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General Conditions

condition of sale

1) Bolli&Romiti Condition of sale are implicitly accepted by anyone who is willing to participate to any auction. Bolli&Romiti acts as an agent on an exclusive basis in its name but on behalf of each seller, according to article 1704 of the Italian Civil Code. Sales is meant to be concluded between the seller and the buyer, therefore Bolli&Romiti is only responsible towards the buyer or other parties for what concerns its agent activity. All responsibilities pursuant to art. 1476 and following the Italian Civil Code are taken on the seller. Items are sold to the highest bidder and sales are meant to be in “cash”. The auctioneer’s hammer coming down defines the end of the bidding and the execution of the contract between seller and buyer.

2) Properties on sale could be antique secondhand goods. Therefore, the definition reported under clause 3 letter “e” of the Italian Consumer’s Code (D.lgs. 6.09.2005, n. 206) is not applicable. The selection of the items to include in a particular auction is exclusively made by Bolli&Romiti, that will guarantee the identification of the most adequate auction to achieve the highest price for sellers’ properties.

3) Before the auction, Bolli&Romiti puts most of the lots from its sales on public display. The presale exhibitions are aimed at allowing a deep evaluation of authenticity, attribution, condition, provenance, origin, date, age and quality of the lots, with the purpose to clarify any possible puzzlement or inaccuracy in the catalogue. Bolli&Romiti experts will be pleased to provide prospective bidders any additional information, backed-up by the documentation available. Any opinion or Condition Report which Bolli&Romiti may produce does not reflect an exhaustive description and some restorations or imperfections may not be mentioned; our experts’ statements are purely subjective and do not substitute a direct examination by the prospective buyer. In fact, the descriptions included in the catalogues are simply indications reflecting personal opinions and we encourage potential buyers to inspect each item carefully before bidding. Once the sale is concluded, no claim regarding restorations, defects and catalogue mistakes will be admitted. Mechanical and electrical goods (clocks, lamps, automat, etc.), are considered for their aesthetical value only; Bolli&Romiti does not guarantee that they are in working order.

4) Bolli&Romiti offers all items for sale at auction “as is”, meaning that properties are sold with all existing faults and imperfections as cracks, restorations, lacks or substitutions. Such defects, even if not explicitly reported in the catalogue, cannot be contested in a dispute after the sale. Antique goods, for their own nature, may have been restored or modified (e.g. overpainted) and complaints related to such interventions cannot be accepted.

5) Descriptions and illustrations in the catalogue or in any other visual material are exclusively meant to identify the items and reflects opinions, therefore they can be modified before the auction. Concerning the catalogue, Bolli&Romiti is not responsible for mistakes and omissions that may occur, nor counterfeiting can be supposed, since there is no implicit or explicit guarantee regarding the items on sale. Illustrations in the catalogue should not be considered exact representations of the state of preservation of the properties.

6) XX and XXI century artworks (Modern and Contemporary art) are usually followed by certificates of authenticity and other documents provided by official foundations, archives or other entities, properly reported in catalogue. No other certificate, appraisal or opinion requested or presented after the sale will be considered as valid grounds for objections regarding the authenticity of any artwork.

7) All the information regarding hall-marks of metals, carats and weight of gold, diamonds and valuable gems must be considered as purely approximate; Bolli&Romiti is not responsible for possible mistakes or falsification of valuable items nor for their authenticity certificates. Bolli&Romiti does not guarantee authenticity certificates issued by independent gemmological laboratories, even if the presence of such references is reported in the catalogue.

8) Concerning books, successful bidders are not entitled to dispute any damage (e.g. bindings, foxing, wormholes, trimmed pages or plates or any other defect) not affecting the integrity of texts and/or illustrations, nor missing indices of plates, blank pages, insertions, supplements and additions supposed to be subsequent to the date of publication of the work can be disputed.

9) Any dispute regarding knocked down items will be handled by, on one hand, Bolli&Romiti experts and, on the other end, a qualified expert appointed by the party involved. A registered return mail must be submitted within fifteen days from the bid; no dispute after this period will be admitted. If the complaint reveals to be legitimate, the successful bidder will be refunded upon the return of the item, excluding any other pretence or expectation. If, within three months from the discovery and no later than five years from the sale, the buyer claim the fact the item sold is a fake, if the buyer returns such item free from third party rights and in the same conditions as it was at the time of the sale, Bolli&Romiti shall be entitled, at its discretion, to nullify the sale and disclose to the buyer the name of the seller, giving prior notice to him. Making an exception to the conditions above mentioned, Bolli&Romiti will not refund the buyer if the description in the catalogue was generally shared among scholars and experts at the time of the sale or if the authenticity or attribution of the lot was said controversial, and if, at the time of the auction, the forgery could have been recognized only by complex or expensive examination, or by analyses that could have damaged the object or reduced its value.

10) The auctioneer may accept absentee bids from those who cannot or do not wish to attend an auction. Telephone bids may or may not be accepted according to irrevocable judgment of Bolli&Romiti and submitted to the auctioneer at the bidder’s risk. Phone bids are for free and bidders accept their phone bids to be recorded. No claim referring to any mistake concerning written, phone or live offers, or referring to any non-recorded bid will be accepted.

11) Properties are knocked down by the auctioneer to the highest bidder. In case of dispute between two or more bidders on a particular knocked down item, the bid must be re-open starting from the latest registered bid. During the auction, the auctioneer is entitled to: withdraw a lot, make bids to reach the reserve price, as agreed between Bolli&Romiti and the seller, and take any action he deems suitable to the circumstances, as sum up / separate lots or change the order of sale.

12) Prospective bidders attending the auction must be registered presenting an ID and providing personal information such as current address and, possibly, bank references or equivalent guarantees. They will be given a “personal number” reported on a paddle. To place a bid, prospective bidders are invited to raise their paddle until the auctioneer acknowledges the winner. To pay for the purchase, winning bidders will need to bring the paddle to the payments counter. Buyers who have not provided ID and current address in advance must do it immediately after a knock down. Bolli&Romiti reserves the right to deny anyone the participation to the auction and to reject offers from unknown or unwelcome bidders, unless a deposit covering the entire value of the desired lot is raised or an adequate guarantee is provided. In case of late or missed payments from a purchaser, Bolli&Romiti is allowed to refuse any other offer from him or from a representative of him in the following auctions.

13) The commission paid to Bolli&Romiti by the buyer is 23% on the hammer price, including VAT. Any other possible tax or duty is on the buyer.

14) The buyer can make a down payment after the sale and settle the residual balance within three working days, before collecting the item(s) at his risk and expense; anyway, the withdrawal must be completed within ten days from the knock down. In case of total or partial non-payment of the due amount within the deadline, Bolli&Romiti is allowed to:

  1. return the good to the seller and demand from the buyer the payment of the commission;
  2. act in order to obtain a compulsory payment;
  3. sell the item privately or in a following auction in the name and at the expenses of the purchaser, according to art. 1515 of the Italian Civil Code and possibly asking for a compensation for the damages.

After ten days from the auction, Bolli&Romiti is not responsible towards the buyer for any deterioration or damage of the item(s) and is entitled to apply storage and transportation fees to and from the warehouse according to fees available on request. All risks for items’ damage and/or loss are transferred to the buyer, who is allowed to withdraw the purchased items upon the payment, to Bolli&Romiti, of the hammer price plus commissions and any other fees concerning the packing, handling, transport and/or storage of the items.

15) Concerning items subjected to the D.lgs. 22.01.2004 n. 42 (i.e. Codice dei Beni Culturali) and related regulation, buyers must observe all existing legislative dispositions but, if the Italian State claims its pre-emptive right, no reimbursement or interest on commission on the hammer price already paid can be expected from Bolli&Romiti or the vendor by the buyer. The exportation of lots by the buyers, both resident and not resident in Italy, is regulated by the above mentioned law and by any other possible custom, financial and tax rule in force. The export of items of 70 years old and more is subjected to the release of an export license from the competent Authority. Bolli&Romiti does not take any responsibility towards the purchaser for any possible export restriction of the items sold, nor for any possible license or certificate to be obtained according to the Italian law.

16) Bolli&Romiti Logistics partners can advise buyers about exportation and shipping of purchased item/s. For any support please contact info@bolliromiti.it.

17) Concerning the exportation of items of protected species (e.g. coral, ivory, turtle, crocodile, whale bones, rhinoceros’ horns, etc.), a CITES export license released by the Ministry for the Environment and the Safeguard of the Territory must be released. Prospective bidders are asked to get all the necessary information concerning the laws on these exports in the countries of destination.

18) The “Droit de Suite” or Artist Resale Right is due by the seller (Italian State Law n. 663, clause 152, April 22nd, 1941, replaced by Decree n. 118, clause 10, February 13th, 2006).

19) Evaluations reported in the catalogue are in Euros and represent a mere approximation. These values can be equal, higher or lower to the reserve price agreed with the sellers.

20) These Conditions of Sale, regulated by the Italian law, are silently accepted by anyone who is willing to take part in the auction and are at everyone’s disposal. All controversies concerning the sales activity at Bolli&Romiti are regulated by the Court of Rome.

21) According to art. 13 D.lgs. 196/2003 (Privacy Code), the personal information submitted to Bolli&Romiti both in soft or hard-copy will be used to execute the sales contracts and the
other activities concerning the social object of Bolli&Romiti. The provision of personal data is optional but it is fundamental for the execution of the contracts. The registration at the auctions gives Bolli&Romiti the opportunity to send its customers the catalogues of the following auctions and keep them update about any other initiative.

22) Any communication regarding the auction must be done by registered return mail addressed to Bolli&Romiti S.r.l. – Via Beatrice Cenci 9, 00186 Rome, Italy.

how to buy

Con la partecipazione in asta si intendono accettate tutte le condizioni di vendita di seguito riportate. Si raccomanda di leggerle con attenzione.

Exhibition
Before an auction, a presale exhibition, which is open and admission free, enables prospective buyers to inspect each item carefully before bidding verifying all of the features of the properties such as authenticity, state of preservation, materials, provenance and consistency with the information reported in the catalogue.

Integrity and state of preservation
The objects of the auction are sold “as is”; Bolli&Romiti experts will be pleased to provide prospective bidders additional information, backed-up by further documentation, if available.
The Condition Reports which Bolli&Romiti may produce do not reflect an exhaustive description and some restorations or imperfections may not be mentioned; such statements of opinion given by our experts, are purely subjective and do not substitute a direct examination by the prospective buyer. Moreover, the descriptions included in the catalogues have a mere indicative character and reflect opinions, therefore prospective buyers should personally inspect the condition of each lot in order to ascertain its effective state, both from the technical and the aesthetical points of view. After the purchase, no claim regarding restorations, defects and errors in the catalogue will be admitted. Mechanical and electrical goods (clocks lamps, automat, etc.), are considered for their aesthetical value only; Bolli&Romiti gives no guarantee that they are in working order.

Catalogue
All of the items on sale will be described in the related catalogue, edited both in hard-copy and soft-copy and available on www.bolliromiti.it.

Description
It provides the bidder with some general information about the lot and represents the opinion of our experts.

Evaluations
It represents the evaluation of each lot, made by our experts.

Starting price
It is the price from which the auction starts and normally it is equal to the reserve price, which is the price agreed between Bolli&Romiti and the seller. For the items on sale to the M.O. (Miglior offerente Best Bidder), the starting price will be € 50,00; for the other items, the increments will be by 10% and can change at the auctioneer’s discretion.

Auction participation

Bidding in person: in order to bid in person, potential purchasers have to present IDs, current address and, possibly, bank references or equivalent guarantees; bidders will be then provided with a bidding number, valid for the entire auction. All lots sold will be invoiced to the name and address supplied when collecting the Bidding Number and they will not be able to be transferred to other names and/or addresses. Should a potential purchaser wish to bid on behalf of a third party, s/he should inform Bolli&Romiti before the beginning of the auction. Without such communication, the purchased items will be invoiced to the registered contact person and it will

not be possible to modify such appointment.

Written and telephone bids: in order to bid by means of written or telephone bids, bidders have to fill out the Absentee Bid Form, available on our website or in the catalogue, and send it by fax to +39 0687670147 or by e-mail at offerte@bolliromiti.it. Written bids are carried out on behalf of the bidder at the lowest price possible in

consideration of the reserve price and the other bids offered. In case of multiple offers for the same price on the same item, it will be accepted the first one received. Offers below the reported minimum estimation will not be accepted. Telephone bids will be accepted for items with a minimum estimate of € 300,00. One of our telephonists will contact you, also in a foreign language, to let you take part in the auction on real time for the lot of your interest. Telephone bids are organised by Bolli&Romiti according to the availability of the telephone lines being used and telephone calls during the Auction may be recorded. Potential purchasers who bid by telephone consent to the recording of their conversations.

Live auction: you can bid online on www.bolliromiti.it, following the instructions. The service of written and telephone bids is free of charge but it does not imply any responsibilities for bids accidentally not placed or for possible mistakes regarding their carrying out. To consider them valid, Bolli&Romiti must receive all bids at least two hours before the auction.

Timed auctions
Timed auctions occur without the presence of the auctioneer during the sale. They happen in a pre-determined lapse of time (e.g. one week, two weeks, etc.) and bidders can make offers and bid anytime during such lapse of time. To participate, it is necessary to register / sign up at the following link: https://connect.invaluable.com/bolli/login. Your bid represents your maximum willingness to pay for each lot but your offer is increased only in consideration of other bidders’ offers or in order to reach the reserve price. If another bidder makes a bid that is higher than yours, you will get a notification saying that your offer is no longer the highest one. Your maximum offer is kept confidential until it is exceeded by someone else’s bid. When the sale is closed, the winning bidder receives all the necessary information related to the collection and the payment of the purchased items.

Hammer price
The Hammer Price indicates that a sale of a lot has been made and at that moment the purchaser assumes full responsibility for the lot. As well as the hammer price the purchaser has to recognise the commissions (buyer’s premium) of 23% including VAT, to be paid as laid down by the Law.

Payments
The payment of the hammer price, plus the commissions of 23% including VAT, must be carry out immediately after the sale by:

· Cash, up to € 2,999.00

. Credit card/bancomat via POS in our Headquarter (i.e. Mastercard, Visa and AmEx)

. Bank transfer to: Intesa SanPaolo, Filiale 6831, Roma-Prati, IBAN: IT11W0306903388100000009017 BIC/SWIFT: BCITITMM

Upon agreement with the seller,Bolli&Romiti may offer those purchasers it deems reliable the possibility to pay for lots in instalments. Potential purchasers who wish to undertake
payment by instalments should contact the Management of Bolli&Romiti before the sale.

Collection of lots

Purchasers must collect the lot/s by seven working days from the date of the auction. When collecting the items, the purchaser will has to exhibit his ID. If the lots already paid will be collected by a third person, the latter must have a written proxy signed by the purchaser and a copy of the purchaser’s ID. If the purchaser asks so, Bolli&Romiti personnel could organize wrapping and transportation of the lots at the purchaser’s risk and expenses. Bolli&Romiti will not be held responsible for any

damages. After seven working days from the auction, Bolli&Romiti will not be responsible either for the custody of the lot/s or for any damage that may occur to the lot/s upon their removal to an appropriate warehouse and the purchaser will be charged with the costs of storage as follows:

– Furniture/sculptures: € 15,00/day + VAT

– Paintings: € 10,00/day + VAT

– Objects: € 5,00/day + VAT

On Management’s discretion, items can be transferred, upon communication to the seller, to the storage space of Itaca Transport, Via Rocca di Cave 31, Roma, which will apply the same storage fees plus shipping costs.

Shipping of purchased items
The Bolli&Romiti Staff will be glad to assist purchasers with the shipping according to written instructions given by purchasers, following payment of the lot/s concerned. Shipping will be at the risk and expense of the purchaser who, by means of a written communication, will have to subtract Bolli&Romiti from any responsibility. Our Staff is available for evaluations and advice in relation to the shipping methods employed and insurance of the lot/s.

Exportation of purchased items
The Law Decree no. 42 of January 22nd 2004 regulates the export of cultural heritage and goods outside Italy. The EU Regulation no. 3911/92 of December 9th 1992, as modified by EU Regulation no. 2469/96 of December 16th 1996 and by EU Regulation no. 974/01 of May 14th 2001, regulates the export of cultural heritage and goods outside the European Union. In order to export outside Italy cultural heritage and goods that are over 70 years old an Export Licence that the purchaser has to procure for him/herself personally is needed.

Bolli&Romiti is not involved in the procurement of such permits and cannot therefore guarantee the relative issue of such permits. Bolli&Romiti, upon the request of the purchaser, may provide the purchaser with information about companies able to tackle the operations necessary for the granting of the Export Licence. Should the above-mentioned authorisation not be granted the Purchase of the lot/s is not nullified, neither is the payment of the lot/s. With reference to the regulations contained in art. 8, 1st paragraph, letter B DPR 633/72. In order to take the lot/s outside the European Union and claim the VAT refund, purchasers have to respect the following procedures:

– The completion of customs forms/papers and transport outside the European Union within three months from the invoice date.

– The sending within the same term of the original customs taxation stamp or equivalent document directly to Bolli&Romiti The three months’ term from the invoice date may be suspended while the export certification is pending.

how to sell

Evaluation of properties
Bolli&Romiti is at your disposal for free evaluations of objects or collection to sell. A preliminary evaluation can be carried out based on pictures with all necessary information concerning the objects and all possible documentation. By appointment, it is possible to carry out home evaluations.

Reserve price
After the evaluation, Bolli&Romiti and the seller agree on a reserve price, which is the minimum amount under which the lot cannot be sold. This price is strictly confidential and it could be inferior, equal or superior to the estimate reported in the catalogue and it will be protected by the auctioneer by special increments. If the reserve price is not reached, the lot is considered as unsold.

Warrant of Sale – Commission fees – Droit de Suite

On the hammer price, Bolli&Romiti deduces a commission of 17%, including VAT, insurance, online and paper based marketing and other taxes. The seller is responsible for the transportation to and, if needed, from the exhibition site, import/export duties, if necessary. At the moment of the delivery of the lots to the auction house, the seller receives a receipt with the descriptions of the lot and the reserve prices agreed on. A warrant of sale is then be signed by both parties, which subscribe all the contractual conditions, reserve prices, numbers of the lot/s and possible additional charges to the seller. Before the auction, the seller receives a copy of the catalogue with his objects.

The Droit de suite – Artist’s Resale Right has been in force in Italy since April 9th 2006 with the Law Decree no. 118 (13/02/2006). It represents the right of the Author/Artist (living or deceased within the previous seventy years) of figurative art works and manuscripts to perceive a percentage of the sale price of his/her original works upon sales that follow the initial sale of the work/s in question. Resale Royalties are charged to the seller where the hammer price is € 3,000 or more and will not be superior to € 12,500 per lot. The amount to be paid may thus be calculated:

– 4% for the sale price up to € 50,000.01

– 3% for the sale price between € 50,000.01 and € 200,000.00

– 1% for the sale price between € 200,000.01 and € 350,000.00

– 0.5% for the sale price between € 350,000.01 and € 500,000,00

– 0.25% for the sale price above € 500,000.01

The Artist’s Resale Right charged to the seller is paid by Bolli&Romiti to the SIAE (The Italian Society for Authors and Editors) as laid down by the Law.

After the auction
After the sale, each seller receives a provisional report with a list of all his objects and relevant adjudications.

Payments
After fifteen working days from the auction, Bolli&Romiti sends the seller the payment due for lot sold, based on the hammer price less a commission and any agreed-upon expenses, if
the purchaser fulfilled the obligation he took with the adjudication and no claim or controversy concerning the items sold occurred.
The payment can be provided by:
– Cash, up to € 2.999,00
– Bank draft
– Bank transfer
At the time of payment, Bolli&Romiti issues an invoice with the indication of hammer price, commissions and other possible costs.

Unsold lots

Unsold lots must be collected by the seller at his expenses within ten days after the auction. After this date, Bolli&Romiti is not responsible for the loss or the damaging of the lots. Moreover, the seller has to pay the cost of transportation and storage as follows:
– Furniture/sculptures: € 15,00/day + VAT
– Paintings: € 10,00/day + VAT
– Objects: € 5,00/day + VAT
On Management’s discretion, items can be transferred, upon communication to the seller, to the storage space of Itaca Transport, Via Rocca di Cave 31, Roma, which applies the same storage fees plus shipping costs.

Bolli&Romiti experts are available to carry out written expertise for insurances, heritage sharing, private sales or other purposes, paying compensation adequate to the nature and the quantity of work necessary.

Glossary

Statements reported in the catalogue and related to authors, attribution, origin, period, source and condition of lots, are to be considered as opinions of the experts, not as a given fact. Therefore, please find below a summary of the terminology generally used in the catalogues, keeping in mind that is only Bolli&Romiti’s opinion:

Leonardo: the art work is made by the artist.

Ascribed to Leonardo: the art work may be made by Leonardo.

School of Leonardo: the art work is made by an unknown artist working in the workshop of Leonardo, who may have supervised the realization of such art work.

Circle of Leonardo: the art work is made by an artist who, even if unknown, is clearly linked to the Leonardo, not necessarily as a scholar.

Style/follower of Leonardo: the work is made by an artist who is approximately contemporary to Leonardo and who works in the style of him, even if not necessarily as a scholar.

Manner of Leonardo: the art work is made in the style of Leonardo, but in a later period.

From Leonardo: the art work is a copy of a Leonardo work.

In style…: the work is in the mentioned style but realized in a later period.

Signed/dated: the work is signed/dated by the artist who made it.

Signature and/or date inscribed: such information have been added in a later period.

Antique elements: the item is made of elements/material of prior periods.

Restorations: most of the times, antique items are subject to restorations, integrations and/or substitutions. The wording “restorations” is mentioned only if our experts consider the interventions significant enough to compromise, entirely or partially, the authenticity of an item.

Defects: the item has evident lacks, breaks or usage signs.

M.O.: “Miglior Offerente”, which means best bitter. It is used for items of modest value and with an auction starting price of € 50,00.

Upon request: it refers to items of great value. To have an estimation from our expert, please contact our management.