regarding the condition, attribution, authenticity or provenance of the Lots. Without prejudice to the foregoing, catalogue descriptions may be supplemented at clients’ request through the delivery of written reports (so-called condition reports). All auctions are preceded by the exhibition of the Lots, in order to allow a careful and thorough examination of their authenticity, state of conservation, provenance, type and quality, for which Bidders and the Buyer exclusively assume all risk and liability, including for the purposes of Italian Civil Code (Art. 1488). After the award, neither the Auction House nor the Sellers may be held liable for any defects in the Lots, relating inter alia to the state of conservation, incorrect attribution, authenticity, provenance, weight or lack of quality of the Lots. To this end, Bidders and the Buyer expressly waive the warranty referred to the Italian Civil Code (Art. 1490), releasing the Auction House from all related liability; accordingly, neither the Auction House nor its staff may provide any valid warranty in this regard. In the event of participation in the auction by telephone or internet, Bidders release the Auction House from any liability in the event of technical or other problems that may prevent their full participation in the auction (by way of example, in the event of communication breakdowns, line problems, unavailability – for any reason – of the Bidders) and assume all risk as to the possible nonaward of one or more Lots. 10. OPENING PRICES – The opening prices for each of the Lots, expressed in Euro, are indicated below the description of the Lots in the auction catalogue and do not include the commissions and other charges payable by the Buyer pursuant to these conditions of sale. Such prices may be subject to revision at any time, therefore the Lots may be offered at an opening price different from that indicated in the catalogue. The descriptions of the Lots in the catalogue may also be subject to revisions, which will be communicated during the auction as appropriate. 11. DELAYS – In the event that the Buyer fails to pay the Total Price within the essential deadline of 7 (seven) days from the award, the Auction House may terminate the award and/or the sale of the relevant Lots, pursuant to and for the purposes of the Italian Civil Code (Art. 1456). In such case, the Auction House will in any event be entitled to receive payment from the Buyer, as a penalty, of an amount equal to the commissions lost on the Total Price, without prejudice to any greater loss, and may in any event retain any down payments made by the Buyer. Without prejudice to the foregoing, until the possible termination, beyond the aforesaid deadline the Lots awarded to the Buyer but not yet collected will be stored by the Auction House (at its own warehouses or those of third parties: see § 12), at the risk and expense of the Buyer, until the Buyer has paid in full all amounts due to the Auction House and collected the Lots. 12. COLLECTION – Unless otherwise agreed between the parties, the Buyer, after paying the Total Price in full, must collect the awarded Lots at their own care, risk and expense, within the following 7 (seven) days (a deadline that will be suspended, in cases where D.L. no. 42/2004, the Cultural Heritage Code, is applicable, for the legal duration regarding pre-emption rights; see § 13 below). Once this deadline has passed without collection, the Auction House will be released from all liability in the event of damage or theft (total or partial) of the Lots occurring after the said deadline, the Buyer hereby waiving any right or action against the Auction House; furthermore, the Auction House may, at its unquestionable option and at the Buyer’s expense, deposit the awarded Lots in its own warehouses (in which case the Buyer will owe the Auction House an additional amount equal to Euro 10.00 per day, per Lot) or in thirdparty warehouses, or dispatch the uncollected Lots to the Buyer, in any case with direct charge to the Buyer of all costs and expenses, and without prejudice to compensation for any greater loss. In the event of shipping to the Buyer, the parties shall agree on the terms of shipping, it being understood that all charges, risks and costs shall be borne by the Buyer, with express exclusion of liability for the Auction House. It is understood that for shipments of Lots with a Total Price up to Euro 10,000 in aggregate, the Auction House, at the Buyer’s request, will be available to carry out the shipment on the Buyer’s behalf via insured courier. 13. DECLARATION OF CULTURAL INTEREST, PREEMPTION RIGHT AND EXPORT – Buyers will be required, for items in the Lots subject to the procedure for declaration of cultural interest (so-called notification) pursuant to Art. 13 of D.L. no. 42/2004, to comply with all provisions of the Cultural Heritage Code and all other applicable regulations, including those relating to customs, currency and tax regulations. It is the Buyer’s exclusive responsibility to verify any restrictions on the export of awarded Lots or any licences or certificates required by law (issued or to be issued), with the express release of any possible obligation and/or liability on the part of the Auction House. In the event of the exercise of pre-emption rights pursuant to Arts. 60 of D.L. no. 42/2004, or of compulsory purchase pursuant to Art. 70 of the same law, the Buyer shall not be entitled to claim anything, on any grounds, from the Auction House and/or the Seller, other than the mere restitution of amounts already paid as a result of the award of the Lots. Lots possibly marked with the symbol (TI) are in a regime of temporary importation into Italian territory by a foreign Seller. Lots may already have been the subject of a declaration of cultural interest by the Ministry of Cultural Heritage pursuant. In such case – or where in relation to the Lots the procedure for declaration of cultural interest has been initiated – the Auction House will provide notice of this in the catalogue and/or by an announcement from the auctioneer before the relevant Lots are offered for sale. In the event that the Lots were the subject of a declaration of cultural interest prior to the award, the Auction House will notify the competent Ministry of the sale. The sale of the Lots will be subject to the condition precedent of nonexercise by the competent Ministry of its right of pre-emption within the legal timeframe (sixty days from the date of receipt of the notification). Pending the deadline for the exercise of pre-emption, the Lots may not be delivered to the Buyer pursuant to Art. 61 of the Cultural Heritage Code. The shipment of Lots abroad is subject to the obtaining of any document required for export under the Cultural Heritage Code and subsequent provisions, where applicable. The obtaining of the necessary export documents is the exclusive responsibility of the Buyer; the Auction House may, at the Buyer’s request and upon payment of the purchase invoice, proceed to apply for the same upon payment of a lump-sum fee of Euro 50 for each of the Lots subject to the notification. Should the Buyer not wish to entrust the Auction House with the management of the export procedure, they may contact a forwarding agent of their choice, upon signing an indemnity and waiver of any liability in favour of the Auction House. In any case, the Auction House will not be held liable for any issues relating to the export procedure, including delays or refusals in obtaining the documentation necessary for the export of the Lots, the timing and assessment of which depend exclusively on the competent Export Office. 14. DISPUTES – The Buyer expressly releases the Auction House from any liability regarding the authenticity, defects and characteristics of the Lots and waives any claim, on any grounds, against the Auction House. Any claims (including for damages) and/or disputes by the Buyer regarding the forgery or falsification or other substantial nonmanifest defects of the awarded Lots (or parts thereof) shall be addressed exclusively to the Seller by forwarding them to the Auction House by recorded delivery within the essential deadline of 30 (thirty)
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