ARS GRATIA ARTIS

1) Bolli&Romiti acts as an agent on an exclusive basis in its name but on behalf of each seller, according to article 1704 of the Italian Civil Code. Sales is meant to be concluded between the seller and the buyer, therefore Bolli&Romiti is only responsible towards the buyer or other parties for what concerns its agent activity. All responsibilities pursuant to art. 1476 and following the Italian Civil Code are taken on the seller. Items are sold to the highest bidder and sales are meant to be in cash. The auctioneer's hammer coming down defines the end of the bidding and the execution of the contract between seller and buyer. 2) Properties on sale could be antique secondhand goods. Therefore, the definition reported under clause 3 letter ?e? of the Italian Consumer?s Code (D.lgs. 6.09.2005, n. 206) is not applicable. The selection of the items to include in a particular auction is exclusively made by Bolli&Romiti, that will guarantee the identification of the most adequate auction to achieve the highest price for sellers? properties. 3) Before the auction, Bolli&Romiti puts most of the lots from its sales on public display. The presale exhibitions are aimed at allowing a deep evaluation of authenticity, attribution, condition, provenance, origin, date, age and quality of the lots, with the purpose to clarify any possible puzzlement or inaccuracy in the catalogue. Bolli&Romiti experts will be pleased to provide prospective bidders any additional information, backed-up by the documentation available. Any opinion or Condition Report which Bolli&Romiti may produce does not reflect an exhaustive description and some restorations or imperfections may not be mentioned; our experts? statements are purely subjective and do not substitute a direct examination by the prospective buyer. In fact, the descriptions included in the catalogues are simply indications reflecting personal opinions and we encourage potential buyers to inspect each item carefully before bidding. Once the sale is concluded, no claim regarding restorations, defects and catalogue mistakes will be admitted. Mechanical and electrical goods (clocks, lamps, automat, etc.), are considered for their aesthetical value only; Bolli&Romiti does not guarantee that they are in working order. 4) Bolli&Romiti offers all items for sale at auction ?as is?, meaning that properties are sold with all existing faults and imperfections as cracks, restorations, lacks or substitutions. Such defects, even if not explicitly reported in the catalogue, cannot be contested in a dispute after the sale. Antiquities, for their own nature, may have been restored or modified (e.g. overpainted) and complaints related to such interventions cannot be accepted. 5) Descriptions and illustrations in the catalogues or in any other visual material are exclusively meant to identify the items and reflects opinions, therefore they can be modified before the auction. Concerning the catalogue, Bolli&Romiti is not responsible for mistakes and omissions that may occur, nor counterfeiting can be supposed, since there is no implicit or explicit guarantee regarding the items on sale. Illustrations in the catalogue should not be considered exact representations of the state of preservation of the properties. 6) XX and XXI century artworks (Modern and Contemporary art) are usually followed by certificates of authenticity and other documents provided by official foundations, archives or other entities, properly reported in catalogue. No other certificate, appraisal or opinion requested or presented after the sale will be considered as valid grounds for objections regarding the authenticity of any artwork. 7) All the information regarding hall-marks of metals, carats and weight of gold, diamonds and valuable gems must be considered as purely approximate; Bolli&Romiti is not responsible for possible mistakes or falsification of valuable items nor for their authenticity certificates. Bolli&Romiti does not guarantee authenticity certificates issued by independent gemmological laboratories, even if the presence of such references is reported in the catalogue. 8) Concerning books, successful bidders are not entitled to dispute any damage (e.g. bindings, foxing, wormholes, trimmed pages or plates or any other defect) not affecting the integrity of texts and/or illustrations, nor missing indices of plates, blank pages, insertions, supplements and additions supposed to be subsequent to the date of publication of the work can be disputed. 9) Any dispute regarding knocked down items will be handled by, on one hand, Bolli&Romiti experts and, on the other end, a qualified expert appointed by the party involved. A registered return mail must be submitted within fifteen days from the bid; no dispute after this period will be admitted. If the complaint reveals to be legitimate, the successful bidder will be refunded upon the return of the item, excluding any other pretence or expectation. If, within three months from the discovery and no later than five years from the sale, the buyer claim the fact the item sold is a fake, if the buyer returns such item free from third party rights and in the same conditions as it was at the time of the sale, Bolli&Romiti shall be entitled, at its discretion, to nullify the sale and disclose to the buyer the name of the seller, giving prior notice to him. Making an exception to the conditions above mentioned, Bolli&Romiti will not refund the buyer if the description in the catalogue was generally shared among scholars and experts at the time of the sale or if the authenticity or attribution of the lot was said controversial, and if, at the time of the auction, the forgery could have been recognized only by complex or expensive examination, or by analyses that could have damaged the object or reduced its value. 10) The auctioneer may accept absentee bids from those who cannot or do not wish to attend an auction. Telephone bids may or may not be accepted according to irrevocable judgment of Bolli&Romiti and submitted to the auctioneer at the bidder?s risk. Phone bids are for free and bidders accept their phone bids to be recorded. No claim referring to any mistake concerning written, phone or live offers, or referring to any non-recorded bid will be accepted. 11) Properties are knocked down by the auctioneer to the highest bidder. In case of dispute between two or more bidders on a particular knocked down item, the bid must be re-open starting from the latest registered bid. During the auction, the auctioneer is entitled to: withdraw a lot, make bids to reach the reserve price, as agreed between Bolli&Romiti and the seller, and take any action he deems suitable to the circumstances, as sum up / separate lots or change the order of sale. 12) Prospective bidders attending the auction must be registered presenting an ID and providing personal information such as current address and, possibly, bank references or equivalent guarantees. They will be given a ?personal number? reported on a paddle. To place a bid, prospective bidders are invited to raise their paddle until the auctioneer acknowledges the winner. To pay for the purchase, winning bidders will need to bring the paddle to the payments counter. Buyers who have not provided ID and current address in advance must do it immediately after a knock down. Bolli&Romiti reserves the right to deny anyone the participation to the auction and to reject offers from unknown or unwelcome bidders, unless a deposit covering the entire value of the desired lot is raised or an adequate guarantee is provided. In case of late or missed payments from a purchaser, Bolli&Romiti is allowed to refuse any other offer from him or from a representative of him in the following auctions. 13) The commission paid to Bolli&Romiti by the buyer is 25% on the hammer price, including VAT. Any other possible tax or duty is on the buyer. 14) The buyer can make a down payment after the sale and settle the residual balance within three working days, before collecting the item(s) at his risk and expense; anyway, the withdrawal must be completed within ten days from the knock down. In case of total or partial non-payment of the due amount within the deadline, Bolli&Romiti is allowed to: a) return the good to the seller and demand from the buyer the payment of the commission; b) act in order to obtain a compulsory payment; c) sell the item privately or in a following auction in the name and at the expenses of the purchaser, according to art. 1515 of the Italian Civil Code and possibly asking for a compensation for the damages. After ten days from the auction, Bolli&Romiti is not responsible towards the buyer for any deterioration or damage of the item(s) and is entitled to apply storage and transportation fees to and from the warehouse according to fees available on request. All risks for items? damage and/or loss are transferred to the buyer, who is allowed to withdraw the purchased items upon the payment, to Bolli&Romiti, of the hammer price plus commissions and any other fees concerning the packing, handling, transport and/or storage of the items. 15) Concerning items subjected to the D.lgs. 22.01.2004 n. 42 (i.e. Codice dei Beni Culturali) and related regulation, buyers must observe all existing legislative dispositions but, if the Italian State claims its pre-emptive right, no reimbursement or interest on commission on the hammer price already paid can be expected from Bolli&Romiti or the vendor by the buyer. The exportation of lots by the buyers, both resident and not resident in Italy, is regulated by the above mentioned law and by any other possible custom, financial and tax rule in force. The export of items of 70 years old and more is subjected to the release of an export license from the competent Authority. Bolli&Romiti does not take any responsibility towards the purchaser for any possible export restriction of the items sold, nor for any possible license or certificate to be obtained according to the Italian law. 16) Bolli&Romiti Logistics partners can advise buyers about exportation and shipping of purchased item/s. For any support please contact info@bolliromiti.it 17) Concerning the exportation of items of protected species (e.g. coral, ivory, turtle, crocodile, whale bones, rhinoceros? horns, etc.), a CITES export license released by the Ministry for the Environment and the Safeguard of the Territory must be released. Prospective bidders are asked to get all the necessary information concerning the laws on these exports in the countries of destination. 18) The Droit de Suite or Artist Resale Right is due by the seller (Italian State Law n. 663, clause 152, April 22nd, 1941, replaced by Decree n. 118, clause 10, February 13th, 2006). 19) Evaluations reported in the catalogue are in Euros and represent a mere approximation. These values can be equal, higher or lower to the reserve price agreed with the sellers. 20) These Conditions of Sale, regulated by the Italian law, are silently accepted by anyone who is willing to take part in the auction and are at everyone?s disposal. All controversies concerning the sales activity at Bolli&Romiti are regulated by the Court of Rome. 21) According to art. 13 D.lgs. 196/2003 (Privacy Code), the personal information submitted to Bolli&Romiti both in soft or hard-copy will be used to execute the sales contracts and the other activities concerning the social object of Bolli&Romiti. The provision of personal data is optional but it is fundamental for the execution of the contracts. The registration at the auctions gives Bolli&Romiti the opportunity to send its customers the catalogues of the following auctions and keep them update about any other initiative. 22) Any communication regarding the auction must be done by registered return mail addressed to: Bolli&Romiti S.r.l. Via Beatrice Cenci, 9, 00186 - Rome, Italy