1 – Introduction

These general conditions govern and regulate any sale undertaken through the auction house Nomisma Aste S.r.l. with registered premises in Verona (VR), at Via Legnago n. 144, paid-up share capital € 250,000.00, VAT and Tax Code. n. 04871770238, email address amministrazione@nomisma-aste.it and certified mail: nomismaaste@pec.it (hereinafter also referred to as ‘Auction House’). The lots for sale are owned by third parties (hereinafter the ‘Seller’) who have mandated sale to the Auction House by signing up to a contract under which commission is payable on sale (mandate without representation).

2 – Information and estimates

Illustrations, descriptions, values and estimates of lots contained in catalogues and in any other illustrative and informative material are purely indicative and to be used only for lot identification.

Illustrations, descriptions, values and estimates do not constitute conventional guarantees or quality promises in any way pursuant to articles. 1490 and 1497 of the [Italian] Civil Code and cannot be relied upon by third parties.

The estimated values published do not include the commissions of the Auction House, the costs of rights below, or customs, export, and VAT expenses.

Further information regarding a specific auction may be entered on the website of the Auction House, in the catalogue or communicated in the auction room before or during the sale.

Where discrepancies appear between the text of the General Conditions published in the Auction catalogue and the text published on the website of the Auction House, the latter will prevail.

In case the client after the auction sends a coin to any Grading Companies, the judgement of the above-mentioned Companies about the conservation and more precisely about, for example, the definitions of CLEANED, DETAILS, etc. cannot be contested to Nomisma Aste S.r.l. and won’t give the client the right to ask the termination of the contract.

3 – Examination of lots

Interested parties are allowed to examine lots on sale before auction in the days and during the times established by the Auction House. 

4 – Registration, acceptance of the General Conditions, proxies

In order to participate in an auction, it is necessary to register and fully accept the present General Conditions.

Registration entails tacit, full acceptance of these General Conditions.

Participants in the auction may be asked to provide information and bank references.

In particular situations, the Auction House reserves the right to request that participants in the auction pay deposits to guarantee the balance of the sales price and the auction commissions and may, at its sole discretion, prohibit unwelcome or unsuitable individuals from entering the room.

Should the participant act in the name of and on behalf of another person or legal entity, they must exhibit written authorization of the power of proxy for the auction. The Auction House reserves the right not to allow representatives of third parties to participate in the auction if, under its own final judgment, it does not consider the power of proxy to be proven.

After registration, a numbered bid card will be provided to the participants in the room to signal bids to the auctioneer during the auction.

All lots sold will be invoiced to the name and address indicated in the registration form. Complaints or disputes will not be accepted for possible mislaid or lost bid cards.

The Auction House is exempted from any responsibility in the event of failure to effectively participate due to any problems that may occur during or previous to the telephone and/or internet connection.

5 – Participation via correspondence, telephone connection, or online

Potential buyers will be able to participate in the auction, subject to prior signing of specific forms, by correspondence, by telephone connection, or online. By sending and signing the above-mentioned forms, the participant agrees to take part in the specific auction and undertakes to pay the declared price and auction commissions, should their bid be successful. The participant also undertakes to verify, at the end of the auction, whether their bid was successful, thereby excluding the Auction House from all responsibility in this regard. Incorrectly completed bids made by means of correspondence will not be accepted. The Auction House declines all responsibility towards those who participate in an auction by telephone and/or online in the event of failure to effectively participate due to any problems that may occur during or previous to the telephone connection and/or online connection.

6 – Awarding of lots

The starting price of the auction will be the price indicated as a base, except when a different and higher offer was reached before the auction opened, in which case the starting price will be that of the bid made following this offer. In the event of equal bids made via correspondence, the bid that arrived first will take precedence and, in any case, such bids will have priority over equal bids made in the room. The bids will be regulated at the discretion of the auctioneer. The auctioneer reserves the right to withdraw, add, group or divide the lots, as well as the right to reject a bid made in the room or sent in writing. Lots will be awarded to the highest bidder. The Auction House reserves the right to cancel the award in the event of third-party disputes that claim ownership of the lot. 

7 – Auction commissions for the sale of lots with margins subject to VAT

Unless otherwise indicated the lots are sold subject to the margins referred to in art. 40-bis of  [Legislative Decree] DL 23.2.95 n. 41.

Under this regime, in the event of award or sale, a purchasing commission will be charged to the buyer in favour of the Auction House as follows:

1. In the event of an Italian or EU buyer:

•  Auction of numismatic items: on each lot, the buyer will pay, in addition to the contracted price, an auction commission of 21% VAT included.
•  For all other Auctions: on each lot, the buyer will pay, in addition to the contracted price, a 21% auction commission, VAT included.

2. In the event of a non-EU [Third Country] buyer: commissions will be the same as those of    the following point 8 (ordinary regime, for a non-EU contractor).

8 – Auction commissions for sale of lots with ordinary VAT

For lots whose batch numbers are followed by a highlighted ‘ordinary VAT regime’, this indicates a billing regime with ordinary VAT.

For the ordinary VAT regimes, in the event of award or sale, a purchasing commission will be charged to the buyer in favour of the Auction House as follows:

1. In the event of an Italian contractor:

•  Auction of numismatic items: on each lot, will pay, in addition to the contracted price, a 21% auction commission. The contracted price including commission will be subject to the legally applicable VAT (22%).
•  For all other Auctions: on each lot, the buyer will pay, in addition to the contracted price, a 21% auction commission. The contracted price including commission will be subject to the legally applicable VAT (4%/10%/22%).

2. In the event of an EU buyer:

•  Auction of numismatic goods: on each lot, the buyer will pay, in addition to the contracted price, a 21% auction fee. The contracted price including commission will be subject to the legally applicable VAT rate (22%).

3. In the event of successful bids on platforms

• For successful bids made on platforms other than Bidinside, the following commissions will be applied:

- Drouot: 24%

- Invaluable: 26%

Reimbursement: Customers (only VAT subjects registered to the VIES system), within 90 days of delivery of the goods, will be able to request the reimbursement of VAT paid on the contracted price including commission by presenting an official document that proves the exit of said goods from Italy.

•  For all other Auctions: on each lot, the buyer will pay, in addition to the contracted price, a 21% auction commission. The contracted price including commission will be subject to the legally applicable VAT rate (4%/10%/22%).

Reimbursement: Customers (only VAT subjects registered to the VIES system), within 90 days from delivery of the goods, will be able to request the reimbursement of VAT paid on the contracted price including commission by presenting an official document that proves the exit of said goods from Italy.

3. In case of non-EU (Third Country) buyer:

Auction of numismatic goods: on each lot, the buyer will pay, in addition to the contracted price, a 21% auction commission. The contracted price including commission will be subject the legally applicable VAT rate (22%).

Reimbursement: Customers (only VAT subjects registered to the VIES system), within 90 days from delivery of the goods, will be able to request the reimbursement of VAT paid on the contracted price including commission by presenting an official document that proves the exit of said goods from the European Union.

•  For all other auctions: on each lot, the buyer will pay, in addition to the contracted price, a 21% auction commission. The contracted price including commission will be subject to the legally applicable VAT rate (4%/10%/22%).

Reimbursement: Customers (only VAT subjects registered to the VIES system), within 90 days from delivery of the goods, will be able to request the reimbursement of VAT paid on the contracted price including commission by presenting an official document that proves the exit of said goods from the European Union. 

9 - Lots subject to temporary importation (T.I.)

Lots purchased under the Temporary Importation regime cannot be collected directly by the buyer, but must be shipped, at the end of the Temporary Importation procedures, by the Auction House at the buyer’s expense. The same will be indicated in the auction catalogue.

10 - Payment

Payment must be carried out, for those present in the auction room on delivery of the lots, and for buyers via correspondence, telephone or online connection, within 15 (fifteen) calendar days from the date of the invoice receiving.

Payments made by individuals other than the buyer will not be accepted.

Late payment interest will be applied on all amounts unpaid within the terms indicated above at an annual rate of 5% (five-per-one hundred).

The Auction House will issue an invoice as soon as payment is made for the contracted assets. In the case of failure to pay the sale price by the buyer or any other sum due to the Auction House within 15 (fifteen) calendar days from the invoice receiving, the Auction House will have the right to rescind the sales contract pursuant to art. 1456 of the [Italian] Civil Code, without prejudice to the right of compensation for the damage caused by the default. Any instalments paid by the buyer before the sales contract is rescinded will be acquired by the Auction House as a bonus pursuant to art. 1526 of the Civil Code without prejudice to the compensation of any outstanding greater damage.

You can pay by:

1) Wire transfer to:
UniCredit
account owned by NOMISMA ASTE SRL
IBAN IT91V0200811770000106335809
Country: IT
CIN/EU: 91
CIN/IT: V
ABI: 02008
CAB: 11770
BIC/SWIFT: UNCRITM1M01

2) Cash (up to 4999 euros)

3) Credit card  (Mastercard and Visa); for details, please contact the administration at info@nomisma-aste.it.

11 – Collection and delivery of lots sold

Until complete payment is made of the amount due, the lots are stored at the Auction House and insured with suitable care and at the expense of the Auction House until 30 (thirty) calendar days from the auction end.

After the integral and prompt payment of the buyer, as indicated in Terms of Sale and without prejudice to the legislation in the field of the protection of Cultural Heritage (see point 12), the Auction House will proceed with the shipment of the awarded lots within 10 (ten) calendar days from the payment receiving, without prejudice to strikes or extraordinary events.

On request the delivery of the lot will be arranged at the Auction House by appointment.

12 – Export of lots

Customs and export expenses (duties, taxes, excises and other ancillary expenses) are borne by the buyer. In order to export any good over 50 years old a certificate of free circulation is necessary, which is released by the Monuments and Fine Arts Office.

Requests to issue a certificate of free circulation for export will be carried out by the Auction House on behalf of the buyer. At least 10-12 weeks are required to obtain export authorization. Lots imported temporarily cannot be collected by the buyers, but must be shipped, at the expense of the latter, by the Auction House.

N.B. All the lots marked with the § symbol cannot be exported. Nomisma Aste will not apply for export permits for said lots, as we consider the release of the permits highly unlikely. For this reason these lots will be shipped/delivered only and exclusively to Italy, even if the purchaser is foreign. The inability of a foreign purchaser to pick up and store the lots within the Italian territory is not a cause for cancelling the auction purchase

The export permit release is subject to specific procedures at Monuments and Fine Arts Office via SUE internet service:

• Lots value under 13,500 euros: Autocertification (DVAL), estimated waiting time 50/60 days from the receivement of the application by the Export office
• Lots value over 13,500 euros: Free circulation permit (ALC), estimated waiting time 10/12 weeks from the receivement of the application by the Export office.

The auction house can submit said requests in the buyer's name only after receiving the payment and after the final invoice issue (this one transfers the property of good from the seller to the buyer). Under no circumstance is Nomisma Aste Srl liable for the outcome or the waiting for the mentioned permits.

WATCHES

Please note that straps and any other items made from materials derived from endangered or otherwise protected species (e.g. alligator, crocodile, lizard ....) in the absence of CITES permits are not sold with their watches and are present in the picture for display purposes only. In case of shipping to Countries with regulations that forbid these straps, we reserve the right to remove them before shipping. These lots will be marked in the catalogue with # symbol. 

13 – Exclusion of guarantee by the Auction House

The lots are sold by the Auction House on behalf of the Seller in the state in which they are at the time of auction with any eventual flaw, defect, imperfection, damage and/or lack of quality.

Each auction is preceded by a public display, allowing any potential buyers to examine the lots and verify their authenticity, state of conservation, origin, characteristics, qualities and any flaws and defects.

In any case, the possible liability of the Auction House towards the buyer is limited to the corresponding award and/or sales price and the purchasing commission paid by the buyer, ancillary expenses such us shipping are not excluded. 

14 – Expert assessments and reports

Only in cases provided for by art. 64 of Legislative Decree of 22 January 2004 n. 42, will the Auction House, at the request of the buyer, provide the buyer with a declaration containing any available information on the authenticity of the lot, or, alternatively, on the probable attribution and origin of the same.

15 – Terms and evaluations of the Auction House

Every written or verbal communication provided by the Auction House, including those contained in the catalogue, in relationships, comments or evaluations concerning the nature of a lot, such as authorship, authenticity, provenance, attribution, origin, date, age, period, cultural origin or source, its quality, including price or value, exclusively reflect assessments made in good faith by the Auction House and may be reviewed and modified at any time. The buyer, therefore, cannot draw solidly reliable conclusions based on these views, having the right to verify the goods before the auction.

16 – Verification of cultural interest

The Auction House, at its sole discretion, may proceed to a temporary adjudication of lots which, before or during the auction, should be the subject of formal initiation of the procedure for the declaration of cultural interest referred to in Article 14 et seq. of Legislative Decree 22 January 2004 n. 42 (Codice dei Beni Culturali - ‘Code of Cultural Heritage’). In the case of temporary adjudication, the Auction House will report the sale to the relevant Ministry pursuant to art. 59 Codice dei Beni Culturali. The sale will be conditionally suspended subject to the issuing of a declaration regarding the nature of the “cultural asset” and to the failure by the Ministry to exercise its pre-emptive rights within the terms of the law. Pending this procedure, the lot cannot be delivered to the buyer.

17 – Right of resale

Lots that are ‘Subject to the right of resale’ will be subject to the resale rights costs referred to in Legislative Decree 118/2006 and the same will be paid by the buyer.

18 – Absence of the right to withdrawal

Bids and online sales undertaken by correspondence and by telephone by the Auction House constitute a remote contract regulated by Chapter I, Title III (Articles 45 et seq.) of the Codice del Consumo [‘Consumer Code’] and by Legislative Decree 9 April 2003, n. 70, containing the regulations governing e-commerce.

Art. 59, paragraph 1, letter m) of the Consumer Code’ excludes the right of withdrawal for contracts concluded on the occasion of a public auction, which is the sort of auction organized by the Auction House.

As a result, the right of withdrawal is excluded in relation to lots awarded via remote contract during a public auction.

19 – Sale with reservation of ownership

The lots are awarded or sold by the Auction House with reservation of ownership pursuant to Article 1523 of the Civil Code and therefore the ownership of the same will be transferred to the buyer only on complete payment of the due sale price. The risk of decay or damage to the lots will be transferred to the buyer at the time of delivery of the said lots.

20 – Legal guarantee for consumers

  In the case in which the Seller who mandated the Auction House with the task of selling the lot is a “professional” pursuant to the provisions of art. 18, paragraph 1, letter b) of the Consumer Code (Legislative Decree September 6, 2005 n. 206), the legal guarantee set out by articles 128-135 of the Consumer Code will apply.

21 – Applicable law

The present General Conditions and each sales contract with the Auction House are regulated to all effects by Italian law.

22 – Jurisdiction

Each and any dispute with the Auction House, including those relating to the interpretation, execution, resolution or validity of this contract will be subject exclusively to competent jurisdiction of the Court of Verona.