Modern and contemporary art no.17-18

Rules of offer. Picenum's auction is a sale of items to the best bidder; the sale has a variable duration, weeks pre-auction and auction day, during the whole period, the people, who are interested in it, can make offers, upon prior registration of their personal data on the Website or using specific forms. They can make offers online, or via a form that has to be sent by post, by fax or they can make offers directly at the Picenum premises. The items can be viewed at the company premises. The day of the auction, the auctioneer will go through each item to receive the concluding offers, including those from the buyers on site too. During the auction, the auctioneer can change the order of the lots, coupling or separating them. Those who participate in the auction at the Auction house Picenum, they must collect their attendance number at the administrative office. No claim on the preservation status of the items is allowed: it will be described in the description of each item, with photographic or didactic material too. The Auction House Picenum acts as exclusive representative, on its own name and on behalf of each seller, whose name is registered in the specific Public Safety register. Minimum Bid Increment: 20 Increment > 0 to 200 50 Increment > From 200 to 500 100 Increment > From 500 to 2.000 200 Increment > From 2.000 to 5.000 500 Increment > From 5.000 to 10.000 1.000 Increment > From 10.000 to 50.000 5.000 Increment > From 50.000 on Picenum will publish the items with a low and a high estimate, they can fix an initial Auction base or a confidential reserve price, i.e. the lowest price the seller will accept: if not reached during the auction, item won't be sold. The auction offers do not include the buyer's premium fee, that is the auction fee a successful buyer has to pay to Picenum Auction House. Therefore the successful buyer of an item at auction, will have to pay Picenum a buyer's premium fee of 25%(+5% website fees), calculated on the auction clearing price. Estimates and descriptions might be subject to change in the days prior to the auction day. Those who are unable to attend the auction can rely on the Absentee Bid (or written bid): the interested party can submit the appropriate absentee bid form where they will specify the maximum bid the auctioneer must bid up on their behalf. Margin scheme: Sales by Picenum by virtue of commission relationship signed with private customers or with VAT subjects, operating in the margin scheme, they will be subject to the margin scheme, laid down in Article 40a bis Legislative Decree No. 41/95. For these sales, Picenum won't charge VAT on the services provided to the buyer, nor on the auction clearing price. The VAT system is not applicable to the sales of goods coming from VAT subjects, which have already deducted the tax on the purchase and is not applicable to the sales of temporarily imported goods, cases that are governed by the general rules in force. The VAT on the auction clearing price can be reimbursed only in the event of a proven Extra-EU exportation, within 3 months from the date of sale, whose documentation is received by Picenum within 4 months from the above mentioned date. VAT on the buyer's premium fee and on the auction clearing price is not applicable to the non-Italian VAT subjects, who reside in EU countries. Payment and delivery rules As the auctioneer brings down the gavel, the lot is awarded and in that moment the buyer assumes the whole responsibility of the lot. The results of the sale will be published after the auction. Buyers must pay the auction clearing price and the buyer's premium fee within 10 days from the end of the auction, with traceable payment instrument (bank transfer, PayPal or cashier's cheque). Awarded items must be collected within 20 days from the end of the auction: after this term, item(s) will be moved to an external storehouse. We won't accept any a posteriori claim regarding the integrity of the work, from buyers who have viewed and confirmed the lot. Buyer(s) can pay by bank transfer, PayPal, cashier's cheque. Payment is due within 10 days after the auction. Bank details: Beneficiary name: PICENUM di Iwan e Juri Fortunato s.n.c. Bank: CREDITO VALTELLINESE Branch: Agenzia di MACERATA IBAN: IT92V0521613400000000001098 BIC SWIFT: BPCVIT2S Item(s) can be collected at the Picenum premises (Piazza Vittorio Emanuele II No. 9-11, 62011Cingoli), upon prior appointment by email (info@picenumart.com) or by phone (+39 0733 1898094). Buyers can select the shipping option themselves: Item(s) can be shipped by a courier chosen by Picenum or by an armoured transporter or by a courier chosen by the buyer. Only for payments by bank transfer shipping will be carried out subsequently to the effective transfer of the amount, in compliance with the timing of the bank circuits. Failure to pay at the agreed terms will void the sale and the item will be declared unsold. Picenum, without prejudice to compensation for other damages, can: 1. Enforce the contractual purchase obligations; 2. Arrange a resale of the lot, through private treaty or in a following auction, keeping as a penalty any amount already paid by the buyer. Picenum will retain the item at the buyer's own risks and expenses until it will be sold or returned to the seller. In any case, the buyer will be required to pay the auction house Picenum a penalty equivalent to the interests, calculated on the auction clearing price in addition to the buyer's premium fee. Exportation of lots dating back more than 70 years is governed by the rules of Ministero Italiano per i Beni e le Attivit? Culturali, Ufficio Esportazione (Italian Ministry of Cultural Heritage and Activities, Exportation Office). Picenum can provide no assurance about granting the national authorisation for export (the so-called certificate for free circulation) nor give information about the time needed to issue it. Failure to grant above mentioned authorisation cannot justify the annulment of the purchase nor the non-payment. These rules are governed by the Italian Law. The present sales conditions are automatically accepted by those who attend the auction and they are available to those who wish to consult them. The court of Macerata has been established as the competent court for any legal dispute. Please note that the derogation clause to the court of the consumer has been individually negotiated and the principal declares to accept its terms. Please feel free to contact Picenum for further information: Picenum di Iwan & Juri Fortunato s.n.c., Piazza Vittorio Emanuele II 9-11, 62011, Cingoli (MC) Phone 0733 1898094 fax 0733 604569 info@picenumart.com

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