Terms and Condition
Terms and Conditions
Sales are made to the highest bidder.
Transfers to third parties of lots already awarded are not permitted. The Auction House holds only the successful bidder responsible for payment. Therefore, participation in the auction on behalf of a third party must be announced in advance and supported by written authorization.
For judicial sales, the estimate may be preceded by indications such as b.a. (auction base), i.e., the minimum reserve price; val. (the Auction House’s estimate of the item); or o.l. (open bid), i.e., a lot sold to the highest bidder without a minimum starting price.
Condition reports must be requested exclusively before the start of the auction; otherwise, Ltwid Auction House S.r.l. will no longer be liable for defects or deficiencies in the requested item.
For lots with an estimate of less than 300 euros, it is not possible to request a Condition Report.
The Auction House assumes no liability whatsoever regarding the provenance and description of the lots featured in catalogs, brochures, and any other illustrative material, and makes no warranty (express or implied) regarding the quality, condition, attribution, authenticity, or provenance of the lots, for which the consignor remains the sole guarantor and party responsible, including toward bidders and the buyer. The consignor assumes all guarantees and liability regarding the item, including, but not limited to, ownership, provenance, condition, and marketability of the item subject to the consignment. The 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 give rise to any reliance on the part of interested parties. The estimates in the catalog are purely indicative and expressed in Euros. The descriptions provided represent an opinion and therefore do not imply any liability on the part of Ltwid Auction House S.r.l.
Any disputes must be submitted in writing within 15 days; if deemed valid, they will result solely in a refund of the amount paid, without any further claims, provided that the buyer is able to return the lot free of any claims or demands by third parties and that the lot is in the same condition as it was on the date of sale.
Shipping costs for returning the lot are the responsibility of the buyer.
All auctions are preceded by a public exhibition open to the public free of charge. The exhibition intended to allow all interested parties to conduct a proper examination of the lots offered for sale and to verify all their qualities, such as, authenticity, condition, material, provenance, conformity to the catalog description, and other factors, for which the bidders and the buyer alone assume all risks and liability, including for the purposes of Article 1488, paragraph 2, of the Italian Civil Code.
Interested parties undertake to examine the item in person, if necessary with the assistance of a trusted expert. All items are sold “as is,” in the condition and state of preservation in which they are found.
After the sale, neither the Auction House nor the Sellers shall be held liable for any defects in the lots, including, but not limited to, their condition, incorrect attribution, authenticity, provenance, weight, or lack of quality. To this end, bidders and the Buyer acknowledge that the lots are not new but second-hand goods and are purchased “as is,” and they expressly waive the warranty provided for in Article 1490 of the Italian Civil Code, thereby releasing the Auction House from any related liability;
Consequently, neither the Auction House nor its staff may issue any valid warranty in this regard.
The Auction House may accept purchase orders (written or telephone bids) for lots offered for sale upon specific instruction. Lots will always be purchased at the lowest price permitted by other bids on the same lots and by the registered reserves.
Although the Auction House acts with the utmost diligence, it shall not be held liable for any errors that may occur in the execution of written or telephone bids. Forms for written and telephone bids must be completed accurately in their entirety and in accordance with the procedures indicated in the relevant section (Purchase Procedures); purchase orders with unlimited bids will not be accepted. A valid ID and tax identification number must also be provided for recording in the police records kept at the Auction House’s offices.
In the event of identical written bids, the one received first shall prevail. Given the limited number of telephone lines, the Auction House also reserves the right not to accept requests for telephone contact from individuals who have previously demonstrated that they are not genuinely interested in purchasing.
Ltwid Auction House S.r.l., through the online platforms it uses, also allows users to place bids online in real time during the auction. By completing the registration process on the platforms and providing credit card information, the user accepts all the terms and conditions of Ltwid Auction House S.r.l.
An auction fee must be added to the hammer price. The auction fee is 25%.
This percentage includes VAT in accordance with current legislation. The buyer will pay the auction fee per lot. In the case of an online sale, the percentage established in the terms and conditions of the relevant platforms for live participation in the auction will be added to the auction fee.
Sales of lots marked with “*” are subject to standard VAT rules; therefore, VAT will be applied—if due—at the statutory rates to both the hammer price and the auction fees.
The Auction House reserves the right, for its own protection, to require a security deposit from those who wish to participate in the auction, whether in person or through written and/or telephone bids.
The Auction House may immediately request full payment of the hammer price and auction fees. In any case, payment must be made within seven days of the sale. In Italy, failure to pay for lots awarded at Italian auctions is a criminal offense.
Cultural Property, Export Restrictions, and Applicable Regulations
1. Obligation to be familiar with the law
The successful bidder is required to comply with all applicable laws regarding goods subject to notification, cultural restrictions, or restrictions on movement, including those set forth in the Code of Cultural Heritage and Landscape (Legislative Decree No. 42 of January 22, 2004, as amended), EC Regulation No. 116/2009 on the export of cultural property outside the territory of the European Union, and any other applicable national or international legislation.
2. Regulatory Risk Bearing by the Buyer
The award of the lot transfers to the buyer full responsibility for obtaining any authorization, license, certificate, or clearance necessary for the circulation, export, or possession of the awardeditem. LTWID Auctions does not guarantee or assure the exportability, free circulation, or absence of restrictions on the lots offered for sale, unless expressly stated in writing in the catalog.
3. Exclusion of Refunds Due to Denial of Export
If the successful bidder is unable to export the purchased item due to the denial, suspension, or failure to issue the Certificate of Free Circulation (ALC), an export license, or any other restrictive administrative measure issued by competent Italian, European, or foreign authorities, LTWID Auctions shall not be required to refund the hammer price, auction commissions, incidental expenses, or any other amount already paid by the buyer. The buyer shall also not be entitled to claim interest, compensation, or damages of any kind.
4. Catalog Descriptions
Information regarding the status of notifications, cultural restrictions, or any prior requests for ALC is provided by LTWID Auctions in good faith based on the information available at the time the catalog was compiled. LTWID Auctions is not liable for restrictions that arise subsequently, for notifications issued after the catalog’s publication, or for administrative measures not disclosed by the consignors.
5. Indemnification
The successful bidder agrees to indemnify and hold harmless LTWID Auctions, its directors, employees, and agents from any claim, legal action, penalty, or cost arising from regulatory violations attributable to the buyer in connection with the lot awarded, including those related to unlawful exports or failure to notify the competent authorities.
6. Jurisdiction and Governing Law
For any dispute arising out of the interpretation or enforcement of these terms and conditions of sale, the parties agree that the Court of Rome shall have exclusive jurisdiction. Italian law shall apply exclusively.
Buyers are required to comply with all laws and regulations applicable to the items subject to this notice, with particular reference to Legislative Decree No. 42 of January 22, 2004 (the so-called Cultural Heritage Code) and subsequent amendments and additions and, with regard to export outside the European Community, to EEC Regulation No. 3911/92 of December 9, 1992, as amended.
It is the sole responsibility of the Buyer to verify any export restrictions on the lots awarded or any licenses or certificates required by law (issued or to be issued), with the Auction House expressly exempt from any obligation and/or liability in this regard.
The export of items is governed by the aforementioned regulations and by the customs and tax laws in force. The Auction House disclaims all liability toward buyers regarding any restrictions on the export of the lots awarded.
Should the Italian government exercise its right of first refusal, neither the successful bidder nor the seller may claim any refund or compensation from the auction house or the seller.
Payment for the lots, in euros, must be made within seven days of the sale using one of the following methods
• Bank transfer
• Cash
• Credit card
Collection of Lots
Lots paid for in accordance with the specified terms and conditions must be collected within fifteen days of the sale, unless otherwise agreed upon in writing with the Auction House.
The buyer is responsible for shipping costs.
Upon payment, the buyer must collect the purchased lots, either in person or by arranging for shipping/delivery.
Ltwid Auction House is not a shipping agent and does not handle packaging or shipping; buyers may contact our shipping partners for quotes regarding shipping/delivery and packaging. All packaging and shipping costs are the responsibility of the buyer.
Ltwid Auction House srl assumes no responsibility for shipping or delivery; therefore, the buyer must contact the carrier directly.
For all shipments to non-EU countries, any customs duties, taxes, and import charges are the sole responsibility of the recipient.
The LTWID auction house is not responsible for nor required to pay such costs, as they are not included in the services offered.
We therefore urge buyers to check the customs regulations of the destination country in advance to navoid any misunderstandings or delays in delivery.
The auction house reserves the right to charge a storage fee for lots not collected on time, with the exception of those for which a certificate of free circulation and/or a self-certification for export must be obtained (for these, the fee period begins upon receipt of the authorizations).
Ltwid Auction House SRL is not liable for any 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 within 25 days of payment.
In the event that the amount owed for storage fees exceeds the purchase price of the lot, the Auction House may sell the lot to settle the debt.
Pickup is available by appointment only, to be arranged in advance (excluding Saturdays, Sundays, holidays, and our auction days) by emailing: info@ltwidauctions.com.