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TERM AND CONDITION
OF SALE
1 – Introduction
These general conditions, together with
the special notices regulate the sale at
auction and/or private negotiations of
the lots transferred to Aste Bolaffi S.p.a.
(hereinaf ter “Aste Bolaf fi ”). Lots put up er shall pay a 15% premium on hammer
for auction are the property of the con-
signors, who have guaranteed their com-
plete availability and legitimate and legal
provenance. Aste Bolaffi acts exclusive-
ly as a representative of the individual
consignors, in its own name and on their
behalf. The consignor guarantees the au-
thenticity of each lot offered in the cat-
alogue, without hidden defects unless
otherwise stated in the catalogue and/or
by the auctioneer. Any indication of the
state of preservation of the lots is not to
be considered binding.
2 – Images
The copyright in all images, illustrations
and written material produced by or for
Aste Bolaffi relating to a lot or to a spe-
cific contents of this catalogue, is and
shall remain at all times the property of
Aste Bolaffi and shall not be used by the
buyer, nor by anyone else, without Aste
Bolaffi prior written consent.
3 – Participation in the saleroom
Aste Bolaffi reserves the right to request
information from the participants in the
bidding as regards their identity and bank
references, as well as the right to refuse
undesirable elements entry to the sale-
room. If the participant is acting in the
name and on behalf of another physical
or legal person, a valid power of attorney
must be exhibited prior to the auction.
4 – Participation by correspondence,
telephone link, online
By signing and submitting the special
forms, the par ticipant agrees to par-
ticipate in the auction referred to and
undertakes to pay the purchase price
hammered if his/her offer(s) should be
successful. The participant also takes
responsibility for ascertaining, after the
auction, whether his/her offer has been
successful, relieving Aste Bolaffi of any
liability in that respect. Claims due to
negligence or error in filling out written
offers by mail will not be accepted. Aste
Bolaffi has no liability toward those who
participate in the auction by telephone
link and/or online in case of failure to
participate due to possible problems that
may occur during or prior to the tele-
phone and/or internet connection.
5 – Bids
Lots are awarded to the highest bidder.
Aste Bolaffi –reserves the right to cancel
the award in case of possible contesta-
tions. No bids will be accepted for any
lot below its starting price. No “without
limit” bids, or “upon examination” bids
or bids which combine two or more lots
will be accepted. The starting price is the
price indicated as the base price, unless
different, higher offers have been re-
ceived, in which case the starting price
will be that of the increment subsequent
to the next to last offer. (In case of iden- in other EU countries or outside the EU,
tical commission bids, the first to arrive
will receive precedence, and in any case
these take precedence over equal offers
made in the saleroom). The size of incre-
ments will be regulated at the auction-
eer's discretion. The minimum increment
will be € 25. The auctioneer reserves the
216
right to withdraw, add, group or divide
lots, as well as the right to refuse a bid in cepted from parties other than the buyer.
the saleroom or a commission bid.
6 – Purchase price
A commission in favor of Aste Bolaffi will
be charged to the buyer, in addition to
the hammer price, as follows:
Classic motor vehicle auctions: the Buy-
price for each lot.
Numismatic and philatelic auctions: the
Buyer shall pay the following premium on
the hammer price:
On first € 250.000 22%
From € 250.001 to € 500.000 20%
An then 18% from € 500.001.
All other auctions: the Buyer shall pay
the following premium on the hammer
price:
On first € 100.000 25%
From € 100.001 to € 250.000 22,5%
From € 250.001 to € 500.000 20%
An then 18% from € 500.001.
7 – Lots with additional VAT
Lots with ± symbol are invoiced
differently and have a different
buyer's premium on hammer price which
vary depending on where the item is
shipped.
-Goods that remain within UE
1. Buyer's premium of 15% (classic motor
vehicles) 18% (all other categories).
2. VAT on hammer price at the following
rates:
• b o o k s 4%
• s t a m p s 1 0 %
• all other categories 22%
3. VAT payable at 22% on buyer's premium
-Goods that are shipped outside UE
Buyer's premium is the same as
that one applied in case of VAT
margin (see paragraph 6).
VAT REFUNDS
Private clients residing outside Europe
may obtain a refund of the VAT on the
hammer price by presenting an official
document (customs form) that proves that
the goods will leave the European Union
within 90 days of delivery. Non-resident
clients required to pay VAT, who reside
may request a refund of the VAT on the
hammer price, as well as of the VAT at
22% calculated on the auction commis-
sions, by presenting an official document
(CMR or customs form) proving that the
goods will leave Italy or the European
Union within 90 days of delivery. In case
of shipment of the goods outside Italy by
the auction house, the refundable VAT as
detailed above will not be included in the
invoice.
8 – Lots being sold under Temporar y Im-
portation rules
The symbol E after a lot number indi-
cates that it is sold in accordance with
the Temporar y Impor tation procedure.
Lots purchased according to the rules
of Temporar y Impor tation E cannot be
withdrawn directly by the buyer, but
will have to be shipped, after closing the
Temporar y Impor tation process, by the
auction house.
9 – Payment
Upon sale of a lot, if present in the sale-
room, the buyer shall pay the purchase
price promptly to Aste Bolaffi on delivery
of the lot. If bidding via telephone, writ-
ten form, or online, the purchase price
shall be paid within 7 days of receipt of
the invoice. Payments may be made in
cash, within the limits established by
law, by certified and/or personal check
or credit card. Payments will not be ac-
Interest will be charged on delayed pay-
ments at the rate of 0.5% monthly, sub-
ject to variation, on all amounts not paid
within the regular terms.
Aste Bolaffi may grant possible exten-
sions of payment terms on the basis of
agreements which will have to be formal-
ized, in any case, prior to the auction. If
the buyer fails to make payment within
thirty (30) days end of month payment
term, the auction house shall be entitled
to rescind the sale in accordance with
the art. 1456 of the Civil Code by giving
written prior notice to the purchaser,
with reserve of any further right and ac-
tion for compensation for any damages
arising from non-fulfilment. Any amount
paid by the purchaser as part of the total
price prior to the cancellation of the sale
will be applied by the auction house as
a compensation in accordance to the art.
1526 of the Civil Code, with reserve of any
further damages.
10 – Storage and Shipment
Until the full price has been paid and
until delivery, lots are held in storage
on the premises of Aste Bolaffi and in-
sured with adequate coverage at the
expense of Aste Bolaffi. On request, af-
ter payment has been made, lots can be
shipped by insured parcel post at the risk
and expense of the buyer. The possible
export duties are also for the account of
the buyer. Any export requests will be
made by the auction house on behalf of
the buyer to the appropriate government
offices. The buyer will be required to pay
all costs on receipt of the invoice.
11 – Exportation of lots
Custom duties and export costs are for
the account of the buyer. Requests to
issue certification of free circulation for
export, in accordance with the legislative
provisions in force on the subject, must
be made to the appropriate government
offices by the auction house on behalf of
the buyer. The buyer is required to pay
the expenses on receipt of the invoice.
Approximately 10/12 weeks are necessary
to obtain authorization for export.
Lots imported according to the rules of
Temporar y Impor tation E are not cov-
ered by the relative provisions of Italian
law concerning the cultural heritage. For
this reason it will not be necessary to is-
sue certification of free circulation. The
lots cannot be withdrawn by the buyers,
but will have to be shipped by the auc-
tion house.
12 – Condition reports
The lots are sold “as is”. Catalogue de-
scriptions as well as any other indica-
tion or illustration regarding the lots, are
purely statements of opinion and are not
to be relied upon as statements of war-
ranty. Potential buyers are encouraged to
inspect the lots in person or through a
knowledgeable representative during the
pre-auction viewing in order to assess
their authenticity, preservation, prov-
enance, quality and any defects. On re-
quest and for guidance only, Aste Bolaffi
provides condition reports that can add
more information to the catalogue de-
scriptions.
Rare books and autographs auction: The
buyer shall not be entitled to dispute any
damage to bindings, foxing, wormholes,
trimmed pages or plates or any other de-
fect affecting the integrity of the text
and /or its illustration including: indexes
of plates, blank pages, insertions, supple-