Terms and General Conditions

Terms and Conditions

Sales are made to the highest bidder.

Transfers to third parties of lots already awarded will not be accepted. The Auction House will hold only the successful bidder responsible for payment. Therefore, participation in the auction on behalf of a third party must be announced in advance and evidenced by written authorization.

For sales of a judicial nature, the appraisal may be preceded by such indications as b.a. (auction base) i.e. minimum imposed price, val. (appraisal of the object by the Auction House) or o.l. (open bid), i.e. lot saleable to the highest bidder without a minimum starting price.

Conditional appraisals must be requested only before the start of the auction, otherwise Ltwid Auction House S.r.l. will no longer be responsible for defects or deficiencies on the requested item.

For lots with an estimate of less than 300 euros, the Condition Report cannot be requested.

The Auction House is exempt from any responsibility regarding the provenance and description of the lots in the catalogs, brochures and any other illustrative material, and makes no warranty (direct or indirect) regarding the qualities, condition, attribution, authenticity, and provenance of the lots, for which the sole guarantor and responsible party remains the mandating seller, even towards the bidders and the buyer. The commissioning seller assumes all warranties and responsibilities with respect to the property, including, but not limited to, ownership, provenance, preservation, and merchantability of the property subject to the warrant. The very terms used in the lot descriptions, as well as any other indications or illustrations, are to be considered purely indicative and non- binding, and may not generate reliance of any kind in interested parties. The valuations in the catalog are purely indicative and expressed in Euros. The descriptions given represent an opinion and therefore do not imply any responsibility on the part of Ltwid Auction House S.r.l. Any disputes must be submitted in writing within 15 days and if deemed valid will only result in the refund of the amount paid without any other claim.

All auctions are preceded by an exhibition open to the public free of charge. The purpose of the exhibition is to allow all interested parties to make a congruous examination of the lots offered for sale and to verify all their qualities, such as, for example, authenticity, state of preservation, material, provenance, conformity to the description in the catalog, and others, on which exclusively the bidders and the buyer assume all risk and responsibility, also for the effects of art. 1488, c. 2, Civil Code. Interested parties undertake to examine the property in person, if necessary with the help of a trusted expert. All items are sold "as seen," in the state and condition they are in.

After adjudication neither the Auction House nor the Sellers shall be held liable for any defects in the lots, relating to, among other things, the state of preservation, misattribution, authenticity, provenance, weight or lack of quality of the lots. To this end, the bidders and the Buyer declare that they acknowledge that the lots are not new, but second-hand goods and are purchased as seen and liked, and they expressly waive the warranty referred to in Article 1490 of the Italian Civil Code, releasing the Auction House from any related liability; to this effect, neither the Auction House nor its staff will be able to issue any valid warranty in this regard.

The Auction House may accept buying commissions (written or telephone bids) of the lots for sale upon precise mandate. Lots will always be purchased at the lowest price allowed by other bids on the same lots and registered reserves.

The Auction House, while acting with the utmost diligence, will not be held responsible for any errors it may incur in the execution of written or telephone bids. Forms for written and telephone bids must be completed accurately in all their parts and in the manner indicated in the appropriate section (Method of Purchase) and purchase orders with unlimited bids will not be accepted. A proof of identity and social security number must also be provided for notation on the P.S. records kept at the Auction House offices. In case of identical written bids, the one received first will prevail. The Auction House, given the limited number of telephone lines, also reserves the right not to accept telephone contact requests if they come from people who have demonstrated on previous occasions that they are not really interested in the purchase.

Ltwid Auction House S.r.l. through the online platforms it uses, also gives the opportunity to leave online bids in real time during the course of the auction. By completing registration on the platforms and providing credit card information, the user accepts all the terms and conditions of Ltwid Auction House S.r.l.

An amount of auction fees must be added to the award price. The percentage of auction fees is defined in the auction catalog. This percentage shall include VAT in accordance with current regulations. The buyer will pay the auction fees, per lot. In the case of online bidding, the percentage established in the conditions of the relevant platforms for live participation in the auction will be added to the auction fees.

Sales of lots marked with " * " take place under the ordinary VAT regime, and therefore VAT will be applied - if due - in the legal percentages (22%) on both the price on the auction price and the auction fees.

The Auction House reserves the right to require, for its own protection, a security deposit from those who express a willingness to participate in the auction, either in person or through written and/or telephone bids.

The Auction House may immediately demand full payment of the auction price and auction fees. In any case, the same must be made within seven days of the sale. In Italy, failure to pay for lots awarded in Italian auctions is a criminal offense.

Purchasers are required to comply with all laws and regulations applicable to the items being notified with particular reference to Legislative Decree 22.01.2004 no. 42 (so-called Cultural Heritage Code) and ss.mm. and, with regard to export outside the European Community, to EEC Regulation no. 3911/92 of December 9, 1992 and ss.mm. It is the sole responsibility of the Buyer to verify any restrictions on the export of the lots awarded or any licenses or certificates required by law (issued or to be issued), with express exoneration of any possible obligation and/or responsibility on the part of the Auction House.

The export of items shall be governed by the aforementioned regulations and applicable customs and tax laws. The Auction House disclaims any liability to buyers with regard to any restrictions on the export of the lots awarded.

The successful bidder and the buyer may not, in the event of the exercise of the right of pre-emption by the Italian State, claim from the Auction House or the Seller any reimbursement or compensation.

Payment for the lots, in Euros, must be made within seven days of the sale by one of the following forms:
• Bank transfer
• Cash
• Credit card

Withdrawal of lots

Lots paid for on time and in the prescribed manner must be withdrawn within fifteen days of the sale, unless contractually agreed with the Auction House.

The Auction House reserves the right to charge a storage fee of 10 euros per day for lots not withdrawn on time, with the exception of those for which it is necessary to obtain a certificate of free circulation and/or a self-certification for export (for these, the counting starts from the moment the authorisation are obtained).

The Ltwid Auction House SRL is exonerated from any responsibility for deterioration, damage or theft of the lot and reserves the right to charge a storage fee of 10 (ten) euros per day for lots not collected on time, retaining the item, at the expense and risk of the buyer, until payment of the amount due. In the event that the amount due for storage costs exceeds the purchase value of the lot, the Auction House may reclaim the lot itself to settle the claim. Collection is only possible by appointment to be arranged in advance (excluding Saturdays, Sundays, holidays and our auction days) by writing to: info@ltwidauctions.com .

Otherwise, all rights of custody shall accrue to the Auction House, which shall be exonerated from any liability in relation to the custody and possible deterioration of the items.