MODERN AND CONTEMPORARY ART+DESIGN

1) Lots are placed on sale in areas open to the public by Porro&C., which acts as an exclusive representative in the name of and on behalf of each Seller pursuant to article 1704 of the Italian Civil Code. The results of the sale have an effect on the Seller and Porro&C. does not assume responsibility with regard to the highest bidder or third parties other than the one deriving from its own capacity as a representative. 2) Objects are sold to the highest bidder and for cash, the auctioneer conducts the auction starting with the offer he feels is adequate, in relation to the value of the lot and to competing offers. The auctioneer may make offers in the interest of the Seller until the reserve price is reached. 3) In case of dispute among several Bidders, the disputed object, according to the unquestionable judgement of the Auctioneer, will be put back on auction during the course of the same sale and newly assigned. Porro&C. will not accept the transfer to third parties of lots already awarded and will only hold the Highest Bidder responsible for payment. The participation in the Auction in the name of and on behalf of third parties can be admitted only with prior registration of a certified proxy and with adequate bank references. 4)The Auctioneer, during the auction, has the right to combine and separate lots and possibly vary the sales order. He may also, according to his unquestionable judgement, remove lots if the auction offers do not reach the reserve price agreed by Porro&C. and the seller. 5) In order to improve the auction procedures all potential buyers must be registered and be in possession of an offer identification plate before the start of the auction. All possible buyers are asked to carry identification with them. It is possible to pre-register even during the days of the exhibition. 6) The highest bidder will pay Porro& C. an auction commission, for each lot, equal to 27% of the award price, including VAT. Any other taxes or charges are at the buyer's expenses. 7) Written offers are valid if they reach Porro&C. with suitable advance with regard to the time of the auction (at least 24 hours prior) and are sufficiently clear and complete. In the event that Porro&C. receives more written offers of equal amounts for the same lot and these turn out to be the highest at the auction for that lot, it will be awarded according to the offer which arrived at Porro&C. first. 8) Telephone requests to participate will be held valid if they are confirmed in writing at least 7 hours prior to the start of the auction. Porro&C. reserves the right to register telephone offers and does not assume, to any claim, any responsibility towards the applicant with regard to the failure to execute the connection. 9) All the auctions are preceded by an exhibition with the aim of allowing for an in depth examination regarding the authenticity, condition, origin, type and quality of the objects. After the sale, neither Porro&C. nor the Seller can be held responsible for defects related to the condition, the wrong attribution, the authenticity and the origin of the objects. 10) In the event that after the auction sale a lot is found to be counterfeit, or an intended imitation, created from 1870, with the aim of defrauding the period, the paternity, and the origin of the lot, Porro&C. will refund the purchaser, subject to the lot?s return, the total amount due in the currency it was paid in by the purchaser. Porro&C.?s obligation is subject to the conditions that, not later than 5 years from the sale date, the purchaser communicates to Porro&C. in writing the reasons for which he believes the lot is counterfeit and that the purchaser is able to return the lot to Porro&C. free of any claim by third parties, in the same condition at the time of the sale and accompanied by at least one report by an independent expert of renowned skill in which the reasons leading to believing the lot a counterfeit are explained. 11) For works from the XX and XXI centuries, the sale will take place based on the documentation and certification expressly cited in the catalogue in the related entries. No other certificate, appraisal, or opinion, presented after the sale, can be made a valid reason for contention to Porro&C. for the authenticity of such works. 12) Works already declared of signifi cant interest pursuant to Dlgs. 22 January 2004, n. 42, are indicated as such in the catalogue or announced during the sale. On such works, the Italian State can exercise the right to pre-emption within a 60-day deadline of the sale notice; the sale, therefore, will take effect only after the deadline has passed. In the event that the preemptive right is to be effectively exercised, the bidder will have the right to a refund of the amounts already paid. 13) The export of a lot from the territory of the Italian Republic, in particular for works dating more than seventhy years, is subject to the rules contained in the Dlgs. 22 January 2004, n. 42. The release of the relative proof of free circulation is the responsibility of the purchaser. Without the release of, or the delay of the release of any licence does not constitute cause for dissolving or annulment of the sale, nor does it justify a delayed payment on the part of the purchaser for the total amount due. 14) The present rules are tacitly accepted by all those who are participating in the present auction sale. 15) The present Sales Conditions are regulated by Italian law. Any controversy that should arise with regard to the application, interpretation, and execution of the present conditions is exclusively referred to the Court of Milan. ARTIST?S RESALE RIGHT On 9 April 2006, the Decreto Legislativo, dated 13 February 2006, n. 118 came into force implementing the Directive 2001/84/CE, thereby introducing into the Italian legal system the right for authors of works of art and manuscripts and their beneficiaries to receive a royalty from the proceeds of each subsequent sale of the work following the original sale. Artist?s Resale Right is calculated as follows: Portion of the hammer price (in ?) Royalty Rate: Up to 50.000,00: 4%; From 50.000,01 to 200.000,00: 3%; From 200.000,01 to 350.000,00: 1%; From 350.000,01 to 500.000,00: 0.5%; Exceeding 500.000: 0.25%. Right at the percentages indicated above, subject to a maximum royalty payable of ? 12.500.T he seller undertakes to pay the above mentioned tax Porro & C. is responsible for forwarding any Artist?s Resale Rights to the Italian Society of Authors and Editors (SIAE). ONLINE BIDS Potential buyers who intend to place their bids in the course of an Online Auction via the Internet through www.arsvalue.com, www.invaluable.com, or www.liveauctioneers.com, it may participate in the auction after their registration applications were approved by Porro & C., who may refuse all liability for any kind of bids as well as advance notifications of telephone bidding which are not taken into consideration. Telephone bidders and persons giving written instructions are also subject to the provisions of Clause 7) relating to proof of identity and of financial soundness. Porro & C. reserves the right to decline registration applications at its discretion. Please note that Online Bids are binding and the same auction house terms and conditions apply and have to be accepted by buyers before placing their bids in the course of an Online Auction. PAYMENT, PICK UP AND TRANSPORT Lots must be paid immediately after the auction and no later than seven business days following its date. The following forms of payment will be accepted: 1) Bank draft, subject to cautionary verification with the issuing institute. 2) Bank check on current account, with prior agreement with the management, issued to: Porro & C. Srl. 3) Bank transfer: Cariparma S.p.A., Account: PORRO E C. SRL, IBAN: IT74D0623001627000044237977 ? BIC/SWIFT: CRPPIT2P227. Porro&C. does not accept cash payments. Purchased lots will be available to customers for pick up the day following the sale, subject to any payment due. As long as the purchased lot stays at the office of Porro&C., the latter is exonerated from any obligation to insure. If requested in writing by the bidder, or if, by its unquestionable choice, Porro&C., considers insuring the lot for the award value on behalf of and at the cost of the bidder, the lot will be delivered to the bidder only after the latter has completely reimbursed Porro&C. for all of the storage costs and possible transport, insurance and any other expenses incurred. Starting from the deadline, pick up will be agreed with a representative of Porro&C. and storage costs will be charged. Porro&C. will see to the shipping of the purchased lot only if requested in writing by thebidder, subject to complete payment of the purchased lot and following presentation of any necessary export licences. Packaging and shipping will be at the bidder?s own expense, risk, and danger (Pursuant to Art. 1737 of the Italian Civil Code). In no case will Porro&C. assume the responsibility for errors on the part of packing or transport staff. In case of complaint due to delay in shipment, shortage of or damage to the goods occurring during transport, the bidder shall address the carrier or whoever for this. Any insurance coverage of the property in transit shall be agreed upon among the bidder and the carrier, without any responsibility to Porro&C. This coverage shall be at the complete charge of the bidder. JEWELRY, TIMEPIECES AND GEMSTONES 1) Porro & C. shows the works, on catalogue or online, by a techinal/historical description in which the work is described in its integrity, mentioning each visible imperfection, regarding the preservation state, but Porro & C. is not responsible for hidden defects to the age of lots on sale. Eventual complains must be transmitted to Porro & C. by writing 7 (seven) working days after the sale?s date, and every complain must be endorsed by a qualified expert. Porro & C. may start a debate between a qualified expert of the Auction house and another one selected by the purchaser. A well-founded recognized complain implies the refund of the payed amount without any request of damages against the restituition of the purchaser work. 2) Porro & C. states that the weight of gemstones are estimated, therefore this information has to be considered as indicative. 3) Porro & C. states that coloured gemstones without certification may have been submitted to treatments due to improve their appearance. 4) Porro & C. takes no responsibility regarding the diagnosis certified by national and international Gemmological Labs concerning the lots included in the sale. 5) The descriptive data of the watches shows the general state of preservation and any restoration, and it is provided only for guidance but it cannot be considered a ?Guaranty?. The same conditions works regarding the Condition Report asked by buyers. 6) Lots are sold in its conditions as they are exposed, and its mechanical construction may have been submitted, during the years, maintenance work. Porro & C. does not assume any responsibility for the operation status, restoration or replacement parts. Buyers are obliged to examine carefully the lots in the days before the sale, and ask for any information to the experts. No claims will be accepted after the purchase. 7) Straps and bracelets are considered as non-genuine, if not expressly indicated in the lot description. 8) Waterproof watches have been opened to check the originality and general state, therefore the impermeability may not be assured. We recommend a detailed inspection. 9) Porro & C. alerts that in some countries the material from endangered species is regulated by CITES legislation. 10) Timepieces with quartz movement are not provided by any information regarding the perfect working.