VAT REGIME
Sales made by NAC NUMISMATICA SPA are handled on a commission agreement with
third parties including a VAT regime based on the conditions set forth in art. 40bis dl no.
41/95 and subsequent modifications. As per the above-mentioned law, NAC
NUMISMATICA SPA will not apply VAT on services provided to the buyer or consigner or
on the hammer price.
BUYERS’ COMMISSIONS
The total amount of every single lot, charged to the buyer, is composed of:
-­‐ The hammer price
-­‐ 20% commission including VAT (23% for purchases made through internet live
bidding) or 16.39% (19,39% for purchases made through internet live bidding) for
lots sent outside the European Union
GENERAL TERMS OF SALE
1. Auctions are held by NAC NUMISMATICA SPA in public premises.
NAC NUMISMATICA SPA acts as commission agent in its own name or for every consigner
whose name is listed on the specific police records held at NAC offices. The results of the sale
effect the consignor and NAC NUMISMATICA SPA does not assume any responsibility, towards
the buyer or third parties, except that stated in its commission agent agreement.
2. All material shall be sold to the highest bidder as determined by the Auctioneer.
If any dispute arises during or immediately after the sale of a lot, the Auctioneer has the right to
recall the lot and put it up for sale again. In all cases the Auctioneer’s decision is final. NAC
NUMISMATICA SPA will not allow transfers of the lots already won and will consider the buyer
(successful bidder) the one responsible for the payment. All those who wish to participate in the
auction on the behalf of third parties, must provide the NAC office with a valid letter of attorney
and bank references.
3. NAC NUMISMATICA SPA reserves the right to withdraw any lot from the auction.
Moreover, the auctioneer reserves the right to combine or split up catalogue lots and offer them
out of sequence; he or she may withdraw lots if the bids do not reach the upset price previously
arranged between NAC NUMISMATICA SPA and the consignor.
4. The buyer (successful bidder) will pay NAC NUMISMATICA SPA an auction
commission, for every lot, as follows:
-­‐ 20% VAT included (23% VAT included for purchases made through internet live
bidding) on the hammer price for EU citizens.
-­‐ 16,39% (19,39% for purchases made through internet live bidding) on the hammer price
for NON EU citizens or if the lots are to be sent outside the European Union.
-­‐
5. All those wanting take part in the auction are required to fill out a registration form with all
necessary personal details (and bank references if required) in order to validate a possible
bidding with the assigned bid number.
6. NAC NUMISMATICA SPA may accept telephone and written bids forms while the auction
is being called. In the event of equal bids, the written one will take precedence over a floor
bid.
7. In the event of equal written bids (for the same lot), the lot will be adjudicated to the first
received bid. NAC NUMISMATICA SPA reserves the right to reject all bids coming from
unknown persons unless they deposit an amount covering in full the bid value of the desired
lots (or another suitable guarantee). NAC NUMISMATICA SPA may require further
details from the buyer (successful bidder) and in the case of NON prompt payment by cash,
he or she must provide full bank details that will be checked by NAC. If they result as
incorrect or invalid, NAC NUMISMATICA SPA reserves the right to nullify the invoice.
8. NAC NUMISMATICA SPA acts as commission agent for every consigner and declines
responsibility for any differences between the description in the catalogues, brochures or in
any other advertising material, and the actual item offered. The description are purely
indicative and made to the best of knowledge of NAC. (NAC) cannot be held responsible
for any errors or omissions. Before every auction there is a viewing in order to allow
customers to examine the grade of preservation, origin, kind and quality of the items. After
an item has been sold neither NAC NUMISMATICA SPA nor the consigner will be
responsible for misattribution, irregularities relating to the state of conservation, the origin,
the weight and the lack of quality of the objects. Neither NAC NUMISMATICA SPA nor
any partner or consultant will release any guarantee, except for rare cases as per law.
9. Commission fees are not included in the estimates printed underneath the lot description in
the catalogue. The estimates are purely indicative. The starting price is usually 80% of the
estimate unless NAC NUMISMATICA SPA receives higher bids. The lot descriptions may
be revised during the auction, if so, NAC NUMISMATICA SPA will communicate this
during the auction.
10. NAC NUMISMATICA SPA may claim the entire payment of the hammer price and
commissions. The total amount must be paid in full, in Euros, within 7 days from the
auction sale. Otherwise, NAC NUMISMATICA SPA will: a) proceed with the buying-in
procedure; b) alienate the lot in a private treaty or in a future auction sale, to the detriment
of the buyer and will keep any deposit previously received (as a penalty). The lot will be
kept by NAC NUMISMATICA SPA at the buyer’s own risk until it is sold (as mentioned
above) or returned to the consigner upon request. However, until the lot is sold or returned
to the consigner, the buyer must pay NAC NUMISMATICA SPA a fee corresponding to
the interest on the hammer price plus the commissions at two decimals higher than the
nominal bank lending rate; the interest, as calculated above, will be applied to the total
amount accruing from the eighth day following the date on the invoice.
11. Every shipment within Italy, for goods up to a value of € 3’000, will be made by registered
and insured post at the buyer’s own expense and risk. For goods with a value of over €
3’000, NAC NUMISMATICA SPA will ship the lots by armoured courier (Battistolli Spa
within Italy) at the buyer’s own expense and risk.
12. NAC NUMISMATICA SPA reserves the right to: arrange any special methods of payment
with the buyer; deposit the purchases in public or private warehouses or sell them privately;
resolve disputes or protests made by buyers (successful bidders) or against them; take action
in order to obtain payments or, in some circumstances, cancel the purchase as per the law
described in art. No. 13 and 15 and to reimburse the buyer.
13. Every buyer (successful bidder) must observe all legislative decrees concerning items
considered to be of particular and important artistic or historic interest and value. The
export of a lot of numismatic interest, outside Italian territory, is regulated by specific
customs, tributary and monetary regulations. Every export licence applied for through the
Cultural Heritage office takes roughly 40 days to be issued, starting from the day of the
acceptance (therefore NAC NUMISMATICA S.p.A. is not responsible for any delay caused
by the amount of requests the Export Office has to deal with). The export licence
application will be sent to the ministry only upon payment of the lot and only upon express
authorization of the buyer. NAC NUMISMATICA SPA is neither responsible for any
restrictions the ministry may place on the export of the lot nor for any other export licence
the buyer may have to obtain as per Italian law. In the event that the Italian State takes
action for the right of pre-emption, the buyer will not have the right to request a refund from
NAC NUMISMATICA SPA or the seller for any possible interest on the total price and
commissions already paid.
14. A valid proof of photo identity (e.g. ID card, Passport, driving licence etc.) is mandatory for
every buyer (successful bidder), as per legislative decree no. 231/2007 effective from the
30th April 2008.
15. NAC NUMISMATICA SPA cannot accept payments by cash equal to or greater than €
3’000 as per art. No. 49 D.lgs. 231/2007.
16. All the items in this catalogue are guaranteed to be genuine.
17. For multiple lots with no catalogue photograph return privileges are not permitted.
18. Bidding or participating in this sale constitutes acceptance by the bidder or participant of all
the aforementioned terms and conditions of sale.
The English text is not only legally valid and given simply for convenience. The
only legally valid text is the Italian one.