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1. The auction house AUCTION AFFAIR S.r.l. is not the owner of the assets auctioned during the sales; AUCTION AFFAIR S.r.l. acts as a Principal representing a Seller that remains the only legally responsible party for all statements in the catalogs, pursuant to article 1704 and following of the Civil Code. All liability pursuant to articles 1476 ff. of the civil code shall remain under the sole responsibility of the sellers of the works in their quality of Principals of AUCTION AFFAIR S.r.l. 2. Lots put up for auction shall be deemed used assets supplied as antiques. Therefore, the definition of product according to Legislative Decree No. 2006 dated 09/06/2005 does not apply. 3. All lots shown in the catalog are presented with a purely indicative appraisal value; in any case, the auction price may be lower or higher than the catalog price. The estimates printed on the auction catalog may be subjected to changes and do not include the purchasing commission, any resale rights and VAT. 4. The "Reserve Price" is the minimum (confidential) price agreed by the Seller with AUCTION AFFAIR S.r.l. for the sale of the asset at the auction. The auctioned asset will be awarded only if the last bid received is no lower than the reserve price. In the case the last bid is lower than the reserve price, the auctioned lot shall not be awarded. In some cases, the Auctioneer may auction according to a ?Conditional Knockdown?; in this case, the award shall be subjected to acceptance of the Seller, which shall notify of its decision within 8 days. It is understood that the bidder is bound to confirm the purchase in the case of acceptance of the bid by the Seller. 5. The items to be auctioned may be viewed by appointment. Thus, the concerned parties shall be entitled to appraise the conditions of the asset also accompanied by their own experts, if desired. It is understood that all the information and images of the items provided by AUCTION AFFAIR S.r.l. do not constitute absolute or substitute guarantee for a direct examination by the parties involved in the purchase. Therefore, after the award, no objections are allowed, nor AUCTION AFFAIR S.r.l. or the Seller may be held liable for any inaccuracies related to information on the auctioned items. 6. In the event that, after auctioning, a lot is found counterfeited, Auction Affair will reimburse to the Purchaser the full amount paid upon request of termination of the sale agreement and return of the lot. The obligation of AUCTION AFFAIR S.r.l. applies as long as the Purchaser: (a) notifies to AUCTION AFFAIR S.r.l. in writing: the lot number, date of auction during which the asset was purchased and the reasons why the asset is deemed counterfeited; (b) returns the asset to AUCTION AFFAIR S.r.l. free of burdens or claims made by third parties after the date of sale and that the asset is in the same conditions as it was on the date of sale; (c) provides AUCTION AFFAIR S.r.l. with reports of two independent appraisers or knowledgeable experts, explaining why the asset is considered counterfeited. AUCTION AFFAIR S.r.l. shall not be bound by the appraisal provided by the Purchaser and reserves the right to request the additional appraisal of other experts at its own expenses. In the event that AUCTION AFFAIR S.r.l. decides to terminate the sale, AUCTION AFFAIR S.r.l. shall have the right to repay to the Purchaser, to a reasonable extent, the costs incurred by in obtaining the appraisals of the two independent experts accepted both by AUCTION AFFAIR S.r.l. and the Purchaser. Any liability of AUCTION AFFAIR S.r.l. toward the Purchaser is limited to the Auction Price and Purchase Commission, in addition to any Resale Right (once reimbursed by SIAE), paid by the Purchaser to AUCTION AFFAIR S.r.l.AUCTION AFFAIR S.r.l. liability limitations are deemed extended to the Seller liability towards the Purchaser. Except in the case of fraud or gross negligence, AUCTION AFFAIR S.r.l., its employees, contractors, manager or consultants shall not be liable for actions or omissions related to the preparation or implementation of the auction or any issue related to the sale of the lots. AUCTION AFFAIR S.r.l. shall not issue a refund if: (a) the description in the catalog, on the date of sale, is in compliance with the appraisal, generally accepted, of appraisers and experts or if it indicated as doubtful the asset authenticity or attribution; (b) at the date of publication of the catalog, the counterfeiting of the asset could be established only by performing analyses generally considered inadequate for said purpose or difficult to perform, whose cost was unreasonable or that could have damaged or otherwise led to a decrease in the asset?s value. CLARIFICATION: "counterfeit" means an imitation of an asset offered for sale, not described as such in the auction catalog, created for the purpose of deceiving about its authorship, authenticity, origin, attribution, source, date, age, or period. An asset that was restored or subjected to modification of any kind (including repainting or over repainting) must not be considered counterfeited. 7. The auctioned assets are sold ?as is? at the time of their display, with all defects and imperfections. Concerning electrical or mechanical assets, these are not checked before sale and they are purchased by the Purchaser at its own risk. Concerning to the sale of watches, their mechanisms must not be considered overhauled (unless not better specified). 8. To participate to a live auction held by AUCTION AFFAIR S.r.l. It will be necessary to register one-time on the website or through the app downloadable through the ios/android/google stores to obtain the necessary credentials for the access profile. This profile must be filled out with your personal and residence data, as well as with a copy of a valid identification document. This information will be processed in accordance with the provisions of Legislative Decree 196/2003 (Privacy Code). Registration will be subjected to review and consequent acceptance by AUCTION AFFAIR S.r.l. At its sole discretion, AUCTION AFFAIR S.r.l. has the right to refuse anyone from participating in the auctions; in addition, the user may be asked to provide bank references or equivalent guarantees for the payment of the auction price and auction fees. 9. Auctions by AUCTION AFFAIR S.r.l. may also be broadcast on other Websites; AUCTION AFFAIR S.r.l. refuses any liability for technical malfunctions that may occur on its website and on other websites during live broadcast; AUCTION AFFAIR S.r.l. in addition shall not be liable for any errors or problems that may arise during live broadcast via Internet, including, but not limited to, the case of errors or faults caused by the loss of internet connection, software or computer problems; in the case of participation to the auctions of AUCTION AFFAIR S.r.l. through other Websites, these General Terms and Conditions of Sales remain valid and applicable. The use of any software or tool of any kind to influence or interfere (even potentially) with the auction is absolutely forbidden. 10. It is possible to bid even before the auction begins and up to 24 hours after it has started (absentee bid); the bidder, after having logged in and accepted the regulations, may enter the maximum amount that he/she will be available to pay for an item; the system, at the beginning of the auction, may raise the bidding, gradually and exclusively in the presence of further bids originating from other users, up to the threshold established by the bidder. Obviously, if the bidder?s maximum bid is exceeded, the bidder may continue to bid higher live broadcast. 11. The Auctioneer is the sole responsible party for what takes place during an auction. The Auctioneer may decide to change the order of lot presentation, may cancel some of the lots, may group some of the lots in a single proposal; all of this, at his/her sole discretion. 12. Each auction starts from a basic amount (base price ), which is the first bid to be confirmed; the increase in bids is generally 10% higher than the previous one. 13. In the case of simultaneous identical bids, the computer system of AUCTION AFFAIR S.r.l. shall decide. Complaints are not allowed in such case. 14. The gavel stroke marks the awarding of the lot and at that time the purchaser assumes full responsibility for the purchase. In addition to the purchase price, the purchaser shall pay to AUCTION AFFAIR S.r.l. auction fees, any resale right and any taxes applicable by law. 15. In the event of a dispute among the highest Bidders, the item under dispute will be, at the sole discretion of the Auctioneer, auctioned again during the same auction, on the basis of the last bid which led to dispute and it will be awarded again. 16. The Purchaser shall pay to AUCTION AFFAIR S.r.l. for each lot, in addition to the bid price, an auction commission equal to 20% + VAT (if applicable) calculated on the bid price. If different percentages are specified in the auction catalog for the Purchasing Commission, the latter shall prevail. 17. AUCTION AFFAIR S.r.l. auction house will not accept transfers to third parties of lots already awarded and it will deem the Purchaser the sole party responsible for payment. The Purchaser must pay to AUCTION AFFAIR S.r.l. auction house the auction price, auction fees, any resale right and VAT (if applicable) within 48 hours from the award. The following forms of payment are accepted: - cash, to the extent permitted by current legislation; - Bank wire transfer; - electronic payment via PayPal (+ 3.5% of commission on the total amount). 18. In the event of delayed or non-payment by the Purchaser in whole or in part of the due amount, AUCTION AFFAIR S.r.l. shall have the right to request the termination of the agreement and the right to sell the lot on behalf and at the expense of the Purchaser, in accordance with article 1515 of the Civil Code. 19. The reference currency is Euro. All bids will be expressed in Euro. The payment of the purchased lots shall be in Euro. Auction Affair reserves the right to accept payments in other currencies; in this case the exchange rate will be that in force at the time of purchase. 20. The pick-up of the purchased lots can be performed at the time of payment and in any case within 10 days from the date of the award by the Purchaser. All costs of packaging and shipping will be borne by the Purchaser. 21. The Purchaser may personally pick up the purchased lots or decide to arrange for the shipment of the lots on its own behalf and at its own expenses. 22. AUCTION AFFAIR S.r.l. does not provide shipment for the purchased items; however, upon request, it can provide estimates and arrange shipment through specialized companies and/or handle the packing of purchased lots and deliver them to private carriers. Shipment will take place in the name and on behalf of the Purchaser, which shall pay the costs before shipping the goods. AUCTION AFFAIR S.r.l. shall not be liable under any circumstance for any facts affecting the transportation and to this end the Purchaser shall directly contact the carrier. 23. Before arranging the lot pick-up, please check with AUCTION AFFAIR S.r.l. to establish where the asset is stored. At the time of pick-up, the Purchaser shall show a valid identification document. The lots will be handed over, once payment has been made, to the Purchaser, unless entrusted to a third party. 24. The export of Cultural Heritage assets outside the territory of the Italian Republic is subjected to the regulations established by Legislative Decree No. 42. The export of cultural heritage assets outside the territory of the European Union is also subjected to the regulations established by EC Directive No. 116/2009 dated December 18, 2008 and by the EU Commission Implementing Directive No. 1081/2012. Cultural heritage assets created by non-living authors and older than 50 years require a free movement certificate to be exported outside of Italy and an export license to be exported to non-EU countries. If applicable, the Purchaser, and under no circumstance AUCTION AFFAIR S.r.l., shall be responsible for obtaining the certificate of free movement or export license. However, the payment of the lot must be made within the specified time limits and any refusal of the free circulation certificate or export license cannot be a reason for the cancellation of the award or for justifying a delayed payment or non-payment of the awarded lot. 25. Protected species. All lots constituted by or containing parts of plants or animals (e.g. coral, crocodile, ivory, whalebone, turtle), regardless of age and value, may require a license or certificate before export and require additional licenses or certificates for import into non-EU countries. Please note that obtaining the license or import certificate does not guarantee any license or certificate for export and vice versa. AUCTION AFFAIR S.r.l. recommends to the potential purchaser to check national legislation about the requirements needed to import into their own country assets made or containing protected species. It is the responsibility of the Purchaser to obtain such import/export licenses/certificates, as well as any other required document before placing any bid. 26. RESALE RIGHT On April 9, 2006 the Legislative Decree No. 118 dated February 13, 2006 was enacted into law, implementing the European Directive 2001/84/EC, which introduced copyright protection for works of art and manuscripts for the authors and their heirs up to the seventy-year following the death of the author with the right to receive a remuneration on the price of each sale of the original after the first one ( known as ?Resale Right? ). The ?Resale Right? is only effective when the price of the sale is not less than 3,000.00 euros. The rates are calculated as follows: a) 4% for the portion of the sale price between ? 0 and ? 50,000.00; b) 3% for the portion of the sale price between ? 50,000.01 and ? 200,000.00; c) 1% for the portion of the sale price between ? 200,000.01 and ? 350,000.00; d) 0.5% for the portion of the sale price between ? 350,000.01 and ? 500,000.00; e) 0.25% for the portion of the sale price higher than 500,000.00 euro. AUCTION AFFAIR S.r.l., being an auction house, is required to pay the "Resale Right" to the Italian Society of Authors and Publishers (S.I.A.E.). Lots marked with the symbol (®) are subjected to the "Resale Right" in the percentage indicated above for a total amount not exceeding 12,500.00 euros. In addition to the Auction Price, Purchasing commissions and other Expenses, the Purchaser agrees to pay the "Resale Right", which would be paid by the seller according to article 152, paragraph I, of Law No. 633 dated April 22, 1941. 27. These General Terms and Conditions of Sale are tacitly accepted by all those who participate in the Auction and are at available for review by anyone who requests them. Important Information for the Purchasers and General Terms and Conditions of Sales may be modified through a notice published on the website and/or by an announcement made by the Auctioneer before the start of the auction. 28. Pursuant to article 13 of Legislative Decree 196/2003 (Privacy Code), AUCTION AFFAIR S.r.l, in its capacity of data controller, informs that the personal data provided will be processed in hard-copy and through electronic means to fully and completely carry out the purchase and sale agreements entered into by the company as well as for carrying out any other service related to AUCTION AFFAIR S.r.l objective. The provision of data is strictly necessary for the execution of the signed agreements. Registration to AUCTION AFFAIR S.r.l. website allows the latter to send by e-mail or by snail mail the catalogs of subsequent auctions and other information material related to its activity. 29. These Terms and Conditions of Sale are governed by Italian law. Any dispute arising in connection with the application, interpretation and execution of these conditions shall be exclusively under the jurisdiction of the Court of Taranto

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