Conditions of Sale
MINERVA AUCTIONS S.r.l.,
a company with only one shareholder, with principal of ce in Rome, Via
Giosué Carducci No. 4 and operating of ce in Piazza SS. Apostoli 80,
recorded with the Companies' Register of Rome and Fiscal Code No.
09479031008 [Company Register Code RM-1165993]
1. Minerva Auctions S.r.l., a company with only one shareholder, with
principal of ce in Rome, Via Giosué Carducci No. 4 and operating
of ce in Piazza SS. Apostoli 80, recorded with the Companies' Register
of Rome and Fiscal Code No. 09479031008 [Company Register Code
RM-1165993], Company with only one shareholder (holding Company),
in carrying out its selling activity, acts as an agent on an exclusive basis
in its name but on behalf of each Seller, whose name is registered in
the special books held at Minerva Auctions's of ce pursuant to the
Police Regulations. The sales shall be deemed concluded directly
between the Seller and the Buyer (hereinafter referred to as the
"Buyer"); it follows that Minerva Auctions undertakes no responsibility
except that deriving from its role as agent.
2. The lots are knocked down to the highest bidder. If any dispute
arises between two or more bidders, the disputed lot may, at the sole
discretion of the Auctioneer, immediately be reoffered and resold.
3. Minerva Auctions reserves the right to withdraw any lot in its
absolute discretion and without need of any notice. During the auction,
the auctioneer in its absolute discretion is entitled to change the order
of sale, to join and/or separate any two or more lots. Minerva Auctions,
moreover, shall also withdraw lots if the bids do not reach the reserve
price, as agreed between Minerva Auctionsand the Seller.
4. The minimum rate by which a bid may be increased is 10% of
the minimum starting price, unless otherwise communicated by the
Auctioneer.
5. The highest bidder by making its bid undertakes to pay to Minerva
Auctions the hammer price of the lot plus the commission for the
auction rights due to Minerva Auctions plus taxes and other charges
applicable to the sale and to the commission.
6. Title to the lots is transferred to the highest bidder only upon full
payment of the hammer price and of the commissions referred to in
paragraph 7 herein below.
The following modalities of payment are accepted:
a) by cash up to Euro 1.000;
b) by credit card (Visa and Mastercard) in our of ce. A surcharge of 3%
is payable on all payments made by credit card;
c) by banker's draft and/or certi ed non negotiable
cheque payable to Minerva Auctions S.r.l.;
d) by bank transfer to the banking account
No. 400851407 in the name of Minerva Auctions S.r.l. with Unicredit
Banca - Filiale No. 70 of Rome, Via del Corso No. 307, identi ed with
the following banking data: IBAN IT04W0200805181000400851407,
SWIFT: UNCRITM1B44.
In case of payment made by cheque or banking remittance, the
payment shall be deemed made only when Minerva Auctions's bank
has con rmed the encashment of the cheque or the receipt of the
remittance.
7. The commissions due to Minerva Auctions by the Buyer are the
following:
- 25% of the hammer price of each lot up to an amount of Euro
100.000,00;
- 18% of the hammer price on any amount in excess of
Euro 100.000,00.
7 bis. () Means: lots of Minerva Auctions's stock that are outside the
margin scheme.
The total amount payable by the buyer will include:
the hammer price, + 21%VAT on the hammer price, + 20% premium on
the hammer price, + 21& VAT on the premium
VAT on the hammer price is refundable only in cases of certi ed
exportation outside the EU within three months of the date of sale, on
condition that the relevant certifying documentation, as provided for
by the italian law, is delivered to Minerva Auctions within four months
of the date of sale. The VAT on the hammer price and on the auction
commision is not applicable to non italian persons subject to VAT who
reside within the EU.
8. LOTS WITH THE SYMBOL . In Italy the Legislative Decree No.
118/2006 provides a so called "Diritto di Seguito" (artist's resale
right) namely the right of the artist, who created gurative works or
manuscripts, during his entire life and the right of his heirs for a period
of 70 years from the artist's death, to receive a payment calculated at
a percentage of the sale price of the originals of his works on occasion
of subsequent sales of the artist's works. For lots that appear with
this symbol the buyer is committed to pay the "droit de suite" which
entitles the seller to pay according to the art. 152, I comma, Law 22
aprile 1941, n. 633. Such artist's compensation is at charge of the Buyer
and is calculated on the hammer price if it is equal or higher than Euro
3.000,00. This compensation cannot in any case be higher than Euro
12.500,00 for each lot.
The amount of the compensation to be paid is calculated as follows:
4% for the sum of the hammer price up to Euro 50.000,00;
3% for the sum of the hammer price between
Euro 50.000,01 and Euro 200.000,00;
1% for the sum of the hammer price between
Euro 200.000,01 and Euro 350.000,00;
0,50% for the sum of the hammer price between
Euro 350.000,01 and Euro 500.000,00;
0,25% of the hammer price in excess of Euro 500.000,00.
The artist's compensation charged to Buyer shall be paid by Minerva
Auctions to SIAE, pursuant to what prescribed by the Italian law.
9. Each prospective Buyer must complete and sign a registration form,
including personal data. New customers must indicate their bank
references. Said data shall be treated con dentially pursuant to the
applicable laws on privacy, as indicated in details in the appropriate
notice delivered to the prospective buyers.
Minerva Auctions reserves to itself the right to refuse bids made by
persons not registered or not identi ed or who has not given adequate
bank references.
The following translation is for courtesy purposes only; for any inconsistency, the Italian version shall prevail
MINERVA AUCTIONS 109
10. Minerva Auctions will be entitled to execute bids for speci c lots
on behalf of clients known to it, making bids through the auctioneer
in competition with the other bidders attending the sale. In the event
of two identical bids, the bid communicated by the auctioneer shall
prevail over the bid made by other bidders.
11. Minerva Auctions acts as mere agent of the Sellers and shall not be
held liable for the description of the lots in the catalogues, brochures
and other publications.
Statements in the catalogue or condition reports or any other
indication or illustration regarding the lots, are purely statements
of opinion and are not to be relied upon as statements of warranty.
Before every auction, an exhibition of the lots shall take place in
order to allow a through evaluation of the authenticity, the state of
preservation, the provenance and the type and quality of any lot.
Following the sale, neither Minerva Auctions's nor the Sellers shall
be liable for any defects relative to the state of preservation, nor do
they warrant the correctness of statements concerning attribution,
authenticity, provenance, weight or quality in any item. Neither
Minerva Auctions's nor its personnel shall have the authority to make
or give any representation or warranty in this respect, except for cases
provided by law. Without prejudice to what established hereinabove
or by imperative provisions of law any liability for damages either by
Minerva Auctions or by the Seller shall be limited to the hammer price
of the related lot.
12. The estimates regarding the possible sale price of each lot are
expressed in Euro and are printed under their description in the
catalogue and are not inclusive of the commissions payable by the
Buyer to Minerva Auctions. Estimates are subject to revision at any
moment, so that the lots may be offered at the auction at a price
different from that indicated in the catalogue. The description of
the lots in the catalogue can also be subject to revision by way of
appropriate communications to the public during the auction.
13. The Buyer shall pay to Minerva Auctions the hammer price plus the
commission due to Minerva Auctions for the action fees immediately
after the conclusion of the auction and, in any case, within seven
working days, unless otherwise previously agreed in writing with
Minerva Auctions.
14. In the event of delays in the payment of the hammer price plus
commissions by the Buyer, Minerva Auctions may charge to the Buyer
liquidated damages at the rate of 12% per year calculated for the
actual days of delay, saving the right of Minerva Auctions, after the
elapse of seven days from the auction, to cancel the sale of the lot and
to resell the lot by future auction or by private sale, withholding in any
case, as liquidated damages, advance payments, if any, made by the
Buyer. The unpaid lots shall be kept in custody by Minerva Auctions
at risk and cost of the Buyer until they are sold, as provided for in the
precedent paragraph, or returned to the Seller upon his request, it
being understood that, until the sale or the return of the lots to the
Seller, the Buyer shall be obliged to pay to Minerva Auctions the above
mentioned liquidated damages.
15. The Buyer, after the payment of the hammer price and of the
commission, should collect the lots at his own risk and costs within
seven days from auction. After this time, Minerva Auctions shall not
be held liable towards the Buyer with reference to the custody, to any
possible deterioration or wear and tear of the lots and will have right to
transfer lots which have not been collected at the expense and risk of
the Buyer to its of ce or to private or public warehouse.
Minerva Auctions may arrange to have the lots packed, insured and
shipped at the express request, expense and risk of the Buyer, upon
receipt of the related payment.
16. The Buyer, with respect to the lots declared of signi cant interest
by the Italian State, shall comply with the provision set forth in the
Legislative Decree No. 42 of January 22, 2004 (so called "Codice dei
beni culturali").
The export of lots by the Buyers, both resident and not resident in Italy,
is governed by the above mentioned provisions of law and are also
subject to customs, currency and tax-regulations in force.
Minerva Auctions shall not be held liable for any restrictions on export
of the sold lots or for any licenses or permits that the Buyer must
obtain under Italian law. In the event that the Italian State exercise the
right of pre-emption, the Buyer shall not be entitled to receive either
from Minerva Auctions or from the Seller any refund of the interest
on the sale price and on the commissions already paid to Minerva
Auctions.
17. If, within 21 days from the date of the sale, the Buyer has noti ed
Minerva Auctions in writing that he/she has grounds for believing
that the lot concerned is a forgery or has substantial defects, Minerva
Auctions shall be entitled, in its sole discretion, to cancel the sale and
disclose to the Buyer the name of the Seller, giving prior notice to him/
her.
18. In any case of auctions concerning books, the Buyer shall not
be entitled to dispute any damage to bindings, foxing, wormholes,
trimmed pages or plates or any other defect affecting the integrity of
the text and/or illustrative material, including missing indices of plates,
blank pages, insertions, supplements and additions subsequent to the
date of publication of the work. No refund will be considered for books
not described in the catalogue.
19. In the event that Minerva Auctions is noti ed or become aware of
a claim by a third party about the ownership or possession or control
of one or more lots, it may, in its absolute discretion, retain possession
of the lots for such period as it is reasonable for the settlement of the
claim.
20. These general conditions of sale shall be deemed accepted
entirely and automatically by the sale participants and are available
to any person requesting them. Any dispute relating to these general
conditions on the auctions shall be submitted to the exclusive
jurisdiction of the Rome Courts and shall be governed by Italian Law,
saving Minerva Auctions rights to submit the claim to the Court where
the defendant is resident.
