GENERAL CONDITIONS

Art International Srl

1) acts as an agent with representation in its own name and on behalf of each seller, pursuant to and for the purposes of art. 1704 C.C. The sale must be considered to have taken place between the seller and the buyer; it follows that Art International does not assume any liability towards buyers or third parties in general other than those deriving from its role as agent. The hammer blow of the Sales Director – auctioneer – determines the conclusion of the sales contract between the seller and the buyer.

2) Sales are made to the highest bidder and are intended to be paid in cash. Transfers to third parties of lots already awarded are not accepted; Art International will hold the successful bidder solely responsible for the payment.

3) The lots are displayed to the public in spaces allocated by Art International and sold in the same state they present at the moment of exposition. During the exposition period, auction house employees are available for clarifications. If desired, interested parties may examine the objects sold with expert consultancy. The purpose of the exposition is to allow for the examination of the status of conservation as well as the overall quality of the object, as well as to clarify any eventual errors found in the catalogue. All objects are sold “as seen”: after the adjudication, no objections are allowed in this regard and neither Art International, nor the seller, can be held responsible for defects relating to information concerning the items at auction.

4) The descriptions or illustrations of the lots contained within the catalogues or in any other illustrative material are indicative and subject to opinion. As such, they are liable to revision before the lot is sold. Art International cannot be held liable for eventual errors or omissions concerning such descriptions, nor in the event of counterfeiting, as no implicit or explicit guarantee is provided with respect to the lots in auction. Moreover, the illustrations of the objects presented in the catalogues or other illustrative material have the sole purpose of identifying the lot and cannot be considered exact representations of the state of conservation of the object. The estimated values indicated in the catalogue are expressed in euros and constitute an approximation. Such values can be equal, superior or inferior to the reserve prices agreed upon with the sellers.

For antique and 19th century paintings, only the period and school to which the artist belongs to are certified. Works of the 20th and 21st century (modern and contemporary art) are usually accompanied by certificates of authenticity and other documents explicitly cited in the relative descriptions. No other certificate, expertise or opinion, requested or presented after the sale has taken place, may be asserted as a reason for contesting the authenticity of these works.

5) Any dispute must be made in writing by registered letter with return receipt within fifteen days of the award. Once this term has elapsed, all liability of the Company ceases.

6) The objects are awarded to the highest bidder; in the event of a dispute between several successful bidders, the disputed object will be, at the sole discretion of the Auctioneer, put up for sale again during the auction itself and awarded again. In submitting his bid, the bidder assumes personal responsibility to pay the hammer price, including the commission of the auction fees, any tax due and any other applicable charge. Art International reserves the right to retire any lot from the auction. During the Auction, the Auctioneer has the right to combine or separate lots and eventually vary the sales order. He may also, at his own discretion, retire the lots offered at auction which do not reach the reserve price agreed upon between Art International and the Seller.

7) Art International can accept mandates for purchase (written or telephonic offers). The Written Bids will be carried out on behalf of the bidder at the lowest possible price considering the reserve price and other bids, by making bids through the Auctioneer, in bidding with the public participating in the Auction. In the case of two identical written offers for the same lot, the winning offer will be the one received first. Art International reserves the right to refuse written or telephonic offers by unknown Buyers unless a deposit is issued to fully cover the value of the desired lots or, in any case, other adequate guarantee is provided. Written offers are valid if they are received by Art International well in advance of the start of the Auction (at least five hours before) and are sufficiently clear and complete.

8) In order to improve the auction procedures, all potential buyers who access the premises where the auction takes place are required to register by filling in a participation form and to show a valid identity document, to sign the general conditions, to obtain a paddle with a personal number for offers.

9) The successful bidder will pay Art International an auction commission including VAT, for each lot, equal to 24% on the hammer price up to € 300,000.00, and equal to 20% on the price exceeding this amount. For purchases made via internet platforms (live auction) there is an additional 2% commission, this does not apply to the live system connected to the website. The buyer must pay a deposit at the time of the award and complete the payment, before collecting the goods, no later than ten working days from the end of the sale. After this deadline, Art International will no longer be held in custody nor will it be responsible for any damage that may be caused to the lots. In the event of non-payment, in whole or in part, of the total amount due by the successful bidder within this period, Art International will have the right, at its discretion, to: a) return the asset to the principal, claiming as a penalty from the failure of the buyer to pay the lost commissions; b) take legal action to obtain the compulsory execution of the purchase obligation; c) sell the lot through private negotiation or in subsequent auctions on behalf and at the expense of the successful bidder, pursuant to art. 1515 C.C., except in any case the right to compensation for damages. Once the aforementioned term has elapsed, Art International will in any case be exonerated from any responsibility towards the successful bidder in relation to any deterioration or deterioration of the objects and will have the right to be paid for the custody rights for each individual lot. Any risk for loss or damage to the awarded property will be transferred to the buyer from the time of the award. The buyer may obtain delivery of the purchased goods only upon payment to Art International of the price and any other inherent commission, cost or reimbursement. It is Art International’s discretion to ask a new customer for a security deposit to be made by bank transfer. In case of non-award, it will be returned immediately to the potential buyer.

10) For objects subject to notification by the State pursuant to Legislative Decree 22.01.2004 n. 42 (so-called Code of Cultural Heritage) and subsequent amendments, buyers are required to comply with all applicable laws on the subject. The successful bidder, in the event of the exercise of the right of first refusal by the State, will not be able to claim from Art International or the seller any refund of any interest on the price and auction fees already paid. The export of items by resident or non-resident buyers in Italy is governed by the aforementioned legislation, as well as by the customs, currency and tax laws in force. Therefore, the export of objects whose dating dates back to over fifty years is always subject to the free circulation license issued by the competent authority. Art International assumes no responsibility towards the buyer with regard to any restrictions on the export of the awarded lots, nor with regard to any licenses or certificates that the same must obtain under Italian law.

11) For every lot containing materials belonging to protected species, such as, for example, coral, ivory, tortoiseshell, crocodile, whale bones, rhinoceros horns, etc., a CITES export license issued by the Ministry of the Environment and Land Protection is required. Potential buyers are invited to inquire at the destination country about the laws governing such imports.

12) The resale right will be charged to the seller pursuant to art. 152 of Law 22.04.1941 n. 633, as replaced by art. 10 of Legislative Decree 13.02.2006 n. 118. This regulation is tacitly accepted by those who participate in this auction sale. These Conditions of Sale are governed by Italian law. Pursuant to art. 13 Legislative Decree 196/2003 (Code regarding the protection of personal data), Art International, in its capacity as data controller, informs that the data provided will be used, by paper and electronic means, to be able to give full and complete execution of sales contracts stipulated by the same company, as well as for the pursuit of any other service concerning the corporate purpose of Art International. The provision of data is optional, but it is strictly necessary for the execution of the concluded contracts. Registration for auctions allows Art International to send the catalogs of subsequent auctions and other information material relating to its activity. The Court of Bologna is exclusively competent for any dispute