1 – Introduction

These Terms and Conditions govern the sale, whether by public auction, private negotiation or any other methods, of any type of goods or collectables by The Bolaffi Auction Group. The Bolaffi Auction Group consists of the following auction houses: Aste Bolaffi SpA, Harmers of London, and Soler y Llach S.L.U. (Soler y Llach). This sale is managed directly by Soler y Llach S.L.U. The lots offered for sale, except in exceptional cases, are the property of third parties who have irrevocably entrusted the sale of the lots to Soler y Llach which acts only as an intermediary. Information about the auction may be included in the catalogue or announced in the saleroom before or during the sale.

2 – Catalogues

Soler y Llach shall not be liable for the descriptions, condition reports, values, or estimates of lots contained in catalogues or any other illustrative material. Illustrations, descriptions, values, and estimates are provided solely as a guide and serve only to identify the lot clearly; bidders should not rely upon them as statements of fact. Such illustrations, descriptions, values, and estimates are made to the best of Soler y Llach’s knowledge and do not constitute warranties or guarantees of quality. Lots may be sold at prices higher or lower than the estimated values indicated in other media, books or reference catalogues. At Soler y Llach’s sole discretion, estimated values may be
amended. The estimated values published in our catalogue do not include the buyer’s premium, customs duties, export taxes or VAT (where applicable). All copyright relating to our images, illustrations, texts, captions and descriptions in the catalogues is and shall remain the exclusive property of Soler y Llach. Such materials may not be used or reproduced by the buyer and/or third parties without Soler y Llach’s prior written consent.

3 – Inspection of Lots Prior to Auction

Prospective buyers are able to examine lots before the auction on days and during the times established at Soler y Llach’s discretion. Individuals may handle lots on display at their own risk. Some large or heavy items may be dangerous if handled incorrectly and may only be handled with the assistance of Soler y Llach Staff.

4 – Participation in the Auction Room

In order to improve auction procedures, all potential buyers are required to obtain a numbered bidding paddle before the start of the public auction for use when making bids. Buyers may also pre-register during the pre-auction viewing days. By completing and signing the registration form and being given a numbered paddle, buyers accept these Terms and Conditions. Soler y Llach staff reserve the right to request identification information and documentation, as well as bank and/or commercial references. In some situations, Soler y Llach Staff reserves the right to require bidders to pay a deposit to guarantee the payment of the sale price and auction commission. Soler y Llach Staff may, in its sole discretion, ban unwelcome or unsuitable bidders from entering the saleroom. If a bidder is acting in the name and on behalf of another person or entity, a suitable power of attorney must be shown before the auction takes place. Soler y Llach Staff reserves the right to refuse agents or brokers of third parties to participate in an auction if, in its opinion, power of attorney has not been demonstrated. A bidding paddle must be used to indicate bids to the
auctioneer during the auction. In the event of any doubts regarding the hammer price or the successful bidder, participants should attract the auctioneer attention immediately. All lots sold will be invoiced to the name and address provided when the bidding paddle is assigned and may not be transferred to other name and/or address. Soler y Llach Staff will not accept any complaint or claim for paddle loss or theft. At the end of the auction, the paddle must be returned to the registration desk.

5 – Participation by Absentee Bid, Telephone, or Online

By submitting and signing the designated forms, the participant agrees to take part in the relevant auction and agrees to pay the hammer price and buyer’s premium if his or her offer(s) is or are successful. The participant also agrees to verify at the end of the auction if his or her offer(s) has or have been successful, exempting Soler y Llach from any liability in this regard. Claims due to negligence or error in the filling out of written offers will not be accepted. Soler y Llach declines all liability to persons participating in the auction by telephone and or online in the event of non-participation due to any errors that may occur during or prior to the telephone and/or internet
connection. Participants bidding by phone are hereby informed that calls are recorded solely for the purpose of demonstrating the client’s consent to the purchase of the auction lots.

6 – Award of Lots

Lots will be awarded to the highest bidder. Soler y Llach reserves the right to cancel an award in the event of any third-party disputes claiming private or State ownership of the Lot. We do not accept bids below the starting price. Lots will open at the bid indicated as the starting price, except when a higher offer has been received prior to the opening of the auction; in this case the lot will open at the subsequent bidding increment after that offer. In the event of equal absentee bids, which take priority over bids made in the saleroom, the bid which arrived first shall take precedence. Bidding increments will be regulated at the discretion of the auctioneer. The auctioneer reserves the right to withdraw, add, combine or divide lots, and the right to refuse a bid in the saleroom or a written offer. The auctioneer reserves the right to withdraw a lot from the auction if bids do not reach the reserve price agreed with the Seller.

7 – Auction Fees

In addition to the hammer price, the buyer shall pay the following buyer’s premium for each lot:

• 22.5% on the portion of the hammer price up to €500,000; 
• 20% on the portion between €500,001 and €1,000,000;
• 18% on the portion exceeding €1,000,000.

8 – Payment

Payment must be made by buyers in the saleroom at the time of delivery of the lots and for buyers participating by written offers, via telephone or online within 7 (seven) calendar days from receipt of the invoice. Payments can be made in cash (within the limits permitted by law), by cheque or banker’s draft, debit card, credit card (only American Express, MasterCard and Visa circuits) or by bank transfer. If payment is made by American Express credit card or PayPal, a surcharge of 5% (five per cent) is payable on the sale price. Payments will not be accepted by anyone other than the buyer. Default interest will be charged on all amounts that are not paid according to the terms at an annual rate of
5% (five per cent). Soler y Llach may grant extended payment terms. Extended payment terms must be agreed and formalized prior to the auction. Soler y Llach will issue an invoice to a successful bidder using the procedures provided for in these Terms and Conditions. In the event of non-payment of the purchase price or any other amount due by the buyer to Soler y Llach within thirty (30) calendar days from the end of the month in which the invoice is issued, Soler y Llach shall be entitled to rescind the sales contract by giving written notice to the buyer, without prejudice to its right to compensation for the damage caused by the non-fulfilment. Any instalments paid by the buyer before the sales contract is rescinded will be retained by the auction house as compensation without prejudice to compensation for further damages.

9 – Collection and Delivery of Sold Lots

Until full payment of the amount due has been received, the lots shall be kept at Soler y Llach’s premises and insured with adequate coverage at the expense of Soler y Llach. The obligation to deliver the lots sold is subject to full settlement of all sums due to Soler y Llach by the buyer. Soler y Llach does not assume the obligation to arrange shipments of lots, which must be picked up from the Soler y Llach premises. The lots shall be delivered to the buyer at the buyer’s expense and care, no later than 5 (five) working days from the date of sale. If the buyer fails to collect the lot within this deadline Soler y Llach shall be entitled to charge the buyer an amount equal to 1% of the sale price for each month of delayed collection of the lots plus a minimum charge of € 5 a day for each lot purchased. Upon receipt of payment and when requested by the buyer the lots may be shipped by registered mail at the risk and expense of the buyer.

10 – Export of Lots

In order to comply the Spanish Heritage Law 16/85, buyers should be awarded that the export of some ancient objects require the issuance of an Export License by the Ministry of Culture, regardless of the country of destination. This process normally can take between 6 and 8 weeks. The buyer is liable to pay an export tax, which will depend on the value of the item bought and that can be calculated in the following link: Taxes applicable to the export of cultural assets | Ministerio de Cultura

Furthermore, the buyer will be responsible of the observance of current Spanish customs and foreign exchange provisions. The directors of the Auction disclaim any liability or responsibility arising from the non-compliance of the mentioned provisions.

11 – No Warranties on Lots

All lots are sold “as is” by Soler y Llach on behalf of the Seller with any flaws, defects, imperfections, damage and/or lack of quality present at the time of the auction. Each auction is preceded by a public viewing that allows potential buyers to examine the lots in person or through trusted representatives, and establish their authenticity, state of conservation, provenance, characteristics, qualities and possible defects and flaws. Each potential buyer is responsible for inspecting a lot before purchasing to ensure that it complies with the descriptions and pictures in the catalogue and, where appropriate, seeking the opinion of a scholar or an independent expert to verify its
authenticity, provenance, attribution, origin, date, age, period, cultural origin or source and condition. Upon request and for guidance only, Soler y Llach can provide written reports (“condition reports”) that can supplement the catalogue information. Except in cases where defects or material flaws have intentionally been concealed from the buyer, Soler y Llach gives no contractual guarantee regarding the sale of the lots even against loss of rights of title since the sale is at risk and danger of the buyer.

12 – Limitation of Liability

Except in cases of fraud or gross negligence, Soler y Llach and its employees shall not be liable for acts or omissions relating to the preparation or conduct of the auction. Neither shall they be liable for indirect losses, loss of profit, or loss of opportunity. Total liability shall in any event be limited to the hammer price, purchase price, and buyer’s premium paid.

13 – Numismatic Catalogues

The standard numismatic reference catalogues used are those listed in the original text (AC, KM, etc.).

14 – Retention of Title

Lots remain the property of the seller until full payment has been received, including clearance of cheques and negotiable instruments.

15 – Post-Auction Sales

For thirty (30) days following the auction, Soler y Llach may offer unsold lots through its website. Interested parties may submit binding offers at the price indicated by the auction house, plus applicable commissions. Soler y Llach reserves the right to accept or reject any offer received.

16 – Jurisdiction

Any legal proceedings relating to this auction shall be subject to the exclusive jurisdiction of the courts of Madrid. By submitting a bid, whether absentee, in-room, by telephone, or online, the bidder confirms that they have read and accepted all the foregoing conditions.

17 – Exclusion of Withdrawal Rights

Pursuant to Article 103(k) of the Consolidated Text of the Spanish General Law for the Protection of Consumers and Users (Royal Legislative Decree 1/2007), the statutory right of withdrawal shall not apply to contracts concluded through public auction.

18 – Encapsulated Items

Coins and banknotes that have been encapsulated by a grading and/or authentication service may not be returned, including for reasons of authenticity, if they have been removed from their holder or capsule.

19 – Statutory Consumer Warranty

Where the seller of the lot is acting in the capacity of a trader or professional and the purchaser is acting as a consumer, the statutory conformity warranty set out in Articles 114 et seq. of the Consolidated Text of the General Law for the Protection of Consumers and Users shall apply. As the lots offered at auction are considered second-hand goods, the parties agree that the seller’s liability period for any lack of conformity shall be one (1) year from delivery of the goods to the extent permitted by applicable law.

20 – Data protection

In compliance with Organic Law 15/1999 on the Protection of Personal Data, we would like to inform that Soler y Llach, have given your personal data to send to your address the publicity of the auction, the catalog published by the two companies, to extend the timely invoices of their purchases and shipments thereof. If we do not receive reliable notification about it, we understand that you agree. We remind you that you have the right to access, rectify, cancel or
oppose this assignment, by writing to the person responsible for the file at Soler y Llach.

WHEN SUBMITTING ABSENTEE BID, SALEROOM BID, TELEPHONE OR ONLINE BID, THE BIDDERS CONFIRMS THAT THEY HAVE READ AND ACCEPTED ALL THE TERMS AND CONDITIONS OF SALE AS LISTED ABOVE.