The Saffronart Autumn Online Auction of Fine Jewels & Silver will take
place online from October 23 -24, 2013. The auction
features 109 lots and its time span allows bidders worldwide to place
their bids over a period of two days, as opposed to a period of a few hours in a
live auction.
Please review
conditions for sale prior to
bidding and check
Sale Guide for
further information on preview and auction dates.
All lots for sale are featured in this auction catalogue. The
number listed next to each image is the lot number and should be used as a
reference during bidding or for any information requests. The lots in this sale
may be viewed through any of the following:
For appointments in Mumbai please call us at +91 (0) 22 2432
2898 /2436 4113 or send an email at
[email protected] and in Delhi,
please call us at +91 (0) 11 2430 4458/ 2436 9415.
1. Preview and Viewings
Please see the
Sale
Guide for information on the previews and viewings.
2. The Online Auction Catalogue
All lots are featured on the
website. You may search for lots by lot number, category, material and price
range.
3. The Mobile Auction Catalogue
Saffronart has developed a
downloadable software application for bidding on mobile devices, which will
include abbreviated information on each lot
4. The Printed Auction Catalogue
All lots are published in the
printed auction catalogue. You can order this catalogue by calling Saffronart at
+91 (0) 22 2436 4113 or emailing us at [email protected]
India:
Rs 2000 (inclusive of shipping and handling charges)
International: US $ 50 (inclusive of shipping and handling
charges)
Price Estimates
Each lot has a price range listed. These estimates are provided only as a
guide for buyers. You may check the comparable prices of similar Lots through a
link, called 'comparables' which is listed next to each lot in the online
catalogue. Please note that the estimates for individual lots have been 'rounded
off' for ease of reference and do not necessarily reflect the exact exchange
rate used for bid calculations. Price estimates for each lot are prepared well
in advance of the sale and may be subject to revision. Estimates do not include
the buyer's premium or any applicable additional charges such as shipping,
insurance and taxes.
How to Bid
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Pre-registration and Verification
You must be
pre-registered and verified for the Saffronart auction in order to bid. If you
have already registered with Saffronart online and have a login id and
password, you will still have to pre-register for each auction using your
existing Login id, and accept the conditions for sale for that auction. In
order to pre-register, fill out the pre-registration form online or call
Saffronart.
Once you pre-register and accept the conditions for sale, a Saffronart
representative may call to verify your details and request additional
information prior to giving you bidding access. In the event the Saffronart
representative cannot reach you on the phone, an email will sent to you,
asking for additional information and providing you with phone numbers to get
in touch with Saffronart. Please note that if we do not receive your response
to the additional information request, bidding access may not be available.
Please also note that the verification process might take time and bidders are
advised to pre-register at least 24 hours prior to the start of the auction so
that bidding access is available at the start of the auction.
Once your pre-registration has been accepted you will be sent an email
confirming your bidding authorization along with your login ID and password.
No registrations will be accepted 12 hours prior to the closing of the first
group of lots in the auction. In the event that you do not hear from
Saffronart 48 hours after pre-registering please call the auction helpline at
+91 (0) 22 2432 2898.
Bidding access shall be given at Saffronart's discretion and Saffronart may
set limits on bidders and/or require payment guarantees or deposits prior to
giving bidding access. You will be informed of the limits if any and will not
be allowed to bid further if your bidding limit is exhausted . If you are
informed of limits, please feel free to request additional information or
assistance if you are unclear.
If you are using an offline/written bid form rather than participating
actively online, we will register for you once all pre-registration
formalities are complete. Saffronart will then email your login id to you,
which you may use to reset your password and visit the auction online.
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Entering an Online Bid
Once you have identified the lot
that you would like to bid on, click on "Bid Now" and place a bid at the next
bid increment for regular bidding, or enter a maximum price for
proxy/automatic bidding (for more information, please see the section on
proxy/automatic bidding).
Regular bidding is the method by which you actively participate in the
bidding process by placing the next valid bid each time you are outbid. Your
screen will display the next (minimum) valid bid, based on a predetermined
increment. You may enter a bid at that exact value only. You may also view the
entire bid history prior to making your decision. After you enter your bid it
is advisable to view the bid history to verify that your bid has been
recorded. Please note that bidders may be contacted during the auction for bid
verification in order to protect all bidders and maintain the efficacy of the
process.
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Entering an Offline/Written bid
You can also place
offline bids, by faxing the written bid form (available online) to +91 (0) 22
2432 1187. For telephone assistance on offline bids, you may reach the help
desk at +91 (0) 22 2432 2898. Please note that telephone bids are accepted and
recorded at Saffronart’s discretion and must be followed by an email or signed
fax confirming the bid amount. Saffronart shall not be responsible for any
delay or failure to record any offline bids.
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Mobile Bidding
You may download a software application
from Saffronart onto your eligible mobile device (a list of devices is
provided on www.saffronart.com) and use it to place bids. You may place either
regular bids or proxy/automatic bids.
The mobile bidding application
shall contain a menu titled “My Auction” which the bidder may click on to
access information on all bids made by the bidder in respect of various lots,
as well as any additional lots manually added by the bidder to “My Auction”.
For ease of tracking bids, bidders are advised to assign bidding nicknames to
themselves.
The bid history, current bid and countdown clock shall be
accurate at the time of downloading of those values, provided however that
such information shall not reflect any changes in the bid history, current bid
and/or countdown clock that may have occurred during the time taken for this
information to reach the bidder's mobile from the Saffronart Server. The most
updated bid values shall be shown only when the page on the mobile containing
the information on bid values is refreshed, which shall happen when the
“Refresh” menu item is selected by the bidder. After the values on the page
have been refreshed, any changes in bid values shall not be visible to the
bidder until the values are refreshed again by the bidder.
Due to the
nature of mobile and internet traffic, there is an unpredictable time-lag
between a bidder placing a bid, and that bid being received by Saffronart. As
a result, a user may have placed his/her bid prior to the countdown clock
expiring, but the bid is received by Saffronart after the closing time for
that lot - and would therefore be rejected. With mobile networks in
particular, there is a risk that the bid is never received by Saffronart. To
avoid these scenarios we encourage bidders to set proxy bids/automatic bids
for lots they are interested in well in advance of the closing time for a lot.
Bid Cancellation
Once recorded, neither regular bids nor proxy/automatic bids may be canceled
by the bidder. However, the bidder may choose to lower the maximum value on a
proxy bid during the auction if the bidder's maximum (proxy) value has not yet
been reached. Saffronart reserves the right to cancel a bid at its discretion if
it considers it necessary to do so in order to protect the efficacy of the
bidding process.
Bid Increments
Any new bid must be greater than the current highest bid by a minimum
increment, which applies to each bid value. The next valid bid amount is the
current highest bid plus the minimum increment value. This minimum increment
will be indicated on the bidding page (on the website) for each lot. The bidder
may place a bid at the next valid bid amount (in the case of regular online
bidding or proxy bidding) or an amount higher than that (in the case of proxy
bidding).
Minimum increments are based on predetermined price slabs. The
increment for a particular lot will increase each time the current bid crosses a
pre-determined price threshold. For example:
Bidder1 who has the current
highest bid at $980. If the minimum increment for bids below $1000 is $50,
Bidder2 can outbid Bidder1 by entering a (regular online bid) value of $1030 (a
$50 increment over the current highest bid at $980). However, now that the
current bid is greater than $1000, assume that the minimum bid increment
increases from $50 to $100. The next valid bid will now be $1130 ($100 increment
over Bidder2's current highest bid of $1030). In order for Bidder1 to outbid
Bidder2, Bidder1 will now have to bid $1130.
You may use the offline/written bid form in the auction catalogue or on the
website, to place what is called a proxy bid. Proxy (or automatic) bidding lets
you indicate a maximum bid amount, and authorizes the Saffronart's online
auction technology to place bids automatically on your behalf. The system places
your bids at the minimum incremental rate only if you are outbid on a particular
lot. The auction technology will continue to place bids (at the next valid bid
amount) on your behalf until your proxy maximum has been reached or until
bidding closes on that particular lot. This is especially useful if you do not
wish to participate actively, constantly monitor the bids being placed, or, are
keen not to lose out on a particular lot as the auction comes to a close. Based
on your personalized bid notification, you will receive an email if and when you
have been outbid against your proxy maximum. If you are outbid on your proxy
maximum and would like to continue bidding, you may login and enter a higher
maximum proxy amount or a regular bid at the next valid bid amount, provided
that bidding has not closed. Please note that Saffronart will not accept
offline/written bids less than twelve hours prior to the closing of the first
group of lots in the auction.
How the Proxy/Automatic bidding works
As an illustration, let's examine a lot where the current bid is at $100, the
current minimum increment is at $10 and Bidder1 has just entered a proxy maximum
price at $1000.
A bid will automatically be recorded on behalf of Bidder1 at
$ 110, making it the current highest bid.
If Bidder2 outbids Bidder1 by
entering a value of $ 120, the Saffronart online technology will again place a
bid on behalf of bidder1 at the next incremented value of $ 130 (assuming that
the increment stays at $10).
The system will continue bidding on behalf of
Bidder1 (as Bidder1 gets outbid) until Bidder1's maximum bid price of $1000 is
reached or the bidding for that lot closes.
In the situation where a proxy bidder has been outbid, but has a proxy
maximum value that is below the next valid bid but is higher than the current
highest bid, the proxy maximum value will be accepted as the next bid. In order
to outbid the proxy bidder in this case, the next (minimum) valid bid will be
equal to the proxy maximum that is accepted plus the minimum increment. The
proxy maximum value provided by a proxy bidder will never be exceeded. For
example: Consider a lot where the current bid is $500 and the minimum increment
is $10 and Bidder1 has just entered a proxy maximum price of $525
A bid will
be automatically recorded on behalf of Bidder1 at $510, making it the current
highest bid.
If Bidder2 outbids Bidder 1 by entering a regular bid at the
next valid bid amount of $520 the Saffronart online module will again place a
bid on behalf of Bidder1 at $525 since that was Bidder1's maximum proxy value,
even though the next valid bid would have been $530.
In order for Bidder2 to
outbid Bidder1, he will now have to place a regular bid at $535 (current highest
bid $525 plus the minimum increment of $10).
Please note that proxy bids take precedence in the case of the same value
being entered by a regular bidder. In the case where a regular bid is placed on
a lot at the same value as a maximum proxy bid, the proxy bid will take
precedence. Both bids (proxy and regular bid) at the same value will be
displayed in the bid history for that lot, however, the proxy bid will appear on
top and will be the current highest bidder. For example:
Consider a lot
where the current bid is $1500, the minimum increment is $50, and Bidder1 has
just entered a proxy maximum price of $ 1600. A bid will be automatically
recorded on behalf of Bidder1 at $1550, making it the current highest bid.
If Bidder2 outbids Bidder1 by entering a regular bid at the next valid bid
amount of $1600 the Saffronart online module will record Bidder2's bid of $1600
but the current highest bid will be that of Bidder1 at $1600 since that was his
maximum proxy value and was entered prior to the regular bidder.
In order
for Bidder2 to outbid Bidder1, he will have to place an online regular bid at
the next valid bid amount of $1650 or a proxy bid of a higher value.
Please note that Bidders can lower their proxy value if the bidder's maximum
(proxy) value has not yet been reached. This can be done by logging in and
clicking on the 'Bid Now' button for the lot. Here the bidder can lower the
proxy bid value.
Reserve Price
All lots in the online auctions are subject to a reserve price, which is
confidential. The reserve price is the minimum price that the lot may be sold
for. No lot will be sold below its reserve price (except if mentioned
specifically in the Conditions for Sale), and the reserve price will not exceed
the low price estimate (see the price estimate section for more information).
Reserve prices will not be disclosed.
Opening Bid
Bidding on all lots begins at the opening bid value. The opening bid is the
value at which the auction house starts the bidding on a particular lot.
Offline/written bids received before the start of the auction will be recorded
as follows:
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If the offline/written bid is less than the opening bid value it will be
recorded and displayed below the opening bid value at the time of the start of
the auction in the bid history for that particular lot.
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If the offline/written bid is greater than the opening bid value and is
less than the next valid bid for that lot (based on the minimum increments) it
will be recorded and displayed as the current highest bid above the opening
bid value at the time of the start of the auction in the bid history for that
particular lot. The next valid bid in this case will be greater than the
current highest bid by a minimum increment, which applies to that bid
value.
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Multiple offline/written bids received on a particular lot before the start
of the auction will be recorded and displayed in the bid history of the lot
according to the values with the highest bid being the current valid bid at
the time of the start of the auction. Offline/written bids received at the
same value will be prioritized based on the time of receiving the bids and
will be shown in the bid history of the lot.
Closing and Winning Bids
The closing bid for a lot is the highest bid at the time at which a
particular lot's bidding has ended. No further bids can be made after the close
of the bidding for that particular lot. The closing bid is considered a winning
bid, only if the bid equals or exceeds the reserve price. If the closing bid on
a particular lot is below the reserve price, it will not be considered a winning
bid and the lot will be deemed unsold. However, if the closing bid belongs to a
proxy bidder and is below the reserve price, but the proxy bidders' maximum bid
price exceeds or equals the reserve price, then the lot will be sold to the
proxy bidder at the reserve price. The winning bids for all sold lots will be
posted on the website after the close of the auction.
Tracking Bids
The Website shall contain a link titled "My Bids " within the page “My
Auction Gallery” and the Bidder may click on this link to access information on
all Bids made by the Bidder in respect of various lots. For ease of tracking
Bids, Bidders are advised to assign bidding nicknames to themselves when
prompted.
The Bid history, current Bid and countdown clock shall be accurate at the
time of downloading of those values, provided however that such information
shall not reflect any changes in the Bid history, current Bid and/or countdown
clock that may have occurred during the time taken for this information to reach
the Bidder's computer from the Saffronart Server. The most updated Bid values
shall be shown only when the page on the Website containing the information on
Bid values is refreshed, which shall happen either automatically at regular
intervals (indicated at the top of the page), or when a Bidder clicks on the
“click to refresh immediately” link on the page, or on the "refresh" or "reload"
button on his/her internet browser. After the values on the page have been
refreshed, any changes in Bid values shall not be visible to the Bidder until
the values are refreshed again whether automatically or by the Bidder.
Due to the nature of internet traffic, there is an unpredictable time-lag
between a Bidder placing a bid, and that bid being received by Saffronart. As a
result, a user may have placed his/her bid prior to the countdown clock
expiring, but the bid is received by Saffronart after the closing time for that
lot - and would therefore be rejected. To avoid this scenario we encourage
Bidders to set proxy bids/automatic bids for lots they are interested in well in
advance of the closing time for a lot.
Auction Closing
For your convenience, especially if you are bidding on multiple lots, groups
of lots are scheduled to close at different times on the last day of the
auction. The bid-closing schedule for each auction is listed online.
Pre-determined groups of lots will close according to the bid-closing schedule
unless a bid is recorded within a span of 3 minutes prior to the lot's scheduled
closing time. In this case, the lot closing time will be extended to 3 minutes
after the time of the last bid. If this time extension takes place, bidding on
any lot will only end if there is no bid recorded for a continuous period of 3
minutes. Bidders are advised to click on the “click to refresh immediately” link
on the Website page being viewed by them, or on the “Refresh” link if bidding on
a mobile, at regular intervals for updates on latest Bids and time extensions if
any.
Currency of Bidding and Special Lots
Bids will be placed in US Dollars (USD) or Indian Rupees (INR). However, only
buyers in India may pay for their purchases in INR at the close of the auction.
All other buyers must complete payment in USD. Certain lots have been marked
with the sign . These lots are not
situated in India and therefore, may only be bid for and purchased in USD.
Persons residing in India, wishing to bid in USD must be eligible under the
various foreign exchange regulations to make payments overseas. Please contact
Saffronart for further details.
Condition of Lots
All lots will be shipped out in an 'as is' condition meaning that the item is
sold with all existing faults and imperfections. Saffronart encourages all
potential Buyers to inspect each item carefully before bidding and to not rely
on an illustration of any item given in the catalogue. Condition reports for all
lots are available upon request by email, fax, or telephone.
Buyers Premium
Saffronart charges the buyer a premium on the winning bid value. The buyers’
premium is calculated at 15% of the winning bid value on each lot up to and
including US$ 500,000/- plus 10% of the winning bid value in excess of US$
500,000/-. As an example: For a winning bid value of US$ 10,000, the buyer’s
premium applicable will be US$ 1,500. For a winning bid value for US$ 600,000,
the buyer’s premium applicable will be US$ 85,000 - calculated as US$ 75,000
(15% of US$ 500,000) plus US$ 10,000 (10% of US$ 100,000). Some lots may have a
lower Buyer's premium and such will be clearly mentioned in the Conditions for
Sale.
Completing the purchase
If you win a bid, you will be informed on email immediately upon closing of
bidding on that particular lot. You will be sent a subsequent email after the
close of the auction, which will contain an invoice for the winning bid and an
invoice for the Buyer’s Premium (with payment options specified). You may review
acceptable modes of payment described in the section below. If you are the
winning bidder, you are legally bound to purchase the item from Saffronart.
Please note that purchases will not be shipped out until payment has been
received and cleared.
Invoicing
Bidders are required to provide all invoicing details to Saffronart prior to
the sale at the time registering for the auction as no invoices will be changed
after the sale and the bidder as registered with Saffronart will be invoiced.
After the sale, the Buyer as invoiced is required to pay the amounts in full
(including the additional charges). No shipment or delivery will be made if this
amount is not received or until all proper documentation is completed. No
payments will be accepted from any other parties other than the Buyer mentioned
on the invoices.
Shipping and Insurance
Price estimates do not include any packing, insurance, shipping or handling
charges, all of which will be borne by the buyer. Shipping will be charged on
courier rates and are determined by the value, origin and destination of the
package. Bidders may, on the website, review an estimate of applicable
additional charges for the lots during the auction. The additional charges for
the current as well as the next highest bid may be reviewed, to help bidders
make bid value decisions.
Import Restrictions
Lots may require permits for import or be subject to import restrictions to
certain countries. Potential Buyers are advised to check import regulations
prior to making a bid decision.
Duties & Taxes
All duties and taxes applicable shall be borne by the buyer. An approximation
of applicable charges for each lot and buyer destination may be viewed online.
The final charges will be determined at the close of the auction and will be
sent to the winning bidder.
Duties, taxes and or additional charges at
the destination will be paid by the Buyer directly to the respective authorities
Sales in India
On deliveries in India,
VAT and service tax will be applicable at prevailing rates and in some cases
octroi may apply.
International Sales
There
may be duties and taxes levied at the delivery destination and import/export
restrictions may apply on some lots
Payment
Buyers will be required to complete payment within a period of 7 business
days from the receipt of the invoice via email.
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Payments for lots located in New York (marked with the symbol )
Payments may
be made in US dollars only
USD Cheques
Make checks payable to: Planet Saffron
Inc. and send them to:
Planet Saffron Inc.
The Fuller Building
595
Madison Avenue, Suite 900
New York, NY 10022
Wire Transfer:
Details available upon request.
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Payments for lots located in Mumbai
Payments may be
made in INR, or for non-Indian buyers, in USD
For payments from NRE
accounts the invoice will be raised in USD based on the winning bid value and
the buyer will have to transfer an equivalent INR amount at the bank exchange
rate. The service tax at 10.30% on buyers’ premium would apply in this
case.
Cheque/Demand Draft to be made in favor of:
Saffron Art
Private Limited
Payable at : Mumbai
Please send the draft/check to
the address below, or at your convenience, to the Saffronart New York address
listed above:
Saffron Art Private Limited
Industry Manor, 3rd
floor
Prabhadevi
Mumbai 400 025
India
Wire
Transfer:
Details available upon request.
Delivery/Collection of Purchases
Purchases are typically shipped out within 7 business days of the payment
being cleared and are insured under the terms of Saffronart’s insurance policy
(please note that frames are not insured). If there is an expected delay in
dispatch, the buyer will be informed of the delay via email, unless the buyer
has indicated an alternative preferred mode of communication. If the Buyer wants
to appoint a logistics agent (on their behalf) for shipment then the
documentation supporting the shipment will be generated by Saffronart. If the
documentation is not completed to the specified requirements then the Buyer will
be liable for any duties or taxes that might be levied by the authorities on the
transaction.
Buyers may choose to collect their purchases from the Saffronart office in
Mumbai. In such cases, buyers are requested to make an appointment to collect
purchases within 7 business days of completion of all payments and documentation
formalities.
Storage and Demurrage
The Buyer shall ensure that all payment formalities are completed within
seven business days of the receipt of the invoice. In case payment is not
received within such period, this shall be treated as a breach of contract and
Saffronart may take any steps (including the institution of legal proceedings),
which appear to Saffronart to be appropriate to enforce payment by the Buyer.
The Buyer will also be charged demurrage @ 1% per month on the value of the
lots.
Buyers who have completed payment formalities and have not taken delivery of
their lots from Saffronart within 30 days of the completion of payment
formalities will be charged demurrage @ 1% per month on the value of the
artworks.
Receipt of Purchases
All purchases from this sale are final. In the unlikely event of your
receiving a damaged product, please notify Saffronart directly within five days
of receipt of the lot Please call us at +91 (0) 22 2432 2898, to report the
damage or send a fax to +91 (0) 22 2432 1187 or email us at [email protected].
If
Saffronart does not receive any notification within 7 business days of delivery,
it shall be assumed that the lot has been received in good condition, and no
claims will be entertained.
Symbols
Lots marked with are not situated in
India and therefore, may only be bid for and purchased in USD. Persons residing
in India, wishing to bid in USD must be eligible under the various foreign
exchange regulations to make payments overseas. Please contact Saffronart for
further details.
Participate in our next auction
If you are interested in consigning works from your collection to our next
sale, please contact us at [email protected] or at the
auction help desk +91 (0) 22 2432 2898.
If you would like to stay
informed of Saffronart's upcoming events, please register with us online at www.saffronart.com.