1. Sales

AREA CASA D’ASTE s.r.l. (hereinafter referred to as the Auction House) conducts auction sales based on the following General Terms and Conditions of Sale. Consequently, any different general conditions shall not apply and will remain ineffective. Should any of the provisions of these general conditions be deemed invalid and/or unenforceable, such provision will be considered null and void, but the remaining provisions will remain fully valid and enforceable. The Auction House acts as an exclusive agent, in the name and on behalf of each seller of the lots offered for sale, pursuant to Article 1704 of the Italian Civil Code. Consequently, the sale of the lots shall be deemed to occur directly between the seller and the successful bidder; therefore, the Auction House does not assume any responsibility toward the purchaser and/or third parties.

2. Lot Descriptions in Catalogs and Estimates

All items are sold as-is at the time of the sale. Descriptions of the lots, images, and illustrations in the catalogs, website, or any other illustrative material provided by the Auction House are for reference purposes only and should not be relied upon. These descriptions are made solely for identification purposes, constituting mere opinions subject to potential revision. Estimates regarding the starting price of each lot are indicated below the lot descriptions in the auction catalog and do not include commissions and other charges payable by the purchaser under these terms of sale. Such estimates are purely indicative opinions and are subject to revision at any time.

3. Exhibition of Lots

The auction is preceded by an exhibition intended to allow a thorough examination of the items for sale regarding authenticity, condition, provenance, type, and quality of the items. Prospective buyers are obliged, before participating in the auction, to thoroughly examine the lots, seeking advice from a trusted expert if necessary, to ascertain all characteristics before submitting a purchase offer.

4. Reserve Price and Changes

Lots are offered with a reserve price agreed upon with the seller, representing the minimum sale price below which the lot cannot be sold. For each lot, the auctioneer may start the bidding below the reserve price with an opening bid on behalf of the seller (base price). The auctioneer may continue to place bids on behalf of the seller up to the reserve price and on behalf of participants making purchase offers in response to other bids during the auction. The Auction House reserves the right to cancel and/or suspend the auction sale and withdraw one or more lots from the auction at its absolute and sole discretion without notice; in such cases, the lots will be deemed not awarded to any bidder. During the auction, the auctioneer, at its sole and absolute discretion, may change the order of sale of the lots, combine and/or separate lots, and withdraw lots for which the reserve price agreed with the seller is not reached.

5. Bids

To participate in the auction, bidders must submit a written bid by completing the "Written and Telephone Bid Form" attached to the auction catalog or downloadable from the website www.areacasadaste.it, including their personal data, banking references, a copy of an identification document, and tax code. For bids submitted via telephone, the Auction House will contact the prospective buyer, who has been pre-registered as specified above, during the auction of a lot to allow them to bid via telephone. Bids can also be placed online according to the instructions provided on www.areacasadaste.it. By signing the Bid Form, participants fully and unconditionally accept the terms of sale and commit to paying the awarded price, including the auction commission and any applicable taxes and charges. The Auction House reserves the right, at its sole discretion, to deny anyone entry to its premises or participation in the auction and to reject bids from unknown buyers unless a deposit covering the desired lots in full or other adequate security is provided. The Auction House may also annul the awarding of a lot if the personal data provided is incomplete or inaccurate, or if the banking references are deemed inadequate.

6. Competition

The Auction House may place bids on its own behalf and/or accept mandates to purchase specific lots on behalf of its clients; in such cases, the auctioneer will place bids and/or increments based on the instructions received. In case of identical bids, priority will be given to the bid communicated by the auctioneer over that of a participant in the room, via telephone, or online.

7. Awarding of Lots

Lots will be awarded to the highest bidder. The auctioneer, by striking the gavel, will consider the highest bid accepted, and the corresponding purchase agreement between the seller and the buyer will be deemed concluded. Bidders declare that they have examined and reviewed the lots and unconditionally accept the awarding, irrespective of the lot descriptions in the auction catalog or the corresponding estimates. If a dispute arises during the auction regarding the identity or identification of the buyer, the auctioneer may, at its sole discretion, re-auction the lots or resume the auction from the last bid. In the case of identical written bids, the earlier received bid will prevail; if a written bid and a bid from the room are identical, the written bid will prevail; in case of identical written and telephone bids, the written bid will prevail.

8. Auction Fees

The successful bidder must pay the Auction House, in addition to the hammer price, the auction commission, and any applicable taxes. The auction commission is set at 25% of the hammer price for each lot up to €100,000.00, 22% up to €300,000.00, and 18% above €300,000.00. These amounts include VAT. The risk of loss and/or damage to the item transfers to the buyer upon awarding. Ownership transfers only after the buyer has fully paid the total amount due.

9. Payments

The total price must be paid by the buyer to the Auction House within the essential term of ten (10) days from the awarding of the lot, by cash (within the legal limits), bank transfer, non-transferable cashier’s checks, and/or bank drafts. Ownership and possession of the lots will transfer to the buyer only after full payment of the total price.

10. Non-Payment and/or Late Payment

In case of non-payment, in whole or in part, of the total amount due by the buyer within the term mentioned in Article 9 above, the Auction House shall have the right, at its discretion, to:

  • (a) terminate the sale agreement and return the item to the seller, requiring the defaulting buyer to pay lost commissions as a penalty;
  • (b) take legal action to enforce the purchase obligation;
  • (c) sell the lot through private negotiation or subsequent auctions on behalf and at the expense of the defaulting buyer, pursuant to Article 1515 of the Italian Civil Code, without prejudice to any damage compensation claims.
After the aforementioned term, the Auction House will no longer be responsible toward the buyer for any deterioration and/or depreciation of the items and shall have the right to charge custody fees for each lot. All risks of loss and/or damage to the awarded item will transfer to the buyer upon awarding. In the event of non-payment and/or late payment by a buyer, the Auction House may refuse any offers made by the same buyer or their representative in subsequent auctions.

11. Liability

The Auction House shall not be held liable for any errors and/or omissions in the lot descriptions, their estimates, or in cases of counterfeiting, as no implicit or explicit warranty is provided regarding the lots in the auction. After awarding, neither the Auction House nor the sellers can be held responsible for any defects in the lots, including but not limited to their condition, incorrect attribution, authenticity, provenance, or lack of quality. Accordingly, bidders and the buyer expressly waive the warranty under Article 1490 of the Italian Civil Code, releasing the Auction House from any related liability; neither the Auction House nor its staff may provide any valid warranty in this regard. The Auction House cannot be held liable for failure to execute a written bid or for errors or omissions related to such bids. In the case of participation in the auction by telephone, bidders release the Auction House from any liability for technical or other issues that may hinder their full participation in the auction (e.g., communication interruptions, line issues, unavailability – for any reason – of the bidders) and assume all risks regarding the potential failure to win one or more lots. If a bidder is unreachable due to technical or other issues, they agree to pay the base price or the amount indicated on the form for the lot in question, provided no higher bids are made.

12. Collection of Awarded Lots

Unless otherwise agreed, the buyer must collect the awarded lots at their own expense, risk, and responsibility within the same deadline provided for payment (this term will be suspended in cases where Legislative Decree No. 42/2004, the Cultural Heritage Code, is applicable, for the duration provided by the relevant legislation on pre-emption rights). If this deadline is not met, the Auction House will no longer be responsible for any damages and/or theft (total or partial) of the lots occurring after this deadline, and the buyer waives any rights and actions against the Auction House. Additionally, the Auction House may, at its discretion and at the buyer’s expense, store the awarded lots in its own or third-party warehouses or ship them to the buyer at the buyer’s expense.

13. Cultural Interest Declarations, Pre-emption, and Exportation

For objects subject to notification by the State pursuant to Legislative Decree No. 42 of January 22, 2004 (Cultural Heritage Code), buyers are required to comply with all applicable legislative provisions. In case of exercise of the State's pre-emption right, the buyer cannot claim any refund of potential interest on the price or auction commissions already paid from the Auction House or the seller. The exportation of items by buyers residing or not residing in Italy is governed by the aforementioned legislation, as well as by applicable customs, currency, and tax laws. The Auction House assumes no responsibility toward the buyer for any restrictions on the export of awarded lots or for any licenses or certificates required under Italian law.

14. Third Parties

If the Auction House becomes aware of any claims or rights of third parties concerning the ownership, possession, or custody of one or more lots, it may, at its sole discretion, withdraw such lots from the sale and/or retain them in custody while awaiting the necessary verifications and/or resolution of any arising disputes.

15. Communications

For further information, please contact: AREA CASA D’ASTE s.r.l.

16. Applicable Law and Exclusive Jurisdiction

These terms of sale are fully accepted, without reservation, by bidders, buyers, and any other participants in the auction. These terms are governed by Italian law. All disputes arising from these terms will be exclusively referred to the Court of Milan.