Conditions of Sale

ANYONE EITHER REGISTERING TO BID OR PLACING A BID (“BIDDER”) ACCEPTS THESE CONDITIONS OF SALE AND ENTERS INTO A LEGALLY, BINDING, ENFORCEABLE AGREEMENT WITH DE MARCHI 1946 S.R.L., A SOCIO UNICO (“DE MARCHI” AND TOGETHER WITH BIDDER, THE “PARTIES”).

The following terms and conditions (“Conditions of Sale”) constitute the sole terms and conditions under which De Marchi will offer for sale and sell the property described in the applicable auction (the “Auction Products”). These Conditions of Sale constitute a binding agreement between the Parties with respect to the auction in which Bidder participates (the “Auction”). By bidding at the Auction, Bidder acknowledges the thorough reading and understanding of all of these Conditions of Sale, all descriptions of the Auction Products, and all matters incorporated herein by reference, and agrees to be fully bound thereby. This acknowledgement is a material term of these Conditions of Sale and of the consideration under which De Marchi agrees to these terms.

De Marchi and Auction:

Bidder shall mean the original Bidder on the property offered for sale by De Marchi and not any subsequent owner or other person who may acquire or have acquired an interest therein. If Bidder is an agent, the agency must be disclosed in writing to De Marchi prior to the time of sale, otherwise the benefits of the warranty shall be limited to the agent and not transferable to the undisclosed principal.

The rights granted to Bidder under these Conditions of Sale are personal and may not be assigned or transferred to any other person or entity, whether by operation of law or otherwise without the express written assent of De Marchi. Bidder may not transfer, assign, or otherwise convey these Conditions of Sale or any of the rights herein, and such purported transfer, assignment, or conveyance shall be null and void. No third party may rely on any benefit or right conferred on any Bidder by these Conditions of Sale, and no third party is intended as a beneficiary of these Conditions of Sale.

Bids will not be accepted from minor persons under eighteen (18) years of age without a parent’s written consent containing an acknowledgment of the Conditions of Sale herein and indicating their agreement to be bound thereby on behalf of the Bidder.

All Bidders must meet De Marchi’s qualifications to bid. Any Bidder who is not a client in good standing of De Marchi may be disqualified at De Marchi’s sole option and will not be awarded and Auction Product. Such determination may be made by De Marchi in its sole and unlimited discretion, at any time prior to, during, or even after the close of the Auction. De Marchi reserves the right to exclude any person from the Auction.

If an entity places a bid, then the person executing the bid on behalf of the entity agrees to personally guarantee payment for any successful bid.

By accepting the Conditions of Sale, Bidder personally and unconditionally guarantees payment.

Bidding:

THE BIDDER HEREBY ASSUMES ALL RISKS OF VALUATION CONCERNING ANY AND ALL PURCHASES.

DE MARCHI IS NOT RESPONSIBLE FOR ERRORS IN BIDDING. Once the hammer has fallen and De Marchi has announced the winning Bidder, such Bidder is unconditionally bound to pay for the Auction Product, even if the Bidder has made a mistake.

Bidding Options:

De Marchi reserves the right to accept or decline any bid. It is unlawful and illegal for Bidders to collude, pool, or agree with another Bidder to pay less than the fair value for any Auction Product. De Marchi will have final discretion in the event that any dispute should arise between Bidders. De Marchi will determine the successful Bidder, cancel the sale, or re-offer and resell and Auction Product in dispute. De Marchi will have final discretion to resolve any disputes arising after the sale and in online auctions. If any dispute arises, De Marchi’s sale record is conclusive.

Payment:

Payment is due upon closing of the Auction session and in all cases must be received by De Marchi within five days after the closing of the Auction. All sales are strictly for cash in United States dollars and are subject to all reporting requirements.

Delivery, Shipping and Handling Charges:

Bidder is liable for shipping and handling. Successful Bidders shall provide written shipping instructions, including specified Customs declarations, to De Marchi

Title:

Title shall not pass to the successful Bidder until all payments and any invoices are paid in full. Rights Reserved:

De Marchi reserves the right to withdraw any Auction Product before or at the time of the Auction, and/or to postpone the Auction of all or any lots or parts thereof, for any reason. De Marchi shall not be liable to any Bidder in the event of such withdrawal or postponement under any circumstances. De Marchi reserves the right to refuse to accept bids from anyone.

Conducting the Auction:

De Marchi reserves the right to postpone the Auction or any session thereof for a reasonable period of time for any reason whatsoever, and no Bidder or prospective Bidder shall have any claim as a result thereof, including consequential damages.

De Marchi’s Discretion:

De Marchi shall determine opening bids and bidding increments. De Marchi has the right in its absolute discretion to reject any bid in the event of dispute between Bidders or if De Marchi has doubt as to the validity of any bid, to advance the bidding at its absolute discretion and to determine the successful Bidder in the event of a dispute between Bidders, to continue the bidding or to reoffer and resell the lot in question. In the event of a dispute after the sale, De Marchi’s record of final sale shall be conclusive. De Marchi also may reject any bid if De Marchi decides either that any bid is below the reserve of the lot or article or that an advance is insufficient.

Reserves:

Auction Products may be subject to a reserve which is the confidential minimum price below which the Auction Product will not be sold.

De Marchi’s Remedies:

Failure of the Bidder to comply with any of these Conditions of Sale is an event of default. In such event, De Marchi may, in addition to any other available remedies specifically including the right to hold the defaulting Bidder liable for the Purchase Price or to charge and collect from the defaulting Bidder’s credit or debit accounts as provided for elsewhere herein: (a) cancel the sale, retaining any payment made by the Bidder as damages (the Bidder understands and acknowledges that De Marchi will be substantially damaged should such default occur, and that damages under clause (a) are necessary to compensate De Marchi for such damages); (b) resell the property without reserve at an Auction or privately; (c) charge the Bidder interest on the Purchase Price at the rate of one and one-half percent (1.5%) per month or the highest allowable interest rate; (d) take any other action that De Marchi, in its sole discretion, deems necessary or appropriate to preserve and protect De Marchi’s rights and remedies. Should De Marchi resell the property, the original defaulting Bidder shall be liable for the payment of any deficiency in the purchase price and all costs and expenses associated there with, including but not limited to warehousing, sales-related expenses, reasonable attorney fees and court costs, commissions, incidental damages and any other charges due hereunder which were not collected or collectable.

Warranties:

De Marchi does not provide any warranties to Bidders, whether expressed or implied, beyond those expressly provided in these Conditions of Sale. All property and lots are sold “as is” and “where is”. De Marchi makes no representation or warranty, expressed or implied, as to merchantability or fitness for intended use, condition of the property (including any condition report), correctness of description, origin, measurement, quality, rarity, importance, exhibition, relevance, attribution, source, provenance, date, authorship, condition, culture, genuineness, value, or period of the property. Additionally, De Marchi makes no representation or warranty, expressed or implied, as to whether the Bidder acquires rights in copyright or other intellectual property (including exhibition or reproduction rights) or whether the property is subject to any limitations or other rights. De Marchi does not make any representation or warranty as to title.

All descriptions, photographs, illustrations, and terminology including but not limited to words describing condition (including any condition reports requested by Bidder), authorship, period, culture, source, origin, measurement, quality, rarity, provenance, importance, exhibition, and relevance, used in the description of the Auction Product, bill of sale, invoice, or anywhere else, represent a good faith effort made by De Marchi to fairly represent the Auction Product offered for sale as to origin, date, condition, and other information contained therein; they are statements of opinion only. They are not representations or warranties and Bidder agrees and acknowledges that he or she shall not rely on them in determining whether or not to bid or for what price. Price estimates (which are determined well in advance of the Auction and are therefore subject to revision) and condition reports are provided solely as a convenience to Bidders and are not intended nor shall they be relied on by Bidders as statements, representations or warranties of actual value or predictions of final bid prices.

Limitation of Damages:

In the event that De Marchi is prevented for any reason from delivering any property to Bidder, or Bidder is otherwise dissatisfied with the performance of De Marchi for the Auction, the liability, if any, of De Marchi, shall be limited to, and shall not exceed, the amount actually paid for the property by Bidder. In no event shall De Marchi be liable for incidental, special, indirect, exemplary or consequential damages of any kind, including but not limited to loss of profits, value of investment or opportunity cost.

Bidder’s Remedies:

Under no circumstance will De Marchi incur liability to a Bidder in excess of the purchase price actually paid.

This section sets forth the sole and exclusive remedies of Bidder in conformity with the Warranties and Limitation of Damages provisions of these Conditions of Sale, and is expressly in lieu of any other rights or remedies which might be available to Bidder by law.

If the description of any Auction Product is materially incorrect, the Auction Product is returnable if returned within five calendar days of receipt, and received by De Marchi no later than 21 calendar days after the Auction Date. This paragraph shall constitute Bidder’s sole right with respect to the return of items, and no refunds shall be given for any items not returned to and received by De Marchi.

NO RETURN OR REFUND OF ANY AUCTION LOT WILL BE CONSIDERED EXCEPT AS PROVIDED IN THESE CONDITIONS OF SALE.

Headings:

Headings are for convenience only and shall not be used to interpret the substantive sections to which they refer.

Entire Agreement:

These Conditions of Sale constitute the entire agreement between the parties together with the terms and conditions contained in the Registration Form. They may not be amended, modified or superseded except in a signed writing executed by all parties. No oral or written statement by anyone employed by De Marchi or acting as agent or representative of De Marchi may amend, modify, waive or supersede the terms herein unless such amendment, waiver or modification is contained in a writing signed by all parties.

If any section of these Conditions of Sale or any term or provision of any section is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining sections or terms and provisions of a section shall continue in full force and effect without being impaired or invalidated in any way.