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INDIAN ANTIQUITIES & MINIATURE PAINTINGS (25-26 APRIL 2012) : ABOUT THE AUCTION

The Collectibles Antiques (India) Private Limited Online Auction of Indian Antiquities and Miniature Paintings will take place online starting Wednesday, April 25, 2012, 8:00 p.m. (India Time). This online auction offers collectors curated catalogues of select, competitively estimated lots of Indian Heritage and takes place over a 24-hour period.

THE ANTIQUITY(IES) BEING AUCTIONED BY COLLECTIBLES ANTIQUES (INDIA) PRIVATE LIMITED ARE REGISTERED UNDER THE PROVISIONS OF THE ANTIQUITIES AND ART TREASURES ACT, 1972, AND CANNOT BE EXPORTED OUT OF INDIA EXCEPT WITH THE PRIOR PERMISSION OF THE DIRECTOR GENERAL, ARCHAEOLOGICAL SURVEY OF INDIA, NEW DELHI

The 24-Hour Online Auction of Indian Antiquities and Miniature Paintings Auction features 55 works and shall take place exclusively on www.saffronart.com

Please check the Sale Guide for further information on auction dates.

All lots for sale are featured in this online 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:

• The Auction Preview and Viewings
Please see the Sale Guide for more information on the previews and viewings
• The online Auction Catalogue
All lots are featured on the website. You may search for lots by lot number and price range.
• The mobile Auction Catalogue
Saffronart has developed a downloadable software application for bidding on mobile devices, which will include abbreviated information on each lot

Please see the Sale Guide for more information about the auction.

Price Estimates

Each lot has a price range listed. These estimates are provided only as a guide for buyers. All estimates and other monetary values for the Collectibles Antiques Online Auction shall be calculated in INR, the lawful currency of India and no other currency. US dollar values if and where provided, are only for the sake of convenience of Bidders/Buyers who may wish to compare the values of Antiquities with international auctions held outside India. 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
  1. Pre-registration and Verification

    You must be pre-registered and verified for the Collectibles Antiques Online Auction in order to bid and you would also have to accept the conditions for sale for the auction in order to bid. In order to pre-register, fill out the pre-registration form online or call Saffron Art Pvt. Ltd. on behalf of Collectibles Antiques (India) Private Limited. 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 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 the discretion of Collectibles Antiques discretion and Collectibles Antiques 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. Collectibles Antiques will then email your login id to you, which you may use to reset your password and visit the auction online.

  2. Entering an Online Bid
    Once you have identified the lot that you would like to bid on, click on "Bid Now" and enter either the bid amount for regular bidding, or 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 entering the next valid bid (or one of a higher value) 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.

  3. 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 the discretion of Collectibles Antiques (India) Private Limited and must be followed by an email or signed fax confirming the bid amount. Collectibles Antiques shall not be responsible for any delay or failure to record any offline bids.

  4. Mobile Bidding
    You may download a software application from www.saffronart.com 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 auction 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 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 on behalf of Collectibles Antiques (India) Private Limited. 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 cancelled 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. Collectibles Antiques 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 detail page (on the website) for each Lot. The bidder may enter a value 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 INR 980. If the minimum increment for bids below INR 1000 is INR 50, Bidder2 can outbid Bidder1 by entering a (regular online bid) value of INR 1030 (a INR 50 increment over the current highest bid at INR 980). However, now that the current bid is greater than INR 1000, assume that the minimum bid increment increases from INR 50 to INR 100. The next valid bid will now be INR1130 (INR100 increment over Bidder2's current highest bid of INR1030). In order for Bidder1 to outbid Bidder2, Bidder1 will now have to bid INR 1130.

Offline/written bid forms

You may use the offline/written bid form available 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 website'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 offline/written bids will not be accepted 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 INR100, the current minimum increment is at INR10 and Bidder1 has just entered a proxy maximum price at INR 1000.

A bid will automatically be recorded on behalf of Bidder1 at INR 110, making it the current highest bid If Bidder2 outbids Bidder1 by entering a value of INR 120, the website's online technology will again place a bid on behalf of bidder1 at the next incremented value of INR 130 (assuming that the increment stays at INR 10). The system will continue bidding on behalf of Bidder1 (as Bidder1 gets outbid) until Bidder1's maximum bid price of INR 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 INR 500 and the minimum increment is INR 10 and Bidder1 has just entered a proxy maximum price of INR 525. A bid will be automatically recorded on behalf of Bidder1 at INR 510, making it the current highest bid. If Bidder2 outbids Bidder1 by entering a regular bid at the next valid bid amount of INR 520 the website online module will again place a bid on behalf of Bidder1 at INR 525 since that was Bidder1's maximum proxy value, even though the next valid bid would have been INR 530. In order for Bidder2 to outbid Bidder1, he will now have to place a regular bid at INR 535 (current highest bid INR 525 plus the minimum increment of INR 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 INR 1500, the minimum increment is INR 50, and Bidder1 has just entered a proxy maximum price of INR 1600. A bid will be automatically recorded on behalf of Bidder1 at INR 1550, making it the current highest bid. If Bidder2 outbids Bidder1 by entering a regular bid at the next valid bid amount of INR 1600 the website online module will record Bidder2's bid of INR 1600 but the current highest bid will be that of Bidder1 at INR 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 INR1650 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. The reserve price is the minimum price that the lot may be sold for. No lot will be sold below its reserve price. All reserve price and other monetary values for the Collectibles Antiques Online Auction shall be calculated in INR, the lawful currency of India and no other currency. US dollar values if and where provided, are only for the sake of convenience of Bidders/Buyers who may wish to compare the values of Antiquities with international auctions held outside India.

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:

  1. 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.

  2. 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.

  3. 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 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 Collectibles Antiques 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 Collectibles Antiques. As a result, a user may have placed his/her bid prior to the countdown clock expiring, but the bid is received by Collectibles Antiques 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. The bid-closing schedule is shown here. 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 2 minutes prior to the lot's scheduled closing time. In this case, the countdown clock for that lot will be reset to 2 minutes and the lot closing time will be extended accordingly. Bidding on any lot will only end if there is no bid recorded for a span of 2 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.

Condition of Lots

Subject to transfer of ownership along with registration of Antiquities in accordance with the provisions of the Antiquities and Art Treasures Act, 1972 and rules made thereunder, all lots of Antiquities will be shipped out in an 'as is' condition meaning that the item is sold with all existing faults and imperfections.

Buyers Premium

Collectibles Antiques charges the buyer a premium on the winning bid value. The buyer's premium is calculated at 20% of the winning bid value on each lot up to and including INR 1,00,00,000/-, 15% of the winning bid value in excess of INR 1,00,00,000 up to and including INR 2,50,00,000 and 12% of the winning bid value in excess of INR 2,50,00,000.

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. If you are the winning bidder, you are legally bound to purchase the item from Collectibles Antiques. Please note that purchases will not be shipped out until payment has been received and cleared and all other documentation has been received, completed, signed and registered as per applicable law.

Invoicing

Bidders are required to provide all invoicing details to Collectibles Antiques 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 Collectibles Antiques will be invoiced. Bidder will be invoiced based on details provided at the time for registering for the Auction which has to be and will be a valid invoicing address within the territory of India. The invoicing details of all Bidders should mandatorily specify an address within the territory of India where the shipment of the Antiquity has to be delivered. After the sale, the Buyer as invoiced is required to pay the amounts in full (including the additional charges) in INR, the lawful currency of India and in no other currency. No shipment or delivery will be made if this amount is not received along with proper documentation, duly completed, signed and registered as per applicable law. 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 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.

Duties & Taxes

All duties and taxes as applicable, being VAT and/or service tax, shall be borne by the buyer and payable in accordance with applicable laws. 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.

Please note that all lots in the auction will be shipped to the buyer from Mumbai.

Deliveries

Any sale of lots originating from Collectibles Antiques to an address in India is subject to a 12.5% VAT on the winning bid value and a 12.36% Service Tax on the buyer's premium. A CST of 2% instead of the 12.5% VAT will be applicable on the winning bid value only if the purchasing entity is a registered dealer under such businesses, the delivery location of the lot is outside the state of Maharashtra, and the buyer provides the necessary documentation required by the Sales Tax authorities. The Service Tax on the buyers' premium will still apply at 12.36%.

Payment

Buyers will be required to complete payment within a period of 7 business days from the receipt of the invoice via email.

Payments may be made in INR only.

Cheque/Demand Draft to be made in favour of:

Collectibles Antiques (India) Private Limited Payable at: Mumbai

Please send the draft/check to the address below:

Collectibles Antiques (India) 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 within 90 days from the date of the receipt of the full payment (as described in Clause 2.15 of Conditions of Sales) and of the transfer papers duly signed by the Buyer. Purchases are insured under the terms of Collectibles Antiques insurance policy. However, the transfer/ delivery of ownership along with registration is a regulatory process administered by the Archaeological Survey of India and may take longer than the envisaged period of 90 days. 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 are typically shipped. Collectible Antiques shall not be responsible for any damage to the Antiquity in case of shipment being handled by the Buyer himself. 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 Collectibles Antiques office in Mumbai. In such cases, buyers are requested to make an appointment to collect purchases within 90 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 Collectible Antiques may take any steps (including the institution of legal proceedings), which appear to Collectibles Antiques 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.

Pursuant to the ownership along with registration of the Antiquity being transferred from Collectibles Antiques to the Buyer in accordance with the provisions of the Antiquities Act and Rules, if the Buyer informs Collectibles Antiques that he wishes to collect the Antiquity from Collectibles Antiques in person and such Antiquity is not collected by the Buyer within 30 days of the registration formalities being completed, Collectibles Antiques shall arrange for storage of the Antiquity at the Buyer's expense, and shall only release the Antiquity after payment has been made, in full, of the demurrage @ 1% of the total value (sum of Winning Bid and Buyer's Premium) per month (if applicable) and the charges for storage of the Antiquity, if any.




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