1 Arcadia's obligations towards the buyer

Casa d'aste Arcadia s.r.l. (hereinafter ‘Arcadia’) conducts auctions at its premises open to the public, acting as an agent representing itself and on behalf of the seller, pursuant to Article 1704 of the Italian Civil Code. Arcadia therefore assumes no liability towards buyers or third parties in general other than that arising from its capacity as agent.

Auction sale

2 Auction sale

2.1 In order to improve auction sale procedures, all those interested in participating in the auction are required to register their personal details and address, presenting and providing a copy of an identity document, in order to obtain a numbered “paddle” for bidding before the auction begins. At the same time, interested parties accept the Terms and Conditions of Sale and give their consent to the processing of the aforementioned personal data.

Arcadia reserves the right to refuse bids from unregistered buyers and, following non-payment or delayed payment by a buyer, Arcadia may refuse any bids made by that buyer or their representative in subsequent auctions.

2.2 Lots are awarded to the highest bidder. The auctioneer conducts the auction and may make the first bids on behalf of the principal.

The sale between the seller and the buyer is confirmed by the auctioneer's hammer. In the event of a dispute over an award, the lot is put back up for auction during the same session, based on the last bid received. The auctioneer has the right to withdraw lots from the auction, separate or combine them and, if necessary, change the order of sale.

2.3 Arcadia accepts bids for lots at specific prices, on the basis of a specific mandate. During the auction, bids may be made via the internet and by telephone, which are accepted at Arcadia's sole discretion and transmitted to the auctioneer.

Telephone conversations may be recorded.

3 Responsibilities of the seller and Arcadia towards the buyer

3.1 The lots offered for sale are to be considered used or antique goods and therefore do not qualify as ‘products’ according to the definition in Article 3(e) of the Consumer Code (Legislative Decree No. 206 of 6 September 2005).

3.2 The auction will be preceded by an exhibition of the works, during which Arcadia and its experts will be available to answer any questions. The purpose of the exhibition is to allow visitors to examine the authenticity, attribution, condition, provenance, type and quality of the items and to clarify any errors or inaccuracies in the catalogue. If it is not possible to view the items in person, a Condition Report can be requested. The absence of explicit references to the condition of the lot does not imply that the item is free from imperfections. All items are sold “as seen”, therefore, before participating in the auction, potential buyers undertake to examine the lots of interest in detail, possibly assisted by an expert of their choice. After the auction, no disputes will be accepted and neither Arcadia nor the seller can be held responsible for any defects relating to the information concerning the items in the auction.

3.3 The lots offered for auction are sold in the condition in which they are found at the time of display, with all defects and imperfections such as breakages, restorations, missing parts or replacements. These characteristics, even if not expressly indicated in the catalogue, cannot be considered grounds for contesting the sale. Antiques, by their very nature, may have been restored or subjected to various types of modifications: such interventions can never be considered hidden defects or counterfeiting. Electrical or mechanical goods are not checked before sale and are purchased by the buyer at their own risk. Watch movements are to be considered unchecked.

3.4 The descriptions or illustrations of lots contained in catalogues and any other illustrative material are purely indicative and reflect the opinions of Arcadia and its experts. They may be subject to revision at any time before the lot is put up for sale. Arcadia cannot be held liable for errors or omissions in these descriptions, nor in cases of counterfeiting, as no guarantee is provided on the lots in the auction. Furthermore, the illustrations of the items presented in catalogues, on screens or in other illustrative material are intended solely to identify the lot and cannot be considered accurate representations of the condition of the item.

3.5 The estimated values indicated in the catalogue are expressed in euros and are merely indicative. These values may be equal to, higher than or lower than the reserve prices of the lots agreed with the principals.

4 Payment and collection; transfer of responsibility

4.1 The purchase commission (auction fees) must be added to the hammer price: 32.00% up to an amount of €5,000.00; 28% for the portion exceeding €5,000.00 up to an amount of €200,000.00; 25% for the portion exceeding €200,000.00. The above percentages are inclusive of VAT, in accordance with current regulations. Any additional charges or taxes relating to the purchase shall be borne by the successful bidder.

4.2 The buyer must pay a deposit upon award and complete payment before collecting the goods at their own expense and risk no later than fifteen days after the end of the sale. In the event of failure to pay, in whole or in part, the total amount due by the successful bidder within this period, Arcadia shall be entitled, at its discretion, to: a) return the goods to the principal, demanding payment of lost sales commissions from the failed purchaser as a penalty; b) take legal action to enforce the purchase obligation; c) sell the lot through private negotiation or in subsequent auctions on behalf of and at the expense of the successful bidder, pursuant to Article 1515 of the Italian Civil Code, without prejudice to the right to compensation for damages.

4.3 Once the above deadline has passed, Arcadia shall in any case be exempt from any liability towards the successful bidder in relation to any deterioration or damage to the items and shall be entitled to be paid for each individual lot the storage fees plus any reimbursement of expenses for transport to the warehouse. Any risk of loss or damage to the successful bid shall be transferred to the buyer from the moment of the award. The purchaser may only take delivery of the purchased goods after paying Arcadia the price and any other commissions, costs or reimbursements associated with the sale.

5 Requirements: notification, export, protected species and anti-money laundering

5.1 For items subject to notification by the State pursuant to Legislative Decree no. 42 of 22 January 2004 (the so-called Cultural Heritage Code) and subsequent amendments, buyers are required to comply with all applicable laws and regulations. In the event that the State exercises its right of pre-emption, the successful bidder may not claim any reimbursement from Arcadia or the seller for any interest on the price and auction commissions already paid.

5.2 The export of items by purchasers residing or not residing in Italy is governed by the aforementioned legislation, as well as by the customs, currency and tax laws in force. Therefore, the export of items dating back more than fifty years is always subject to a free movement licence issued by the competent authority. Arcadia assumes no responsibility towards the buyer with regard to any restrictions on the export of the lots awarded, nor with regard to any licences or certificates that the buyer must obtain under Italian law.

5.3 For each batch containing materials belonging to protected species such as coral, ivory, tortoiseshell, crocodile, whale bones, rhino horns, etc., a CITES export licence issued by the Ministry of the Environment and Land Protection is required. Potential buyers are advised to check with the country of destination regarding the laws governing such imports.

5.4 The resale right shall be borne by the seller pursuant to Article 152 of Law No. 633 of 22 April 1941, as replaced by Article 10 of Legislative Decree No. 118 of 13 February 2006.

5.5 Pursuant to and for the purposes of Article 22 of Legislative Decree No. 231/2007 (Anti-Money Laundering Decree), customers undertake to provide all necessary and up-to-date information to enable Casa d'Aste Arcadia S.r.l. to fulfil its customer due diligence obligations. It is understood that the completion of the transaction is subject to the customer providing the information requested by Casa d'Aste Arcadia S.r.l. for the fulfilment of the aforementioned obligations. Pursuant to Article 42 of Legislative Decree No. 231/07, Casa d'Aste Arcadia S.r.l. reserves the right to refrain from completing the transaction in the event of objective impossibility to carry out customer due diligence.

6 PROTECTION OF PERSONAL DATA

Pursuant to Article 13 of Legislative Decree 196/2003 (Personal Data Protection Code), Arcadia, in its capacity as data controller, informs you that the data provided will be used, in paper and electronic form, for the full and complete execution of the sales contracts entered into by the company, as well as for the pursuit of any other service related to the corporate purpose of Casa d'Aste Arcadia s.r.l.

The provision of data is optional, but it is strictly necessary for the execution of the contracts concluded. Registration for auctions allows Arcadia to send catalogues of subsequent auctions and other information material relating to its activities.

For more details on data processing and rights, please refer to the full privacy policy, which can be viewed on the website or at the company's offices.

7 JURISDICTION

These Terms and Conditions of Sale, governed by Italian law, are tacitly accepted by all parties participating in the auction sale procedure and remain available to anyone who requests them.

Any dispute relating to the auction sale at Arcadia shall be settled exclusively by the courts of Rome.

8 COMMUNICATIONS

Any communication relating to the sale must be sent by registered letter with return receipt addressed to:

Casa d’aste Arcadia S.r.l.,

Corso Vittorio Emanuele II, 18 – 00186 Rome.