Entrusting an asset to be auctioned is easy.
Contact us on Whatsapp at +39 3201509991 or by email at email@example.com. Always include photos of the object and we will contact you for an estimate.
If we are interested, we will appoint the auction house to handle the sale and the following conditions will apply.
- The Seller hereby grants LTWID AUCTION HOUSE S.R.L., which it accepts, an exclusive mandate to sell the goods listed in Attachment A ("Lots"), according to the terms and conditions set forth therein. Accordingly, the Auction House shall proceed, in its own name and on behalf of the Seller, to sell the Lots at auction or by private treaty, in accordance with the provisions of this Agreement and the special covenants set forth in Schedule A, and the contract for the sale of the Lots shall be made directly between the Seller and the buyer by private treaty or the successful bidder for the Lots ("Buyer").
- If the Lots are sold at auction, the Conditions of Sale in effect at the time the auction is held shall apply, delivered by the Auction House to the Seller (who, by signing this Contract, shall issue an ample receipt thereof), and which are reproduced in the catalogue published by the Auction House for the auction itself, published on the Auction House's website and posted in the auction room. In the event of any conflict between the provisions of this Agreement and the Conditions of Sale, the provisions of this Agreement shall prevail.
- For the purposes of this Agreement, the Seller expressly grants the Auction House a mandate to demand from the Buyer and collect the price of the Lots referred to in Articles 2 and 8, 8.1 below.
- This Contract has a term of 1 (one) year from the date of signing, unless extended in writing by agreement between the Seller and the Auction House.
- For the mandate under this Contract, the Seller shall pay to the Auction House a commission ("Commission") calculated on the allotment price of the Lots in case of auction sale, or on the sale price of the Lots in case of private negotiation sale (the auction allotment price or the sale price in private negotiation are hereinafter also referred to as "Price of the Lots"), according to the percentage indicated in Annex A.
- 3. The Seller undertakes to reimburse the Auction House, upon the latter's simple request, in the manner set forth in Section IV, for all expenses and costs set forth in Attachment A and otherwise provided for herein. Such reimbursements shall in any case be due by the Seller, even in case of withdrawal of the Lots from the sale and/or in case of unsold Lots.
- The Seller represents and warrants to the Auction House that:
(a) that he/she is the sole owner of the Lots and that he/she has full right to dispose of them, transfer ownership and possession to the Buyer, free from encumbrances and/or third party rights, and that he/she is entitled to deliver the Lots to the Auction House to be sold under the terms and conditions set forth in this Agreement;
(b) to have complied with the applicable regulations for the importation and/or exportation of the Lots and not to be aware of any violation of such regulations by any third party and/or assignor in connection with the Lots;
(c) that it is duly authorised, in the case of collections or series of objects of cultural interest, to dispose of the Lots pursuant to the applicable regulations;
(d) that the Lots consigned are authentic, not counterfeit and have all the characteristics indicated in the description in Annex A; any news of alterations to the Lots and/or doubts regarding the ownership, status, attribution or quality of the same Lots, of which the Seller becomes aware, shall be promptly communicated in writing by the latter to the Auction House;
(e) that, as of today, none of the Lots is subject to notification by the competent Authorities, pursuant to Legislative Decree No. 42/2004, and/or subject to the precautionary regime set forth by article 14, paragraph 4, of the same Legislative Decree (so-called communication of the commencement of the procedure for the declaration of cultural interest).
- Should one or more of the above declarations and warranties prove to be untrue, the Seller shall indemnify the Auction House for all damages and expenses, for any reason whatsoever, arising from such declarations and warranties. The Seller agrees to indemnify and hold harmless the Auction House from any claims for any reason made by third parties (including the Bidders and the Buyer) with respect to the Lots and/or the representations and warranties set forth in § 4.1 above.
- The Seller undertakes to promptly notify the Auction House in writing of any changes to the declarations referred to in § 4.1, or any facts and/or acts of which it has become aware that may affect the accuracy of the aforementioned declarations, or that in any way may affect the sale of the Lots.
- The Seller declares to have received from the Auction House and to have fully read the current Conditions of Sale applied by the Auction House, as published by the Auction House in the auction catalogue and on its website, and posted in the auction room. The Seller accepts without reservation all the provisions of the aforesaid Conditions of Sale and expresses its consent to their being applied also to the sale of the Lots.
- The Auction House shall be responsible for the safekeeping and transportation of the Lots from the time of their delivery to the Auction House.
- The Auction House's responsibility for the safekeeping of the Lots shall end on the seventh day following the date of the auction and/or sale of the Lots.
- In the event of loss and/or damage and/or theft of one or more Lots, caused by the fact and fault of the Auction House, any compensation due to the Seller shall in any case not exceed the Reserve Price as set forth in Article 7 below, or - if the latter has not been agreed upon and indicated - the base auction price of the relevant Lots.
- 8. No greater damages shall be owed by the Auction House to the Seller. The Auction House shall not be liable, for any reason whatsoever, for any packaging and/or transportation of the Lots carried out by the Seller.
- The Auction House shall have the broadest discretion regarding the illustration and description of the Lots in its catalogues, promotional information and communications during the auction, as well as regarding the terms and conditions of participation and access to the sale of the Lots.
- The Auction House reserves the right to withdraw one or more Lots from the auction (or to postpone, at its sole discretion, the sale of the same for a reasonable period of time) at any time, if:
(i) there is reasonable doubt as to the attribution, authenticity or provenance of one or more of the items in the Lots;
(ii) there is reasonable doubt as to the veracity of the declarations referred to in Article 4; or
(iii) there has been a material breach of this Contract by the Seller; or
(iv) the Auction House believes that the sale of the Lots may expose it to legal claims from third parties or damage its
business reputation; or
(v) the Auction House becomes aware of any claim or right of a third party to the ownership, possession or possession of one or more Lots. In such cases, the Auction House shall be entitled to immediately return the Lots to the Seller or to hold the Lots in custody pending the necessary investigation and/or settlement of any dispute that may arise; Article 8, § 8.6 shall apply.
- The Seller may not withdraw the Lots from the sale without the written consent of the Auction House.
If the Seller requests the Auction House to withdraw the sale of one or more Lots and the Auction House agrees, the Seller shall nevertheless pay the Auction House 75% of the auction fees provided for in the Conditions of Sale and which would have been paid by the Buyer to the Auction House if the Lots withdrawn had been sold at the Reserve Price or, in the absence thereof, at the estimated value set forth in Annex A (plus VAT, if due). The provisions of Article 3 above remain unaffected.
- The Seller may not submit bids for the purchase of the Lots, nor may it instruct third parties to submit bids on its behalf for the purchase of the Lots.
- 14. The Auction House shall have the right to take photographs and video recordings of the Lots and to reproduce the image of the Lots in order to promote their sale at auction or by private treaty. The Auction House shall describe the Lots in its catalogues and promotional material based on the information received from the Seller. If the information provided by the Seller is incorrect and/or corrections and/or corrections to the descriptions of the Lots are necessary, the Seller shall reimburse the Auction House for all additional costs of reprinting the catalogues and promotional materials, upon simple request by the Auction House and within 7 (seven) days from the same.
- The Lots shall be sold by the Auction House in accordance with the reserve price, if any, agreed with the Seller (which is the minimum price at which the Lots may be sold, the "Reserve Price"), set forth in Annex A. The Reserve Price shall be deemed to be reached even in the event that the difference between the Price of the Lots (i.e. the allotment price) and the Reserve Price is less than 10%.
- In the absence of an indication of the Reserve Price, the Auction House shall have the discretion to set the basic auction price of the Lots, which the Seller hereby declares to accept.
- Notwithstanding the provisions of § 7.1, the Auction House may still sell the Lots at a price lower than the Reserve Price, except that it shall pay the Seller the amount equal to the difference between the Lot Price and the Reserve Price.
- Without prejudice to the provisions of § 7.1, the Seller hereby grants the Auction House the right to make bids in the auction on behalf of the Seller in order to reach the Reserve Price.
At the conclusion of the auction or private negotiation, the Auction House shall request payment from the Buyer of the Lot Price, in addition to the auction fees, commissions, expenses and any other charges set forth in the Conditions of Sale.
- The Auction House shall pay to the Seller the amount equal to the Price of the Lots, less the costs, expenses and Fees payable by the Seller to the Auction House under this Agreement. Such payment shall be made by the Auction House thirty-two (32) days after the sale of the Lots, provided that the Auction House has received full payment from the Buyer in accordance with § 8.1 above and subject to the provisions of § 8.1 below.
- In the event of delay by the Buyer, the Auction House shall make payment to the Seller within 7 (seven) days after receipt of the Buyer's payment. In the event that the Sale Price is lower than the amounts owed to the Auction House by the Seller for any reason, the latter shall not be entitled to any payment from the Auction House and shall be obligated to pay the balance in favour of the Auction House within 7 (seven) days from the Auction House's request.
- The Auction House shall not be obligated to make any payment to the Seller if there are any disputes regarding the Lots or any other circumstances which, under this Agreement or the Conditions of Sale, entitle the Auction House to suspend or invalidate the sale and/or not to pay within the term indicated above.
- Payments from the Auction House to the Seller shall be made in Euros, unless otherwise indicated in writing by the latter (in which case the Seller shall bear the relevant exchange costs incurred by the Auction House).
- Buyer's default
In the event the Buyer defaults on the payment referred to in § 8.1 above within the next 32 (thirty-two) days from the sale, the Seller and the Auction House may agree on any appropriate initiatives to recover the credit from the Buyer.
The Seller acknowledges and accepts the provisions of § 16 of the Conditions of Sale. As a result, in the event of any dispute by the Buyer relating to, among other things, the counterfeiting and/or forgery of the Lots, or the presence of defects or the lack of the characteristics indicated in Attachment A, the Seller authorises the Auction House to: (i) cancel the sale of the Lots in question at the sole discretion of the same; (ii) disclose the name of the Seller to the Successful Bidder, so that the former may formulate any claims and demands directly against the Seller, notifying the Seller thereof.
- Sale of Unsold Lots
In the event of unsold Lots, the Seller and the Auction House may agree on the subsequent sale of the same, either through private negotiations or by including the unsold Lots in a subsequent auction. Unless otherwise agreed between the parties, the provisions of this Agreement shall also apply to any subsequent sale of unsold Lots.
- Withdrawal of unsold Lots
Any Lots that remain unsold or that have been withdrawn from sale for any reason whatsoever shall be withdrawn by the Seller within 7 (seven) days from the written request of the Auction House, made at the address indicated by the Seller or otherwise in accordance with the law.
- After the term set forth in § 8.8 above has expired without the Seller having collected the Lots, the Auction House shall deposit the Lots at the Seller's expense, with any transport to third party warehouses, and shall return such Lots only after payment of the costs of storage, transport and any other costs incurred, as well as any other sum due to the Auction House. Without prejudice to the provisions of Article 5, § 5.2, the Auction House shall in any case be exempt from any liability in the event of damage to or theft of the Lots occurring after the deadline referred to in § 8.8 above.
- If the Seller fails to collect the unsold Lots within 3 (three) months after the notice from the Auction House referred to in § 8.8 above, the Seller agrees that, without further notice, the Auction House shall have the right to sell such Lots at auction or by private treaty on the basis of the base auction price that it deems fair. The provisions of this Contract shall apply to such sale, where compatible. In the event of a sale, the Auction House shall deduct from the adjudication price of the unsold Lots all amounts owed by the Seller for any reason whatsoever, and the Seller shall be entitled to claim from the Auction House only the residual amount, if any.
- If this Contract concerns cultural goods pursuant to Legislative Decree No. 42 of 22 January 2004, the Auction House shall procure the sale of such goods, either by auction or by private treaty, according to the conditions deemed most appropriate pursuant to the laws in force.
- In the event of adjudication, the Auction House - on behalf of the subject required by law - will forward the transfer notification pursuant to art. 59, Legislative Decree no. 42/2004, with the consequent application of the pre-emption discipline, pursuant to articles 60-61-62, Legislative Decree no. 42/2004.
- Should the competent authorities exercise the right of pre-emption on the purchase of such assets, the Auction House shall return to the Purchaser the Lots Price (including auction fees), if any, already collected. In such event, the Seller shall nevertheless be obligated to pay to the Auction House the Fees, the expenses referred to in Article 3 and any other amounts due under this Agreement, as well as the amounts that would have been due from the Buyer to the Auction House, if the Lots had been sold, under the Conditions of Sale.
- The invalidity or unenforceability of any provision of this Agreement resulting from the application of any provision of law shall in no way affect the validity of the other provisions hereof.
- This Agreement contains the entire agreement between the Seller and the Auction House with respect to the undertakings given and the transactions contemplated hereby and prevails over any prior agreement between the parties. No modification, addition or waiver of the terms of this Agreement shall be binding upon the parties unless approved by them in writing.
- Any notice shall be in writing and sent by registered letter or e-mail, anticipated by fax or email, as follows:
(a) if to the Auction House: to the Auction House, in the person of the l.r.p.t., at its registered office or to the attention of the auction manager at its operational office;
(b) if to the Seller: to the same, at the addresses and contact details set out in the heading of this Agreement.
- For these purposes, each party may change its domicile, giving prior notice to the other party in the same manner as above.
- This Contract shall be governed by Italian law. Any and all disputes arising out of this Contract shall be deferred, exclusively, to the jurisdiction of the Court of Milan.
- Should a translation of this Contract be prepared, it is understood that the Italian language version shall prevail.
- The Annexes form an integral and substantial part of this Contract.
Sono The following are Annexes to the Contract:
- Description of the assets covered by this Contract.
- Any Special Agreements and attached receipt.