Sale of antiques and oriental art

AD AUCTION HOUSE - TERMS AND CONDITIONS ??How to buy at auction ??Third Party Liability. Every person on AD auction house?s premises at any time shall be deemed to be there at his/her own risk. He/she shall have no claim against AD in respect of any accident which may occur or injury, damage or loss howsoever caused, save insofar as the injury, damage or loss shall be caused by the direct negligence of AD?s employees. ??Auctions are open to the public with free entrance and there is no obligation to buy.?Usually an exhibition of the lots on sale will precede the auction, to let customers examine the objects. ?Usually the lots are sold in progressive numerical order, according to the catalogue. ?AD reserves the right to change the presentation order of the lots, and to aggregate different lots or separate the objects of a lot. Normally we are able to sell 90-100 lots per hour, depending on the objects. ??AD AS AGENT - Except as otherwise stated, AD acts as agent for the seller. The contract for the sale of any auction lot (?Lot?) is therefore made between the seller of the Lot (?Seller?) and the buyer of Lot. ??All Lots in the Auction Catalogue are sold on a ?as is and where is? basis with any defects, damages, repairs or otherwise and neither AD nor Seller makes any representation or warranty, expressed or implied, as to the merchantability, fitness for a particular purpose or condition of the Lot or as to the correctness of description. ??Before buying, all buyers are responsible to check, verify and satisfy themselves or to engage their own independent experts to do so concerning the condition or otherwise of any Lot and/or for the matters referred to in the Catalogue, condition report or otherwise. ??Withdrawal of Lot Prior to Sale - AD reserves the right to withdraw any Lot at any time before the Sale or during bidding. Unless otherwise announced or notified by the auctioneer at the time of sale, all bids are per Lot as numbered in the Catalogue and no Lot shall be divided for sale. ??AD has absolute and sole discretion to refuse any bid; to advance the bidding in such a manner as the auctioneer may decide; to withdraw any Lot; to determine the successful bidder in the case of error or dispute whether during or after the Sale; to cancel the Sale at any point during the Sale; and/or to reoffer and resell any Lot unsold or in dispute. If any dispute arises during and after Sale, the decision of the auctioneer is final and conclusive and the buyer cannot hold AD and/or Seller liable therefor. ??Export License and Import Tax & Restrictions?It is the buyer?s responsibility to apply for any applicable export license (including CITES, handling and administrative charges or any other expenses of the competent authorities and/or service provider in connection therewith) to export out of Italy or for import license to the said place of import designated by buyer and such license can be in any name or description given by the country concerned. The fact that the buyer wishes to apply for any import or export licenses shall not in any way delay, affect or discharge the buyer?s obligation to pay within the said payment conditions nor AD?s right to charge interest as mentioned below or storage charges for late or nonpayment/collection.  ?Artist Resale right ?European Union?s Artist?s Resale Right Directive has introduced the right of authors of original works and manuscripts, and their heirs, to an economic interest in every sale of the work concerned, following the first - the so-called ?resale right?. AD auction house is bound to pay the ?resale right? on behalf of the sellers to the Italian Society of Authors and Publishers (SIAE). The right will be withheld by AD from the amount due to the seller. ?? Registration?A registration is needed to participate in an auction and bid. You can register directly at the auction house or via e-mail. The attendees will be given a numbered paddle to place their bids. ?For higher value Lots, the buyer may be required to pay a deposit when registering a bid. ??Bidding in person ?You can participate in an auction by being physically present in the salesroom. To place a bid, you simply have to raise your paddle until the auctioneer acknowledges you. ?Bids start from the so called ?starting price?, which is published on the catalogue (please consider that the starting price is usually lower than the lot's estimate).?You may also wish to bid online through any of our live online auction providers and registration with these providers is necessary in order to bid. Details of these providers can be found on the AD website. ??Telephonic offer You can participate in an auction via telephone. ?Our operators will call you during the auction, reporting the offers made in the auction room and they will communicate the auctioneer your bid. ?To participate via telephone you should send a written request no later than 12.00am of the day before the auction, using the form provided by AD. ?The requests will be satisfied within the limits of the availability of telephone lines at the time, with precedence given to the requests in order of receipt. We would therefore recommend customers to indicate in the request an offer that AD can make on their behalf, solely in the event of technical connection problems. ??Written offer (absentee bid) ?You can participate in an auction also submitting a written offer, filling the appropriate form and indicating your maximum offer for a specific lot. AD will bid on behalf of you, according your mandate. ?The filled in form has to reach the auction house no less than 12 hours before the scheduled time for the auction. ??Bid raising ?The starting price is the sum of the first valid offer and represents the base for the following bids. ?The auctioneer usually raises the price by 10% of the last bid. In any case, the auctioneer may vary the rate of bid raising in the course of the auction. ??Payment ?The bought lots must be paid ? in Euro - within 5 (five) working days after the sale, in one of the following ways: ?- cash ?- bank draft payable to: AD auction house?- wire transfer (bank details will be privately provided) ?- Credit Card ? VISA and Mastercard  PayPal NB: No delay in payment will be accepted. The non-payment of the invoice will cause the cancellation of the adjudication. Remedies for Non?Payment ?If the buyer fails to make full payment as required within AD?s conditions, AD shall be entitled in its absolute discretion to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available to AD and/or Seller by Italian and EU Law):  to hold the defaulting buyer liable for the total amount due and to commence legal proceedings for its recovery together with interest, incidental charges and expenses and legal fees and costs on a full indemnity basis and any other payments to the fullest extent permitted under Italian and EU Law;  to resell the Lot publicly or privately on such terms as AD shall think fit; to forfeit any amount placed with AD by buyer in part payment to AD or Seller (but this is without prejudice to AD and Seller to claim for the balance amount due and owing by buyer); to reject at any future auction any bids made by or on behalf of the buyer or to obtain a deposit from the buyer before accepting any bids; and to take other actions as AD in its absolute discretion deems necessary or appropriate.  Collecting your purchase ?Regularly paid lots must be collected within 7 (seven) days at the purchaser's own expense and risk, except in the case of different agreement. ?If you are not able to collect your property within this deadline, you will be subject to handling and storage charges by AD. ?AD declines any responsibility concerning the conservation and safekeeping of the objects. ?Upon specific written instructions from the purchaser, AD may, at the purchaser's own expense and risk, arrange for packaging and transport. ??Conditions of sale?1. Sale mandate ? Agent AD auction house sells at auction, at its sale conditions, acting on behalf of the Consignor-Seller. The sale acts directly on the seller and the buyer, as AD declines any responsibility except those expressed in the subscribed mandate. ??2. Acknowledgment - The Consignor-Seller acknowledges that he/she is bound by these terms and conditions. ??3. Commission - The Consignor pays a commission to the agent for every single contract. This commission is fixed by the parties between 8% and 15%. In addition, the Consignor has to pay IVA (VAT) according to law. ??4. Reserve ? The object's value will be determined in Euro. Every object will be accompanied by a confidential minimum sale price (so called ?Reserve?) agreed by AD and the Consignor. If any bid is below this price, the auctioneer may reject the advance, and the objects itself is not sold. ??5. Auction ? The highest bidder acknowledged by the auctioneer will be the purchaser and the price is understood cash. Transferring lots that have already been assigned to third doesn't concern AD in any way. Only responsible for the payment of the lot is the acknowledged purchaser. ?Those who wish to participate at an auction on behalf of somebody else, have to communicate it to AD before the auctions starts. ??6. During the auction the auctioneer has faculty to change the presentation order of the lots; to cancel the sale of a lot; to aggregate more lots; to split a lot into different lots. ??7. The auctioneer has absolute discretion in assigning the lots; in the case of error or dispute, the auctioneer can decide to re-open the bidding starting from the highest offer acknowledged. The bid in person has always the priority on the bidding commission ? see n. 13 ??8. Auction rights ? In addition to the purchase price the buyer has to correspond AD the following auction rights: 15% for objects sold at a price up to ? 400.000,00; 13% for the amount exceeding ? 400.000,00. In addition, the buyer has to pay IVA (VAT) according to law. ??9. Unsold ? If a lot is left unsold, the Consignor gives the auction house the faculty, for 45 days after the auction, to sell it on a private sale. In this case, the sale price will be equal to the Reserve price minus 10% or other price to fix in agreement with the Consignor. ??10. Direct sale ? If expressly requested by the Consignor, the auction house can sell a lot at a fixed price, with no bidding. Also in this case AD acts as an agent. The commission due to the agent are the same expressed at n.3 ??11. Catalogue ? Evaluations reported on the catalogue, expressed in Euro, are simply indicative. The descriptions of the objects contained in it are merely an opinion, even if qualified, and the auction house declines any responsibility about them. Any complain has to be submitted in writing within 8 (eight) days from the purchase. ??12. Exhibition ? An exhibition of the auction property will be held prior to the auction. ?The sales manager will be at everyone's disposal for any clarification. The exhibition gives opportunity to view, inspect and evaluate the property on sale, and to report inaccuracy or errors in the catalogue. All objects are sold ?As is?. ??13. Purchase commission ? AD accepts offers in writing or via telephone from those who cannot be present in person at the auction. In this case lots will be purchased at the lower price possible, considering other offers and reserve prices. AD is not responsible for any mistake in conducting an offer received in writing or via telephone. While filling the dedicated form, the bidder is warmly invited to double-check the lot's number, the description and the suggested price. Participating via telephone is allowed only if a written request has been submitted before the auction and approved by the auction house. ?In the event of two equal bids for the same lot, the first one that had been submitted takes priority.  ?14. Payment - The bought lots (and relative commissions, taxes and rights) must be paid within 5 (five) working days after the sale.  NB: No delay in payment will be accepted. The non-payment of the invoice will cause the cancellation of the adjudication. 15. Collecting your purchase - Regularly paid lots must be collected within 7 (seven) days at the purchaser's own expense and risk, except in the case of different agreement. ?If you are not able to collect your property within this deadline, you will be subject to handling and storage charges by AD. AD declines any responsibility concerning the conservation and safekeeping of the objects.  ?16. Notified goods ex L. n. 1089/39 ? Objects that are subject to notification under artt. 2,3 and 5 (Italian) law n. 1089 June 1, 1939, purchasers are bound to act in accordance with current law. ?If the State exerts its right of first refusal, the purchaser will not ask neither AD nor the Seller any refund on the price and the commissions already paid.  ?17. Export ? The export of cultural goods within the EC is ruled by Legislative Decree - January 22, 2004 ? while the export towards non-European countries is ruled by EEC regulations n.391/92 ? December 9, 1992 - and further modifications.?AD is not responsible for any export permit and cannot guarantee its release. In the absence of a required permit, the purchaser cannot revoke the purchase and its related payment. ?18. Resale right ? According to legislative decree n.118 ? December 30, 2006 ? the Consignor takes charge, if provided for by law, of the so called ?Resale right?, that will be withhold from the net price due by the Agent, who will take care to repay it to SIAE.  ?19. Competent court ? The above Conditions of Sale are automatically accepted by those who take part at the auction. For any controversy, the competence belongs to the court of Florence, Italy. ? Auction rights and taxes ?For each lot sold the purchaser must correspond to AD a commission on the purchase price: 15% for objects sold at a price up to ? 400.000,00; 13% for the amount exceeding ? 400.000,00. ?IVA?The purchaser must correspond, when provided for by law, 22% IVA (VAT) calculated only on the Auction House's rights. ??Final price The final price for the purchaser is calculated this way: ?acknowledged hammered price, plus auction rights plus 22% IVA (calculated as described above). ? Direct sale  If expressly requested by the Consignor, the auction house can sell a lot at a fixed price, with no bidding. Also in this case AD acts as an agent. The commission due to the agent are calculated on the shown price as follow: ?For each lot sold the purchaser must correspond to AD a commission on the purchase price: 15% for objects sold at a price up to ? 400.000,00; 13% for the amount exceeding ? 400.000,00. The purchaser must correspond, when provided for by law, 22% IVA (VAT) calculated only on the Auction House's rights. ??