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.
Upon awarding the bid, the buyer must pay the price, fees and any other amounts in cash, by check or by bank transfer: c/c in the name of Pananti Casa D'Aste srl Intesa Sanpaolo Florence branch, Piazza Cesare Beccaria 1 R ABI 03069 CAB 02993 CIN W; SWIFT BCITITMM IBAN IT26W 03069 02993 100 000 008 612
Pananti Auction House may, at its sole discretion, agree that the successful bidder pays only a deposit equal to 30% of the price established with the award, in addition to the auction fees, expenses and anything else. In this case, the completion of the payment must take place no later than 6:00 PM on the Monday following the sale.
After payment, the sold items must be collected by the buyer at his own risk and care by 6:00 p.m. on the Monday following the sale, this deadline being considered peremptory. The Pananti Auction House is authorized not to deliver the awarded lot if the full amount due has not been paid first. The awarded lot will be delivered to the premises of the Galleria Pananti.
In the event of failure to comply within the peremptory terms established above, the Pananti Auction House will have the right to request compliance. 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 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 with simple written communication, will have the right to obtain payment as a predetermined lump sum penalty of 40% of the hammer price.
The auction will be preceded by an exhibition of the works during which a representative of the Pananti Auction House will be available for any clarification. The exhibition has the purpose of examining the state of conservation and the quality of the objects and clarifying any errors and/or inaccuracies that may have occurred in compiling the catalogue. After the award, no dispute in this regard may therefore be accepted, except as provided in point 4.
Any disputes regarding the accuracy of the attributions reported in the auction catalogue must be raised by registered mail with return receipt to be sent no later than 8 days from the date of award. If the dispute is found to be well-founded, on the basis of the documentation that in any case must be produced by the successful bidder at his own expense, the Pananti Auction House will be held exclusively responsible for the reimbursement of the sums already received without interest, upon return of the goods awarded, without any further obligation to compensate for any reason. In fact, the Pananti Auction House, in its capacity as agent, cannot be held responsible for the attributions and expertise relating to the lots sold.
Pananti Auction House, while acting with the utmost seriousness and scrupulousness, cannot be held responsible for any errors that may occur in the execution of written or telephone bids. 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. Pananti Auction House reserves the right to record telephone bids, declining any responsibility towards the successful bidder in relation to bids formulated by telephone.
No disputes are permitted regarding the awarding of lots, which is decided by the auctioneer in an unquestionable manner.
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.
The buyer, in addition to the hammer price, must pay 25% of the same, including auction fees, expenses and VAT. For Timed Auctions the buyer, in addition to the hammer price, must pay 30% of the same, including auction fees, expenses and VAT.
Immediate collection of the goods will be possible after actual payment which must be made in cash, by bank check, bank draft or bank transfer.
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 8. 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 public during the auction.
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.
