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