FINE PAINTINGS & WORKS OF ART

1 general conditions Ansuini srl in Roma, Viale Bruno Buozzi 107 C.F (Italian Codice Fiscale) 12028431000 REA RM 1344975 licensee of the brand ANSVINI 1860 ASTE, (later named Ansvini Aste) acts as purchasing agent, representing itself or any other Seller. The purchase agreement between Seller and Purchaser (hereafter called Highest Bidder) is to be considered concluded when the Sale Director (auctioneer) beats the hammer. Consequently, Ansvini Aste does not take any responsibility towards the highest bidder or others, except for those coming from its position as purchasing agent. 2 catalogue and exposition Ansvini Aste puts on sale the lots in the state in which they were at the moment of their exposition, for their nature and period of manufacture, they are rarely perfectly conserved, presenting flaws and imperfections, such as breaks, restorations, lacks, substitutions etc., thus the descriptions reported in the catalogue cannot be exhaustive. Such characteristics, even not openly stated in the catalogue, are not crucial for eventual objections about the sale. The exposition that precedes the auction, before presenting a proposal, aims to inspect the lots in order to examine their authenticity, conservation, provenience, attribution, type, quality and what have you, possibly availing itself of experts. After the allotment, no objection will be allowed. Neither the Seller nor Ansvini Aste can be considered responsible for the faults pertaining to the information concerning the objects at auction. The valuation of the selling price does not provide a reliable indication about neither the future selling price of the lot nor its value for other aims. It is possible to ask Ansvini Aste a condition report about the state of the objects at auction, in which case the report will be included in the catalogue descriptions. 3 lot state The descriptions or illustrations of the lots, in the catalogues and other descriptive material, and any verbal or written indication referring to the lots, constitutes simply the opinion of Ansvini Aste, expressed in good faith and with diligence. The information about the stamping of metals, the calibre and of the gold weight, of the diamonds and of precious and semi-precious stones must be taken as indicative opinion and cannot be considered as guarantee statement. Ansvini Aste cannot be considered responsible neither in case of mistakes in the given information nor in case of forgery of precious objects. Ansvini Aste does not give any guarantee about the certificates that might possibly accompany the precious materials and any reference to them has exclusively informative goals. The movements of the watches are not to be considered inspected. The bottles of rare and fine wines are not exhibited in order to preserve their conservation state, but they are stored in the cellar of Ansvini Aste. It is possible to request a condition report about the state of the lots and to request, at any moment, an appointment to inspect the bottles. All the lots are sold as ?seen.? The lots that are sold differentiate themselves notably for age, category and conservation state, and they can be bought for the most diverse aims. Ansvini Aste does not provide any guarantee about the adequacy of a lot for any specific aim. 4 participation and registration of the participants The Sale Direcor (auctioneer) can deny anyone to enter the spaces where the auction takes place, to participate, or to offer, according to his/her own will. The clients that desire to make some offers in the auction room can register ?online? before the auction, that is to say, they have to go to the room thirty minutes before the auction begins, in order to register in person. For the registration it is necessary to provide personal details, the address, a valid ID and its copy; furthermore, Ansvini can request bank references or equivalent guarantees for the payment of the allotment price and of the auction rights. By registering, the participant accepts to be personally responsible for the payment of the acquired piece, including the commission, the applicable obligations, and the taxes. In future auctions, Ansvini Aste can refuse any offer made by a purchaser or by his/her representative as a consequence of failed or delayed payment 5 written offers Ansvini Aste can accept, at its unquestionable judgment, written offers that are delivered before the auction and edited on the specific form. If more than one offer of the same amount is presented, the lot will be adjudged to the offer reached and accepted chronologically first. The management of the written offers is a service provided by Ansvini Aste for its customers for free. Ansvini Aste cannot be considered responsible in any case, neither for the failed execution of a written offer nor for mistakes or omissions regarding the offer. 6 offers by phone Upon agreements made before the beginning of the auction, Ansvini Aste can allow the participation by phone to the auction offers at its unquestionable judgement. The offers will be transmitted to the sale director (auctioneer) at the risk of the bidder. Phone calls can be registered. 7 offers by the internet Ansvini Aste can accept offers by the internet upon agreements made before the beginning of the auction at its unquestionable judgment. Ansvini Aste cannot be considered responsible in any case of the failed execution of an offer due to the failed contact with a possible purchaser. 8 reserve price Except in the case of different indications, the lots are offered at a reserve price, which is the lowest selling price below which the lot cannot be sold. Such a price is confidential. The lots with no reserve price will be indicated by the sign ?. The auctioneer will be able to get off the auction offers below the reserve price by presenting an offer on the Seller?s behalf. The auctioneer will be able to continue to make offers on the seller?s behalf up to get to the reserve price, both in a consecutive manner and in competition with the other bidders. 9 the powers of the auctioneer The Sale Director (auctioneer) acts at his/her discretion in conducting the auction, in refusing the offers, in withdrawing or separating the lots, in matching two or more lots, or in varying the sale order. In case of mistake or controversy, both during and after the auction, the auctioneer can decide who is the highest bidder of the lot, and consequently to continue the auction, to annul the sale, or to put at auction and sell again a lot of contention. 10 the allotment The Sale Director (auctioneer) adjudges the lot to the participant that makes the highest bid by beating the hammer and the purchase agreement between Seller and Purchaser is to be considered concluded. Hence, the risks and responsibilities concerning the lot are transferred to the purchaser. Ansvini Aste will store the lot until it is collected by the purchaser or until the moment of delivery to the carrier or to the storehouse. 11 hammer price and commissions The purchaser obliges him/herself to pay out Ansvini Aste the hammer price, the commissions, and the taxes, immediately after the conclusion of the auction or within 7 seven days. The auction commission, which is calculated on the hammer price, is 29% + Vat for an amount up to 100.000 euros, and 25% + Vat for an amount superior to 100.000 euros; a commission of 25% plus VAT is implemented on wine sales. For those lots indicated by the sign * a 22% VAT will be added to the hammer price, which will be indicated in the invoice. The VAT on the hammer price will be refundable only if extra EU exportation is proved to happen within three months since the selling date. The documentation, in accordance with the Italian law, which proves the extra EU exportation, must be received within 4 month since the selling date. Any other expense or tax regarding the purchase will be at the expense of the highest bidder. The purchaser will not have the right to collect the lots until when Ansvini Aste will receive the sum total. 12 artist's resale right The Artist's Resale Right is the right of a living author of fine art works or manuscripts or of his/her heirs if he/she deceased less than 70 years before- to draw a fee, which is calculated as a percentage of the selling price of his/her original works in the sales following the first one. The amount is determined as followsnon a hammer price of 3.000,00 euros or more : 4% for a hammer price up to 50.000,00 euros 3% for the part of the hammer price between 50.000,01 and 200.000 euros 1% for the part of the hammer price between 200.000,01 and 350.000,00 euros 0,50% for the part of the hammer price between 350.000,001 and 500.000 euros 0,25 on a hammer price superior to 500.000 euros. The right cannot be superior to 12.500 euros for each work. In case the artist's resale right is implementable in accordance with the article 144 and the following ones of the law n. 633 of April 22nd, 1941, the highest bidder obligates him/herself to pay out Ansvini Aste of the Artist's resale right, which, according to the article 152 section 1 of the law 633/41, should be paid by the seller. Once this amount is received from the highest bidder, Ansvini Aste obligates itself to pay such amount to the individual in charge of collecting it on behalf of the artist (S.I.A.E.), in accordance with the obligation of the seller to pay the Artist's resale right. These lots are indicated with the symbol *. 13 failure to pay The purchaser will have to complete the payment before collecting the lots at his/her own risk and expense, and not later than seven days after the auction date. In case of failure to pay, total or partial, Ansvini Aste will have the right, at its own discretion, to: 1.Annul the sale, give the lot back to the seller, requiring the failing purchaser to pay for the accrued commissions 2.File an appeal to the judge, who can oblige the failing purchaser to purchase the lot 3.Sell the lot through private negotiation or in following auctions on behalf and at the expense of the highest bidder, in accordance with the article 1.151 of the civil code, except the right of damages compensation 4.Charge on the sum that has to be paid by the purchaser an annual interest rate that corresponds to the Euribor interest rate, which has increased by 5% 14 cultural assets For those assets notified by the State according to the D Lgs 22.01.2004 n.42 and ssmm the purchaser must observe all the existing legislative dispositions. In case of right of first refusal by the State, the highest bidder will not be able to require Ansvini Aste or the seller any refund of possible interests on the auction prices or commissions that have already been paid. The exportation of object dating back more than fifty years is subordinate to the license of free circulation issued by the Authorities in charge, according to the present laws. Ansvini Aste does not take any responsibility neither for possible exportation restrictions nor for possible licenses or certificates that the purchaser might need to obtain according to the Italian law. 15 copyright The copyright of images, illustrations, and of written material regarding a lot and produced by Ansvini Aste belongs to Ansvini Aste and cannot be used by the purchaser or by others with no prior written permission. 16 third party's actions Ansvini Aste has the right to detain a lot in his stores for a reasonable period of time or until the definition of possible third party?s actions, which have to be communicated to Ansvini Aste officially or which Ansvini Aste came to know about the property, possession, or detention of the lot. 17 estimate values The estimate values indicated in a catalog are in euro and constitute an indication. Such values can be equal, superior, or inferior to the reserve prices of the lots that have been agreed with the principals. 18 collecting the lots The highest bidder, after having paid the sum total, will have to collect the purchased lots within seven days, at his/her own care, risk, and expense. After such a term, Ansvini Aste is exempted from any responsibility towards the highest bidder, regarding the storage and the possible deterioration of the lots. After these dates, Ansvini Aste will have the right to transfer the uncollected lots to its own stores, that is to say private or public storehouses, at the expense and risk of the highest bidder. Ansvini Aste can take care of the packing and transport of the lots at the expenses and risks of the highest bidder after explicit request of the latter and upon payment of its costs. 19 Court in charge The selling conditions, regulated by the Italian law, have been accepted by tacit agreement by all the participants to selling procedure of the auction and are at disposal of anyone who request them. For any controversy regarding the selling activity of Ansvini Aste's auction, the Foro di Roma is the authority in charge.