Asta Arredi, dipinti e oggetti d'arte

1 - Introduzione I presenti Termini e Condizioni regolano la vendita all'asta pubblica, a trattativa privata o con qualsiasi altro mezzo di qualsiasi tipo di beni o oggetti da collezione da parte della casa d'aste Aste Bolaffi S.p.A., con sede legale in Torino, Via Cavour n. 17, capitale sociale di 52.180.00 Euro interamente versato, partita IVA Registro delle Imprese n. TO-1064393, indirizzo PEC (posta elettronica certificata) [email protected] (di seguito "Aste Bolaffi"). I lotti offerti in vendita, salvo casi eccezionali, sono di proprietà di terzi (di seguito "Venditore") che hanno irrevocabilmente affidato la vendita dei lotti ad Aste Bolaffi che agisce solo come intermediario. Le informazioni sull'asta possono essere inserite nel catalogo o annunciate in sala prima o durante la vendita. I termini e le condizioni di vendita sono soggetti ad aggiornamenti che saranno immediatamente pubblicati su www.astebolaffi. it. In caso di discrepanze tra il testo dei Termini e Condizioni pubblicati nel catalogo d'asta e quelli pubblicati sul sito web di Aste Bolaffi, prevarrà la versione online.

2 - Cataloghi Aste Bolaffi non è responsabile delle illustrazioni, descrizioni, condition report, valori e stime dei lotti contenuti nei cataloghi e in qualsiasi altro materiale illustrativo. Le illustrazioni, le descrizioni, i rapporti sullo stato di conservazione, i valori e le stime sono forniti a titolo puramente indicativo e servono solo a identificare chiaramente il lotto e gli offerenti non devono fare affidamento su di essi come dichiarazione di fatto. Le illustrazioni, le descrizioni, gli stati di conservazione, i valori e le stime sono fatti al meglio delle conoscenze di Aste Bolaffi e non costituiscono in alcun modo garanzie o promesse di qualità ai sensi degli articoli 1490 e 1497 del Codice Civile. I lotti potranno essere venduti a prezzi superiori o inferiori ai valori di stima indicati nei cataloghi. A discrezione di Aste Bolaffi i valori di stima sono soggetti a variazioni. I valori di stima pubblicati nel catalogo non includono il premio dell'acquirente di Aste Bolaffi, i costi del droit de suite (diritto di seguito dell'artista), i dazi doganali e di esportazione e l'IVA (se presente). Tutti i diritti d'autore relativi a immagini, illustrazioni, testi, didascalie e descrizioni dei cataloghi Aste Bolaffi sono e rimarranno di proprietà esclusiva di Aste Bolaffi. Tali immagini, illustrazioni, testi, didascalie e descrizioni non possono essere utilizzate o riprodotte dall'acquirente e/o da terzi senza il preventivo consenso scritto di Aste Bolaffi.

3 - Ispezione dei lotti prima dell'asta I potenziali acquirenti possono esaminare i lotti prima dell'asta nei giorni e negli orari stabiliti a discrezione di Aste Bolaffi. Le persone possono maneggiare i lotti esposti a proprio rischio e pericolo. Alcuni oggetti di grandi dimensioni o pesanti possono essere pericolosi se maneggiati in modo scorretto e possono essere maneggiati solo con l'assistenza del personale di Aste Bolaffi.

4 - Partecipazione alla sala d'asta Al fine di migliorare le procedure d'asta, prima dell'inizio dell'asta pubblica tutti i potenziali acquirenti devono ottenere una paletta numerata da utilizzare per fare offerte. Gli acquirenti possono anche pre-registrarsi durante le giornate di osservazione pre-asta. Compilando e firmando il modulo di registrazione e ricevendo la paletta numerata, gli acquirenti accettano i presenti Termini e Condizioni. Aste Bolaffi si riserva il diritto di chiedere agli offerenti informazioni e documenti per l'identificazione, nonché informazioni sulle referenze bancarie. In alcune situazioni, Aste Bolaffi si riserva il diritto di richiedere agli offerenti il versamento di un deposito a garanzia del pagamento del prezzo di vendita e della commissione d'asta. Aste Bolaffi può, a sua esclusiva discrezione, vietare l'accesso alla sala d'asta agli offerenti non graditi o non idonei. Se un offerente agisce in nome e per conto di un'altra persona o entità, prima dell'asta deve essere esibita un'adeguata procura. Aste Bolaffi si riserva il diritto di rifiutare la partecipazione all'asta di agenti o mediatori di terzi se, a suo giudizio, non è stata dimostrata la procura. Durante l'asta è necessario utilizzare una paletta per indicare le offerte al banditore. In caso di dubbi sul prezzo di aggiudicazione o sull'aggiudicatario, i partecipanti devono richiamare immediatamente l'attenzione del banditore. Tutti i lotti venduti saranno fatturati al nome e all'indirizzo forniti al momento dell'assegnazione della paletta e non potranno essere trasferiti ad altri nomi e/o indirizzi. Aste Bolaffi non accetterà alcun reclamo o richiesta di risarcimento per perdita o furto della paletta. Al termine dell'asta, la paletta deve essere restituita al banco di registrazione.

5 - Partecipazione per posta, per telefono o online Con l'invio e la firma dei moduli designati, il partecipante accetta di prendere parte all'asta in questione e si impegna a pagare il prezzo di aggiudicazione e il premio dell'acquirente nel caso in cui la sua offerta sia vincente. Il partecipante si impegna inoltre a verificare al termine dell'asta se la sua o le sue offerte sono andate a buon fine, esonerando Aste Bolaffi da qualsiasi responsabilità al riguardo. Non saranno accettati reclami dovuti a negligenza o errore nella compilazione delle offerte scritte. Aste Bolaffi declina ogni responsabilità nei confronti delle persone che partecipano all'asta per telefono e o online in caso di mancata partecipazione a causa di eventuali errori che possono verificarsi durante o prima del collegamento telefonico e/o internet.

6 - Aggiudicazione dei lotti I lotti saranno aggiudicati al miglior offerente. Aste Bolaffi si riserva il diritto di annullare l'aggiudicazione in caso di contestazioni da parte di terzi che rivendichino la proprietà privata o statale del lotto. Non si accettano offerte inferiori al prezzo di partenza. I lotti si apriranno all'offerta indicata come prezzo di partenza, tranne nel caso in cui sia stata ricevuta un'offerta superiore prima dell'apertura dell'asta; in questo caso il lotto si aprirà all'incremento di offerta successivo a tale offerta. In caso di offerte assenti uguali, che hanno la priorità sulle offerte fatte in sala, avrà la precedenza l'offerta arrivata per prima. Gli incrementi di offerta saranno regolati al di

1 – Introduction These Terms and Conditions govern the sale by public auction, private negotiation or by any other means of any type of goods or collectables by Aste Bolaffi S.p.A. auction house, with registered office at Via Cavour no. 17, Turin, share capital of 52.180.00 Euro fully paid-up, VAT number Register of Companies no. TO-1064393, PEC (certified email) address [email protected] (hereinafter “Aste Bolaffi”). The lots offered for sale, except in exceptional cases, are the property of third parties (hereinafter “Seller”) who have irrevocably entrusted the sale of the lots to Aste Bolaffi which acts only as an intermediary. Information about the auction may be included in the catalogue or announced in the saleroom before or during the sale. The terms and conditions of sale are subject to updates that will immediately be posted on www.astebolaffi. it. If there are any discrepancies between the text of the Terms and Conditions published in the auction catalogue and those published on the Aste Bolaffi website, the online version will take precedence.

2 – Catalogues Aste Bolaffi shall not be held liable with regard to illustrations, descriptions, condition reports, values and estimates of the lots contained in the catalogues and in any other illustrative materials. Illustrations, descriptions, condition reports, values and estimates are provided purely as a guide and only serve to clearly identify the lot and bidders should not rely on them as statement of fact. The illustrations, descriptions, condition reports, values and estimates are made to the best of Aste Bolaffi’s knowledge and do not in any way constitute guarantees or promises of quality in accordance with Articles 1490 and 1497 of the Italian Civil Code. Lots may be sold at prices that are higher or lower than the estimated values indicated in the catalogues. At the sole discretion of Aste Bolaffi estimated values are subject to change. The estimated values published in the catalogue do not include Aste Bolaffi’s buyer’s premium, the costs of droit de suite (artist’s resale royalty), customs and export duties and fees and VAT (if any). All copyrights related to images, illustrations, text, captions and descriptions in Aste Bolaffi catalogues are and will remain the exclusive property of Aste Bolaffi. Such images, illustrations, text, captions and descriptions may not be used or reproduced by the buyer and/or third parties without Aste Bolaffi’s prior written consent.

3 – Inspection of lots prior to the auction Prospective buyers are able to examine lots before the auction on days and during the times established at Aste Bolaffi’s discretion. Individuals may handle lots on display at their own risk. Some large or heavy items may be dangerous if handled incorrectly and may only be handled with the assistance of Aste Bolaffi Staff.

4 – Participation in the saleroom In order to improve auction procedures, all potential buyers are required to obtain a numbered bidding paddle before the start of the public auction for use when making bids. Buyers may also pre-register during the pre-auction viewing days. By completing and signing the registration form and being given a numbered paddle, buyers accept these Terms and Conditions. Aste Bolaffi reserves the right to ask bidders for information and documents for identification purposes as well as information regarding bank references. In some situations, Aste Bolaffi reserves the right to require bidders to pay a deposit to guarantee the payment of the sale price and auction commission. Aste Bolaffi may, in its sole discretion, ban unwelcome or unsuitable bidders from entering the saleroom. If a bidder is acting in the name and on behalf of another person or entity a suitable power of attorney must be shown before the auction takes place. Aste Bolaffi reserves the right to refuse agents or brokers of third parties to participate in an auction if, in its opinion, power of attorney has not been demonstrated. A bidding paddle must be used to indicate bids to the auctioneer during the auction. In the event of any doubts regarding the hammer price or the successful bidder, participants should attract the auctioneer’s attention immediately. All lots sold will be invoiced to the name and address provided when the bidding paddle is assigned and may not be transferred to other name and/or address. Aste Bolaffi will not accept any complaint or claim for paddle loss or theft. At the end of the auction, the paddle must be returned to the registration desk.

5 – Participation by mail, via telephone or online By submitting and signing the designated forms, the participant agrees to take part in the relevant auction and agrees to pay the hammer price and buyer’s premium if his or her offer(s) is or are successful. The participant also agrees to verify at the end of the auction if his or her offer(s) has or have been successful, exempting Aste Bolaffi from any liability in this regard. Claims due to negligence or error in the filling out of written offers will not be accepted. Aste Bolaffi declines all liability to persons participating in the auction by telephone and or online in the event of non-participation due to any errors that may occur during or prior to the telephone and/or internet connection.

6 – Awarding of lots Lots will be awarded to the highest bidder. Aste Bolaffi reserves the right to cancel an award in the event of any third-party disputes claiming private or State ownership of the Lot. We do not accept bids below the starting price. Lots will open at the bid indicated as the starting price, except when a higher offer has been received prior to the opening of the auction; in this case the lot will open at the subsequent bidding increment after that offer. In the event of equal absentee bids, which take priority over bids made in the saleroom, the bid which arrived first shall take precedence. Bidding increments will be regulated at the discretion of the auctioneer. The minimum increment will be € 25.00. The auctioneer reserves the right to withdraw, add, combine or divide lots, and the right to refuse a bid in the saleroom or a written offer. The auctioneer reserves the right to withdraw a lot from the auction if bids do not reach the reserve price agreed with the Seller.

7 – Auction fees for the sale of lots with the VAT margin scheme The Article 45 of Italian Law 342 of 21 November 2000 provides the application of margin scheme to sales where commission charges applied: with:

(a) private persons;

(b) taxable persons which have subjected the transaction to the margin scheme;

(c) persons who have not been able to deduct tax in accordance with Articles 19, 19-bis and 19-bis2 of Italian Presidential Decree no. 633/72 (who have sold the asset in exemption pursuant to Articles 10 and 27-quinquies);

(d) persons covered by the exemption arrangements provided for small businesses in the State they belong to.

No particular symbol will be used to identify the lots sold in the margin scheme. As regards this scheme, in the event of award or sale, the buyer will be charged a buyer’s premium in favour of Aste Bolaffi according to the following percentages:

Auction of classic cars and motorcycles: in addition to the hammer price, the buyer shall pay a fixed buyer’s premium of 15% on each lot.

Numismatic and philatelic auctions: in addition to the hammer price, the buyer shall pay the following buyer’s premium on each lot: 22% on the portion of the hammer price up to € 250,000; 20% on the portion between € 250,001 and € 500,000; 18% on portions over € 500,001.

For all other auctions: in addition to the hammer price, the buyer shall pay the following buyer’s premium on each lot: 28% on the portion of the hammer price up to € 100,000; 25.5% on the portion between € 100,001 and € 250,000; 23% on the portion between € 250,001 and € 500,000; 21% on portions over € 500,001. The buyer’s premium in favour of Aste Bolaffi is inclusive of VAT.

8 – Auction fees for the sale of lots with standard VAT The ± symbol after the lot number indicates standard VAT and a buyer’s premium that differs from that normally used for lots sold in the margin scheme. These premiums vary depending on where the goods are shipped:

- goods that remain within the EU: 1. Buyer’s premium rate for VAT exempt buyers: 15% (classic cars); 19% (motorcycles); 18% (all other categories). 2. Buyer’s premium rate for VAT payers: the same as those applied for the VAT margin scheme. 3. VAT on the hammer price at the following rates: • books 4% • stamps 10% • all other categories 22%; 4. VAT on buyer’s premium payable at 22%.

- goods that are shipped outside the EU: The buyer’s premium rates are the same as those applied for the VAT margin scheme. VAT refund. Non-European buyers that are exempt from paying VAT are eligible for a refund of the VAT paid on the hammer price if they present an official document (customs declaration) attesting to the export of the goods from the European Union within 90 days of delivery. Non-resident buyers that are VAT payers, domiciled in European Union countries or non-EU countries, can request a refund of the VAT paid on the hammer price and the 22% VAT calculated on the buyer’s premium, by presenting an official document (CMR or customs declaration) attesting to the export of the goods from the European Union within 90 (ninety) calendar days after delivery. If the goods are shipped outside the European Union by the auction house, the aforementioned refundable VAT will not be included on the invoice.

9 – Lots being sold under Temporary Import regime The symbol E after the starting price indicates its Temporary import status within Italy. Lots purchased under the Temporary import regime cannot be collected immediately by the buyer, who must wait the closing of the Temporary import procedure directly managed by the auction house.

10 – Payment Payment must be made by buyers in the saleroom at the time of delivery of the lots and for buyers participating by written offers, via telephone or online within 7 (seven) calendar days from receipt of the invoice. Payments can be made in cash (within the limits permitted by law), by cheque or banker’s draft, debit card, credit card (only American Express, MasterCard and Visa circuits) or by bank transfer. If payment is made by American Express credit card or PayPal, a surcharge of 3.50% (three point five zero per cent) is payable on the hammer price or sale price. Payments will not be accepted from anyone other than the buyer. Default interest will be charged on all amounts that are not paid according to the terms at an annual rate of 5% (five per cent). Aste Bolaffi may grant extended payment terms. Extended payment terms must be agreed and formalised prior to the auction. Aste Bolaffi will issue an invoice to a successful bidder using the procedures provided for in these Terms and Conditions. In the event of non-payment of the purchase price or any other amount due by the buyer to Aste Bolaffi within thirty (30) calendar days from the end of the month in which the invoice is issued, Aste Bolaffi shall be entitled to rescind the sales contract pursuant to Art. 1456 of the Italian Civil Code by giving written notice to the buyer, without prejudice to its right to compensation for the damage caused by the non-fulfilment. Any instalments paid by the buyer before the sales contract is rescinded will be retained by the auction house as compensation pursuant to Art. 1526 of the Italian Civil Code without prejudice to compensation for further damages.

11 – Collection and delivery of sold lots Without prejudice to the provisions in Article 21 below and until full payment of the amount due has been received, the lots shall be kept at Aste Bolaffi’s premises and insured with adequate coverage at the expense of Aste Bolaffi. The obligation to deliver the lots sold is subject to full settlement of all sums due to Aste Bolaffi by the buyer. Aste Bolaffi does not assume the obligation to arrange shipment of lots, which must be picked up from the Aste Bolaffi premises. The lot will be delivered to the Buyer at the latter’s expense and care, no later than 5 (five) working days from the date of sale. If the buyer fails to collect the lot within this deadline Aste Bolaffi shall be entitled to charge the buyer an amount equal to 1% of the sale price for each month of delayed collection of the lot. Upon receipt of payment and when requested the lots may be shipped by registered mail at the risk and expense of the buyer.

12 – Exporting lots

1. Customs and export costs shall be borne by the buyer. Applications to the relevant authorities and entities for the issuance of the certificate of free circulation for export, in accordance with the applicable legislation on such matters, will be made by the auction house on behalf of the buyer. The buyer is required to pay the expenses upon receipt of the invoice. Approximately 10-12 weeks are required to obtain the export licence.

2. Lots in the Temporary Import regime and coming from abroad are authorised to remain in Italy for a determinate amount of time and are exempt from the relevant safeguard provisions in the Code of Cultural Heritage. For this reason it will not be necessary to apply for a free circulation certificate to leave Italy. Temporarily imported lots cannot be collected by buyers, but must be shipped by the auction house at the expense of the buyer.

3. Endangered and protected species. Lots consisting of or including even minimal material from endangered and / or protected species are indicated in the catalogue with the C symbol. Ivory, some species of coral, Brazilian rosewood, turtle, crocodile skin, rhino horn and whalebone are included in this category, but this list is not exhaustive. Potential buyers wishing to export one of these lots to another country must check customs laws and regulations before bidding.

13 – No guarantees on lots Without prejudice to the provisions in Article 23 below, all lots are sold “as is” by Aste Bolaffi on behalf of the Seller with any flaws, defects, imperfections, damage and/or lack of quality present at the time of the auction. Each auction is preceded by a public viewing that allows potential buyers to examine the lots in person or through trusted representatives, and establish their authenticity, state of conservation, provenance, characteristics, qualities and possible defects and flaws. Each potential buyer is responsible for inspecting a lot before purchasing to ensure that it complies with the descriptions and pictures in the catalogue and, where appropriate, seeking the opinion of a scholar or an independent expert to verify its authenticity, provenance, attribution, origin, date, age, period, cultural origin or source and condition. Upon request and for guidance only, Aste Bolaffi can provide written reports (“condition reports”) that can supplement the catalogue information. Except in cases where defects or material flaws have intentionally been concealed from the buyer, Aste Bolaffi gives no contractual guarantee regarding the sale of the lots even against loss of rights of title since the sale is at the risk and danger of the buyer pursuant to and with the effects of Article 1488, paragraph 2, of the Italian Civil Code.

14 - Limitation of Aste Bolaffi’s liability Except in the case of wilful misconduct or gross negligence, Aste Bolaffi and its employees, assistants, directors or consultants shall not be liable for acts or omissions relating to the preparation or management of the auction or any matter relating to the sale of the lots. Except in the case of wilful misconduct or gross negligence, Aste Bolaffi shall not under any circumstances be liable for indirect or consequential damages, for lost profits or damages from loss of opportunities. Any possible liability of Aste Bolaffi and/or of the Seller with respect to the buyer in connection with the purchase of a lot by the latter shall be limited to the corresponding hammer price and purchase price and the buyer’s premium paid by the buyer.

15 – Expert reports and certificates Aste Bolaffi reserves the right to issue expert reports/extensions when requested by the buyer. Expert reports are not issued by Aste Bolaffi in relation to lots whose catalogue description states that they are accompanied by a certificate. It is hereby specified that any grant of expert reports/extensions does not change the payment terms set out in Article 10 above or constitute any form of guarantee regarding sold lots. Only in the cases provided for by Art. 64 of Italian Legislative Decree no. 42 of 22 January 2004, Aste Bolaffi, upon request from the buyer shall provide the buyer with a statement containing all information available on the authenticity of the lot or on its probable attribution and provenance.

16 – Numismatic auction catalogues The catalogues used as references are as follows: Bol. (Aste Bolaffi catalogue of coins and banknotes - Kingdom of Sardinia, the Kingdom of Italy and Italian Republic), Bol. Vat. (Aste Bolaffi catalogue of Vatican City coins) Bab. (Babelon), Bartolotti, Biaggi, Bohering Calciati, Cottages, BMC (British Museum catalogue), Ciani, CNI (Corpus Nummorum Italicorum), Cra. (Crapanzano/ Giulianini), Cra. Vol. II (Crapanzano/ Giulianini vol. II), Crawf. (Crawford), Coh. (Cohen), Crippa, Dav. (Davenport), Di Giulio, D.O.C. (Dumbarton Oaks Collection), Friedb. (Friedberg), Gad. (Gadoury), Galeotti, Gig. (Gigante), Gav. (Gavello) Guadàn, Gulbenkian, Haeb. (Haeberlin) Heiss, Herzfelder, Jenkins and Lewis, Krause, Mesio, Müller, Mont. (Montenegro), Mont. Ve. (Montenegro Venezia), Muntoni, M.zu.A. (Miller zu Aicholds), Pag. (Pagani), Pozzi, Rav. (Ravegnani Morosini), R.I.C. (Roman Imperial Coinage), Rizzo, Seaby, Sears, Schl. (Schlumberger), Sim. Simonetti. Philatelic auction: The numbering refers to that of Bolaffi and Sassone catalogues for the Ancient Italian States, Kingdom of Italy, Italian Republic and Italian countries, to the Yvert-Tellier catalogue and to the Unificato for Europe and to the Yvert-Tellier and Stanley Gibbons catalogue for Overseas. Any reference to other catalogues will be indicated specifically.

17 – Terms used in catalogues Furniture and paintings auction: Guido Reni: in our opinion authentic work by the artist. Guido Reni (attributed): in our opinion probably work at least partly done by the artist. Guido Reni (workshop): in our opinion work created in the artist's workshop, but by an unidentified artist. Guido Reni (circle): in our opinion the work of an unidentified artist, produced during the lifetime of the cited artist. Guido Reni (follower): in our opinion the work of an unidentified artist, not necessarily a pupil of the cited artist, potentially produced at a later date. Guido Reni (style): in our opinion a work executed in the style of the artist in contemporary or quasi-contemporary times. Guido Reni (manner or school): in our opinion a work executed in the style of the artist by an unidentified artist but who is influenced by him/her, even in a period well after the artist's death. From Guido Reni: in our opinion a copy of a known painting of the artist. Signed/Dated/Inscribed: in our opinion the signature and/or date and/or inscription is by the artist's hand. Bears signature/bears date/bears inscription: in our opinion the signature/date/inscription appears to be of another hand and/or of other era. Aste Bolaffi reserves the right to express its own opinion related to the artist, attribution, origin, dating, provenance and condition of the lots in the catalogue. It is, in any case, an opinion and should not be considered in any way an expert judgement. Philatelic auction: K mint D cancelled O front cover L hinged N fragment A letter-aerogramme I without gum Numismatic auction: Ac (Acmonital), Ae (Bronze), Ag (Silver), Al (Aluminium), An (Antimonium), Au (Gold), Ba (Bronzital), Cn (Copper-nickel), Cu (Copper), El (Electro), It (Italma), M.b. (White metal), Ma (Silver-plated metal), Md (Gilded metal), Mi (Mixture), Ni (Nichel), Ott. (Brass), Pb (Lead), Pe (Pewter), Pl (Platinum), Sn (Tin), Zn (Zinc) Jewellery auction: Cartier Jewel. This wording implies that in our opinion the object is, due to signatures, characteristics, marks, attributable to the maison indicated. It is understood that any written or verbal representation provided by Aste Bolaffi, including those contained in the catalogue, reports, comments or appraisals concerning any characteristic of a lot, such as authorship, authenticity, provenance, attribution, origin, date, age, period, cultural origin or source, its quality, including the price or value, solely reflect assessments made in good faith by Aste Bolaffi and can be reviewed and changed at any time by Aste Bolaffi. The buyer shall not treat these assessments as statement of fact or place any reliance on such representations.

18 – Verification of cultural interest Aste Bolaffi in its sole discretion may temporarily award lots that, before or during the auction, are subjected to the notification of the start of a procedure for the declaration of cultural interest referred to in Article 14 et seq. of Italian Legislative Decree no. 42 of 22 January 2004 (the “Code of Cultural Heritage”). In the event of temporary award Aste Bolaffi will report the sale to the relevant Ministry pursuant to Art. 59 of the Code of Cultural Heritage. The sale completion will be subject to the ruling made by the relevant Ministry regarding the status of the property as a “cultural heritage item” and the failure by the Ministry to exercise its right to pre-emption within sixty days of the receipt of the report or within the longer term of one hundred and eighty days referred to in Art. 61, paragraph 2, of the Code of Cultural Heritage. Pending these terms, the lot cannot be released to the buyer.

19 – Droit de suite (Artist’s Resale Royalty) Italian Legislative Decree no. 118 of 13 February 2006, implementing Directive 2001/84/EC, introduced into Italian law the right of authors of works of art and manuscripts, and their successors, to receive a fee on the price of each sale of the original work subsequent to the first sale (socalled “droit de suite”). The “droit de suite” is due only if the sale price is not less than 3,000.00 Euro. It is calculated as follows: • 4% for the portion of the sale price from € 0 to € 50,000.00; • 3% for the portion of the sale price from € 50,000.01 to € 200,000.00; • 1% for the portion of the sale price from € 200,000.01 to € 350,000.00; • 0.5% for the portion of the sale price from € 350,000.01 to € 500,000.00; • 0.25% for the portion of the sale price exceeding € 500,000.00. Aste Bolaffi is required to collect and remit the “droit de suite” to the Italian Society of Authors and Publishers (SIAE). Lots marked with the symbol “®” are subject to the “droit de suite” in the above-specified percentages for a total amount not exceeding € 12,500.00. In addition to the price and the buyer’s premium and other expenses, the buyer agrees to pay the “droit de suite”, which should be paid to the Seller under Article 152, paragraph I, of Italian Law no. 633 of 22 April 1941. The “droit de suite” will be charged in accordance with Article 10 above.

20 – Absence of the right of withdrawal Online offers and sale of lots online by Aste Bolaffi constitute a distance contract governed by Chapter I, Title III (Arts. 45 et seq.) of the Consumer Code and Italian Legislative Decree no. 70 of 9 April 2003, containing the provisions governing e-commerce. Article 59, paragraph 1, sub-para. m) of the Consumer Code excludes the right of withdrawal as regards contracts concluded in a public auction, as the auctions organised by Aste Bolaffi are, which also provide the opportunity of participating online. Therefore, there is no right of withdrawal in relation to lots auctioned in this manner.

21 – Sale with retention of title Lots are awarded or sold by Aste Bolaffi with retention of title under Article 1523 of the Italian Civil Code and the ownership of the lots will be transferred to the buyer only when the full purchase/sale price has been received. The risk of loss or damage of lots will be transferred to the buyer upon their delivery. The obligation to deliver sold lots is subject to the prior payment of the price due and of any other amount due to Aste Bolaffi in full by the buyer according to these Terms and Conditions.

22 – Post-auction sales In the thirty days following the auction date, Aste Bolaffi offers the chance to purchase any lots still unsold online in the “Compra Subito (Buy Now)” section of the website www.astebolaffi.it, where it is possible to make a binding offer for the lots that are still available, at the auction starting price plus the traditional buyer’s premium. Aste Bolaffi reserves the right to refuse the offer received.

23 – Legal warranty for consumers If the Seller of a lot is a “professional” pursuant to the provisions of Art. 18, paragraph 1, sub-para. b) of the Consumer Code (Italian Legislative Decree no. 206 of 6 September 2005), a legal warranty of conformity will be applied to the lot awarded or sold through Aste Bolaffi under Articles 128- 135 of the Consumer Code (hereinafter “Legal Warranty”). The Legal Warranty is reserved only to buyers who are natural persons and participate in the auction or sale for purposes that do not fall under the categories of trade, industry, craft or other professional activities. Since all lots are “preowned goods” pursuant to and for the purposes of Art. 134, paragraph 2, of the Consumer Code, the Seller is liable to the buyer for any lack of conformity which exists at the time of delivery of the product and that become apparent within 1 (one) year from the date of delivery. The lack of conformity must be reported to Aste Bolaffi or to the Seller, under penalty of forfeiture of the warranty, within two months from the date it was discovered. Unless proved otherwise, any lack of conformity which becomes apparent within six months of delivery of the lot shall be presumed to have existed at the time of delivery unless this presumption is incompatible with the type of lot or the nature of the lack of conformity. From the seventh month after the delivery of the product, it will instead be the burden of the buyer to prove that the lack of conformity already existed at the time of delivery. In order to use the Legal Warranty, the buyer will need to provide evidence of the date of purchase and delivery of the lot. It would be advisable for buyers to keep the purchase invoices, delivery notes and any other documents relating to the purchase and delivery of lots. It is assumed that the purchased lot is in accordance with the sales contract when the lot: (i) is suitable for the use that goods of the same type are normally used for; (ii) complies with the corresponding description given in the catalogue, in expert reports or reports by Aste Bolaffi or in any accompanying documentation; (iii) provides the usual quality and performance of goods of the same type that the buyer can reasonably expect, also taking into account the statements made in the catalogue or advertising material; (iv) is suitable for the particular purpose desired by the buyer as long as this was made known to Aste Bolaffi before the auction or sale and Aste Bolaffi accepted this. Any failures or malfunctions due to accidental events or the responsibility of the buyer are excluded from the scope of the Legal Warranty, as well as any use or storage of the lot that does not comply with its intended use and/or the provisions in the documentation accompanying the lot. Furthermore, there is no Legal Warranty of any kind, if at the time of the award or sale, the buyer was aware of the lack of conformity or could not have failed to be aware of it with ordinary due diligence or if the lack of conformity stems from information or materials provided by the buyer. Each auction is preceded by a public viewing that allows potential buyers to examine the lots in person or through trusted representatives and establish their authenticity, state of conservation, provenance, characteristics, qualities and possible defects and flaws. In the event of a lack of conformity duly reported within the terms, the buyer shall be entitled: (i) primarily, to the free repair or replacement of the lot, according to his/her choice, except when the requested remedy is impossible or excessively expensive to perform compared to the other option; (ii) secondly, (i.e. where the repair or replacement is impossible or prohibitively expensive or the repair or replacement has not been carried out within a reasonable time or the previous repair or replacement caused significant inconvenience to the buyer) to a price reduction or termination of the contract, according to his/her choice. The requested remedy is too expensive if it imposes unreasonable costs on the Seller in comparison to alternative remedies that may be exercised, taking into account (i) the value that the lot would have if it were not for the lack of conformity; (ii) the extent of the lack of conformity; (iii) the possibility that the alternative remedy may be completed without significant inconvenience to the buyer.

24 – Applicable law These Terms and Conditions and every sales contract with Aste Bolaffi and/or the Seller shall be governed in all respects by Italian law. 25 – Jurisdiction Any dispute relating to these Terms and Conditions and any sales contract with the Seller and/or Aste Bolaffi, including those relating to their interpretation, execution, termination or validity, shall be referred exclusively to the Court of Turin, except in cases where the buyer is a “consumer” under Art. 18, paragraph 1, sub-para. a) of the Consumer Code (Italian Legislative Decree no. 206 of 6 September 2005) in which case it will be settled by the court of residence or domicile of the consumer. Pursuant to Art. 141-sexies, paragraph 3 of the Consumer Code, Aste Bolaffi informs the buyer who qualifies as a “consumer” that when a complaint or application is submitted in relation to which it has not been possible to resolve the dispute in question, Aste Bolaffi will provide the information about the Alternative Dispute Resolution body or bodies for out-of-court settlements of disputes relating to obligations arising from a contract concluded under these Terms and Conditions (the so-called ADR bodies, as specified in Articles 141-bis et seq. of the Consumer Code), specifying whether or not it intends to resort to the use of such bodies to resolve the dispute. Aste Bolaffi also states that a European platform for the on-line resolution of consumer disputes (so-called ODR platform) has been established. The ODR platform can be viewed at the following web address http://ec.europa.eu/consumers/odr/; through the ODR platform the consumer user can consult the list of ADR bodies, find the link to the website of each of them and start an online resolution procedure of the dispute in which they are involved. WHEN SUBMITTING ABSENTEE BID, SALEROOM BID, TELEPHONE OR ONLINE BID, THE BIDDERS CONFIRMS THAT THEY HAVE READ AND ACCEPTED ALL THE TERMS AND CONDITIONS OF SALE AS LISTED ABOVE.