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AUCTION 2002 (DECEMBER) (1-4 DECEMBER 2002) : ABOUT THE AUCTION


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. In addition to this catalogue, the lots in this sale may also be viewed through any of the following:

  1. The Auction Previews
    The auction previews- Hosted in partnership with the Taj group of hotels at the Taj Mahal hotels in Mumbai and New Delhi.

  2. The online auction catalogue
    All Lots are featured on the website. You can search for Lots by lot number, artist, medium, style, and price range.

  3. By appointment
    To view any of the Lots in our office in Mumbai, India, please call us at (91 22) 2432 2898 / 2436 4113 or email to set up an appointment.

Price Estimates

Each lot has a price range listed. These price ranges, in the opinion of our advisory team, are indications of the fair value in auction for these works of art. The estimates are provided only as a guide for buyers. You may check the comparable prices of similar works of art through a link which is listed next to each Lot in the online catalogue. Please note that the estimates for individual lots have been 'rounded off' 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 buyers premium or any applicable additional charges such as shipping and handling or sales tax.

How to Bid
  1. Pre-registration and Verification
    You must be registered and verified for the Saffronart auction in order to bid. If you are already a registered user, you will still have to pre-register for the auction but you may login and participate using your Saffronart id. Once you pre-register, a Saffronart representative will verify your details prior to giving you bidding access. You will be sent an email confirming your verification and bidding authorization along with your id and password. Bidders are advised to pre-register at least 12 hours prior to the start of the auction so that bidding access is available at the start of the auction.
    If you are using an absentee/written bid form rather than participating actively online, we will complete the registration formalities for you. Saffronart will then email your login id and password to you, which you may use to 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 online bidding, or a maximum price for proxy bidding (for more information, please see the section on proxy/automatic bidding below). Regular online bidding is essentially when you actively participate in the bidding process by entering the next available bid (or a higher value) each time you are outbid. Your screen will display the next (minimum) valid bid, based on a predetermined increment, for a regular active bid. You may bid that value or a value higher than the next valid bid. You may also view the entire bid history prior to making your bid decision and after you enter your bid 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 bidders by maintaining the efficacy of the process.

  3. Entering an Offline/Written bid
    3. You can also place offline bids, by faxing the Written Bid Form to (91 22) 2432 1187, or by sending an email to auction@saffronart.com . For telephone assistance on offline bids, you may reach the help desk at (91 22) 2432 2898. Please note that telephone bids must be followed by an email or fax confirming the bid amount. Saffronart shall record offline bids at its discretion and shall not be responsible for any delay or failure to record such bids.

Bid Cancellation

Once recorded, neither regular bids nor proxy bids may be canceled by the bidder. However, the bidder may choose to lower the maximum value on a proxy bid during the auction. 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 detail page (on the website) for each Lot. The bidder may enter a value at the next valid bid amount or an amount higher than that.

Bid Increments

Bidding 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, take bidder1 who has the current highest bid at $980. the minimum increment for bids below $1000 is $50. Bidder2 can outbid bidder1 by entering a (regular bid) value of $1030 (a $50 increment over the current highest bid at $980). However, now that the current bid is greater than $1000, the minimum bid increment increases from $50 to $100. In order for bidder1 to outbid bidder2, bidder1 will now have to bid a minimum bid of $1130 ($100 increment over the current highest bid of $1030).

Personalized Bid Notifications

You may choose how frequently you would like to be notified of a change on your bid status. After you have entered your bid, you can specify the types of automatic email bid notifications that you would like to receive, by clicking on 'My Page'. For example, you can specify that you would like notifications: (i) when you are outbid and (ii) 24 hours before the close of bidding. Your personalized bid page, 'my bid summary' will display the lots that you have bid for as well as give you the status of your bids at any time during the auction.

Absentee/Written Bid Forms

You may use the absentee/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 online auction module to place bids automatically on your behalf. The module places your bids at the minimum incremental rate only if you are out-bid on a particular Lot. The auction module will continue to place bids 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. Based on your personalized bid notification, you will receive an email if and when you have been outbid against your proxy maximum. You may login and enter a higher maximum bid price or a regular bid amount, should you wish to continue bidding on that particular lot, provided that bidding has not closed.

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 module will again place a bid on behalf of bidder1 at the next incremented value of $ 130 (assuming that the increment stays at $10). The auction module 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. When using proxy/automatic bidding, bids will only be increased according to the minimum increment for that lot .

Note, if bidder1's maximum bid price is not a multiple of the incremental value, bidding will stop at the closest decremented value. For example, if bidder1's maximum bid price is $500 and the current bid is $475, with a minimum increment of $50, bidder1's proxy bidding will cease even if bidder1 is outbid, because the next bid ($525) would have to be greater that bidder1's maximum bid price ($500).

Reserve Price

Most lots in this auction are subject to a Reserve Price, which is the confidential minimum price that the lot may be sold for. No lot will be sold below its reserve rrice 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 value may be the system generated bid value of Saffronart's online auction software, or may be the first bid placed on behalf of a Prior Proxy Bidder at the system generated opening bid value.

Closing and Winning Bids

The closing bid for a lot is the highest bid at the time 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 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 rice, but the proxy bidders' maximum bid price exceeds 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 bidding.

Auction Closing

For your convenience, especially if you are bidding on multiple lots, groups of lots are scheduled to close at different times on December 4th. 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 scheduled lot closing time. In this case, the lot closing time will be extended by 3 minutes from the time of the last bid. Bidding on any lot will only end if there is no bid recorded for a span of 3 minutes.

Buyers Premium

Saffronart charges the buyer a premium of 5% of the winning bid value. The purchase price for any lot, therefore, is the winning bid plus this 5% premium, which is also subject to any taxes and duties as applicable on this total amount.

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 Indian Rupees at the close of the auction. All other buyers will be charged for their winning bids in USD. Certain lots have been marked with the signv . 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. Certain other lots have been marked with the sign . These lots are larger than the prescribed dimensions as stipulated by our logistics partners and will not be shipped out stretched and framed. Such lots will be only be shipped out as a roll.

Condition of Lots

All lots will be shipped out in an 'as is' condition. Condition reports for all Lots are available upon request by email, fax, or telephone. Saffronart shall not be responsible for, or shall not be liable for any lot in respect of its condition to the extent that such condition has been recorded in the condition report or provided by the consignor. Failure by a bidder to request a condition report shall also prevent Saffronart from being liable in this respect. All lots are shipped out stretched and framed (condition reports include framing details), unless it has been specifically mentioned otherwise in the case of lots marked with the sign W . Click here to request a condition report on any lots in this sale.

Completing the purchase

If you win a bid, you will be informed on email immediately upon closing. You will be sent a subsequent email after the close of the auction which will contain an invoice (with payment options specified). The email will contain a link, which will allow you to click through and pay for the lot by the modes of payment available to you on the site. You may review acceptable modes of payment described in the section below. If you are the winning bidder, you will enter into a legally binding contract to purchase the item from Saffronart. Please note that purchases will not be shipped out until payment has been received and cleared.

Tracking Bids

The bid history provided on the website page for each lot, will indicate the current highest bid and values that have been recorded since the start of the auction to the current highest bid. You may also view 'My Bid Summary' for bidding information on all the Lots that you have bid for in this auction. Note for ease of tracking, bidders are advised to assign nicknames to themselves on 'My Page'.

Shipping and Handling

Price estimates do not include any taxes, duties, packing, 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 size, weight and destination of the package. Bidders may, on the website, review an estimate of applicable additional charges for the lots. The additional charges for the current as well as the next highest bid may be reviewed, to help bidders make bid value decisions. You can also choose from the delivery and framing options offered, while checking this price. Buyers may request reframing, restoration or cleaning of works, or may leave specific packing or shipping instructions. Any additional expense in such cases shall be borne by the buyer.

Duties & Taxes

All duties and taxes applicable shall be borne by the buyer. An estimate of applicable charges for each lot and buyer destination may be viewed online. Any sale that takes place within India is subject to a 15.3% sales tax on the winning bid value. A central sales tax of 4%, instead of the 15.3%, will be applicable only if the buyer takes delivery of the lot outside the state of Maharashtra, and can provide the necessary documentation required by the Sales Tax authorities. There could potentially be duties levied which typically range between 0 -10% of the landed cost value (inclusive of shipping & handling), depending on the shipping address and customs regulations in the destination country. Any shipments to the EU countries or the UK, will be charged an additional 17.5% VAT on the landed cost. shipments to california (USA) will be charged an 8.25% sales tax on the landed cost.

Payment

Buyers will be required to complete payment wtihin a period of 7 business days from the close of the auction.

  1. International Payments

    Credit Card - You can pay by credit card by logging on to the website. Maintaining the security of your credit card information is very important to us. All information relating to this mode of payment is handled with industry-standard SSL encryption, certified by Verisign.

    USD checks-Make checks payable to:
    Make checks payable to: Planet Saffron Inc. and send them to:

    Planet Saffron Inc.
    751 S. Weir Canyon Rd 157 PMB 162
    Anaheim Hills, CA 92808 - 1800

    Wire Transfer:
    If you choose to complete payment by direct wire transfer, we will email the details to you once you place the order.

  2. India Payments
    Demand draft or cheque:
    To be made in favor of -

    Saffron Art Pvt. Ltd. Place: Mumbai
    Please send the draft/cheque to the following address:
    Planetsaffron.com (India) Pvt. Ltd.
    Place: Mumbai

Non-exportable Items

Lot #1 & 2 (by Jamini Roy) are considered to be non-exportable items, since works by this artist are considered national treasures and cannot leave Indian shores. Such lots are marked as such on the printed catalogue and on the website. The listing page for the Lots indicates if works are non-exportable. buyers of such lots will also have to sign a declaration that such works will not be taken out of India. Buyers may request a declaration form via email, telephone or fax. The completed form should be faxed to Saffronart's offices in Mumbai at (91 22) 2432 1187. Please note that shipment/delivery will not be made unless the form is received by us, duly signed by the purchaser.

Delivery/collection of purchases

Purchases are typically shipped out within 3 business days of the payment being cleared, however, There may be a delay in the shipping if the buyer requests a work to be reframed or unstretched (the costs of which will be borne by the buyer). 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 communiation. The works are packed according to carrier standards and are fully insured for international destinations.

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 two weeks of the of the auction closing, and once all payments and documentation formalities have been complied with.

Returns & Refunds

All purchases from this sale are final. If a painting has been damaged during shipping, please contact us at: auction@saffronart.com and we will process your case as expeditiously as possible. In the unlikely event of your receiving a damaged product, please make note of the damage on the courier's copy of the Air Way Bill, and a copy of the airway bill which the buyer retains. Also, appropriate remarks should be made on the delivery sheet (applicable) of the courier personnel making the delivery. Buyers must notify Saffronart directly within five days of receipt of the painting if there is damage. This will help in processing claims in a timely manner. Please note that Saffronart insures the painting against damage but not the frames. If you receive a damaged shipment, please call us at (91 22) 2432 2898, to report the damage or send a fax to (91 22) 2432 1187.




Need help? Please check our guides on How to Bid. Auction Tips and FAQs.
Email auction@saffronart.com, newyork@saffronart.com, london@saffronart.com, delhi@saffronart.com
Tel: +91 (0) 22 2436 4113 (India); +1 212 627 5006 (USA); +44(0) 20 7409 7974(UK); +91 11 2436 9415 (New Delhi)