Terms of Sale

Terms and conditions: View as PDF

Participants in the auction are required to observe the following sales conditions, which with their participation, they declare to fully know and accept without reservations.

1. These general conditions govern and regulate any sale made through the auction
house SIMA ASTE SRL with registered office in Parma, Strada Farini 59, share capital of Euro 10,800.00, VAT and CF 03031190345, email address: info@simaaste.it and P.E.C: simaaste@legal-mail.it. The lots for sale are owned by third parties (hereinafter also referred to as the “Seller”), who guarantee their lawful origin. SIMA ASTE (hereinafter also referred to as the “Auction House”) acts exclusively as a representative on behalf of each seller, and only on behalf of the seller will the sale have effect.

2. Descriptions, information, condition, and defects. Estimated value.
The description of the lots, their condition, and indication of any defects are purely indicative and to be used solely for the purpose of identifying the lot. The description, condition, and indication and/or lack of indication of defects can be modified at any time, do not constitute conventional guarantees or quality promised under articles 1490 and 1497 of the Civil Code, and cannot be relied upon by third parties. The published estimated value does not include the auction house’s commission, resale rights, custom fees, exportation costs, or VAT. Further information regarding a specific auction may be inserted on the auction house’s website, in the catalog, or communicated in the salesro- om before or during the sale. In case of discrepancies between the text of the general conditions published in the auction catalog and that published on the auction house’s website, the latter shall prevail.

3. Sealed Coins
SIMA ASTE Srl will not be able to examine in detail sealed coins with American slabs such as NGC (Numismatic Gua- ranty Company) and PCGS (Professional Coin Grading Service), as well as coins sealed by numismatic experts or dea- lers. SIMA ASTE Srl will not partake in examining these coins and will limit itself to reporting the conservation status and any annotations indicated by the slabber or the appraiser or the guarantor.

4. Examination of lots
Interested parties are allowed to examine the lots for sale before the auction, by appointment, on days and during hours established by the auction house. It is the duty of the bidder to verify the objects for which they intend to bid before making their offer personally or through their representative.

5. Claims
As provided in the previous points 2, 3, and 4, claims are only accepted regarding the authenticity of the lots.

6. Registration
In order to participate in the auction, it is necessary to proceed with identification and registration, and with such registration, these general conditions are fully accepted. Participants may be asked for information, references from other dealers and auction houses or banks, as well as deposits as a guarantee of the balance of the sale price and auction commissions. The auction house may prohibit unwelcome individuals from entering the room and/or partici- pating in the auction. The participant who acts on behalf of another natural or legal person must demonstrate their power of representation. Participants in the room will be provided with a numbered tag to indicate bids to the au- ctioneer during the auction. All sold lots will be invoiced in the name and address indicated in the registration form. Claims or disputes will not be accepted for the loss of the tag.

7. Online, Telephone, and Correspondence Participation
It is possible to participate in the auction, after subscribing to specific forms, also online, by phone, and by corre- spondence. It is the participant’s responsibility to check at the end of the auction if their offer has been successful. It is understood that the Auction House is exempt from any liability towards those who participate in the auction by telephone and/or online in case of failure to execute the participation due to errors that may occur during or before the telephone and/or online connection.

8. Starting price, Withdrawal, Grouping, Division, and Awarding of Lots
The starting price of the auction will be the one indicated as the base unless one or more offers are received before the auction. In such a case, the starting price will be represented by the next step after the highest offer received. In case of equal offers, the one that arrived first will have precedence, and in any case, offers by correspondence will have precedence over equal offers in the room. The auctioneer reserves the right to withdraw, group, or divide lots.
In case of withdrawal, grouping, or division of lots, the previously submitted offers on the lots concerned will become ineffective. The auctioneer also reserves the right to refuse an offer in the room or sent in writing. The lots will be awarded to the highest bidder. The Auction House reserves the right to cancel the award in case of any disputes by third parties claiming ownership of the lot.

9. Auction fees for the sale of lots under the margin VAT regime.
Unless otherwise indicated, the lots are sold under the margin regime referred to in Article 40 bis of Legislative Decree no. 41 of 1995. Under this regime, in addition to the hammer price, the winning bidder will be charged an auction fee as follows:
A) In the case of a winning bidder resident in Italy or the European Union: an auction fee of 21% in addition to the hammer price.
B) In the case of a winning bidder resident outside the European Union: an auction fee of 21% in addition to the ham- mer price. VAT at the current rate of 22% will be applied to the hammer price net of the auction fee.
Winning bidders resident outside the European Union may request a refund of the VAT paid on the hammer price net of the auction fee within 90 days of delivery of the goods by presenting an official document proving that the goods have been exported from the European Union.

10. Payment
Up to €4999, payment can also be made in cash. Over €4999, it will be possible to pay by bank transfer to the current account held by SIMA ASTE S.r.l. with the following coordinates:
Current account no. 000036924929, ABI Code 06230, C.AB. 12780, B.I.C. CRPPIT2P480
IBAN IT71O0623012780000036924929.
Payment must be made within 15 calendar days from the auction date. Payments from parties other than the buyer will not be accepted. In case of late payment, late payment interest at an annual rate of 5% will be charged. The Auction House will issue an invoice after the payment of the purchased items has been completed. In case of failure to pay the sale price by the buyer or any other amount due to the Auction House within 15 calendar days from the auction, the Auction House shall have the right to resolve the sales contract according to article 1456 of the Italian Ci- vil Code, without prejudice to the right to compensation for damages caused by non-fulfillment. Any payments made by the buyer in installments or deposits prior to the resolution of the sales contract shall be retained by the Auction House as compensation pursuant to article 1526 of the Italian Civil Code, except for the right to compensation for any further damage.

11. Collection and delivery of sold lots.
Until full payment is received, the lots are held at the expense and care of the Auction House. The obligation to de- liver the sold lots is subject to the full payment of any debt owed by the buyer to the Auction House. After payment has been made, the buyer can arrange for the collection of the lots by appointment at the Auction House. Upon request, the delivery of the lots can be arranged by the Auction House at the expense and risk of the buyer.

12. Export of lots
Customs and export expenses are the responsibility of the buyer. The Auction House will request the necessary export permits upon full payment, on behalf and at the expense of the buyer. It may take at least 10/12 weeks to obtain the authorization for export, as an indicative time frame.

13. Exclusion of warranty by the Auction House.
The lots are sold by the Auction House on behalf of the seller in the condition in which they are at the time of the au- ction, with any possible defect, imperfection, damage, and/or lack of quality. In any case, the potential liability of the Auction House towards the buyer is limited to the corresponding hammer price and/or purchase commission paid by the buyer.

14. Cultural interest verification
The auction house, at its sole discretion, may carry out a temporary auction of lots that, before or during the auction, should be the subject of the communication initiating the procedure for the declaration of cultural interest pursuant to Article 14 et seq. of Legislative Decree 22 January 2004 no. 42 (the “Code of Cultural Heritage”). In the case of a temporary auction, the auction house will report the sale to the competent Ministry pursuant to Article 59 of the Code of Cultural Heritage. The sale will be conditionally suspended until the declaration of the nature of “cultural property” and the failure of the Ministry to exercise its pre-emption right within the legal deadline. During these terms, the lot cannot be delivered to the buyer.

15. Resale right
Lots highlighted as “Subject to resale right” are subject to the resale right in accordance with Legislative Decree 118/2006 and the same will be at the expense of the successful bidder.

16. No right of withdrawal
Online, correspondence, and telephone offers and sales by the Auction House constitute a distance contract gover- ned by Title III, Chapter I (Articles 45 et seq.) of the Consumer Code and Legislative Decree no. 70 of April 9, 2003, containing provisions on electronic commerce. Article 59, paragraph 1, letter m) of the Consumer Code excludes the right of withdrawal for contracts concluded at a public auction, such as the auction organized by the Auction House. Therefore, the right of withdrawal is excluded in relation to lots awarded through a distance contract by means of a public auction.

17. Sale with retention of ownership
The lots are sold by the Auction House with retention of ownership pursuant to article 1523 of the Italian Civil Code and therefore the ownership of the lots will only transfer to the buyer upon full payment of the purchase price. The risk of loss or damage to the lots will be transferred to the buyer upon delivery of the lots.

18. Legal warranty for consumers
In the event that the Seller who has entrusted the Auction House with the sale of the lot is a “professional” pursuant to article 18, paragraph 1, letter b) of the Consumer Code (Legislative Decree no. 206 of 6 September 2005), the legal warranty of conformity provided for in articles 128-135 of the Consumer Code will apply to lots purchased or sold through the Auction House.

19. Applicable law
These General Conditions and any sales contract with the Auction House are governed in all respects by Italian law.

20. Jurisdiction
For any and all disputes with the Auction House, including those relating to the interpretation, performance, resolu- tion or validity of this contract, the exclusive jurisdiction shall be the Court of Mantua.