1. 1

   Prices exclusive of VAT and binding bids. The starting price, reserve price and bids are exclusive of VAT. VAT on the goods, where applicable, and the buyer's premium are shown in the bidding window before confirmation. Each bid is a legally binding obligation to purchase the entire auction lot at the bid price; it cannot be withdrawn.

2. 2

   Reserve price, no-reserve auctions and confirmation. In a reserve auction the sale is confirmed automatically if the highest bid at the close meets or exceeds the reserve price; if the reserve has not been met, the seller and the highest bidder have 24 hours to negotiate the price (up to 5 prices each), and the sale takes place when one of them accepts the price named by the other. A no-reserve auction (marked "No reserve") has no reserve price: the first bid may equal the starting price, and the highest bid at the close is a binding sale that the seller cannot refuse. The seller is obliged to hand over the sold goods. A bid in the final minutes automatically extends the closing time.

3. 3

   Accuracy of data and title. The seller is responsible for ensuring that the condition, quantity, completeness and specification of the goods correspond to the description, warrants that the goods are their property or that they are authorised to sell them, that the goods are not encumbered by third-party claims, and that the stated VAT status is correct. If the reserve price is above the market value of the goods, or the starting price of a no-reserve auction is above the lower bound of the market value, MASANETO may withdraw the auction until the first bid.

4. 4

   Direct payment to the seller. The buyer and the seller settle the price of the goods between themselves. In this auction MASANETO is not a payment intermediary and does not handle the money for the goods: the parties decide the method, time and form of payment themselves, and the invoice for the goods is issued by the seller. MASANETO collects only its commission from the buyer; once the commission is paid, the parties receive each other's contact details. A buyer who does not pay and a seller who does not hand over the goods may be blocked.

This is a summary of the key terms. The transaction is governed in full by the Terms of use and the Auction rules.