Collections & Co.

GENERAL SALES CONDITIONS 3. RESERVE PRICE The reserve price is the minimum selling price (gross of fees), agreed between the owner and the auction house, under which the asset cannot be sold. At the auction stage this amount is strictly reserved and protected by the auctioneer 4. RAISING BIDDING SCHEME The raises will follow a predetermined scheme, visible online for each lot and reported below: Remember that bids made within 2 minutes after the auction ends, will delay the deadline of the lot by 2 minutes. 5. AUCTION PREMIUMS The buyer will pay, in addition to the clearing price, the auction premiums or purchase commissions of 22% (VAT excluded). 6. RESALE RIGHT On 9th April 2006 legislative decree Nr. 118 of 13th February 2006 came into effect, which, implementing Directive 2001/84/CE, introduced in the Italian legal order the right, for artists and manuscript authors, and their successors, to receive royalties on every sale of the original piece following the first (the so-called ?resale right?). The ?resale right? is ue only if the selling price is not lower than euro 3.000,00. It is defined as follows: - 4% for the portion of the sale price to EUR 50.000,00; - 3% for the portion of the sale price from EUR 50.000,01 to EUR 200.000,00; - 1% for the portion of the sale price from EUR 200.000,01 to EUR 350.000,00; - 0,5% for the portion of the sale price from EUR 350.000,01 to EUR 500.000,00; -0,25% for the portion of the sale price beyond EUR 500.000,00. The total amount of the fee can?t be exceeded EUR 12.500,00, anyway. Mediartrade, as an auction house, is required to pay the ?resale right? to ?Società Italiana degli autori ed editori? (S.I.A.E.). In addition to the clearing price, auction premiums and other expenses, the Buyer undertakes to pay the ?resale right?, that would be up for the Seller to pay according to Law Nr. 633 of 22nd April 1941, Art. 152 (1). 7. PAYMENT 7.1 The following forms of payment might facilitate the immediate withdrawal of the purchased goods: - Cash up to EUR 2.999; - Check after agreement with the administrative management of Mediartrade; - Credit card/ATM/Paypal (the estimated fee will be charged to the purchaser). Buyers can make payments via Visa, V-Pay, MasterCard, Maestro, American Express, Apple-Pay, and Google Pay. Payment by credit card can only be made at the Mediartrade office with a maximum limit of 5,000 euro. - bank transfer to: Gruppo UBI Banca registered to Mediartrade Srl IBAN: IT50Z0311101617000000002952 SWIFT/BIC: BLOPIT22 Account N: 00002952 7.2 The payment of what is due, if not already done must be made within 3 working days from the receipt of the invoice. Mediartrade is allowed to refuse delivery of the awarded lot before the payment of the clearing price and other expenses has been made. Whenever the successful bidder fails to provide for the payment, will prevail what follows at point 7.3. 7.3 In the event that the Buyer fails to pay to Mediartrade the full amount due within 10 days from the receipt of the invoice, Mediartrade have the right to exercise legal rights and actions. Please refer to the following list with some examples: a) Holding the Buyer accountable for the entire amount and take legal action to recover the full amount, with interests, legal fees and costs incurred, up to the maximum limit permitted by law; b) Terminate the sale contract with immediate effect; c) Reselling the lot, by auction or privately, under the applicable laws; d) Allocating the received payments from the Buyer to debt-service of any liability, if the Buyer is required to pay more amounts to Mediartrade, in relation to various transactions. e) Refusing any offer in future auctions by the defaulting Buyer or on its behalf, or, alternatively, to require an escrow before accepting any future offer; f ) Exercising rights and remedies granted by the law to subjects holding security interests over any goods belonging to the defaulting Buyer within Mediartrade, in the form of pledge, bail, deposit or any other rights, to the absolute limit of the law in force at the place where said good is located. This guarantee will be considered in favour of Mediartrade on behalf of the defaulting Buyer, therefore Mediartrade will be able to withhold the property to ensure the fulfilment of the obligations of the Buyer; g) Pursuing any other action deemed necessary or appropriate. In the event that Mediartrade resells the lot, according to previous paragraph (c), the defaulting buyer will be responsible of paying any potential difference between the overall amount originally due to Mediartrade and the price obtained by reselling, as well as any reasonable cost, expense, damage, legal fees, commissions and rights of any kind regarding both sales or caused by the defaulting Buyer. 8. LOT DELIVERY AND WITHDRAWAL 8.1 The lot awarded must be picked up within 10 days from the day of payment. 8.2 The lot will be collected by the purchaser at Mediartrade office, in via Marco Polo 9, Milan, at the expenses of the purchaser, showing a document certifying his identity. If, for any reason entrusts a third party to withdraw the lot on his/ her behalf, the latter shall provide a mandate signed by the Buyer on top of a copy of both the delegator and delegate IDs. 8.3 If, for any reason, the withdrawal of the object fails, if sold and paid within the time limit specified in Art. 8.1, the Buyer will be asked to warn Mediartrade in order to avoid the payment of a deposit and cover insurance fees. However, in case of decay, damage or removal of the awarded object, that wasn?t picked up within the time limit specified in Art. 8.1, Mediartrade shall be exempt of any liability. 8.4 At the express request of the purchaser, Mediartrade may arrange, at the expense and risk of the purchaser, the packing, transportation and insurance of the lot through its own trusted shipper specialized in art transports subject to communication and written acceptance by part of the purchaser of the related expenses. The shipment can also take place through a forwarder directly appointed by the buyer, always subject to written communication, authorizing Mediartrade to deliver the lot and the related documentation. In the event that the buyer decides to rely on a generic forwarder, therefore not specialized in art transports, which does not provide for safe packaging of the object, Mediartrade will apply a minimum cost of 50 ? plus VAT for the packaging service calculated based on the size of the lot awarded. 8.5 Despite adopting every reasonable care in handling, wrapping and delivery of the purchased lot and in the choice of third parties that will be involved in the previously mentioned tasks, Mediartrade shall not be responsible for any action or omission committed by said third parties. Likewise, when asked Mediartrade to suggest other companies to take care of handling, wrapping and delivering lots, Mediartrade will direct the choice to trusted suppliers as a consequence of the years of experience in the field, however, it will be in no way responsible for any action or omission committed by them. 9. EXPORT OUT OF THE TERRITORY OF THE ITALIAN REPUBLIC 9.1 The export of the lot from the Italian Republic could be subject to the issue of a certificate of free circulation or an export license, in accordance with the Articles 68 and ss. of the Legislative Decree January 22nd 2004, n. 42 (Codice Urbani). Except as otherwise agreed in writing with Mediartrade, the act of requesting a certificate of free circulation and/ or an export license for a lot by the Buyer will have no effect on the obligation that the latter has to pay for the said lot within 3 working days from the receipt of the invoice, and neither on Mediartrade?s right to charge interests of deposit fees or other expenses in the event of a delay in payment. In case the Buyer intends to entrust Mediartrade to request a certificate of free circulation and/or an export license on his/ her behalf, Mediartrade will charge a commission for said service. Mediartrade will not be required to cancel the purchase or refund interest or any other costs incurred by the Buyer, in the event that a certificate of free circulation and/or an export license is required. 9.2 The buyer must comply with the legislative provisions and applicable rules concerning goods presenting a cultural interest, or currently in the process of getting declared as such, in accordance with legislative decree Nr. 43 of 22nd January 2004, Art Nr. 14 and following, with specific reference to Art. Nr. 53 and following. The reform provides the modification of some parts of the Code of Cultural Heritage, in particular, article 65. The export of lots, performed either by resident or nonresident in Italy, is regulated by the aforementioned legislation and furthermore subject to Customs Regulations, economic and tax regulation in force. The request for a licence will be submitted to the Ministry of Cultural Heritage and Activities, Export Bureau, only after the payment of the lot is complete and at the written request of the Buyer. Mediartrade shall not be responsible for any restriction to the export of awarded lots, and much less for any licence or permit that the Buyer must obtain under the current Italian law. For the objects subjected to notification by the State pursuant to Legislative Decree 22.01.2004 n. 42 (Code of Cultural Heritage) and ss.vmm., buyers are required to comply with all the applicable laws. In case the national competent authorities exercise the right of first refusal to purchase a lot under the aforementioned decree, the Buyer will have no right to receive from Mediartrade or the Seller any refund over the interests on the sales price and on the purchase commission, if already paid. 9.3 For objects subject to notification by the State pursuant to Legislative Decree 22.01.2004 n.42 (c.d. Code of Cultural Heritage) and subsequent. Buyers are required to comply with all applicable legislative provisions. 9.4 In case of exercise of the preemptive right by the State, the contractor cannot request from Mediartrade or the Seller any refund of any interest on the price and on the auction commissions already paid. 10. VIEWING AND EXAMINATION OF ART PIECES It is possible to view and examine the lots of interest by appointment, upon written notice by email to info@mediartrade.com or by contacting the auction house through the contact details on the website. Whoever may be interested will have the opportunity to get a comprehensive view of their characteristics, including conservation status, actual dimensions and overall quality. As a consequence of that, the successful bidder shall not question any error or inaccuracy that may be present on the catalogue or on the disclosures, or any discrepancy between the photo and the actual piece for sale, and therefore, the mismatches (whether pertaining to the year of creation, or references to any publication of the piece, execution technique and materials on which, or with, the piece was created) between the information written on the catalogue and the actual characteristic of the awarded piece. The lots auctioned by Mediartrade are sold in the conditions and conservation status shown during exposition; therefore any reference contained in the catalogue description is fully comprehensive. It is possible to request a condition report of the lot of interest. After the award of the lot, Mediartrade does not allow disputes, and is relieved of all responsibility and defects relating to the information regarding the lots on sale. The objects presented may show defects or imperfections caused by breaks, faults, replacements or restorations, not necessarily specified in the catalogue. With regards to electrical or mechanical goods, it is specified that no verification is carried out before the sale and the buyer assumes all responsibility for the functioning of the objects. The movements of the watches are to be considered not overhauled. The information on silver and metal punches, carat weight and weight of gold, diamonds and coloured stones are completely indicative and approximate, for this reason Mediartrade is not responsible for any errors in the description of the lots indicated above and for forgery to the art of precious objects. Mediartrade, at the request of the buyer and at his own expense, will issue surveys carried out by gemmological laboratories; in any case the aforementioned surveys, if presents, will be cited for information in the catalogue. Rare books and manuscripts: are not accepted complains concerning trimmed papers, stains, damage to the binding, wormholes and any other defect that does not affect the completeness of the text and/or illustrative apparatus, insertions, lack of table indexes, white sheets, appendices and supplements following the publication of the work; are not accepted also complains relating to books not fully described in the catalogue. Protected species: it is specified that for coral, ivory, turtle, crocodile, whale bones, rhino horns, etc. a CITES export license is required, issued by the Ministry of the Environment and the Protection of the Territory. Potential buyers are invited to inquire at the destination country about the laws that regulate these imports. Any written or verbal statement provided by Mediartrade, including those contained in the catalogue, reports, comments or evaluation regarding any characteristic of the lot, such as authorship, authenticity, origin, allocation, date, age, historical period, cultural origin, quality (including market value and price), are purely based on opinions and are therefore subject of review and modification by Mediartrade, before the lot is put for sale. Mediartrade and its staff, collaborators, management and consultants are not responsible for any error or omission that may be found in said statements. Any liability that Mediartrade has towards the Buyer, is limited to the clearing price and the purchase commission paid by the Buyers to Mediartrade. With the exception of wilful misconduct or gross negligence, Mediartrade, i.e. its staff, collaborators, management and consultants shall not be responsible for any act or omission regarding lot preparation or the direction of the auction or any inconvenience related to the lots on sale 11. COUNTERFAITING 11.1 According to Mediartrade?s opinion, counterfeiting means the imitation of a lot offered for sale, not described as such in the auction catalogue, created for the purpose of deception on paternity, authenticity, origin, attribution, source, date, age, period, which at the date of the sale had a lower value than the one which would have had if the lot had corresponded to the description of the auction catalogue. A lot that has been restored or subjected to modification of any nature (including repainting or over-filling) does not constitute a counterfeit. 11.2 If a lot appears to be counterfeited, after a successful awarding, Mediartrade shall give a refund to the Buyer that asked for the recession of the sales contract, after the lot has been returned to Mediartrade, consisting of an amount equal to the clearing price and the purchase commissions paid, both expressed in the currency used to pay the lot in the first place. 11.3 Mediartrade?s obligation is under the condition that, within 5 years from the purchase, the Buyer communicates writing to Mediartrade, within 90 days from the date in which information has been received suggesting that the lot might be counterfeited, number of the lot, date of auction in which the lot was purchased and motivations according to which the Buyer has reasons to believe the lot is counterfeited; is able to return the lot to Mediartrade, free from any claim or pretence coming from third parties that surfaced after the date of purchase and the lot will be in the same conditions in which it was when it was sold; provides Mediartrade with at least two reports coming from professionals or experts in the field, stating the reasons why it is believed that the lot is counterfeited. Mediartrade will not be bound by the opinions provided by the buyer and it reserves the right to ask other additional opinions of other experts at its own expense. 11.4 Mediartrade will not perform a refund if the description on the catalogue complied with generally accepted opinions from experts at the time the lot was sold or that indicated the authenticity and lot attribution as controversial; or at the time of publication on the catalogue the counterfeiting of the lot could be proven only with unsuitable examinations, that were too expensive or might have reasonably damaged the lot or would have lowered the overall value. 12. TRANSFER OF RISK 12.1 A purchased lot is entirely at the Buyer?s risk from the date between those in which the buyer: a) fully pays the amount due for the lot; b) from the date on which the 3-day term from receipt of the invoice begins. 12.2 The Buyer will be refunded for any loss or damage that will occur after the lot has been sold and before the risk transfer occurs. The refund shall not be higher than the amount of the clearing price, in addition to the purchase commission received by Mediartrade. 12.3 With the exception of wilful misconduct or gross negligence, Mediartrade shall not be responsible for the loss or damage on frame/glass containing or covering prints, paintings or any kind of art piece unless the frame/glass is, in fact, the actual lot purchased. 12.4 Mediartrade will be in no case liable for the loss or damaging that happened after any transaction (including restoring procedures, action on frames or overall cleaning operations) done by independent experts entrusted by Mediartrade with the consent of the Seller (or Buyer) of the lot; and deriving, directly or indirectly from: a) Humidity and temperature shifts; b) Normal wear and tear or gradual decay deriving from the operation on the lot and/or hidden defect (including woodworms or other parasites); c) Technical treatment errors; d) War, nuclear fission, radioactive ontamination, chemical weapons, including biochemical and electromagnetic weapons; e) Terrorist acts. 12.5 Labels, markings and seals present on the art pieces that attest property and any subsequent transfer of ownership of the lot, will be guaranteed by Mediartrade as existing, only until the Buyer collects the purchased lot. 13. IMPORT Lots temporarily imported from extra-EU countries as stated in the catalogue, will be subject to VAT on the entire value (clearing price + Auction house rights) once they get permanently imported. 14. APPLICABLE LAW AND JURISDICTION The contractual relationship between Mediartrade and the buyer is governed by Italian law. The application is reserved to users who do not have their habitual residence in Italy of any provisions that are more favourable and mandatory provided for by the law of the country in which they have their habitual residence. For any dispute concerning the application, execution and interpretation of the General Conditions of Sale, the jurisdiction of the country where the user resides or has elected domicile is the competent court. The user who resides in a member state of the European Union other than Italy, can also access, for any dispute relating to the application, execution and interpretation of these General Conditions of Sale, to the European procedure established for the disputes of modest entity, by Regulation (EC) n. 861/2007 of the Council, of 11 July 2007, on condition that the value of the dispute does not exceed, excluding interest, rights and expenses, Euro 2,000.00. The text of the regulation can be found on the eurlex. europa.eu website. According to the art. 141-sexies, paragraph 3 of the Consumer Code, Mediartrade informs the user who qualifies as a consumer pursuant to art. 3, paragraph 1, lett. a) of the Consumer Code, which, in the event that he has submitted a complaint directly to Mediartrade, after which it was not possible to resolve the dispute thus arisen, Mediartrade will provide information on the body or bodies of Alternative Dispute Resolution for the outof- court settlement of disputes relating to obligations arising from a contract concluded on the basis of these General Terms and Conditions of Sale (cc.dd. ADR bodies, as indicated in articles 141-bis and following the Consumer Code). The user will decide whether he intends to use these bodies to resolve the dispute. Mediartrade also informs the user who holds the status of consumer pursuant to art. 3, paragraph 1, lett. a) of the Consumer Code, which established a European platform for the online resolution of consumer disputes (so called ODR platform). The ODR platform can be consulted at the following address http://ec.europa.eu/consumers/odr/; through the ODR platform the consumer user can consult the list of ADR entities, find the link to the site of each of them and start an online resolution procedure for the dispute in which they are involved.