Terms and Conditions of Sale

Taking part in an Auction implies the entire and unconditional acceptance of the Conditions of Sale outlined in this Catalogue. Bidders are required to read carefully the section of the Catalogue containing the purchase terms of the Lots for sale by WANNENES ART AUCTIONS.

ESTIMATES Beside each Lot description in the Catalogue there is an indication of the Estimate for potential Purchasers. In each case, all the Lots, in light of market interest, may achieve prices that are either superior to or inferior to the indicated Estimates. The Estimates published in the Auction Catalogue may be subject to revision and do not include the purchase commission (buyer’s premium) and VAT.

RESERVE The reserve price corresponds to the minimum price agreed upon between WANNENES ART AUCTIONS and the SELLER, beneath which the Lot will not be sold. Lots offered with no reserve are indicated in the Catalogue with the Estimate in RED and with the description O.1. These Lots are sold to the highest Bidder independently of the published Estimates.

VIEWING BEFORE THE AUCTION Each Auction is preceded by a Viewing which is open, admission free, to the public. Opening times are shown in the first few pages of this Catalogue. The Viewing enables all Purchasers to undertake an appropriate examination of the Lots for sale and to verify all aspects related to the Lot, such as authenticity, state of preservation, materials and provenance etc.

WATCH AND CLOCK SALES The descriptions in the catalogue for watches and clocks in relation to preservation and/or restorations are given as guidelines to the prospective buyer but may under no circumstance be considered all-inclusive. The Condition Reports which WANNENES ART AUCTIONS may send, on request of a prospective buyer, do not reflect an exhaustive description and some restorations or imperfections may not be mentioned. Condition Reports are statements of opinion given by our Experts and are purely subjective and do not constitute a guarantee that may substitute a direct examination by the prospective buyer. Prospective buyers should personally inspect the condition of each lot in order to ascertain its effective state, both from the technical and the aesthetical points of view. Lots are sold in their present state and the fact that an imperfection or a restoration is not mentioned does not imply that the imperfection or restoration does not exist. Watches, because of their mechanical and functional nature, are normally used and kept up and possibly repaired, in the course of their existence: they are examined by the Experts of WANNENES ART AUCTIONS prior to the sale, but WANNENES ART AUCTIONS gives no guarantee that they are in working order, free of repairs or in the presence of non-original parts. Wristwatches in water-resistant cases have been opened to examine their movements: therefore, WANNENES ART AUCTIONS suggests that such a watch be controlled by an authorized dealer before using the same in conditions where water is present. As concerns quartz movement watches, no information is given about working order if the battery, at the moment of examination, is discharged. All documents regarding watches, if not otherwise specified, are not present. All straps and bracelets, if not otherwise specified, are not to be considered original. Straps made of organic material are associated with the watch for display purposes only: prospective buyers are aware that the importation to foreign countries of materials derived from endangered or otherwise protected species (purely as an example: tortoiseshell, ivory) are subject to CITES international rules. Prospective buyers should therefore acquire the necessary information on such restrictions prior to their participation in the sale for lots containing, even though partially, materials falling under these rules. Indications of weight, if included in the Condition Report, are to be considered gross and purely indicative, as are weights in carats of precious stones, indications of the nature of precious stones or other precious materials and measures of cases.

STATE OF PRESERVATION The Lots are sold in their current state. We recommend, therefore, that potential Purchasers check the state of preservation of the Lots/s, as well as the type of Lot/s being offered, before the Sale. The Experts of WANNENES ART AUCTIONS will be happy to provide upon request reports on the state of preservation of the Lots on sale. The descriptions in the Catalogues merely represent the opinion of our Experts and may be subject to further revisions that will, in due course, be given to the public during the Auction. Taking part in an Auction may occur by means of the Bidder being present in the Auction Room, or by means of written or telephone Bids that WANNENES ART AUCTIONS will gladly carry out for potential Purchasers. This service is free of charge and, therefore, WANNENES ART AUCTIONS bears no form of responsibility for this service. WANNENES ART AUCTIONS will, therefore, not be responsible for any Bids inadvertently mislaid or for mistakes in relation to the latter. New Purchasers will have to provide sufficient bank references by means of a Presentation Letter supplied by the Purchaser’s bank to WANNENES ART AUCTIONS, via Albaro 11, 16145, Genoa.

BIDDING IN PERSON In order to bid in person, potential Purchasers have to register and collect a bidding number by filling out the Bidding Form and providing a valid document of identification and tax code number. All Lots sold will be invoiced to the name and address supplied when collecting the Bidding Number and they will not be able to be transferred to other names and/or addresses. Should a potential Purchaser wish to bid on behalf of a third party, s/he should inform WANNENES ART AUCTIONS before the beginning of the Auction.

WRITTEN AND TELEPHONE BIDS In order to bid by means of written or telephone Bids potential purchasers have to fill out the Bidding Form in this Catalogue and send it by fax to the number +39 010 2517767 at least SEVEN hours before the beginning of the Auction. Bids must be in euro and do not include Auction commissions and charges and taxation as laid down by the Law. Written Bids are carried out on behalf of the Bidder at the lowest price possible in consideration of the reserve price and the other Bids offered. In the absence of a higher Bid, written Bids undertaken on Lots without a reserve (indicated by the Estimate in RED) will be sold at approximately 50% of the lowest estimate or at the figure corresponding to the Bid, even though lower than 50% of the lowest Estimate. Telephone Bids are organised by WANNENES ART AUCTIONS according to the availability of the telephone lines being used and exclusively for Lots that have a maximum Estimate of at least 500 euro. Telephone calls during the Auction may be recorded. Potential purchasers who bid by telephone consent to the recording of their conversations.

LIVE AUCTION You can bid online going on our website www.wannenesgroup.com – on the on air sale section and following the instructions WANNENES WEB-ONLY AUCTION Bidding to Wannenes timed auctions, Wannenes Web-only auctions, is subject to the same conditions as bidding to a live auction. Registering and/or bidding, bidders accept explicitly general sale conditions that rule the auction, included the commissions as indicated.

HAMMER PRICE The Hammer Price indicates that a Sale of a Lot has been made and at that moment the Purchaser assumes full responsibility for the Lot. As well as the hammer price the Purchaser has to recognise the commissions (buyer’s premium) to be paid to WANNENES ART AUCTIONS and the taxes to be paid as laid down by the Law.

PAYMENT Purchasers have to carry out payment for the Lot/s by 10 working days from the date of the Auction by means of: – Cash payment less than 5,000 euro. – Italian bank draft payable to Art Auctions srl, subject to the real collection of the total amount and prior check with the bank of issue. – Credit transfer to Art Auctions S.r.l.: BNL Gruppo Paribas, Largo Eros Lanfranco 2, 16121 Genova BIC: BNLIITRR IBAN: IT 61 G 01005 01400 000000004382 If paying by bank transfer, the amount received after the deduction of any bank fee and/or conversion of the currency of payment to euro must not be less than the euro amount payable, as set out on the invoice – Debit/credit card except American Express. Please note there is a 3% surcharge on the total invoice value. WANNENES ART AUCTIONS may, upon agreement with the Seller, offer those Purchasers it deems reliable the possibility to pay for Lots in installments. Potential purchasers who wish to undertake payment by instalments should contact the Management of WANNENES ART AUCTIONS before the Sale.

COLLECTION OF LOTS Purchasers must collect the Lot/s by 15 working days from the date of the Auction. At the end of this span of time, WANNENES ART AUCTIONS will not be responsible either for the custody of the Lot/s or for any damage that may occur to the Lot/s upon their removal to an appropriate warehouse. WANNENES ART AUCTIONS will charge the Purchaser with the costs of insurance and storage as laid down in the Chart available to Customers in the headquarters of the Company. When collecting the Lot/s, the Purchaser must provide WANNENES ART AUCTIONS with a valid document of identity. Should the Purchaser request a Third Party to collect the Lot/s already paid for, the latter should possess a piece of written permission signed by the Purchaser and a photocopy of the Purchaser’s document of identity. The Lot/s are given to the Purchaser or the Third Party only upon payment having taken place. If purchased Lot/s are collected after the above-mentioned time limit the Auction House may debit the costs of storage (by month or part of a month) as follows: 100 euro + VAT for Furniture 50 euro + VAT for Paintings 25 euro + VAT for Objects

THE SHIPPING OF LOTS The Staff at WANNENES ART AUCTIONS will be glad to ship Lots purchased according to written instructions given by the Purchaser, following payment of the Lot/s concerned. Shipping will be at the risk and expense of the Purchaser who, by means of a written communication, will have to subtract WANNENES ART AUCTIONS from any responsibility concerning such an operation. Furthermore, our Staff is available for evaluations and advice in relation to the shipping methods employed and insurance of the Lot/s.

EXPORT OF THE LOTS PURCHASED The Law Decree no. 42 of January 22nd 2004 regulates the export of cultural heritage and goods outside the Republic of Italy. The EU Regulation no. 3911/92 of December 9th 1992, as modified by EU Regulation no. 2469/96 of December 16th 1996 and by EU Regulation no. 974/01 of May 14th 2001, regulates the export of cultural heritage and goods outside the European Union. In order to export outside Italy cultural heritage and goods that are over 50 years old need an Export Licence that the Purchaser has to procure for him/herself personally. WANNENES ART AUCTIONS is not involved in the procurement of such permits and cannot therefore guarantee the relative issue of such permits. WANNENES ART AUCTIONS, upon the request of the Purchaser, may undertake the operations necessary for the granting of the Export Licence according to the following tariffs: – euro 250,00 + VAT for each single lot or the first lot of a series of lots – euro 100,00 + VAT for the stub sequent lots in a series of lots including form-filling, taxation stamps and photographic (colour) documentation. Should the above-mentioned authorisation not be granted the Purchase of the Lot/s is not nullified, neither is the payment of the Lot/s, unless prior agreement with WANNENES ART AUCTIONS was made before the Auction.

With reference to the regulations contained in art. 8, 1st paragraph, letter B DPR 633/72. Purchasers have to respect the following procedures should they wish to take the Lot/s outside the European Union and claim the VAT refund: The completion of CUSTOMS forms/papers and transport outside the European Union within three months from the invoice date. The sending – within the same term – of the ORIGINAL CUSTOMS TAXATION STAMP OR EQUIVALENT DOCUMENT directly to WANNENES ART AUCTIONS

THE ARTIST’S RESALE RIGHT The Artist’s Resale Right has been in force in Italy since April 9th 2006 with the Law Decree no. 118 (13/02/2006). This represents the right of the Author/Artist (living or deceased within the previous seventy years) of figurative art works and manuscripts to perceive a percentage of the sale price of his/her original works upon those sales taking place following the initial sale of the work/s in question. Resale Royalties will be charged to the seller where the hammer prise is 3.000,00 euro or more and will not be superior to 12,500 euro per lot. The amount to be paid may thus be calculated: 4% for the sale price up to 50,000 euro. 3% for the sale price between 50,000,01 and 200,00 euro. 1% for the sale price between 200,000,01 and 350,000 euro. 0.5% for the sale price between 350,000,01 and 500,000,01 euro. 0.25% for the sale price above 500,000 euro. The Artist’s Resale Right charged to the seller will be paid by WANNENES ART AUCTIONS to the SIAE (The Italian Society for Authors and Editors) as laid down by the Law.

NOTICE Every lot with any electric equipment is sold as “not working” and it should be totally re-conditioned. Wannenes Art Auctions is not responsible for any incorrect, wrong use of sold lots or for any non-compliance with instructions. The words “….year…..” or the date cited in the lots description indicates the period from when the said lot was first produced, unless otherwise specified. The descriptive image in the catalogue might not faithfully represent the lots at auction. The Auction House always recommends directly viewing the lots before making any bids. In case it is not possible to directly view the lots in person, a bidder may request a condition report in order to receive additional and detailed images of the lots. Affirmations concerning the Author, attribution, origin, period, provenance and conditions of the Lot/s in the Catalogue are to be considered as the personal opinion of the Experts and Scholars who may have been consulted and do not necessarily represent fact. TITIAN: in our opinion, the work is the work of the artist. ATTRIBUTED TO TITIAN: in our opinion, the work is probably by the artist, but there is no absolute certainty. TITIAN’S WORKSHOP/STUDIO: in our opinion, the work is by an unknown painter working in the artist’s workshop/studio who may or may not have undertaken the painting under the artist’s supervision. TITIAN’S CIRCLE: in our opinion, the work is by an unknown painter who is in some way connected or associated to the artist, although not necessarily a pupil of the artist. STYLE OF/FOLLOWER OF TITIAN: in our opinion, the work is by a painter who was contemporary or almost contemporary to the artist, working in the same style as the artist, without being necessarily connected to him by an artist-pupil relationship. MANNER OF TITIAN: in our opinion, the work has been carried out in the style of the artist but subsequent to the period of the artist. FROM TITIAN: in our opinion, the work is a copy of a painting by the artist. IN THE STYLE OF…: in our opinion, the work is in the style mentioned but from a later period. SIGNED – DATED – INSCRIBED: in our opinion, the signature and/or date and/or inscription are by the artist. BEARING SIGNATURE – DATE – INSCRIPTION: in our opinion, the signature and/or date and/or inscription have been added. The dimensions supplied are HEIGHT first, followed by WIDTH.

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