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T

erms of sale

Gonnelli Casa d'Aste is a registered trademark of Libreria Antiquaria

Gonnelli Srl, based in Florence, Via Ricasoli 6-14r, registered to the

REA of Florence No. FI-44707 VAT No. IT00520660481.

1. Libreria Antiquaria Gonnelli Srl (henceforth referred to as

“Gonnelli Casa d’Aste”) in carrying out its sales activities acts as the

exclusive agent in its own name and on behalf of each Seller whose

name is transcribed in the proper registers of Public Security held

at Gonnelli Casa d’Aste. The sale must be considered as occurring

between the Seller and Buyer (hereinafter called “Winner”); as a

consequence, Gonnelli Casa d’Aste assumes no liability beyond

those in descendants from its holding office.

2. Sales are made to the highest bidder, to be considered for cash.

3. Fees for rights to auction due to Gonnelli Casa d’Aste by the

Winner amount to 25% of the hammer price up to 100.000 € and

22% from 100.000 € and over and include rights to auction and

VAT. Fees for rights to auction due to Gonnelli Casa d’Aste by the

LiveAuctioneers and Invaluable Winner amount to 26% of the

hammer price and include rights to auction and VAT.

4. According to Legislative Decree No. 118/2006, the “Right of

Action”, i.e. the right of the living Author of figurative works and

manuscripts, or his heirs, if the Author is dead less than 70 years

before, to receive a fee calculated as a percentage on sale price of

his original works on the occasion of sales subsequent to the first.

This royalty is asked to the seller and is paid by Gonnelli Casa d’Aste

to SIAE under the terms established by law.

5. The Auction will be preceded by an exhibition of the lots in

which at least one responsible from Gonnelli Casa d’Aste will be

available for any clarification. The exhibition is designed to allow

a review of the conservation status and quality of objects and clear

up any errors and/or inaccuracies in which we were incurred in the

compilation of the catalogue. The descriptions in the catalogue can

be integrated at the request of our clients through the delivery of

written reports (s.c. condition reports).

6. Any complaints about the duties listed in the catalogue and on

the quality of the lots awarded will be moved by registered mail

with return receipt to be sent no later than 10 days from the

date of award. Where the contestation is founded on the basis of

documents which in any case must be produced at the Winner’s

expense, Gonnelli Casa d’Aste will be held exclusively for the

repayment of sums already received, without interest, upon return

of awarded goods without any further obligation to compensate in

any way.

7. As for auctions of books, complaints about damage to binding,

stains, moth holes, charts or tables trimmed and any other defect

which affects the completeness of the text and/or illustrative

apparatus, lack of indexes of tables, white sheets, ads supplements

and appendices following the publication of the work will not be

accepted. In addition, no complaint will be accepted on the books

not described in the catalogue. As for auctions of paintings, drawings

and prints any statement as to authorship, attribution, origin,

date, age, provenance and condition is a statement of opinion of

Gonnelli Casa d’Aste and is not to be taken as a statement of fact.

8. Those wishing to participate in an auction must first complete

and sign a registration form, indicating all their personal

information (attaching a copy of their ID card) and possibly their

bank references. These data will be treated in compliance with

current legislation on the protection of the confidentiality of

Personal Data (s.c. Privacy), as information that will be delivered to

participants. Gonnelli Casa d’Aste reserves the right to refuse bids

from persons not registered and identified, or that failed to submit

appropriate bank references. Gonnelli Casa d’Aste deemed solely

responsible for paying the Winner and transfers to third parties of

batches already awarded are not accepted. Therefore, participation

in the auction and on behalf of third parties must be notified in

advance. Personal data given at the registration will be used for the

invoice and will be unchangeable.

9. Gonnelli Casa d’Aste may accept purchase commissions of lots for

sale on the precise mandate fully completed in each part (written

bids or telephone participations). In this case the Auctioneer will

increase the bid on the basis of instructions received.

- Written bids are valid provided they reach Gonnelli Casa d’Aste within

24 hours before the auction and are sufficiently clear and complete.

- Telephone participations are valid provided they are confirmed in

writing within 24 hours before the auction.

Whilst acting with the utmost seriousness and care, Gonnelli Casa

d’Aste shall not be held responsible or liable for telephone bids that

are missed or otherwise not executed. Gonnelli Casa d’Aste disclaims

any and all liability for failure, errors and omissions in connection

with telephone bidding. The lots will be purchased at the lowest price

permitted by other bids on the same lots and the recorded reserves.

In case of tenders for the same amount, bid received first will prevail.

10. During the Auction the Auctioneer in his discretion may vary the

order of sale, match and/or separate lots, raise the biddings in

his discretion, reformulate an offer to sell for a lot if he has reason to

believe that there is a error or dispute and take any measure he

considers appropriate in the circumstances; Gonnelli Casa d’Aste

reserves, in addition, not to award and/or to withdraw the lots for

which the tender bids do not reach the minimum reserve price agreed

with the Seller.

11. Ownership of lots goes to the Winner only after payment in full of

the hammer price and the commissions for the rights of the

auction. Payment must be made in Euros and the following forms of

payment are accepted:

a) cash, for values that do not exceed 3,000 €;

b) credit card, with a planned increase of 1,50% of the total amount

due;

c) non-transferable bank drafts made payable to

Libreria Antiquaria

Gonnelli Srl

;

d) by bank transfer to

Libreria Antiquaria Gonnelli Srl

, characterized

by the following IBAN bank account:

IBAN: IT 81 Y 03268 02800 052886559670- SWIFT: SELBIT2B

When paying by check or bank transfer, payment to be made subject

to the crediting success.

12. Payment of the total due to Gonnelli Casa d’Aste must be made

within seven days from the Award.The bidder can withdraw lots

only upon payment of the total amount due at the auction house;

partial payments are not accepted.

13. The lots purchased and paid for must be picked up or can be

dispatched within seven days. In case of shipping all costs, except for

certain insurance amounts will be at the Winner’s expense. In the

event that after the seventh day the Winner has not taken steps to

withdraw the lots, Gonnelli Casa d’Aste will be granted of all rights

of custody and it will be exempt from any liability in relation to the

housing and the possible deterioration of objects. The daily cost of

storage, for the seven days following the expiration date, amounts

to 10.00 € per day. After this period the lots will be delivered to

external warehouses with costs and risks borne by the buyer and its

following billing, and Gonnelli Casa d’Aste, being anyhow subject

to compensation for further damages, can proceed:

a) to seek enforcement of the obligation to purchase;

b) to dispose of the lot by private treaty, with the right to claim any

price differences from the Winner;

c) to sell in a next auction the goods to the detriment of the Winner,

holding as a penalty any advance payments received;

d) to act solely for the recovery of a penalty equal to 25% of the

hammer price.

14.

(TI)

: being lots marked with this symbol under the system of

temporary import on Italian territory by a foreign seller are not

subject to any restrictive measure on the part of Italian law. For

other lots, possibly subject to notification by the State, the Winners

will be bound to comply with all provisions of the January 22,

2004 Legislative Decree No. 42. The export of objects by Winners

resident and not resident in Italy will be governed by that legislation

and by the customs laws, currency and tax in force. Gonnelli Casa

d’Aste assumes neither liability to the Winners in regards to possible

restrictions on the export of the awarded lots nor with regard to any

licenses or certificates that the Winner should obtain accordingly

to Italian law. The Winner, in case of exercising the right of first

refusal on the part of the State, can not claim from Gonnelli Casa

d’Aste and/or the Auctioneer any reimbursement of any interest

on the price of the auction commission already paid.

15. This regulation is automatically accepted by all those who

contribute to the auction, including those making written or

telephone bids. Any controversy will apply Italian law and the Court

of Florence will be exclusively responsible, without prejudice to

Gonnelli Casa d’Aste from acting before the court of the defendant.