HOW TO

SELL

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HOW TO SELLING

Useful information to sell

DURATION OF THE MANDATE TO SELL AND TERMS

The mandate to sell has a duration of 1 year and is tacitly renewed, the termination of the contract must be by registered letter with acknowledgment of receipt within thirty days from the deadline. The one-year term may, however, be further extended in the event of delay in the sale of the asset for reasons not attributable to Meeting Art. In the execution of the mandate to sell, Meeting Art reserves the right to decide:
(a) the ways in which a lot is offered for sale;
(b) the description and illustration of the work in the catalog or any reports on its conditions;
(c) the date and place of the auction (s);
(d) to consult experts or restorers of your choice and to have examinations or analyzes carried out in relation to the work, before or after the sale.
Please note that any estimate provided by the auction house, written or oral, represents a merely indicative opinion. The client cannot therefore rely on an estimate as a forecast of the sale price. In any case, Meeting Art reserves the right to modify, at any time and at its own discretion, any estimate it has provided. Furthermore, any representation, written or oral (including those published in each catalog), report, guide or estimate, related to each characteristic or quality of the work, including the price or value, constitute mere opinions and can be modified before the work is offered for sale, including the period in which the lot is exposed to the public. Therefore, neither Meeting Art nor its employees or consultants will be responsible for errors or omissions contained in the aforementioned representations.

EXPENSES CHARGED TO MEETING ART

Meeting Art will absorb all expenses related to the organization, advertising, printing and distribution of the auction catalog.

EXPENSES CHARGED TO THE MANDANT

a) Transport costs and delivery of the lots at the Meeting Art site.
b) Fire and theft insurance 1% to be calculated on the reserve price with a minimum of 10 €.
c) 30% Commission calculated on the Award Price up to € 999.00 and 15% above this amount.
d) Expenses incurred by Meeting Art in the name and on behalf of the Mandator and expenses for banking transactions at current rates.
e) DDS: Follow-up Law (Droit de Suite) Legislative Decree n.118 dated 13/02/2006, in force since 9 April 2006 in Italy, that is the author's right (living or deceased from less than 70 years) of works of figurative arts and manuscripts to receive a percentage of the selling price of the originals of their works on the occasion of sales subsequent to the first. Warning: the law n. 34 of February 25, 2008 (G.U., ordinary supplement, No. 56 of March 6, 2008), in art. 11 modifies art. 150 of the law on copyright (n. 633/41), providing for a different method of calculation of the law. The new legislation is applicable to sales made from March 21st 2008 onwards. This right will be charged to the Seller and will be calculated on the auction or sale price equal to or greater than € 3,000 and may not in any case exceed € 12,500 for each Lot. The amount of the right to be paid is determined as follows: 4% for sales up to € 50,000, 3% for the part of the sale between € 50,000.01 and € 200,000, 1% for the part of the sale between € 200,000.01 and € 350,000 €, 0.50% for the part of the sale between € 350,000.01 and € 500,000, 0.25% on the selling price over € 500,000. The resale right charged to the Seller will be paid by the Meeting Art to the S.I.A.E. based on the provisions of the law.

GUARANTEES OF AUTHENTICITY, PROPERTY AND CONSENT TO THE ASSIGNMENT

The Mandator implicitly guarantees Meeting Art and the buyer to be the real owner or to be authorized to sell the good in question by the owner and to be able to legally transfer the property and the relative property right free of claims by third parties , by mortgages and retention rights; it also guarantees that the asset is not the object of a claim by the Government or by State or Local Authorities and that it has provided the Meeting Art with all the information in its possession regarding the origin of the asset, the Mandator undertakes to indemnify the Meeting Art, the its officials, agents and the buyer for any loss or damage suffered by each person as a result of failure to comply with the above. It also guarantees that it has complied with the regulations in force for the import or export of Lots. All responsibility for authenticity and possible plagiarism is assumed. It gives consent to the transfer, raising Meeting Art, for any claim that the author should advance on the work. The principal agrees to indemnify and hold the auction house harmless from any request, claim, complaint and / or action of any kind made by third parties, including the purchaser of the work, depending, among other things, on of the erroneousness, non-truthfulness and / or partiality (even if presumed only) of the information declarations and guarantees issued to the auction house; regardless of the hypothesis in which the purchaser eventually makes a judgment against the auction house, the latter is authorized to disclose the identity of the principal even before and as soon as he is aware of the buyer's claims and independently of their founded. The principal also declares that there are no restrictions on the right to reproduce the work or that it has already acquired any more appropriate authorization in this regard, in any case exempting the auction house from any third party claim and / or action with reference to the eventual realization and / or use of the images of the work.

RESERVES

The entrusted objects are given a reserve price in euros (€), the minimum price at which the lot can be considered sold. Meeting Art may in its opinion sell at a price below the reserve, in this case, the reserve price will be guaranteed to the seller. The seller will not be able to bid or hire third parties to offer on his behalf. If it happens Meeting Art will not assume any responsibility.

AUTHORIZATION TO DEDUCE MANDATORY AND EXPENSE COMMISSIONS

The Mandator authorizes Meeting Art to deduct the commissions at the "established rate" and the "expenses" (see point 3) from the award price.

RISK OF LOSS OR DAMAGE

Except in the case of willful misconduct or gross negligence, Meeting Art is not responsible for loss or damage caused to frames or glass that contain and / or cover prints, paintings or other works (unless the frame or glass does not constitute the work sold at the auction). In no case, the auction house is responsible for loss or damage caused by any intervention (including restoration work, frames and cleaning operations) by independent experts appointed by the auction house with the principal's consent or for loss or damage caused or deriving, directly or indirectly, from:
a) changes in humidity or temperature;
b) normal wear and tear or gradual deterioration resulting from interventions on the good and / or hidden faults or defects (including termites);
c) processing errors.
If no different arrangements have been made, Meeting Art will assume the risk of loss or damage to the good delivered to it or in any case under its control for the sale, until the transfer of ownership, or the withdrawal of the same by of the principal. In this case, the responsibility of Meeting Art for loss or damage to the property will not exceed the reserve price minus the commissions, insurance and expenses incurred in the name and on behalf of the Mandator. Under no circumstances will Meeting Art be responsible for broken glass or frames of works.

SALE RESOLUTION

If the contract of sale of the work, due to any cause, becomes ineffective, is terminated, is canceled, or declared invalid and the auction house must consequently reimburse the buyer, in whole or in part, the auction price and the purchase commission paid by the latter, the principal agrees to return to Meeting Art the sum which the latter has paid him for the sale of the work, except, in any case, the right of the auction house to compensation for any damage suffered. Therefore, if the buyer requests to resolve the sale and the experts in charge of examining the disputed piece confirm that the buyer's complaint is justified, Meeting Art is authorized to consider the sale terminated and to refund the buyer with the amount paid to Meeting Art for the piece in question, the Principal undertakes in this case to return to Meeting Art the proceeds of the sale paid to them by Meeting Art for the disputed object, upon return of the sum inclusive of the expenses incurred by Meeting Art for the resolution of the sale , Meeting Art will return the item to the Mandator.

PAYMENT

Meeting Art will pay the Mandator an amount equal to the Award price by deducting commission and expenses after 30 working days from the auction end date by bank transfer or check to be collected at the Meeting Art offices. If the Buyer makes the payment due in delay, Meeting Art will pay the customer the payment within 5 days following the date of receipt of the purchaser's payment. If instead the payment by the Buyer does not reach within 30 working days from the auction end date and Meeting Art wishes to pay the sale proceeds to the Mandator, the ownership right of the lots will pass to Meeting Art. granted to the Buyer an installment payment, Meeting Art reserves the right to pay the principal the amount equivalent at the end of each installment. In any case, Meeting Art will pay the price to the principal, after deducting fees and expenses, once payment has been received from the Buyer.

REVOCATION OF MANDATE AND CHARGES FOR WITHDRAWAL LOTS

Meeting Art reserves the right to renounce the mandate freely, without incurring any responsibility towards the principal if particular circumstances arise which may justify the dissolution of the contract, such as for example:
a) reasonable doubts about authenticity, origin and / or attribution of the work or on the veracity of any declaration, information and / or guarantee issued by the customer;
b) modifications or damage to the work such as to substantially alter the conditions or to prevent it from being sold and caused by facts not attributable to the agent;
c) damage to the work that substantially modifies the conditions.
If, on the other hand, the principal were to revoke the mandate to sell or if a lot was withdrawn for reasons that are not incorrect attribution or authenticity, Meeting Art reserves the right to charge a sum equal to the sales and purchase commissions calculated on the last bid received if they are not received on the reserve price, for works with free offers on a minimum of € 500 and expenses in relation to the asset itself. Revocation by the mandator will be effective only after payment of the amount due by the same, reserving Meeting Art the right to retain the asset with you, at the cost and risk of the customer, until the latter has paid the due amount .

REPRODUCTION RIGHTS

The Mandator must comply with the current rules on "copyright" (Copyright). Meeting Art will have the right to take photographs and video recordings and, in any case, to reproduce the image of any lot entrusted to it for attempted sale. All related rights shall be due to Meeting Art, which may use them in any form deemed appropriate.

UNSOLD LOTS AND/OR RETURNS

Meeting Art will make the unsold works available to the client 15 days after the end of the auction. The Mandator will collect the items at his own care and expense, for each unsold and / or returned lot, the Mandator is required to pay the insurance, the expenses incurred by Meeting Art in the name and on behalf of the Mandator (see point 3) plus a contribution on secretarial expenses of € 10. After 60 days from the end of the auction, for each lot there is a storage cost of € 3 per day, unless you agree a reduction in reserve prices and allow the necessary time to the execution of further sales attempts to be carried out also by private negotiation.

AUTHENTICITY OF PRODUCT

The Mandator authorizes Meeting Art to carry out any research, control text that may be deemed necessary to verify the authenticity of the works, charging the Mandator for the related expenses incurred.

STATE PREPARATION RIGHT

If the contract relates to cultural assets pursuant to Legislative Decree No. 42 of 22 January 2004 and, therefore, subject to the exercise of the right of first refusal by the State and the bodies mentioned therein. Meeting Art will procure the sale of the goods declared both in auction and by private negotiation, according to the conditions deemed most appropriate in light of the limitations imposed by the laws in force. In case of awarding, Meeting Art will denounce the sale to the competent authorities by retaining the goods for 60 days from the date of receipt of the complaint by the authorities.

VAT REGIME (MARGIN REGIME)

Sales made by Meeting Art by virtue of commission agreements stipulated with private consumers or with VAT subjects, operating in the Margin regime, are subject to the Margin regime, sanctioned by the art. 40 bis D.L. 41/95. For such sales, Meeting Art will not apply VAT on services rendered to the buyer, nor VAT on the auction price. This VAT regime does not apply to sales of goods coming from VAT subjects who have already deducted the tax at the time of purchase. These subjects must notify Meeting Art at the time of the deposit and in the event of sale they must issue an invoice whose amount will be equal to the award and the taxable amount will be equal to the 22% separate award.

INSERTION IN AUCTION

Meeting Art does not guarantee the inclusion of the lots in the first available auction, but according to the needs of the catalog or any confirmations of authenticity.

APPLICABLE LAW

The contract is governed by Italian law.

DISPUTES

The jurisdiction of the Court of Vercelli is established for any controversy. It is specified that the clause derogating from the Consumer Forum has been the subject of specific individual negotiation and the principal declares to accept its content.

LOCATIONS


HEADQUARTER: Corso Adda, 7 - 13100 Vercelli
tel. +39.0161.2291 - fax +39.0161.229327 - info@meetingart.it
OFFICE OF MILAN: Via Bettino Ricasoli, 2 - 20121 Milano
tel. +39.02.72008548 - fax +39.0161.229327 - milano@meetingart.it
OFFICE OF ROME: Via Margutta, 94 - 00187 Roma
tel. +39.06.3212668 - fax +39.06.32501095 - roma@meetingart.it

Meeting Art S.p.A. | Cod.Fisc./P.Iva 00497130021 - Reg.Impr.(Vc) 00497130021 - Iscr.R.E.A.(Vc) 124330 - Capitale sociale 1.000.000,00 Euro i.v.
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