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:

1. The Auction Previews and Viewings

Please see the Sale Guide for more information on previews and viewings

2. The online Auction Catalogue
All lots are featured on the website. You may search for lots by lot number, artist, medium, style, and price range.

3. The mobile Auction Catalogue
Saffronart has developed a downloadable software application for 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 works of art 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
Registering to Bid
You must be pre-registered and approved for the Saffronart auction in order to bid.

All bidders, whether submitting written bids or online proxy bids, in the saleroom, or over the phone, are strongly encouraged to pre-register online on the Saffronart website in advance of the auction date, to ensure there is sufficient time to process your registration.

Online Registration

If you already have a Saffronart 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 authorisation along with your login ID and password.

Registration at the Auction

On the day of the auction, bidders can also register up to an hour prior to the start of the auction at the registration desk in the saleroom. Bidders must have proof of identity and address. We may also require credit card authorisation, bank details such as recent bank statements and/or a letter of reference from your bank, and/or trade references to grant bidding access. Once approved, you will be assigned a paddle number for room bidding, as well as a Saffronart login id and password for online access.

Bidding Limits

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.

The auctioneer accepts bids from the room and, from phone bidders,written bids submitted in advance of the auction, online proxy bids and bids from online bidders.

Bidding in the Room

All approved bidders, including those who have registered online, will be handed a paddle to bid in the auction. Please bring a proof of identity to collect your paddle.

Bidding Online

You may view and hear the auction on your PC or Mac with our real-time online video feed from the auction room. Online bidders may place a bid by clicking on the “Bid Now” button when their lot of interest is open for bidding. If their bid is accepted by the auctioneer, their bid will be recorded.

Please note the following differences when bidding online in this auction (a Saffronart Live Auction) versus Saffronart Online Auctions:

• Bidding on lots is sequential i.e., at any given time a single lot is open for bidding. When that lot is closed by the auctioneer in the room, bidding will be opened on the next lot by the auctioneer.

• A bid is not recorded until the auctioneer in the auction room accepts the bid.

• Proxy bids may not be placed online after the auction begins. Please see below for how to enter a written bid or an online proxy bid in advance of the auction.

• Bid histories are not available in Live Auctions.

• Saffronart’s mobile applications for the iPad, iPhone and Blackberry may be used to view the Live Auction catalogue, but may not be used for bidding.

Submitting Online Proxy or Written Bids before the Auction

Proxy bids may be placed online or as written bids on the written bid form, once the catalogue is live. A proxy bid includes both online bids placed in advance of an auction, and a written bid. It indicates a maximum bid amount and authorises the Saffronart auctioneer or representative to place bids on the bidder's behalf up to the level necessary, or up to the maximum specified, whichever is lower, to win the lot.

To place a proxy bid online, hit the “Place Advance Bid” button next to the lot you wish to bid on, and enter the proxy amount. Saffronart shall not be responsible for any delay or failure to record a proxy bid. To place a proxy written bid, fill in the written bid form (available online) to +91 (0) 22 2432 1187 prior to the start of the auction.

NOTE: Proxy bids submitted online and as written bids will be accepted up to 11:00 a.m. on February 12, 2015. Please contact a Saffronart representative to place proxy bids after this deadline.

Telephone Bids

As an approved bidder, you may also bid via the telephone by contacting any of the Saffronart locations in the Sale Guide. The number of telephone lines available for telephone bidding may be limited, hence interested bidders are urged to register at least a day before the auction. This facility will be granted solely at Saffronart’s discretion. Please note that telephone bids are accepted and recorded at Saffronart’s discretion.

Bid Cancellation

No bid may be cancelled by a bidder. 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 will normally 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 is called out by the auctioneer and also determines the next valid bid for online bidders.

The auctioneer may from time to time allow a bid in the room at a lower or higher increment than the minimum increment. Online bids however, are accepted only at the next valid bid based on the minimum increment.

Reserve Price

All lots in the auctions are offered 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 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.

Winning Bids

The final bid announced by the auctioneer is considered a winning bid in this sale, only if the bid equals or exceeds the reserve price. If the final 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.

Tracking Bids Online

The current bid and next valid bid shall be accurate at the time of updating those values from the auction room, provided however that such information shall not reflect any changes that may have occurred during the time taken for it to reach the bidder’s computer over the Internet. 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 lot being closed by the auctioneer in the saleroom, but the bid is received by Saffronart after the closing of that lot - and would therefore be rejected. An online bid from a bidder will be prioritised over other online bids at the same bid level in chronological order, with the earliest bid received by Saffronart being considered for acceptance by the auctioneer. Please note that the auctioneer has complete discretion on whether to accept an online bid or a room or telephone or written bid at any given time.

Currency of Bidding and Special Lots

All bids in this auction must be placed in Indian Rupees (INR). However, only buyers located in India may pay for their purchases in INR at the close of the auction. All other buyers will be invoiced in USD based on the exchange rate set by Saffronart for this auction, and must complete payment in USD.

Certain lots in the catalogue may be marked as ‘NATIONAL ART TREASURE - NON-EXPORTABLE ITEM’. These are National Art Treasures as classified by the Government of India’s Antiquities and Art Treasures Act of 1972, and therefore cannot be exported outside India.

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.

Buyer’s Premium

Saffronart 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 3,00,00,000/-, 15% of the winning bid value in excess of INR 3,00,00,000/- up to and including INR 6,00,00,000/- and 12% of the winning bid value in excess of INR 6,00,00,000.

As an example: For a winning bid value of INR 3,00,00,000, the buyer’s premium applicable will be INR 60,00,000; for a winning bid value for INR 6,00,00,000, the buyer’s premium applicable will be INR 1,05,00,000—calculated as INR 60,00,000 (20% of INR 3,00,00,000) plus INR 45,00,000 (15% of INR 3,00,00,000); for a winning bid value of 7,00,00,000, the buyer’s premium applicable will be INR 1,17,00,000—calculated as INR 60,00,000 (20% of INR 3,00,00,000) plus INR 45,00,000 (15% of INR 3,00,00,000) plus INR 12,00,000 (12% of 1,00,00,000).

Completing the Purchase

If you win a bid, you will be sent an 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


Bidders are required to provide all invoicing details to Saffronart prior to the sale at the time of 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.

Origin of Shipments

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

Duties and Taxes

All duties and taxes, wherever applicable, shall be borne by the buyer.

Domestic Deliveries in India

Any sale of lots originating from Saffronart Mumbai 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 (e.g. a 20% buyer’s premium would attract Service Tax amounting to 2.472% of the winning bid value). 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 business, 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 buyer’s premium will still apply at 12.36%. The final charges will be determined at the close of the auction and will be sent by email to the winning bidder.

International Shipments (other than to India)

There may be duties and taxes levied depending on the delivery destination which typically will be on the total of the winning bid and shipping and handling values. Depending on the shipping address these duties and taxes vary according to customs regulations in the destination country. Any shipments to EU countries will be charged an additional VAT as applicable. Please contact Saffronart for further details.

International Duties

Please read below for a recent change in Saffronart policy with regard to International duties: for imports, the terms of sale are Delivered Duty Unpaid (DDU). It is the buyer’s responsibility to pay all international duties, customs charges, taxes and tariffs to the respective authorities. Normally, the couriers we contract will pay import duties on behalf of the buyer and get reimbursed at the time of delivery.

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.


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, 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 12.36% on buyer’s premium would apply in this case.

Cheque/Demand Draft to be made in favour of:
Saffron Art Private Limited
Payable at: Mumbai
Please send the draft/cheque to the address below, or at
your convenience, to the Saffronart New York address listed on the website and in this catalogue:
Saffron Art Private Limited
3rd floor, Industry Manor
Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025

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.

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

Need help? Please check our guides on How to Bid. Auction Tips and FAQs.
Email [email protected], [email protected], [email protected], [email protected]
Tel: +91 22 6855 4100 (Mumbai); +1 212 627 5006 (USA); +44(0) 20 7409 7974(UK); +91 95555 84229 (New Delhi)