)  of
            ion the signature and/or date and/or inscription is by the   In the thirty days following the auction date, Aste Bolaffi   the Consumer Code (Italian Legislative Decree no. 206 of
            artist’s hand. Bears signature/bears date/bears inscription:   offers the chance to purchase any lots still unsold online   6 September 2005) in which case it will be settled by the
            in our opinion the signature/date/inscription appears to be   in the “Compra Subito (Buy Now)” section of the website   court of residence or domicile of the consumer. Pursuant
            of another hand and/or of other era. Aste Bolaffi reserves   www.astebolaffi.it, where it is possible to make a binding   to Art. 141-sexies, paragraph 3 of the Consumer Code, Aste
            the right to express its own opinion related to the artist,   offer for the lots that are still available, at the auction start-  Bolaffi  informs  the  buyer  who  qualifies  as  a  “consumer”
            attribution, origin, dating, provenance and condition of   ing price plus the traditional buyer’s premium. Aste Bolaffi   that when a complaint or application is submitted in rela-
            the lots in the catalogue. It is, in any case, an opinion and   reserves the right to refuse the offer received.   tion to which it has not been possible to resolve the dis-
            should not be considered in any way an expert judgement.  23 – Legal warranty for consumers  pute in question, Aste Bolaffi will provide the information
            Philatelic auction:               If the Seller of a lot is a “professional” pursuant to the   about the Alternative Dispute Resolution body or bodies
            K mint D cancelled O front cover   provisions of Art. 18, paragraph 1, sub-para. b) of the   for out-of-court settlements of disputes relating to obliga-
            L  hinged  N  fragment  A  letter-aerogramme  I  without   Consumer Code (Italian Legislative Decree no. 206 of 6   tions arising from a contract concluded under these Terms
            gum                               September 2005), a legal warranty of conformity will be   and Conditions (the so-called ADR bodies, as specified in
            Numismatic auction:  Ac (Acmonital),  Ae (Bronze),  Ag   applied to the lot awarded or sold through Aste Bolaffi   Articles 141-bis et seq. of the Consumer Code), specifying
            (Silver),  Al  (Aluminium),  An  (Antimonium),  Au  (Gold),  Ba   under Articles 128-135 of the Consumer Code (hereinafter   whether or not it intends to resort to the use of such bod-
            (Bronzital), Cn (Copper-nickel), Cu (Copper), El (Electro), It   “Legal Warranty”). The Legal Warranty is reserved only   ies to resolve the dispute. Aste Bolaffi also states that a
            (Italma),  M.b. (White metal),  Ma (Silver-plated metal),  Md   to buyers who are natural persons and participate in the   European platform for the on-line resolution of consumer
            (Gilded metal),  Mi (Mixture),  Ni (Nichel),  Ott. (Brass),  Pb   auction or sale for purposes that do not fall under the   disputes (so-called ODR platform) has been established.
            (Lead), Pe (Pewter), Pl (Platinum), Sn (Tin), Zn (Zinc)  categories of trade, industry, craft or other professional   The ODR platform can be viewed at the following web
            Jewellery auction:  Cartier Jewel. This wording implies   activities.  Since  all  lots  are  “preowned  goods”  pursuant   address http://ec.europa.eu/consumers/odr/; through the
            that in our opinion the object is, due to signatures, char-  to and for the purposes of Art. 134, paragraph 2, of the   ODR  platform the consumer  user  can  consult the list of
            acteristics, marks, attributable to the maison indicated. It   Consumer Code, the Seller is liable to the buyer for any   ADR bodies, find the link to the website of each of them
            is understood that any written or verbal representation   lack of conformity which exists at the time of delivery of   and start an online resolution procedure of the dispute in
            provided by Aste Bolaffi, including those contained in the   the product and that become apparent within 1 (one) year   which they are involved.
            catalogue, reports, comments or appraisals concerning   from the date of delivery. The lack of conformity must be
            any characteristic of a lot, such as authorship, authenticity,   reported to Aste Bolaffi or to the Seller, under penalty of
            provenance, attribution, origin, date, age, period, cultural   forfeiture of the warranty, within two months from the   WHEN SUBMITTING ABSENTEE BID, SALEROOM BID,
            origin or source, its quality, including the price or value,   date it was discovered. Unless proved otherwise, any lack   TELEPHONE OR ONLINE BID, THE BIDDERS CONFIRMS
            solely reflect assessments made in good faith by Aste   of conformity which becomes apparent within six months   THAT THEY HAVE READ AND ACCEPTED ALL THE TERMS
            Bolaffi and can be reviewed and changed at any time by   of delivery of the lot shall be presumed to have existed   AND CONDITIONS OF SALE AS LISTED ABOVE.
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