Modern and Contemporary Art - Session 2

Conditions of Sale Mediartrade is in charge of selling objects entrusted by the Seller, as a representative with power of attorney, with the exception of the lots that are owned by Mediartrade. The term "Seller" means the physical or legal entity that has ownership of the lot which has been put up for auction by Mediartrade. The consequences of the sale have a direct influence on both the Seller and the Buyer, therefore Mediartrade is not subject to additional accountability other than responsibilities deriving from the aforementioned proxy by the Seller. The following General Sales Condition may be subject to modifications by means of a notice posted in the auction room or by an auctioneer's announcement before the auction takes place. 1.1 limitations to bid admittance Mediartrade retains the right to deny, on a discretionary basis, the access to the premises, the participation to the auctions and any offer coming from individuals who aren't, at any moment, deemed eligible to participate to the auction. 1.2 participant registration To put forward offers during the auction, prospective buyers must fill out, sign and submit to Mediartrade the dedicated registration and bid form, available at our headquarters, in our catalogue or on Mediartrade' website, as well as the ID and some bank details. Concerning the registration as company, is necessary to submit a copy of the company's business profile, as well as the ID of the participant. In accordance to Article n. 13 of Regulation (EU) 679/2016 (GDPR), prospective buyers must give their explicit consent to personal data processing by signing, to this purpose, the registration form that contains all the information required under the said Article. Mediartrade shall process personal data provided by prospective buyers in accordance to the provisions referred to the said Article. All the lots sold will be invoiced to the name and address provided at the auction's registration and couldn't be moved to other name and address. 1.3 offers Auction offers might be put forward personally at the auction site, by sending a written offer before the auction, by telephone or through internet. The auctioneer will start offers in auction, from the "opening bid, assigned to each lot whose value may be equal or lower than the reserve price (approximately the 20% less than the lowest estimate mentioned in the catalogue). By submitting a bid, the participant agrees to take responsibility for the payment of the purchase price, including commission, taxes and other charges applicable, except when there is a written agreement, presented before the auction takes place, stating that the Bidder will act on behalf of a Third Party, that Mediartrade knows and approves. Consequently, Mediartrade will exclusively address said Third Party, in the event of a successful award, for the payment of the pertaining lots. The blow of the auctioneer's hammer determines the acceptance of the higher offer, the clearance price and consequently the conclusion of the sales contract between Seller and Buyer ONLINE OFFERS It is possible to take part to the onsite auction or put pre-auction online offers through Mediartrade website, in accordance with the following steps: a) register to Mediartrade Website Mediartrade.com creating an account specifying if the registration is carried out as private or company by filled all the fields required; b) click on the link received to confirm the e-mail address you provided c) access the site by entering your credentials (e-mail and password) d) go to "Future auctions" and register to the live auction of your interest, providing any required information by clicking "Register at the auction". Verify that your data are correct and complete the missing data to send the request e) wait for the confirmation of registration for the auction f) in your account, in the section "Registered Auctions" or directly in the auction details you have registered, click on the "MAT Live" section to access the live auction and you will be connected to the live auction and you can participate to the auction of your interest, sending your offers for the lots of your interest. Mediartrade will not be responsible for technical difficulties happening during the auction (such as delays concerning internet connection or malfunctions affecting the server in charge of handling the online auction participation), with the exception of willful misconduct or gross negligence. Mediartrade is in no way responsible for any damage, or inconvenience, deriving from a non-proper use of the website in accordance to the present information i.e. the Conditions of use of the website. The participant undertakes to not use any software or tool of any kind that may influence (even only potentially) the development of the auction and further undertakes to use the website and any of its web application in good faith and correctness. Whenever Mediartrade has decided to allow the participation also to the online auction, the present General Sales Conditions also regulate the offering sale and the lots awarding throughout the Mediartrade' web channels partners. The participation at the auction through these websites (owned and managed by different companies that don't have corporate dealings with Mediartrade) is subjected to the previous enrollment. The online auction to which the present General Sales Conditions apply is considered a public auction (defined by Art. 45 (1) (o) ) of the Consumer Code as a sales method according to which goods or services are offered, by a business, to consumers that are allowed to participate in person, through a transparent competitive process handled by an auction house, and to which the successful bidder is bound to purchase said goods or services), with the same participants as the ones present in the auction room, including telephone, pre-auction written offers or a maximum automatic offer. Lots purchased online are offered and sold by Mediartrade and web channels partner, who is entrusted by the Seller as a representative with power of attorney. The offering and sale of lots online by Mediartrade and web channels partner constitute a distance contract regulated by Chapter 1, Title 3 (art. 45 et seq.) of the Consumer Code and in accordance to legislative decree Nr. 70 of 9th June 2003 regarding to e-commerce. Art. 59 (1)(m) of the Consumer Code denies the right of withdrawal for contracts concluded during a public auction, including auctions organized by Mediartrade that include the possibility of online participation to users through Mediartrade' website and the other web channels partners. Therefore, the right of withdrawal is denied on lots awarded online during auctions organized by Mediartrade. 1.8 currency converter and video Mediartrade's auctions involve the use of a currency converter, whose functioning might be defective. In the event of errors deriving from causes that are beyond its reasonable control, Mediartrade declines any liability towards bidders who formulated their offers referring to the currency converter instead of the actual submission of bid happening in the auction room. Furthermore, Mediartrade's auctions involve the use of a monitor/digital screen, which might be defected in function or quality of image. Mediartrade declines any liability pertaining said defects where they depend from causes that are beyond its reasonable control. 2. SYMBOLS The following list presents symbols that can be found in the auction catalogue: -(*) Lots subject to VAT Lots marked by this symbol were entrusted by VAT entities and therefore subject to VAT. -(?) Certificate of free movement Lots marked by this symbol are accompanied by a certificate of free movement or by certificate of occurred shipment/import. -(^) Without qualification In the event of a lot sold without qualification, it will be marked by this symbol. - (§) Without commissions Lots marked by this symbol don't provide for the calculation of sales commissions 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. AUCTIONEER'S RIGHTS The blow of the auctioneer's hammer determines the acceptance of the higher offer, the clearance price and consequently the conclusion of the sales contract between Seller and Buyer. Furthermore the auctioneer might, at its own discretion and at any moment of the auction: change the order provided for by the catalogue, withdraw a lot from the auction, redraft a selling offer for a lot, whenever he/she has reasons to believe that errors or a dispute are unfolding. The Sales Director is entitled to accept offers transmitted by telephone or other means. Said offers, when deemed acceptable, will be communicated in the auction room. In the case of a tie the offer presented in person at the auction room will prevail; in the event that multiple offers of the same amount are arriving, by telephone or other means, the one that arrived first, according to the unquestionably finding of the Sales Director, will prevail. 5. RAISING The minimum amount generally accepted to raise an offer will be, unless the auctioneer chooses otherwise: - 10% than the previous offer up to EUR 39.999 - 5% than the previous offer from EUR 40.000 PAYMENT 8.1 The following forms of payment might facilitate the immediate withdrawal of the purchased goods: - cash up to EUR 2.999; - bank cheque by agreement with the administration direction of Mediartrade - credit card/ATM/Paypal (the estimated fee will be charged to the purchaser). Buyers can make payments Visa, V-Pay, Mastercard, Maestro, American Express, Apple-Pay, GooglePay. The payment by credit card can be made only at the headquarters of Mediartrade within a maximum limit of EUR 5.000; - bank transfer to: Gruppo UBI Banca registered to Mediartrade Srl IBAN: IT50Z0311101617000000002952 SWIFT/BIC: BLOPIT22 Account N: 00002952 8.2 The payment of what is due, if not already performed, must be made within 7 working days from the receipt of the invoice. Mediartrade is allowed to refuse delivery of the awarded lot before the payment of clearing price and other expenses has been fully made. Whenever the successful bidder fails to provide for the payment, what follows at point 8.3 shall prevail. 8.3 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 will exercise some rights and legal actions. By way of example, please refer to the following list: a) Holding the Buyer accountable for the entirety of the amount and take legal action to recover the full amount, on top of interests, legal fees and costs incurred, to the absolute limit of the law; b) Resolving the transaction; 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 multiple amounts to Mediartrade, pertaining to several transactions. e)Refusing any offer in future auctions by the defaulting Buyer or on its behalf, or alternatively 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 collateral, 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 or remedy 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, on top of any reasonable cost, expense, damage, legal fees, commissions and rights of any kind regarding both sales or otherwise caused by the defaulting Buyer. LOT DELIVERY AND WITHDRAWAL 9.1 Sold objects must be picked up within 10 days from the payment. 9.2 The lot will be collected by the purchaser at Mediartrade office, in via Marco Polo 9, always at the expense 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. 9.3 If, for any reason, the withdrawal of the object fails, if sold and paid within the time limit specified in Art. 9.1, the Buyer will be asked to advise 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. 9.1, Mediartrade shall be exempt of any liability. 9.4 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 the transport of art, which does not provide for safe packaging of the property, Mediartrade will apply a minimum cost of 50 ? plus VAT for the packaging service calculated based on the lot size awarded. 9.5 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 to suggest parties 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. 10. EXPORT OUT OF THE TERRITORY OF THE ITALIAN REPUBLIC 10.1 The export of a 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 (Urban Code). 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 7 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 might 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. 10.2 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 et sq., with specific reference to Art. Nr. 53 et sq. The reform provides the modification of some parts of the Code of Cultural Heritage, in particular, the art. 65. The export of lots, performed either by resident or non-resident in Italy, is regulated by the aforementioned legislation and furthermore subject to monetary, fiscal and customs 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 9.1 Sold objects must be picked up within 10 days from the payment. 9.2 The lot will be collected by the purchaser at Mediartrade office, in via Marco Polo 9, always at the expense 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. 9.3 If, for any reason, the withdrawal of the object fails, if sold and payed within the time limit specified in Art. 9.1, the Buyer will be asked to advise 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. 9.1, Mediartrade shall be exempt of any liability. 9.4 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 transport of art, which does not provide for safe packaging of the property, Mediartrade will apply a minimum cost of 50 ? plus VAT for the packaging service calculated based on the lot size awarded. 9.5 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 to suggest parties 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. 10.1 The export of cultural heritage out of Italian Republic is subject to the regulation in accordance with the Legislative Decree 22 January 2004, n. 42 (Urban Codes). The export of cultural heritage out of the EU is also subject to the Regulation CE n. 116/2009 of 18 December 2008 and to the Regulation UE about the execution of the Commission n. 1081/2012. In order to export a lot, it is required to get a certificate of free circulation or an export license. The buyer (and not Mediartrade Srl), is responsible for the achievement of the certificate of free circulation or an export license. The request of the release of 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 7 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 might charge a cost of EUR 50 + VAT 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. 10.2 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 to legislative decree Nr. 43 of 22nd January 2004, Art Nr. 14 et sq., with specific reference to Art. Nr. 53 et sq. The reform provides the modification of some parts of the Code of Cultural Heritage, in particular the art. 65. The export of lots , performed either by resident or non-resident in Italy, is regulated by the aforementioned legislation and furthermore subject to monetary, fiscal and custom 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. In case the national competence 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. AUCTION PREMIUMS OR PURCHASE COMMISSIONS The buyer will pay, in addition to the clearing price, the following auction premiums or purchase commissions (VAT excluded) (Including VAT): - 20,00 % up to EUR 100.000,00 - 18,00 % referred to the part exceeding of the price from EUR 100.000,00 to EUR 500.000,00 - 15,00 % referred to the part exceeding of the price from EUR 500.001,00 and beyond. 7. 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 due 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 up 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 exceed EUR 12.500,00, anyway. Mediartrade, being 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). VIEWING AND EXAMINATION OF ART PIECES 11.1 The pieces for sale will be exposed before the auction takes place, in order to allow a proper viewing and examination. 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; however condition reports that may supplement the catalogue description are available at a Buyer's request. It's possible to ask a condition report to the auction house, sending an e-mail to info@mediartrade.com, within the day before the auction or clicking on the item "Ask a condition report", on the page of every lot on Mediartrade website. Every description provided by Mediartrade is made in good faith and constitutes nothing more than a mere opinion; hence said description shall not be considered binding and comprehensive for the Auction House. Mediartrade encourages prospective buyers to personally examine every lot and to request a dedicated evaluation to their own trusted restorer or any professional expert, before submitting an offer. As regards the electrical or mechanical goods, it is not made any checks before the sale and the buyer takes responsibility about the functioning of them.