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