Renaissance Digital Revival
22 SEPTEMBER - 3 OCTOBER 2022
Renaissance Digital Revival
22 SEPTEMBER - 3 OCTOBER 2022
Overview
Terms of sale
  1. 01Pandolfini CASA D’ASTE s.r.l. is charged with selling objects entrusted to the same by consignors as per the deeds registered at the VAT Office of Florence. In the event of mandates with representation, the effects of the sale shall be completed directly by the Seller and the Purchaser, also for the purposes of the possible application of the Consumer Code, without the assumption of any additional liability by Pandolfini CASA D’ASTE s.r.l. other than whatever derives from the mandate received, with Pandolfini CASA D’ASTE s.r.l. acting as a simple intermediary.
  2. 02PSales shall be awarded to the highest bidder. The transfer of sold lots to third parties shall not be accepted. Pandolfini CASA D’ASTE s.r.l. shall hold the successful bidder solely responsible for the payment. For this reason, participation in the auction in the name and on the behalf of third parties shall be notified in advance and Pandolfini CASA D’ASTE s.r.l. shall reserve the right to refuse to allow the representative to take part in the auction should it deem that the power of representation has not been sufficiently demonstrated.
  3. 03PThe estimates in the catalogue are purely indicative and are expressed in euros. The descriptions of the lots shall be considered to be no more than an opinion and purely indicative, and shall not, therefore, entail any liability on the part of Pandolfini CASA D’ASTE S.r.l.
    Any complaints should be sent in writing within ten (10) days and, where considered valid, shall solely entail the reimbursement of the amount paid without the right to any further claims.
  4. 04PPandolfini CASA D’ASTE s.r.l. shall not issue any guarantees regarding the attribution, authenticity or origin of the goods put up for sale for which the sole person responsible shall exclusively remain the consignor. The consignor shall assume every guarantee and responsibility concerning the goods with reference to – by way of an example but not limited to - the ownership, origin, preservation and marketability of the item which is the subject of this mandate.
  5. 05PThe auction shall be preceded by an exhibition during which the Director of the sale shall be available for any clarification; the purpose of the exhibition shall be to allow prospective bidders to inspect the state of preservation and the quality of the objects as well as to clarify any possible errors or inaccuracies in the catalogue. The interested parties shall undertake to examine the objects in person, possibly with the assistance of a trusted expert. All the objects shall be “sold as seen” in the same condition and state of preservation in which they are displayed.
  6. 06Pandolfini CASA D’ASTE s.r.l. may accept absentee bids (written or telephone bids) for the lots for sale on the precise mandate of persons who are unable to attend the auction. The lots shall always be purchased at the best price, in compliance with other bids for the same lots and with the registered reserves. The Pandolfini CASA D’ASTE s.r.l. shall not be held responsible for any mistakes in the management of any written or telephone bids whilst undertaking to scrupulously avoid any errors. Bidders are advised to carefully check the numbers of the lots, the descriptions and the figures indicated when filling in the relevant form. Absentee bids of an unlimited amount shall not be accepted. Telephone bidding requests shall only be accepted where formulated in writing before the sale. In the event of two identical absentee bids for the same lot, priority shall be given to the first one received.
  7. 07During the auction the Auctioneer shall have the right to combine or separate the lots and to adopt any measures deemed to be useful for the optimum management of the event, including the possibility of withdrawing a lot from the same.
  8. 08The lots shall be awarded by the Director of the sale; in the event of a dispute, the contested lot shall be re-offered at the same session based on the last bid received. Bids placed in the salesroom shall always prevail over absentee bids as per point no. 6.
  9. 09Pandolfini CASA D’ASTE S.r.l. may immediately request the total payment of the final price, including the buyer’s premium; this should, in any case, be paid by no later than 12 p.m. on the day after the sale.
  10. 10Lots that have been purchased and paid for should be collected immediately and, in any case, no later than 10 (ten) days from the date of the actual payment made to Pandolfini CASA D’ASTE s.r.l. Failing this, Pandolfini CASA D’ASTE s.r.l. shall be entitled to claim all the storage charges and shall be exempt from any liability related to the storage or any deterioration of the objects. The weekly storage fee shall amount to € 26.00. The collection of the goods purchased shall be carried out under the responsibility and at the expense of the purchaser either in person or through an incumbent or a carrier/forwarding agent. In any case, Pandolfini CASA D’ASTE s.r.l. shall not be liable for any damage to the goods suffered during transport; in particular, the purchaser, either directly or through its incumbent, shall undertake to inspect the suitability of the packaging, also based on the characteristics of the object purchased, expressly releasing Pandolfini CASA D’ASTE s.r.l. from any liability in this regard.
  11. 11For lots marked with the symbol ( ), the seller holds the qualification of a professional. In the event that the purchaser is a consumer pursuant to art. 3 of the Consumer Code, sales completed by means of absentee bids without direct salesroom participation, in writing, by telephone or online, shall constitute distance contracts pursuant to and as an effect of articles 45 and fol. of the Consumer Code. Pursuant to art. 59, para. 1 m) of the Consumer Code and barring the provisions of the following paragraph, the purchaser may not take advantage of the right of withdrawal since the contract shall be understood to have been concluded on the occasion of a public auction according to the definition in art. 45, para. 1 o) of the aforementioned Consumer Code. For lots marked with the symbol (), in the case of auctions held exclusively online without the possibility of taking part in person, indicated by the wording “timed auction”, the purchaser’s right of withdrawal shall be recognized pursuant to and as an effect of art. 59 of the Consumer Code. The purchaser may withdraw from the contract within fourteen (14) days from entering into possession of the object purchased without having to provide any motivation, notifying the same by registered letter with advice of receipt or via certified email sent to Pandolfini CASA D’ASTE s.r. at pandoaste@pec.pandolfini.it. Any explicit declaration of the decision to withdraw from the contract may be sent for this purpose or the standard notification which can be downloaded from the following link: www.pandolfini.it/it/content/modulo-di-recesso.asp. The above term shall be understood to have been complied with in the event that the notification of the exercising of the right of withdrawal is sent by the consumer before the expiry of the withdrawal period. Pandolfini CASA D’ASTE s.r.l. shall, in turn, undertake to notify the seller of the withdrawal. The cost of redelivering the object shall be charged to the purchaser who shall, therefore, undertake to return the same under its own responsibility and at its own expense within fourteen (14) days from when Pandolfini CASA D’ASTE s.r.l. receives the notification of withdrawal. The term shall be deemed to have been complied with if the purchaser returns the goods before the 14-day deadline. Pandolfini CASA D’ASTE s.r.l. shall undertake to reimburse all the payments received from the consumer, including the delivery expenses (with the exception of any additional costs arising from the choice of a method of delivery different from the cheaper standard delivery offered), within fourteen (14) days from when it was informed of the consumer’s decision to withdraw from the contract. Pandolfini CASA D’ASTE s.r.l. may, however, withhold reimbursement until it has received the returned goods which are the subject of the withdrawal. Reimbursement may be made by employing the same method of payment used by the consumer for the initial transaction, unless the consumer has expressly agreed otherwise and on condition that the same does not have to sustain any other costs as a consequence of the reimbursement. For the purposes of exercising the right of withdrawal , the purchaser shall, however, be understood to have entered into possession a of the object purchased when ten (10) days have passed from payment by the purchaser without the same undertaking to collect the object.
  12. 12Purchasers should undertake to comply with all the legislative measures and regulations currently in force regarding objects subject to notification, with particular reference to Italian Legislative Decree no. 42/2004. The sale of objects subject to the above regulations shall, therefore, be suspensively conditional upon the absence of the exercising of the right of pre-emption by the competent Ministry within the term of sixty (60) days from the date of receipt of the report as envisaged by art. 61 of above Legislative Decree no. 42/2004. During the period of time permitted for exercising the right of pre-emption, the object may not, however, be delivered to the purchaser pursuant to art. 61, para.4, of Legislative Decree no. 42/2004. In the event of the exercising of the right of pre-emption by the State, the successful bidder may not claim any reimbursement or indemnity from Pandolfini CASA D’ASTE s.r.l. or from the Seller.
  13. 13Italian Legislative Decree no. 42 dated 22 January 2004 regulates the exportation of objects of cultural interest outside Italy, while exportation outside the European Community is regulated by EEC Regulation no. 116/2009 dated 18 December 2008. The exportation of objects is regulated by the above regulations and by the customs and tax laws in force. Pandolfini CASA D’ASTE s.r.l. shall not be deemed responsible for and cannot guarantee the issuing of the relevant permits. Therefore Pandolfini CASA D’ASTE s.r.l. shall decline any responsibility vis-à-vis the purchasers with regard to any restrictions on the exportation of the lots awarded. The failure to grant the above authorizations shall not justify the cancellation of the purchase or the non-payment of the same. It should be remembered that archeological findings of Italian origin may not be exported.
  14. 14Pursuant to and as an effect of art. 22 Legislative Decree no. 231/2007 (Anti-Money Laundering Decree), clients shall undertake to provide all the up to date information necessary for permitting Pandolfini CASA D’ASTE s.r.l to fulfill the obligations regarding the adequate verification of the clientele. It shall be understood that the completion of the operation shall be subject to the issuing by the Client of the information requested by Pandolfini CASA D’ASTE s.r.l in order to fulfill the above obligations. Pursuant to art. 42 Legislative Decree no. 231/07, Pandolfini CASA D’ASTE s.r.l shall reserve the right to abstain from and not conclude the operation in the event of the objective impossibility of carrying out an adequate verification of the clientele.
  15. 15These regulations shall be automatically accepted by anyone participating in the auction. The Court of Florence shall have jurisdiction over any disputes that may arise.
  16. 16Lots marked with have been entrusted by Consignors subject to V.A.T. and are therefore subject to V.A.T. as follows: 22% payable on the hammer price and 22% on the final price.
  17. 17Lots marked with () shall be understood to be accompanied by a certificate of free circulation, while lots marked with () by a certificate attesting to the shipment or importation.
  18. 18Lots marked with are subject to resale rights. Italian Legislative Decree no. 118 dated 13 February 2006 introduced royalties for the authors of works and manuscripts, and their heirs, as a fee on the price of each sale, subsequent to the first sale of the original work, the so-called “resale rights”. This fee shall be due in the event that the sale price is no less than €. 3,000 and shall be determined as follows:
    • 4% for the part of the sale price comprised between €. 3,000 and €. 50,000
    • 3% for the part of the sale price comprised between €. 50,000.01 and €. 200,000
    • 1% for the part of the sale price comprised between €. 200,000.01 and €. 350,000
    • 0,5% for the part of the sale price comprised between €. 350,000.01 and €. 500,000
    • 0,25% for the part of the sale price above €. 500,000
    Pandolfini CASA D’ASTE s.r.l. shall be obliged to pay the “resale rights” on behalf of the sellers to the Italian Society of Authors and Publishers (SIAE). In the event that the lot is subject to so-called “resale rights” pursuant to art. 144 of Italian Law no. 633/41, in addition to the payment of the bid awarded, the auction commission and any other expenses due, the successful bidder shall also undertake to pay the amount that the Seller is obliged to pay pursuant to art. 152 of Law no. 633/41, which Pandolfini CASA D’ASTE s.r.l. shall pay to the subject entrusted with collecting the same.
  19. 19Lots marked with () are offered without reserve.
  20. 20The privacy policy statement regarding the processing of personal information can be consulted on the Pandolfini CASA D’ASTE s.r.l. website at the following address www.pandolfini.it/it/content/privacy.asp.

APPENDIX: ADDITIONAL CONDITIONS OF SALE

FOR THE NFT (NON-FUNGIBLE TOKEN) SECTOR

1.- This appendix shall be understood to be an additional and supplementary document to the “General Conditions of sale” of Pandolfini CASA D’ASTE s.r.l., to be applied to auctions related to the NFT (Non-Fungible Token) sector.  These additional Conditions shall, therefore, be applied every time the subject of the auction is an NFT as defined below.

In the event of any conflict between these additional Conditions and the General Conditions of sale or other different conditions drawn up for traditional auctions, this document shall prevail as the specific set of rules for the sector.  Unless otherwise regulated in these additional Conditions, reference shall be made, in any case, to the measures in the General Conditions of sale or in the other contractual sections envisaged for traditional auctions. 

2.- For the purposes of these additional Conditions, an NFT (Non-Fungible Token) shall mean a digital certificate created and stored on inalterable encrypted records based on blockchain technology that contains univocal information that cannot be altered and is non-fungible, capable of certifying the ownership and proprietorship of an asset, generally digital, consisting of, by way of an example, images, photos, videos, music, texts, digital works of art as well as digital versions of physical assets.

The wording “NFT” shall be inserted into the description of the object put up for auction.

3.- The auction of the NFT may take place in the salesroom, with the physical presence of the participants or with the other modalities indicated in the General Conditions (by means of telephone or written bids), or online, using the Pandolfini CASA D’ASTE s.r.l. platform.  Platforms external to Pandolfini CASA D’ASTE s.r.l shall not be used for holding auctions. 

The asset which is the subject of the sale shall be described by indicating the token ID, the token address and the link to the smart contract for executing the transaction.  By taking part in the auction the Client declares to have read the content indicated above and to have understood and accepted the same.

Pandolfini CASA D’ASTE s.r.l. shall not, however, guarantee the technical correctness of the indications listed above nor the integrity, safety and permanence of the lot, including both the NFT as well as the asset to which it refers.  Therefore, the Client shall be responsible for verifying the correctness of the same, accepting the risks deriving from the technology to which the transfer of NFTs is subject.

4.- In order to take part in NFT auctions and make bids, the Client hereby notes, fully accepting the obligation, that it is necessary to register an account, following the indications given during the registration phase and providing all the data requested, including the indication of the wallet onto which it intends to transfer the NFT in the event that the bid is awarded.

The Client shall undertake to supply truthful data and information, personally answering for any inaccuracies, omissions or errors in the data entered.

5.- Considering the specificity and high technological component of the assets which are the subject of transfer in digital art auctions, the client shall be obliged to autonomously acquire all information related to the functioning of the smart contract and the transfer modalities of the NFTs, as well as to verify the content of whatever is the subject of the transfer.

In particular, the Client shall take note of and accept the risks deriving from the purchase and transfer of NFTs, including, by way of an example and not limited to: erroneous programming, bad functioning of the blockchain, cyber-attacks, data loss, unauthorized account accesses, impossibility of accessing and transferring the NFTs, impossibility of accessing the digital asset, modifications to the regulation of the blockchain (forks).

By participating in auctions regulated by these conditions of sale, the Client shall acknowledge that it is equipped with sufficient knowledge about the modalities of creation, preservation, functioning and transmission of NFTs, as well as the method of functioning of blockchain technology and of every mechanism that is in any way connected to the technologies indicated above.  Moreover, the Client shall declare to be in possession of all suitable instrumentation for finalizing the purchase and the transfer of NFTs.

6.- Pandolfini CASA D’ASTE s.r.l. shall not be responsible for any type of error, delay or difficulty deriving from the use of the Platform on which the auction is held nor of the blockchain on which the transfer of the NFT shall take place nor for any technical problems that may delay or prevent the transfer of the NFT.

7.- In relation to each lot put up for auction, it should be remembered that Pandolfini CASA D’ASTE s.r.l. shall only act as the agent for the sale, in the name and on behalf of the consignor which shall guarantee the ownership of the asset being transferred, the authenticity and the authorship of the digital work to which the NFT refers, as well as the existence and veracity of the rights initially inserted on the blockchain as well as the legitimacy and lawfulness of any previous conveyances.  The consignor similarly guarantees the regularity and legitimacy of the minting activity with respect to which Pandolfini CASA D’ASTE s.r.l. shall remain totally extraneous.

No obligation of control, verification and certification may be requested from Pandolfini CASA D’ASTE s.r.l.; any such declarations shall remain the exclusive competence of the consignor for which Pandolfini Casa d’aste s.r.l. shall issue no guarantee.

After the bid has been awarded and payment has been made, the transfer of the NFT shall take place within 20 (twenty) days from the payment made directly from the wallet of the seller/consignor to the wallet indicated by each participant in the auction during the registration phase, with no possibility of indicating wallets with different destinations.  The Client shall guarantee that the destination wallet of the NFT indicated during the registration phase belongs to and is referable to the same and that the Client supports the transfer of the NFT, issuing the broadest guarantee with regard to the capacity of the wallet indicated to receive the NFT and releasing Pandolfini CASA D’ASTE s.r.l. from any responsibility with regard to the same.

The transfer shall take place under the control and management of Pandolfini CASA D’ASTE s.r.l.  The transfer of the NFT shall be regulated by the smart contract indicated in the lot description. 

8.- The Client shall note that the NFTs which are the subject of the auction are created by third parties who are extraneous to Pandolfini CASA D’ASTE s.r.l. so that no responsibility related to the minting process may be attributed to the Auction House.

9.- Unless otherwise stipulated, upon the purchase of the NFT, the right of ownership of the NFT and the digital work incorporated in the same shall be exclusively transferred, with no transferal of the copyright which shall remain the exclusive right of the creator, including the proprietary rights connected to the economic exploitation of the work and the moral rights to the same.

10.- Each economic transaction for the purchase of NFTs shall be paid in FIAT money (euro).  Payments in crypto currencies shall not be permitted, unless expressly agreed otherwise.