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1. DEFINITIONS Terms and expressions with capital letters shall have the meaning indicated below. Buyer : the natural or legal person who, at auction, makes the highest bid, as ascertained by the auctioneer. Consumer Code : Legislative Decree 6 September 2005, n. 206 and subsequent amendments. Cultural Heritage Code : Legislative Decree 22 January 2004, n. 42 and subsequent amendments. Purchase Commission : the fee owed to Spangaro & Co Aste by the Buyer in relation to the purchase of the lot, of an amount (including VAT, if applicable) equal to: - 30% (thirty percent) of the Price, for the part of the Price up to ?2,000.00; - 25% (twenty five percent) of the Price, for the part of the Price exceeding ?2,000.00 and up to ?200,000.00; - 20 % (twenty percent) of the Price, for the part of the Price exceeding ?200,000.00. General Conditions of Sale : these general conditions of sale at auction. Consumer : the subjects referred to in Article 3, paragraph 1, letter a), of the Consumer Code. Commission Agreement : the commission agreement entered into between Spangaro & Co Aste and the Seller. Total Amount Due : the amount equal to the sum of the Price, the Purchase Commission and the Expenses. Price : the price at which the lot is awarded at auction by the auctioneer to the Buyer. Reserve : the minimum price at which the Seller, in the Commission Contract, has previously confirmed to Spangaro & Co Aste his consent to sell the lot. Site : the Internet site www.spangaroandco.com and any other Internet site on which the Auction is held. Spangaro & Co Auctions : Piccolo Oro di Spangaro & C Srl, with registered office in Udine, Via Mazzini n. 4, tax code and VAT number 01226150306. Expenses : in relation to the purchase of a lot, all expenses owed by the Buyer to Spangaro & Co Aste, including taxes of any kind, packaging and shipping costs, costs of recovering the sums owed by the defaulting Buyer, any costs of reproducing the lot or of its appraisal and/or authentication, the resale right, if applicable, which the Buyer undertakes to pay and which the Seller would be required to pay pursuant to Article 152, paragraph 1, of Law 22 April 1941, no. 633. Pre-Sale Estimate : the amount indicated in the auction catalogue as the sales estimate for each lot. Seller : the natural or legal person who owns the lot and grants Spangaro & Co Aste, as agent without representation, the exclusive right to offer the lot for sale at auction. If a lot in co-ownership is offered for sale, the term Seller indicates each of the co-owners of the lot, collectively and jointly with each other. 2. SPANGARO & CO AUCTION SERVICES. 2.1. Spangaro & Co Auctions : (i) organizes and manages the auction; (ii) upon written assignment, provides a report on the conditions of the lots (so-called condition report ); (iii) acts in the name and on behalf of one or more Sellers, as an agent without representation, where so appointed pursuant to the Commission Contract stipulated with them. 3. NATURE OF THE AUCTION Sale with retention of title . 3.1. Auctions organized by Spangaro & Co Aste concern sales with reservation of ownership, pursuant to articles 1523 to 1526 of the civil code. Therefore, the Buyer acquires ownership of the awarded lot with the full payment of the Total Amount Due. 'as is' buying and selling . 3.2. The lots are sold 'as seen and liked', in the actual state in which they are found, with the express exclusion of any guarantee for hidden defects and for any defect, imperfection and error in description. 3.3. The functioning and safety of lots which have, in whole or in part, an electrical or mechanical nature are not verified before the sale and are purchased by the Buyer at his own risk, unless otherwise indicated in writing by Spangaro & Co Aste. 3.4. of explicit references to the condition of the lot in the catalogues and condition reports does not imply that the lot is free from imperfections or defects. 3.5. Before participating in the auction, it is the responsibility of each interested party to examine, possibly also with the advice of an expert or restorer of his/her choice, the lot and the relevant documentation, in order to verify its conformity with the description in the catalogue and, if necessary, to request the opinion of a third party on the characteristics of the lot, such as authorship, authenticity, provenance, attribution, origin, date, age, period, condition and completeness, and on the qualities, including the price or value. 4. BEFORE THE AUCTION Auction catalogue 4.1. The amounts indicated in the auction catalogue as Pre -Sale Estimate are merely indicative and, in any case, do not include the Purchase Commission, Expenses and VAT, if applicable. 4.2. For each lot the auction catalogue may contain the following symbols: - [?] - Minimum guaranteed amount . The symbol indicates that the Seller has been guaranteed a minimum amount within one or more auctions. - [?] - Without Reserve . The symbol indicates that no Reserve is foreseen for the lot. - [?] - Resale Right . The symbol indicates that the lot is subject to resale rights pursuant to Article 152, paragraph 1, Law 22 April 1941, n. 633 and subsequent amendments. - [?] - Property of cultural interest . The symbol indicates that the lot is of cultural interest or that the procedure for declaring it as being of cultural interest pursuant to the Cultural Heritage Code has been initiated in relation to it. - [??] - Goods under temporary importation regime . The symbol indicates that the lot is subject to the temporary importation regime referred to in Article 72 of the Cultural Heritage Code or that temporary importation has been requested for the lot. Inspection of goods 4.3. When Spangaro & Co Aste displays the lots subject to auction for the benefit of interested parties, anyone wishing to obtain more information on a lot on display must request the assistance of personnel specifically indicated by Spangaro & Co Aste. Inspection of the lots is also permitted, provided that it takes place in the presence of Spangaro & Co Aste personnel. 5. THE AUCTION How it works 5.1. The auction takes place in person, at the place and time indicated in the relevant notice, and also by telephone and/or via the Internet, as indicated from time to time in advance in writing by Spangaro & Co Aste. 5.2. If the Buyer is a Consumer, sales concluded at auction constitute distance contracts pursuant to and for the purposes of Articles 45 et seq. of the Consumer Code. Admission to auction 5.3. Admission to the auction is permitted only with the prior written approval of Spangaro & Co Aste which, at its sole discretion, has the right to refuse its consent. 5.4. In this regard, anyone intending to participate in the auction must submit to Spangaro & Co Aste, within the terms and according to the procedure established depending on the desired participation method, the application form filled out in all its parts and must provide Spangaro & Co Aste with the following data and information (the 'Admission Requirements'), under penalty of invalidity of the participation request: (i) the identifying data and information required by the applicable provisions for the adequate recognition of customers; (ii) consent to the processing of personal data; and (iii) as an essential and necessary condition for making offers for goods with a starting price higher than Euro 5,000.00 (five thousand), the complete details of the means of payment that you intend to use in the event of winning the lot (for example, details of your credit card, bank account, etc.); (iv) as an essential and necessary condition for making offers for goods with a starting price higher than Euro 35,000.00 (thirty-five thousand), in addition to the data referred to in the previous point (iii), also a letter from the credit institution where the funds are held that you intend to use for any payment certifying the availability of an amount equal to 150% (one hundred and fifty percent) of the amount indicated as the starting price of the lot. 5.5. It is permitted to participate in the auction on behalf of others. In this case the applicant, in addition to the data, information and documents indicated in the previous article 5.3 , must, under penalty of invalidity of the participation request: (i) attach to the participation request a suitable written power of attorney, having the validity requirements prescribed by Italian law, issued by the represented party; and (ii) attach to the participation request a copy of a legally valid identity document of the represented party; (iii) to jointly and severally undertake with the represented party towards Spangaro & Co Aste in relation to all the obligations of the represented party in relation to participation in the auction, confirming their consent in writing in the participation request form . 5.6. The request to participate in the auction implies the express acceptance of these conditions, even by way of risk. 5.7. In case of admission to the auction, Spangaro & Co Aste will confirm: (i) to applicants in the room, through the delivery of a special numbered, nominative and personal paddle of the approved subject; (ii) to applicants by telephone, via SMS message, containing the access credentials; (iii) to applicants via the Internet, by sending a specific email containing the access credentials. 5.8. The numbered paddle or access credentials are strictly personal to the person authorised to participate in the auction, who must keep them with the utmost care and must not disclose them or allow their use by any third party. 5.9. Any loss of the paddle or login credentials must be immediately reported to the auctioneer's assistant, who will provide the participant with a new paddle or new credentials. At the end of the auction, the paddle must be returned to the registration desk. Auction management 5.10. The auction is conducted by the auctioneer, starting from the offer he considers adequate, based on the value of the lot and the competing offers. 5.11. The auctioneer may open the bidding on each lot by making a bid in the interest of the Seller. The auctioneer may also make bids in the interest of the Seller, up to the amount of the Reserve, by making consecutive bids or in response to other bids. 5.12. The Auctioneer may, in his sole discretion and at any time during the auction: (i) withdraw a lot from the auction; (ii) reformulate an offer to sell a lot, if he has reason to believe that there is an error, or a dispute or even just a simple misunderstanding; and (iii) take any action it deems appropriate under the circumstances, such as combining or separating lots or changing their order of sale, provided that the lot is not offered outside of the auction. (iv) to refuse any bid, withdraw any lot, re-offer a lot for sale (including after the fall of the hammer) if he or she believes there may be error or dispute and take such other action as he or she deems reasonably appropriate, inlcuding and not limited to any bid received by the auctioneer via third party platform such as but not limited to LiveAuctioneers.com, Invaluable.com and Drouot.com. Spangaro & Co Aste shall have no liability whatsoever for any such action taken by the auctioneer. If any dispute arises after the sale, our sale record is conclusive. The auctioneer can, in the case of error or dispute related to bidding and whether during or after the auction, determine the successful bidder, cancel the sale, or reoffer and resell any lot. If you believe that the auctioneer has accepted the successful bid in error, you must provide a written notice detailing your claim within 3 business days of the date of the auction. The auctioneer will consider such claim in good faith. If the auctioneer, in the exercise of his or her discretion, decides after the auction is complete, to cancel the sale of a lot, or reoffer and resell a lot, will do so in good faith and he or she will notify the successful bidder no later than by the end of the 7th calendar day following the date of the auction. The auctioneer's decision in the exercise of this discretion is final. Provided that the bidder holds no knowledge of the reserve of any lot, the Auctioneer may accept bids from an affiliated company to Spangaro & Co Aste. Offers - Common provisions 5.13. Bids may only be made in person by the person admitted to participate in the auction. 5.14. Increases are permitted as indicated by the auctioneer. 5.15. best bid " or " subject to viewing " bids are permitted , nor are they conditional or formulated as an alternative for multiple lots. 5.16. Valid and timely offers will compete in the auction, in order to obtain the award of the lot at the highest Price, provided that it is higher than the Reserve. 5.17. In the event of doubts regarding the offered Price or the bidder, anyone interested has the duty to express such doubts immediately to the auctioneer. 5.18. At the end of the auction, Spangaro & Co Aste will confirm the award of the lot and will give confirmation of this to the Buyer. Offers in the Hall 5.19. Bids in the room are only permitted if made using a special numbered paddle. If you win a lot, please make sure that the paddle can be seen by the auctioneer and that the number indicated on it is the one that was announced . Written Offers 5.20. Written bids are made using the specific bid form, attached to the auction catalogue, or provided by Spangaro & Co Aste. The form, under penalty of invalidity, must be filled out clearly in all its parts and accompanied by the required documentation and, under penalty of forfeiture, must be received by Spangaro & Co Aste at least two (2) hours before the auction. The amounts indicated in the bid form must be understood as maximum amounts. Unlimited bids or offers without an amount will not be valid. Telephone Offers 5.21. Telephone bids are made using the specific bid form, attached to the auction catalogue, or provided by Spangaro & Co Aste. The form, under penalty of invalidity, must be filled out clearly in all its parts and accompanied by the required documentation and, under penalty of forfeiture, must be received by Spangaro & Co Aste at least two (2) hours before the auction. 5.22. Spangaro & Co Aste will contact by telephone all those who have made valid and timely telephone offers. 5.23. If Spangaro & Co Aste is unable, for any reason, to contact the bidder by telephone, it may make bids on behalf of the bidder up to an amount equal to the maximum bid indicated in the bid form, taking into account the Reserve and other bids, in order to obtain the award of the lot at the most convenient Price. 5.24. Spangaro & Co Aste reserves the right to record telephone bids for the purposes of certainty and clarity, also in the interest of the bidder, subject to the bidder's consent. Internet Offers 5.25. Participating in an auction via the Internet allows you to see and hear the auctioneer and place bids in real time. 5.26. Each participant in the Internet auction undertakes not to use any software or any tool to influence or interfere (even only potentially) with the progress of the auction and undertakes to use the Site and any of its applications with correctness and good faith. 5.27. Bidding via Invaluable / Liveauctioneers / Drouot. Liveauctioneers platforms feature a live video stream of the auction that can be accessed from a computer or mobile device. You can bid before and during the auction from anywhere in the world. For iOS or Android mobile devices, you may need to download an app to bid. Users must have an account created and approved for the auction in order to bid. New customers must create an account at least 48 hours before the sale. For users of the Invaluable and Liveauctioneers platforms, an additional 5% fee will be charged on top of the hammer price and buyer's premium. For users of Drouot platform, an additional 3% fee will be charged on top of the hammer price and buyer's premium. Award 5.28. The lot is awarded with the auctioneer's hammer blow, which determines the acceptance of the highest valid bid (provided it is higher than the Reserve) and, consequently, the conclusion of the contract for the sale of the lot and the relative Price. In the event of multiple bids at the same price, the written bid will prevail over the bid formulated in the Auction Room and the latter over the one via the Internet. In the event of multiple bids at the same price formulated with the same channel, the bid formulated first will prevail. 5.29. For goods of cultural interest, the Seller will report the sale to the competent Ministry pursuant to Article 59 of the Cultural Heritage Code and the sale will be subject to the suspensive condition of the failure of the competent Ministry to exercise the right of pre-emption within sixty (60) days from the date of receipt of the report, or within the greater term of one hundred and eighty (180) days pursuant to Article 61, paragraph 2, of the Cultural Heritage Code. Pending the term for the exercise of the pre-emption right, the lot cannot be delivered to the Buyer, as provided for by Article 61 of the Cultural Heritage Code. 5.30. If the Buyer is a Consumer, the sale is also governed by the Consumer Code. In this case, however, pursuant to Article 59, paragraph 1, letter m), of the Consumer Code, pursuant to Article 45, paragraph 1, letter o), of the Consumer Code, the Buyer will not have the right of withdrawal provided for distance contracts, as the sale is concluded at a public auction. Payment of the Total Amount Due 5.31. The Buyer will pay the Total Amount Due no later than five (5) days from the day of the award or, in the cases referred to in the previous article 5.28 , from the day of failure to exercise the pre-emption right. 5.32. Payment will be made to Spangaro & Co Aste, as the Seller's collection agent under the Commission Agreement, as follows: - in cash, for amounts within the maximum limit permitted by the applicable provisions; - by bank transfer, to the following current account opened by Spangaro & Co Aste: Bank: Credit Agricole Italia SpA IBAN: IT22V0623012304000015929148 ABI: 06230 CAB: 12304 BIC: CRPPIT2P401 - by debit card, Visa or Mastercard credit card (not American Express), provided that the payment is made by the cardholder or by the holder of the relevant account. 5.33. Spangaro & Co Aste reserves the right to check the origin of payments received and not to accept payments from people other than the Buyer. 5.34. In the event of late payment, default interest will be applied at a rate of five percent (5.00%) per annum and Spangaro & Co Aste will be entitled, at its option, to: (i) request the fulfillment, or to terminate the sales contract pursuant to Article 1456 of the Civil Code, without prejudice in any case to the right to compensation for damages; or (ii) have the lot sold on behalf and at the expense of the Buyer, pursuant to Article 1515 of the Civil Code. Delivery of the awarded lot. 5.35. Co Aste headquarters within and no later than thirty (30) working days from the day of the award, provided that it has previously received full payment of the Total Amount Due. 5.36. In the event of late payment, Spangaro & Co Aste may deposit the lot with a third party depositary at the risk and expense of the Buyer or with itself, applying as a deposit fee an amount equal to Euro 3.33 (three point thirty-three ) per cubic meter for each day of storage. 5.37. In the event of death, interdiction, incapacity, extinction, for any reason, of the Buyer, duly communicated to Spangaro & Co Aste, the latter will deliver the lot upon written agreement of all the Buyer's beneficiaries or according to the methods established by the judicial authority. 5.38. If the Buyer does not collect the lot, even though he has paid for it, within thirty (30) days from the day of the award, for each month (or fraction of a month) of delay Spangaro & Co Aste will charge the Buyer the transport costs and an amount equal to: for jewellery and watches, five percent (5.00%) of the Price per year; and for other types of Goods Euro 500.00 (five hundred) per square meter per month (or fraction of a month), in addition in any case to any additional damages. Shipping 5.39. Upon written request from the Buyer, Spangaro & Co Aste may organize the packaging and shipping of the lot provided that the Buyer: (i) has paid the Full Amount Due in full; (ii) provide Spangaro & Co Aste with any certificates of free circulation or export licences or any attestations and/or certifications necessary for this purpose. 5.40. Unless otherwise agreed in writing with the Buyer: (i) the packing and shipping costs are the responsibility of the Buyer who may request, at least twenty-four (24) hours before the start of the auction, cost estimates if he intends to entrust Spangaro & Co Aste with the packing and shipping of the lot; (ii) insurance coverage aimed at covering the risk of losses and/or damages (even partial) that the lot may suffer during transport must be agreed between the Buyer and the transporter without any liability for Spangaro & Co Aste; (iii) the cost of insurance coverage will be at the expense of the Buyer. 5.41. The packing and shipping of the lot to the Buyer are entirely at the risk and expense of the Buyer and Spangaro & Co Aste assumes no responsibility for actions or omissions of the packing personnel or transporters . 5.42. In the event of export of the lot outside the territory of the Italian Republic, the issue of the certificate of free circulation or export license is the responsibility of the Buyer. Failure or delay in issuing the certificate of free circulation or export license does not constitute a cause for termination or cancellation of the sale, nor does it justify delayed payment by the Buyer of the Total Amount Due. 5.43. Lots consisting of or containing parts of plants or animals (e.g. coral, crocodile, ivory, whalebone, tortoise), regardless of age and value, may require a license or certificate prior to export and may require additional licenses or certificates for import into countries outside the European Union. Obtaining an import license or certificate does not guarantee any export license or certificate and vice versa. Spangaro & Co Aste advises potential Buyers to check the provisions in their country regarding the import of goods made with or containing protected species. It is the responsibility of each participant in the auction to obtain such import or export licenses/certificates, as well as any other documents required before making any bid. 6. COMMUNICATIONS 6.1. Anyone can request any information or send communications or present complaints to Spangaro & Co Aste in the following ways: - by email , to the addresses indicated in the 'Contacts' section of the Site; - by post, writing to Spangaro & Co Aste, Via Girardini 20, 33050 Udine (UD) Italy; - at the following telephone number: (+39) 0432 1637978. 6.2. Spangaro & Co Aste will respond promptly to complaints submitted. 6.3. For assistance during the online auction participation you can contact Spangaro & Co Aste at the following email address: aste@spangaroandco.com or at the following telephone number: (+39) 0432 1637978. 7. APPLICABLE LAW AND COMPETENT COURT 7.1. These General Conditions of Sale are governed by Italian law. 7.2. All disputes relating to the application, execution and interpretation of the General Conditions of Sale will be exclusively devolved to the Italian jurisdiction and to the exclusive territorial jurisdiction of the court of Milan. 7.3. The application to Buyers who are consumers pursuant to Article 3 of the Consumer Code who do not have their habitual residence in Italy of any more favorable and mandatory provisions provided by the law of the country in which they have their habitual residence is reserved. For any dispute relating to the application, execution and interpretation of the General Conditions of Sale, the competent court is the court of the place in which the Consumer Buyer resides or has elected domicile. 7.4. The Consumer Buyer residing in a member state of the European Union other than Italy may also access, for any dispute relating to the application, execution and interpretation of these General Conditions of Sale, the European procedure established for small claims disputes, by Regulation (EC) no. 861/2007 of the Council, of 11 July 2007, provided that the value of the dispute does not exceed, excluding interest, rights and expenses, Euro 2,000.00. The text of the regulation is available on the website eur-lex.europa.eu. 7.5. Pursuant to Article 141- sexies , paragraph 3, of the Consumer Code, Spangaro & Co Aste informs the Consumer that, in the event that he has submitted a complaint directly to Spangaro & Co Aste, following which it has not been possible to resolve the dispute thus arising, Spangaro & Co Aste will provide information regarding the body or bodies for the extrajudicial resolution of disputes relating to obligations arising from a contract concluded on the basis of these General Conditions of Sale (so-called ADR bodies, as indicated in Articles 141- bis and following of the Consumer Code), specifying whether or not he intends to avail himself of such bodies to resolve the dispute itself. Spangaro & Co Aste also informs the subjects who have the qualification of Consumer that a European platform for the online resolution of consumer disputes (so-called ODR platform) has been established. The ODR platform can be consulted at the Internet address http://ec.europa.eu/consumers/ odr /; Through the ODR platform, the Consumer will be able to consult the list of ADR bodies, find the link to the website of each of them and start an online dispute resolution procedure .