Classic Cars Sale Terms

1. The Pananti Auction House is responsible for selling, in premises open to the public, the objects entrusted in the name and on behalf of the principals, as per deeds registered at the VAT Office of Florence. It cannot be charged with obligations other than those deriving from the mandate.
2. Upon awarding the lot, the buyer must pay the price, fees and any other amounts in cash (if less than 1000 euros), or by bank transfer: BANCA POPOLARE COMMERCIO E INDUSTRIA, Florence branch, Corso Tintori 10/12/14/16R FI, c/c 424 Pananti Casa d'Aste Srl – ABI 05048 CAB 02800 – CIN K; SWIFT BLOPIT22. - IBAN IT84K05048028000000000000424.
   1. The entire payment for each Lot purchased must be made in favor of Pananti Casa D'Aste srl by bank draft or telegraphic transfer in euros or in the currency used for the Auction. If the buyer wishes to pay by cheque and/or by bank transfer in agreement with the Pananti Auction House, the Lot will not be delivered respectively until payment authorization has been received from the credit institution that issued the title and until the entire amount has been credited to the indicated current account. If the Buyer wishes to pay by bank draft, the title may be accepted only after positive and prior verification with the issuing bank;
   2. No Lot may be withdrawn until the hammer price has been paid in full, plus commissions and expenses. The transfer of ownership of the Lot will take place from the seller to the buyer only when the purchase price has been received in full according to the methods set out above. In any case, until the transfer of ownership of the lot by sale to the buyer, the risk of damage, perishing, loss, and/or theft - even partial - of the same, similarly to that of damage to things and/or persons deriving from the Lot and to any other, will remain with the seller.
   3. The buyer, once the purchase price has been paid in full, must, at his own expense, collect the purchased Lot no later than 6.00 pm on the first working day following the aforementioned payment;
   4. The buyer shall be liable for the collection, storage, insurance and other expenses incurred for any awarded and paid for Lot not collected on the day and at the time specified in the preceding paragraph as well as for the collection, storage, insurance and other expenses incurred for any awarded and not immediately paid for Lot and shall release it only after payment of the additional total sum due for such securities.
   5. The buyer is solely responsible for the burden and costs, when required by the relevant legislation, for the transfer of ownership to be registered in the public registers;
   6. In the event that the buyer does not collect the Lot, after the maximum term of 35 days from the above deadline, the Pananti Auction House may, at its sole discretion and without prejudice to the right to assert other rights, offer the Lot for sale also through a private or public auction, as well as offset the expenses and costs incurred with the proceeds of the aforementioned sale. Any eventual surplus will therefore be due to the buyer who did not take care to collect the Lot promptly.
   7. In the event of non-fulfilment where the deposit referred to in point 2.1 has been paid, the Pananti Auction House will have the right to request the termination of the award contract by right through simple written communication, retaining, as a penalty, the sums already collected, without prejudice in any case to the right to compensation for further damages. In any other case of non-fulfilment, the Pananti Auction House, without prejudice to its right to terminate the contract through simple written communication, will have the right to obtain payment as a penalty predetermined in a lump sum of 40% of the award price.
3. The auction will be preceded by an exhibition of the lots during which an expert technical evaluator from the Pananti Auction House will be available for any clarification. The exhibition has the purpose of examining the state of conservation and quality of the goods and clarifying any errors and/or inaccuracies that may have occurred in compiling the catalogue.
   It is the buyer's sole responsibility to examine the Lot before bidding and to ensure the accuracy of its description as it appears in the auction catalogue and, if necessary, to arrange for an inspection by its own expert at his own expense to verify the ownership rights, attribution, authenticity, characteristics, production period of the vehicle and individual components, provenance, restoration and reliability of the lot. In any case and meaning, Pananti Auction House has no obligation either towards the seller or towards the buyer to verify the accuracy of the description by and on behalf of the seller, as well as the authenticity and content of all documents provided by the same, with consequent exemption from any liability in this regard.
   Any reference to “mileage” and/or “mileage achieved” in the Auction Catalogue as well as in brochures and any other illustrative material is based on the odometer reading of the vehicle and may not correspond to the actual distance travelled by the vehicle.
   Without prejudice to the seller's responsibilities under the above conditions, it will be the exclusive responsibility of the buyer to ensure that each vehicle purchased at the auction complies with all applicable regulations relating to driving, use, road transit or transport and that all related documentation is valid and compliant with the relevant legislation.
   The buyer will also be exclusively responsible for obtaining any export license or similar that may be required in relation to the awarded lot, with consequent exemption from any liability of the Pananti Auction House in this regard. Failure to issue or delay in issuing any license does not constitute a cause for termination or cancellation of the sale, nor does it justify the delayed payment by the Buyer of the total amount due.
   The goods offered in this auction are to be considered as used goods supplied as antiques and as such cannot be classified as a "product" according to the definition in art. 3 letter e) of the Consumer Code (Legislative Decree 6.9.2005, n. 206), with all the legal consequences.
   Likewise, the parties do not belong to the genus "consumer", with all the legal consequences, including the competent Court under art. 10.
   After the award, no dispute can therefore be raised in this regard.
   be accepted, without prejudice to the provisions of point 4.
4. The Pananti Auction House, while acting with the utmost seriousness and scrupulousness, cannot be held responsible for any errors it may incur in the execution of written or telephone offers.
   Therefore, the bidder, when filling out the appropriate form, must carefully check the lot numbers, descriptions and figures indicated. The request for telephone participation will be accepted only if formulated in writing at least 4 hours before the sale. The Pananti Auction House reserves the right to record telephone bids
   declining any responsibility towards the successful tenderer in relation to offers made by telephone.
5. No disputes are permitted regarding the awarding of lots,
   which is decided by the auctioneer in an unquestionable manner.
6. During the auction, the auction director has the power to combine or separate the lots. The same, as agent, can carry out all those activities for the best fulfillment of the mandate.
7. The buyer, in addition to the hammer price, will have to pay 15% of the same as auction fees including VAT where applicable (by law).
8. The estimates relating to the possible selling price, printed under the description of the lots listed in the catalogue, are expressed in Euros and do not include the auction fees provided for in point 7. However, since these estimates are made well in advance of the auction date, they may be subject to revision, which will be adequately communicated to the bidder.
   public during the auction.
9. This regulation is automatically accepted by all those who will compete in the auction sale. The participants in the sale declare that any dispute arising from this act will be deferred exclusively to the jurisdiction of the Court of Florence, thereby accepting the exclusive Italian jurisdiction.

HOW TO SELL

The evaluation
If you wish to sell works through Pananti Casa d'Aste, you can contact us (tel. 055-274 1011 - fax 055-2741034) or send us an email with images and dimensions to cars@pananti.it to obtain a free evaluation.

Delivery of the cars
Upon delivery of the cars, a sales mandate will be drawn up, containing the description of the lots delivered, the minimum price (reserve price) at which the item can be awarded, and the commission in favor of the Auction House.
Only for the awarded lots, the Auction House will retain a 10% commission including VAT and all expenses incurred (photography, cataloguing, printing, advertising, insurance, etc.).

The liquidation of the proceeds
The proceeds from the sale will be paid 5 working days after the actual collection of the amount due by the buyer and at the same time as the transfer of ownership.