Page 160 - Asta di Artre moderna e contemporanea - Aste Bolaffi

GENERAL TERMS in the event of non-participation due to any errors that buyer, but must be shipped by the auction house, at the
may occur during or prior to the telephone and/or inter-
expense of the buyer, once the Temporary Import proce-
AND CONDITIONS net connection. Participants bidding by phone are hereby dure has been closed.
informed that calls are recorded solely for the purpose of 10 – Payment
1 – Introduction demonstrating the client's consent to the purchase of the Payment must be made by buyers in the saleroom at the
These Terms and Conditions govern the sale by public auction lots. time of delivery of the lots and for buyers participating
auction, private negotiation or by any other means of any 6 – Awarding of lots by written offers, via telephone or online within 7 (sev-
type of goods or collectables by Aste Bolaffi S.p.A. auction Lots will be awarded to the highest bidder. Aste Bolaffi en) calendar days from receipt of the invoice. Payments
house, with registered office at Via Cavour no. 17, Turin, reserves the right to cancel an award in the event of any can be made in cash (within the limits permitted by law),
share capital of 52.180,00 Euro fully paid-up, VAT number third-party disputes claiming private or State ownership by cheque or banker’s draft, debit card, credit card (only
09591610010, Register of Companies no. TO-1064393, PEC of the Lot. We do not accept bids below the starting American Express, MasterCard and Visa circuits) or by
(certified email) address astebolaffi@pec.bolaffi.it (here- price. Lots will open at the bid indicated as the starting bank transfer. If payment is made by American Express
inafter “Aste Bolaffi”). The lots offered for sale, except in price, except when a higher offer has been received pri- credit card or PayPal, a surcharge of 5% (five per cent) is
exceptional cases, are the property of third parties (here- or to the opening of the auction; in this case the lot will payable on the hammer price or sale price. Payments will
inafter “Seller”) who have irrevocably entrusted the sale of open at the subsequent bidding increment after that of- not be accepted from anyone other than the buyer. De-
the lots to Aste Bolaffi which acts only as an intermediary. fer. In the event of equal absentee bids, which take prior- fault interest will be charged on all amounts that are not
Information about the auction may be included in the cat- ity over bids made in the saleroom, the bid which arrived paid according to the terms at an annual rate of 5% (five
alogue or announced in the saleroom before or during the first shall take precedence. Bidding increments will be per cent). Aste Bolaffi may grant extended payment terms.
sale. The terms and conditions of sale are subject to up- regulated at the discretion of the auctioneer. The mini- Extended payment terms must be agreed and formalised
dates that will immediately be posted on www.astebolaffi. mum increment will be € 25.00. The auctioneer reserves prior to the auction. Aste Bolaffi will issue an invoice to
it. If there are any discrepancies between the text of the the right to withdraw, add, combine or divide lots, and a successful bidder using the procedures provided for
Terms and Conditions published in the auction catalogue the right to refuse a bid in the saleroom or a written offer. in these Terms and Conditions. In the event of non-pay-
and those published on the Aste Bolaffi website, the on- The auctioneer reserves the right to withdraw a lot from ment of the purchase price or any other amount due by
line version will take precedence.
the auction if bids do not reach the reserve price agreed the buyer to Aste Bolaffi within thirty (30) calendar days
2 – Catalogues with the Seller. from the end of the month in which the invoice is issued,
Aste Bolaffi shall not be held liable with regard to descrip- 7 – Auction fees for the sale of lots with the VAT margin Aste Bolaffi shall be entitled to rescind the sales contract
tions, condition reports, values and estimates of the lots scheme pursuant to Art. 1456 of the Italian Civil Code by giving
contained in the catalogues and in any other illustrative The Article 45 of Italian Law 342 of 21 November 2000 written notice to the buyer, without prejudice to its right
materials. Illustrations, descriptions, values and estimates provides the application of margin scheme to sales where to compensation for the damage caused by the non-ful-
are provided purely as a guide and only serve to clearly commission charges applied: with: (a) private persons; (b) filment. Any instalments paid by the buyer before the
identify the lot and bidders should not rely on them as taxable persons which have subjected the transaction sales contract is rescinded will be retained by the auction
statement of fact. The illustrations, descriptions, val- to the margin scheme; (c) persons who have not been house as compensation pursuant to Art. 1526 of the Italian
ues and estimates are made to the best of Aste Bolaffi’s able to deduct tax in accordance with Articles 19, 19-bis Civil Code without prejudice to compensation for further
knowledge and do not in any way constitute guarantees and 19-bis2 of Italian Presidential Decree no. 633/72 (who damages. Aste Bolaffi is among the entities required by
or promises of quality in accordance with Articles 1490 and have sold the asset in exemption pursuant to Articles 10 Legislative Decree 21/11/2007 n. 231 to comply with the
1497 of the Italian Civil Code. Lots may be sold at prices and 27-quinquies); (d) persons covered by the exemption provisions of European Directive 2018/843 dated 30/5/2018
that are higher or lower than the estimated values indi- arrangements provided for small businesses in the State (Anti-Money Laundering Directive), for which it is required
cated in the catalogues. At the sole discretion of Aste they belong to. No particular symbol will be used to iden- to carry out the identification and adequate verification of
Bolaffi estimated values are subject to change. The esti- tify the lots sold in the margin scheme. As regards this the customer and the ultimate beneficiary with reference
mated values published in the catalogue do not include scheme, in the event of award or sale, the buyer will be to the interactions and operations inherent to the execu-
Aste Bolaffi’s buyer’s premium, the costs of droit de suite charged a buyer’s premium in favour of Aste Bolaffi ac- tion of its professional activities.
(artist’s resale royalty), customs and export duties and cording to the following percentages: 11 – Collection and delivery of sold lots
fees and VAT (if any). All copyrights related to images, il- Classic cars' auctions: in addition to the hammer price, the Without prejudice to the provisions in Article 21 below
lustrations, text, captions and descriptions in Aste Bolaffi buyer shall pay a fixed buyer’s premium of 15% on each lot. and until full payment of the amount due has been re-
catalogues are and will remain the exclusive property of Classic motorcycles' auctions: in addition to the hammer ceived, the lots shall be kept at Aste Bolaffi’s premises and
Aste Bolaffi. Such images, illustrations, text, captions and price, the buyer shall pay a fixed buyer’s premium of 19% insured with adequate coverage at the expense of Aste
descriptions may not be used or reproduced by the buy- on each lot. Bolaffi. The obligation to deliver the lots sold is subject
er and/or third parties without Aste Bolaffi’s prior written Numismatic and philatelic auctions: in addition to the to full settlement of all sums due to Aste Bolaffi by the
consent.
hammer price, the buyer shall pay the following buyer’s buyer. Aste Bolaffi does not assume the obligation to ar-
3 – Inspection of lots prior to the auction premium on each lot: 22% on the portion of the hammer range shipment of lots, which must be picked up from
Prospective buyers are able to examine lots before the price up to € 250,000; 20% on the portion between € the Aste Bolaffi's premises. The lots shall be delivered to
auction on days and during the times established at Aste 250,001 and € 500,000; 18% on portions over € 500,001. the buyer at the buyer’s expense and care, no later than 5
Bolaffi’s discretion. Individuals may handle lots on display For all other auctions: in addition to the hammer price, the (five) working days from the date of sale. If the buyer fails
at their own risk. Some large or heavy items may be dan- buyer shall pay the following buyer’s premium on each lot: to collect the lot within this deadline Aste Bolaffi shall be
gerous if handled incorrectly and may only be handled 25% on the portion of the hammer price up to € 100,000; entitled to charge the buyer an amount equal to 1% of the
with the assistance of Aste Bolaffi Staff. 22.5% on the portion between € 100,001 and € 250,000; sale price for each month of delayed collection of the lots
4 – Participation in the saleroom 20% on the portion between € 250,001 and € 500,000; 18% plus a minimum charge of € 5 a day for each lot purchased.
In order to improve auction procedures, all potential buy- on portions over € 500,001. Upon receipt of payment and when requested by the buy-
ers are required to obtain a numbered bidding paddle be- The buyer’s premium in favour of Aste Bolaffi is inclusive er the lots may be shipped by registered mail at the risk
fore the start of the public auction for use when making of VAT. and expense of the buyer.
bids. Buyers may also pre-register during the pre-auction 8 – Auction fees for the sale of lots with standard VAT 12 – Exporting lots
viewing days. By completing and signing the registration The ± symbol after the lot number indicates standard Customs and export costs shall be borne by the buyer.
form and being given a numbered paddle, buyers accept VAT and a buyer’s premium that differs from that normally Applications to the relevant authorities and entities for
these Terms and Conditions. Aste Bolaffi reserves the right used for lots sold in the margin scheme. These premiums the issuance of the certificate of free circulation for ex-
to ask bidders for information and documents for identi- vary depending on where the goods are shipped: port, in accordance with the applicable legislation on such
fication purposes as well as information regarding bank - goods that remain within the EU: matters, will be made by the auction house on behalf of
references. In some situations, Aste Bolaffi reserves the 1. Buyer’s premium rate for VAT exempt buyers: 15% (classic the buyer. The buyer is required to pay the expenses upon
right to require bidders to pay a deposit to guarantee the cars and motorcycles); 18% (all other categories). receipt of the invoice. Approximately 10-12 weeks are re-
payment of the sale price and auction commission. Aste 2. Buyer’s premium rate for VAT payers: the same as those quired to obtain the export licence. Lots in the Temporary
Bolaffi may, in its sole discretion, ban unwelcome or un- applied for the VAT margin scheme. Import regime and coming from abroad are authorised
suitable bidders from entering the saleroom. If a bidder 3. VAT on the hammer price at the following rates: to remain in Italy for a determinate amount of time and
is acting in the name and on behalf of another person or • books 4% are exempt from the relevant safeguard provisions in the
entity a suitable power of attorney must be shown before • stamps 10% Code of Cultural Heritage. For this reason it will not be
the auction takes place. Aste Bolaffi reserves the right to • all other categories 22%; necessary to apply for a free circulation certificate to leave
refuse agents or brokers of third parties to participate in 4. VAT on buyer’s premium payable at 22%. Italy. Temporarily imported lots cannot be collected by
an auction if, in its opinion, power of attorney has not been - goods that are shipped outside the EU: buyers, but must be shipped by the auction house at the
demonstrated. A bidding paddle must be used to indicate The buyer’s premium rates are the same as those applied expense of the buyer.
bids to the auctioneer during the auction. In the event of for the VAT margin scheme.
any doubts regarding the hammer price or the successful VAT refund. Non-European buyers that are exempt from 13 – No guarantees on lots
bidder, participants should attract the auctioneer’s at- paying VAT are eligible for a refund of the VAT paid on Without prejudice to the provisions in Article 23 below, all
tention immediately. All lots sold will be invoiced to the the hammer price if they present an official document lots are sold “as is” by Aste Bolaffi on behalf of the Seller
name and address provided when the bidding paddle is (customs declaration) attesting to the export of the goods with any flaws, defects, imperfections, damage and/or lack
assigned and may not be transferred to other name and/or from the European Union within 90 days of delivery. of quality present at the time of the auction. Each auction is
address. Aste Bolaffi will not accept any complaint or claim Non-resident buyers that are VAT payers, domiciled in Eu- preceded by a public viewing that allows potential buyers
for paddle loss or theft. At the end of the auction, the pad- ropean Union countries or non-EU countries, can request to examine the lots in person or through trusted represent-
dle must be returned to the registration desk. a refund of the VAT paid on the hammer price and the 22% atives, and establish their authenticity, state of conserva-
VAT calculated on the buyer’s premium, by presenting an tion, provenance, characteristics, qualities and possible
5 – Participation by mail, via telephone or online defects and flaws. Each potential buyer is responsible for
By submitting and signing the designated forms, the par- official document (CMR or customs declaration) attesting inspecting a lot before purchasing to ensure that it com-
ticipant agrees to take part in the relevant auction and to the export of the goods from the European Union with- plies with the descriptions and pictures in the catalogue
agrees to pay the hammer price and buyer’s premium in 90 (ninety) calendar days after delivery. If the goods are and, where appropriate, seeking the opinion of a scholar
if his or her offer(s) is or are successful. The participant shipped outside the European Union by the auction house, or an independent expert to verify its authenticity, prove-
also agrees to verify at the end of the auction if his or the aforementioned refundable VAT will not be included nance, attribution, origin, date, age, period, cultural origin
her offer(s) has or have been successful, exempting Aste on the invoice. or source and condition. Upon request and for guidance
Bolaffi from any liability in this regard. Claims due to neg- 9 – Lots being sold under Temporary Import regime only, Aste Bolaffi can provide written reports (“condition
ligence or error in the filling out of written offers will not The symbol E after the lot number indicates its Temporary reports”) that can supplement the catalogue information.
E
be accepted. Aste Bolaffi declines all liability to persons Import status within Italy. Lots purchased under the Tem- Except in cases where defects or material flaws have inten-
participating in the auction by telephone and or online porary Import regime cannot be collected directly by the
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