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