Auction Watches-1 Dec 4, 2019 Milan

Commissions, VAT and Fees VAT REGIME Sales made by NAC NUMISMATICA S.p.A. are handled on a commission agreement with third parties including a VAT regime based on the conditions set forth in art. 40bis dl no. 41/95 and subsequent modifications. As per the above-mentioned law, NAC NUMISMATICA S.p.A. will not apply VAT on services provided to the buyer or consigner or on the hammer price. GENERAL TERMS OF SALE 1. Auctions are held by NAC NUMISMATICA S.p.A. in public premises. NAC NUMISMATICA S.p.A. acts as commission agent in its own name or for every consigner whose name is listed on the specific police records held at NAC offices. The results of the sale effect the consignor and NAC NUMISMATICA S.p.A. does not assume any responsibility, towards the buyer or third parties, except that stated in its commission agent agreement. 2. The goods on sale are to be considered as second-hand goods, put up for sale as antiques. As a consequence, the definition given to the goods under clause 3 letter ?e? of Italian Consumer?s Code (D. Lgs. 6.09.2005, n. 206) does not apply to them. 3. All lots on sale are sold in the conditions in which they are during the exposition, with all the possible defects and imperfections such as any cracks, restorations, omissions or substitutions. These characteristics, even if not expressly stated in the catalogue, cannot be considered crucial for disputes on the sale. As for mechanical or electrical goods, these are not verified before the sale and the purchaser buys them at his own risk. The movements of the clocks are to be considered as non verified. 4. The descriptions or illustrations of the goods included in the catalogues, leaflets and any other illustrative material, have a mere indicative character and reflect opinions, so they can be revised before the object is sold. NAC Numismatica S.p.A. cannot be held responsible for mistakes or omissions concerning these descriptions nor in the case of hypothetical fakes as there is no implicit or explicit guarantee concerning the objects for sale. Furthermore, the illustrations of the objects in the catalogues or other illustrative material have the sole aim of identifying the object and cannot be considered as precise representations of the state of preservation of the object. 5. NAC NUMISMATICA S.p.A. acts as commission agent for every consigner and declines responsibility for any differences between the description in the catalogues, brochures or in any other advertising material, and the actual item offered. The description are purely indicative and made to the best of knowledge of NAC NUMISMATICA S.p.A. NAC NUMISMATICA S.p.A. cannot be held responsible for any errors or omissions. Before every auction there is a viewing in order to allow customers to examine the grade of preservation, origin, kind and quality of the items. The buyer (successful bidder) commits himself, before taking part to the action, to analyse it in depth, even with the help of his own expert or restorer, to be sure of all the characteristics mentioned above. After an item has been sold, neither NAC NUMISMATICA S.p.A. nor the consigner will be responsible for misattribution, irregularities relating to the state of conservation, the origin, the weight and the lack of quality of the objects. Neither NAC NUMISMATICA S.p.A. nor any partner or consultant will release any guarantee, except for rare cases as per law. 6. All goods shall be sold to the highest bidder as determined by the Auctioneer. If any dispute arises during or immediately after the sale of a lot, the Auctioneer has the right to recall the lot and put it up for sale again. In all cases the Auctioneer?s decision is final. NAC NUMISMATICA S.p.A. will not allow transfers of the lots already won and will consider the buyer (successful bidder) the one responsible for the payment. All those who wish to participate in the auction on the behalf of third parties, must provide the NAC office with a valid letter of attorney and bank references. 7. NAC NUMISMATICA S.p.A. reserves the right to withdraw any lot from the auction. Furthermore, the auctioneer reserves the right to combine or split up catalogue lots and offer them out of sequence; he or she may withdraw lots if the bids do not reach the upset price previously arranged between NAC NUMISMATICA S.p.A. and the consignor. 8 9. All those wanting take part in the auction are required to fill out a registration form with all necessary personal details (and bank references if required) in order to validate a possible bidding with the assigned bid number. 10. NAC NUMISMATICA S.p.A. may accept telephone and written bids forms while the auction is being called. In the event of equal bids, the written one will take precedence over a floor bid. 11. In the event of equal written bids (for the same lot), the lot will be adjudicated to the first received bid. NAC NUMISMATICA S.p.A. reserves the right to reject all bids coming from unknown persons unless they deposit an amount covering in full the bid value of the desired lots (or another suitable guarantee). NAC NUMISMATICA S.p.A. may require further details from the buyer (successful bidder) and in the case of NON prompt payment by cash, he or she must provide full bank details that will be checked by NAC. If they result as incorrect or invalid, NAC NUMISMATICA S.p.A. reserves the right to nullify the invoice. 12. Commission fees are not included in the estimates printed underneath the lot description in the catalogue. The estimates are purely indicative. The lower estimates are to be considered as starting price of each lot. NAC Numismatica S.p.A. will not accept any underbid. The lot descriptions may be revised during the auction, if so, NAC NUMISMATICA S.p.A. will communicate this during the auction. 13. NAC NUMISMATICA S.p.A. may claim the entire payment of the hammer price and commissions. The total amount must be paid in full, in Euros, within 7 days from the auction sale. Otherwise, NAC NUMISMATICA S.p.A. will: a) proceed with the buying-in procedure; b) alienate the lot in a private treaty or in a future auction sale, to the detriment of the buyer and will keep any deposit previously received (as a penalty). The lot will be kept by NAC NUMISMATICA S.p.A. at the buyer?s own risk until it is sold (as mentioned above) or returned to the consigner upon request. However, until the lot is sold or returned to the consigner, the buyer must pay NAC NUMISMATICA S.p.A. a fee corresponding to the interest on the hammer price plus the commissions at two decimals higher than the nominal bank lending rate; the interest, as calculated above, will be applied to the total amount accruing from the eighth day following the date on the invoice. 14. Every shipment will be made using an armoured courier (Ferrari Spa) at the buyer?s own expense and risk. 15. NAC NUMISMATICA S.p.A. reserves the right to: arrange any special methods of payment with the buyer; deposit the purchases in public or private warehouses or sell them privately; resolve disputes or protests made by buyers (successful bidders) or against them; take action in order to obtain payments or, in some circumstances, cancel the purchase as per the law described in art. No. 13 and 15 and to reimburse the buyer. 16. Every buyer (successful bidder) must observe all legislative decrees concerning items considered to be of particular and important artistic or historic interest and value. The export of a lot of numismatic interest, outside Italian territory, is regulated by specific customs, tributary and monetary regulations. Every export licence applied for through the Cultural Heritage office takes roughly 40 days to be issued. The export licence application will be sent to the ministry only upon payment of the lot and only upon express authorization of the buyer. NAC NUMISMATICA S.p.A. is neither responsible for any restrictions the ministry may place on the export of the lot nor for any other export licence the buyer may have to obtain as per Italian law. In the event that the Italian State takes action for the right of pre-emption, the buyer will not have the right to request a refund from NAC NUMISMATICA S.p.A. or the seller for any possible interest on the total price and commissions already paid. 17. A valid proof of photo identity (e.g. ID card, Passport, driving licence etc.) is mandatory for every buyer (successful bidder), as per legislative decree no. 231/2007 effective from the 30th April 2008 (and further updates). The above personal data collected by NAC NUMISMATICA S.p.A. (Data Controller) will be used to fulfil any fiscal requirement the Data Controller is subjected to, as per art. 6, c. 1, lett. c. GDPR (UE) n. 2016/679. 18. NAC NUMISMATICA S.p.A. cannot accept payments by cash equal to or greater than ? 3?000 as per art. No. 12 D.lgs. 201/2011. 19. All the items in this catalogue are guaranteed to be genuine. 20. Bidding or participating in this sale constitutes acceptance by the bidder or participant of all the aforementioned terms and conditions of sale.