These conditions for sale set out the terms on which We
offer the Lotslisted in this catalogue for sale on behalf
of sellers, and if you make a successful bid, will form a contract for sale
between you and the seller.
By participating in this online auction, you acknowledge that you are bound
by these conditions for sale as listed below and on the
Website
saffronart.com. You will find a glossary at the end explaining the meanings
of the words and expressions which are in bold.
1. Eligibility and Compliance:
1.1 We have been granted a valid licence under the
Antiquities Actand Rules for conducting the
auction of Lots which are Antiquities and
for dealing in Antiquitiesas a part of theLotsbeing
auctioned.
1.2 We have verified the valid registration of the
Antiquities in the name of the relevant sellers as required under
the Antiquities Actand the Rules.
1.3 We will have no ownership interest in any
Lot
which is an Antiquity, till the receipt of full payment by
Us in respect of such Antiquity from a
winning bidder in accordance with paragraph 6.7 below. Upon receipt of full
payment by Us from the winning bidder, the ownership of
the Antiquity along with its registration (as required
under the Antiquities Act) will be transferred/delivered by
the Seller to the winning bidder in accordance with the
provisions of these conditions for sale.
1.4 The possession of the Lots which are
Antiquities
has passed from the respective sellers to Us within the
territory of India in accordance with the provisions of the
Antiquities Act
and the Rules, and the sellers have intimated the
Archaeological Survey of India of such transfer of possession of the
concerned Antiquity from such seller to
Our
designated premises.
2. Our role as the agent of the Seller:
2.1 We undertake to sell the Lots through
this online auction as agents for and on behalf of sellers. Unless stated
otherwise, We have no ownership interest in any
Lot
in this online auction.
2.2 Making a bid online constitutes an irrevocable offer to purchase
the Lot and the acceptance of a bid as the winning bid by
Us shall result in an enforceable contract of sale between
Us, acting solely as the agent of the seller, and the
winning bidder.
3. Catalogue Descriptions and Condition of Lot
3.1 We offer all Lots for sale at the
auction on an "as is" basis, meaning that each Lot is sold
with all existing faults and imperfections. We encourage
all potential buyers to inspect each item carefully before bidding.
3.2 Any statements made by Us, including by
Our representatives/employees, about any
Lot
, whether orally or in writing, concerning attribution of such
Lot
to, for example, any school of art or craftsmanship, country or origin,
history, provenance or condition, are only expressions of
Our
opinion or belief. Such opinions or beliefs have been formed honestly in
accordance with the standard of care expected of an auction house, having
due regard to the estimated value of each Lot.
We
have not carried out any exhaustive research or analysis on any
Lot
to be sold in this auction, and potential buyers should seek appropriate
advice on the condition of each Lot from their own
professional advisors.
3.3 For the convenience of bidders, We provide
condition reports on Lots upon request free of charge.
Bidders may please note that We have not carried out
physical inspection of some of the Lot/s, and have relied
on the representations made by the Seller as to the
condition of such Lots.The report includes
Our
bona fide opinion on the condition of the Lot and
is not an alternative to viewing and inspecting a Lot by a
bidder, or a bidder’s duty to seek independent advice on the
Lot
, including its description, condition and authenticity.
3.4 The bidders undertake to:
(i) inspect the condition report and/or seek an independent
professional advice on the Lot, and satisfy themselves
prior to the auction as to the condition and description of the
Lot
;
(ii) rely on their own judgment as to whether the
Lot
matches its description; and
(iii) not rely on an illustration of any Lot
given in the Auction Catalogue.
3.5 Size description/s of all the Lots featured in the
Auction Catalogue are approximate. We
encourage all potential buyers to inspect each item carefully before
bidding.
3.6 Neither We nor any of Our
Affiliates, agents, representatives, employees or directors shall
be liable for errors or omissions in any of the representations made in the
Auction Catalogue or otherwise, with respect to the
authenticity, description or condition of any Lot for sale
through this auction.
4. Viewing the Lots and Bidder Registration
4.1 All Lots for sale are featured in the
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:
(i) In person viewings (details listed in the 'Sales and
Enquiries' section);
(ii) The online Auction Catalogue;
(iii) The printed Auction Catalogue; and
(iv) The mobile Auction Catalogue
4.2 We may withdraw any Lot before,
during, or after the online auction, if We have reasons to
believe that the authenticity of the Lot or the accuracy of
the description of the Lot is in doubt, or if there is a
breach of Our terms of business, or if We
otherwise believe, in Our sole discretion, that it would
be improper to include the Lot in the auction.
4.3 All Lots shall be sold subject to the
Reserve Price. If the winning bid is below the
Reserve Price
, the Lot shall be considered unsold. The
Reserve Price
on each Lot shall be confidential and We
shall have no obligation to disclose the same to any bidder.
Lots
sold in "Absolute Auctions" or marked as sold with "No Reserve" are not
subject to a Reserve Price and will be sold to the
highest bidder, irrespective of the bid amount.
4.4 We have the sole and absolute discretion to: (i)
determine the form and content of the descriptions of Lots
in the Auction Catalogue, (ii) granting bidding access to
a bidder, (iii) recording, rejecting or accepting bids, and (iv) deciding
which bid constitutes the winning bid, if any.
4.5 Online bidding access, and access to the
MobileApp
and the telephone bidding facility, shall be given at Our
discretion and We may set limits on the number of bids that
may be made by a bidder and/or require payment guarantees or deposits as a
precondition to giving bidding access to a bidder. Bidders will be
informed of their bidding limits, if any, and will not be allowed to bid
further if their bidding limit has been exhausted.
4.6 Bid updates and time extensions, if any, shall be updated on
the Website. On the Website, bidders may
refresh bidding values by clicking on the "Refresh" icon or the
re-load/refresh buttons on their browsers, to view latest bid updates and
time extensions, if any. We shall evaluate the bid
histories of specific Lot groups periodically to preserve
the efficacy of the auction process. This exercise may be conducted by
Us internally or through third parties solely at
Our
discretion.
4.7 All bidders are required to provide complete and accurate
invoicing details to Us at the time of registration for the
auction and invoicing details once registered will not be changed. The
bidder shall be invoiced based on details provided at the time of
registering for the auction.
4.8 New bidders are advised to register at least 48 hours prior to
the bid. Know-Your-Customer (KYC) documents and/or financial reference
letters are required for individual and corporate clients and
We
will not grant bidding access if the bidder registration and KYC procedures
are not complete.
5. Bidding
5.1 For the convenience of bidders, in particular bidders who are
placing bids on more than one Lot, Lot
groups are scheduled to close at different times during the auction.
5.2 The bidding for various Lot groups shall be
closed in accordance with the bid closing schedule. However, a bid can be
recorded by Us in the 2 minutes prior to the closing time
of the Lot. The closing time for such Lot
shall be extended to a time that is 2 minutes after the time that the last
bid was made. In the event of extension of closing time in accordance with
this paragraph, bidding on the Lot shall only end if no
bid is recorded by Us for a continuous period of 2 minutes.
Bidders are advised to click on the "Refresh" icon on the
Website
page being viewed by them or on the "Refresh" button in the browser at
regular intervals (in accordance with the provisions of paragraph 5.4 below)
for updates on latest bids and time extensions, if any.
5.3 The Website shall also contain a "My Auction"
filtered view of the Auction Catalogueand 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. The
Website shall contain the bid history for each Lot
, being the bid amounts that have been recorded since the start of the
auction till the current highest bid; and a countdown clock indicating the
amount of time available for placing bids before the closing time.
5.4 The bid history, current bid and countdown clock shall be accurate
at the time of downloading of those values. However, 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 Our server. The most
updated bid values shall be shown only when the information on bid values
is refreshed, which shall happen either automatically, or when a bidder
clicks on the "Refresh" icon on the Website 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 the bid history shall not
be visible to the bidder until the values are refreshed again, whether
automatically on the Website, or by the bidder.
5.5 When the countdown clock counts down to zero, in the case where
the closing time in respect of a particular Lot has been
extended by a further 2 minutes pursuant to paragraph 5.2 above, the
countdown clock may not reflect such extension. The bidder may wait for the
values on the page to refresh automatically on the Website
, or click on the "Refresh" icon on the page, or on the "Refresh" or
"Reload" button on his/her internet browser after the countdown clock has
counted down to zero to determine whether the closing time has been
extended for that Lot.
5.6 The countdown clock combined with the current highest bid as shown
on the bid history on the Website shall only be an
indication of the highest bid amount at the time when the values on the
Website were refreshed in the manner set out in paragraph
5.4 above. Should bidders want more frequent updates, they are advised to
refresh values as described in paragraph 5.5 above in order to view the
most updated bid history and countdown clock.
5.7 Bidders may download the MobileApp onto any
mobile device that supports Android and iOS, and use it to place advance
bids. To avail of this service, you must be registered as a bidder.
We do not accept any liability in the unlikely event that a
bid through the MobileApp is not executed or executed
incorrectly.
5.8 The foreign currency exchange rate used is constant during the
auction, and has currently been set at 1:83 (USD:INR). Prior to the start
of the auction, We may at Our discretion
change the exchange rate used, based on fluctuations in market exchange
rates. The estimates for individual Lots have been
'rounded off' for ease of reference and may not reflect the exact exchange
rate used for bid calculations.
5.9 TechnicalDowntime:
In the unlikely event that the Website or
MobileApp
is inaccessible to bidders or partially disabled due to
Technical Downtime
at any time during the half an hour prior to the scheduled closing time of
the auction for any of the Lot groups, the closing time of
that Lot group and subsequent Lot groups
will be extended by a duration of thirty (30) minutes. In case the
Technical Downtime extends beyond the closing time for a
particular Lot group, the Website and the
MobileApp, as the case may be, shall, after the
Technical Downtime
, show the auction for the particular Lot group as
closed. However, the closing time for such Lot group and
subsequent Lot groups shall be extended by a duration of
thirty (30) minutes and appropriate details of the extension shall be
published on the Website shortly after recovery from the
Technical Downtime. Bids recorded prior to any
Technical Downtime
will be treated as valid. We may however reopen some or all
of the closed Lots in a particular closed
Lot
group for bidding in the event bidding access to such lots was unavailable/
unresponsive/ restricted during the Technical Downtime,
and appropriate details regarding the reopening of such
Lots
shall be published on the Website shortly after recovery
from the Technical Downtime.
We shall not be liable for any loss of information due to
the Technical Downtime. The data logs of
Our
server will determine the duration of the
Technical Downtime
and any determination made by Us in respect of extension of
the closing time shall be final.
5.10 Due to the nature of internet and/or mobile traffic, there may be
an unpredictable time-lag between a bidder placing a bid, and that bid
being received by Us. Therefore, although a bidder may
have placed his/her bid prior to the closing time, the bid may be received
by Us after the closing time for the Lot
in respect of which the bid has been placed and shall, in such an event, be
rejected. In order to prevent bids being rejected in such a manner, bidders
may set proxy bids/automatic bids on Lots which the
bidder wishes to bid for.
5.11 Proxy bids may be recorded with Us 12 hours
prior to the closing time, subject to the other provisions of these
conditions for sale, including any limits imposed by Us on
the number of bids that a bidder may place. Proxy bids are accepted from
bidders once they have been given bidding access for the auction and may be
entered prior to auction start and up until the auction closes.
Once a bid is registered in Our system, whether placed by
an active bidder or by proxy, it is immediately and automatically displayed
for all registered users to see.
5.12 Bidders are advised to keep their login ID and password secure at
all times. We will hold the bidder responsible for all
bids placed using their login ID and password, whether via the
Website or through the MobileApp. Bidders
choosing to bid via telephone are advised to re-set their
passwords at the close of the auction.
5.13 Our employees may not bid in the auction once the
auction has started. They may, however, submit an absentee/proxy bid for an
amount which may be equal to or above the lower estimate of a
Lot
before the auction commences. Once the auction has started, they may not
increase their bid or alter it in any way. Our employees
may also bid in charity auctions that are held on the
Auction Platform
.
5.14 Our auction platform does not allow any bids to be
placed by Us on behalf of a seller. All bids recorded are
from registered bidders.
5.15 We have the right to exercise reasonable discretion
in setting bid increments, refusing any bid, advancing the bidding,
withdrawing or dividing any Lot, combining any two or more
Lots, and in the case of error or dispute, during or after
the sale, determining the successful bidder, continuing the bidding,
cancelling the sale or reoffering and reselling the item in dispute. If any
dispute arises after the sale, then, in the absence of any evidence to the
contrary, the sale record maintained by Us will be
conclusive.
5.16 We reserve the right not to award the winning bid to
the bidder with the highest bid at the closing date if We
deem it necessary to do so.
5.17 We shall retain the right to display the results of
the sale and Lot details sold by Us,
including catalogue descriptions and prices on the Website
at all times, including after the completion of the sale.
We
regret that We cannot agree to requests to remove these
details from the Website.
5.18 At Our discretion, proxy bids submitted on "no
reserve" Lots will be executed at a minimum of 10% of the
lower estimate of the relevant Lot if there is no competing
bid, and provided that the proxy bid amount is greater than such minimum
value. Notwithstanding the above, in the event that there is a bid lower
than such minimum value and there is no competing higher bid, then
Wemay, at Our discretion, execute the
Lot
at such lower value.
5.19 We shall retain the right to display the results of
the sale and Lotdetails sold by Us,
including catalogue descriptions and prices on the Website
at all times, including after the completion of the sale.
We
regret that We cannot agree to requests to remove these
details from the Website.
6. Completing the Purchase
6.1 We will raise invoices on the winning bidder for the
sale price and Buyer’s Premium, applicable taxes on sale
of the Lots and other additional charges that may be
incurred by Us, if any, including shipping and handling of
the Lots and additional levies.
6.2 (a) The title to all
Lots
marked with
shall pass from the seller to Us outside the territory of
the United States of America.
6.2 (b) The title to the Lots other than mentioned in
6.2(a) above shall pass to the winning bidder at the time that bidding is
closed for each Lot and such winning bidder shall
thereafter assume full risk and responsibility for such Lot
. In any event, the Lots purchased will not be released or
shipped out to the winning bidder or his/her representative until the
winning bidder has fulfilled his payment and other obligations as described
in these conditions for sale.
6.3 For Lots which are not
Antiquities
, the title to the Lots purchased shall pass to the winning
bidder at the time that bidding is closed for each Lot and
such winning bidder shall thereafter assume full risk and responsibility
for such Lot(s). In any event, Lots
purchased will not be released or shipped out to the winning bidder or
his/her representative until the winning bidder has fulfilled his/her
payment and other obligations as described in these conditions for sale.
6.4 (a) Subject to fulfilment of all these conditions for sale, the
title to the Lots which are Antiquities
shall pass to the winning bidder upon full payment by the winning bidder to
Us, and such winning bidder assumes full risk and
responsibilities thereafter. However, since We cannot
deliver possession of the Antiquity to a third person prior
to transferring the ownership along with valid registration to such third
person in accordance with the provisions of the
Antiquities Act
and the Rules, subject to receipt by Us of
full payment and of the duly signed requisite forms and documents from the
winning bidder required for the purpose of transferring the ownership along
with registration of the Antiquity to the winning bidder,
We shall make best endeavours to transfer/deliver such
Antiquity to the winning bidder within 90 days from the
date of the receipt of full payment, and transfer papers from the winning
bidder. The winning bidders are hereby made aware that the process for
transfer of ownership along with registration from one person to the other
in accordance with the provisions of the Antiquities Act
and the Rules is a process administered by the
Archaeological Survey of India and may take longer than the envisaged period
of 90 days. We will not be responsible for any delays
involved in transfer/delivery of ownership along with registration of any
Antiquity. In the event that the registering officer or
any other employee of the Archaeological Survey of India empowered to
execute the transfer of ownership along with registration of an
Antiquity
insists on sending the duly transferred registration certificate directly to
the winning bidder, We will not be responsible for any
damage or loss in transit of the said registration certificate. Winning
bidders are advised to read and abide by the provisions of the
Antiquities Act
and the Rules and all notifications issued thereunder from
time to time, which are available with the Archaeological Survey of India
and also at the website of the Archaeological Survey of India
(www.asi.nic.in).
6.4 (b) Lots over a hundred years old, whether registered
with the ASI or otherwise,
or deemed National Treasures, are NON-EXPORTABLE as per the
Antiquities Act
and the Rules,and cannot be exported out of India.
6.5 In respect of each sale at the auction, We shall
charge a Buyer’s Premium calculated at the rate of (i) 20%
of the winning bid value of up to and including USD 4,820,000/ INR
40,00,00,000 and (ii) 15% of the winning bid value in excess of USD
4,820,000/ INR 40,00,00,000. GST applicable on the
Buyer's Premium
shall be payable by the winning bidder.
6.6 The winning bidder shall be invoiced based on details provided at
the time of registering for the auction. Winning bidders located in India
will be invoiced in INR and all other winning bidders will be invoiced in
USD. Payments must be made in the currency on the invoice in any of the
following modes of payment.
For INR payments
1. Cheque/Demand Draft
2. RTGS/NEFT
3. Credit card: up to INR equivalent of USD 5,000
For USD payments
1. Cheque
2. Direct wire transfer
3. Credit card: up to USD 5,000
NOTE: Payments in excess of USD 5,000, or its INR equivalent, must be made
through a wire transfer or cheque. We and
Our
Affiliates will not be held responsible for any refusal or
failure to accept modes of payment not outlined above.
6.7 The winning bidder shall pay the sale price and
Buyer's Premium
in full (including the applicable taxes and other charges, if any) within 7
(seven) business days from the date of invoice. Subject to paragraph 6.4
above, no shipment or delivery of the Lot will be made to
the winning bidder if the sale price and Buyer's Premium
(including the applicable taxes and other service charges, if any) are not
received by Us and until all proper documentation in
connection with the sale of the Lot has been completed, and
until the ownership along with registration of the Lot has
not been transferred from the seller to the winning bidder (in case of
Lots which are Antiquities, such transfer
being in accordance with the provisions of the
Antiquities Act
and the Rules). Payments will not be accepted from any
parties other than the winning bidder as recorded on the invoice.
6.8 The winning bidder acknowledges that We will abide
by any export restrictions that may apply in the countries from where
specific Lots will be shipped. The winning bidder shall
also be responsible to ensure that the Lot(s) are freely
importable into his/her country or to the country where the destination for
delivery (as specified by the winning bidder) is located. If the winning
bidder or We become aware of any restrictions to such
import subsequent to the completion of the auction, the winning bidder
shall provide an alternate delivery destination to Us. All
costs associated with the process of delivery and storage (when required)
of the Lot shall be borne by the winning bidder. The
Lot(s) shall be handed over to the winning bidder or
his/her nominee only upon full payment of all such costs, subject to clause
6.7 above.
6.9 Lots marked as "Art Treasures" and/or "Antiquities"
under the Antiquities Act and Rules cannot
be exported outside India, notwithstanding that the payment in lieu of such
Lots may be received from the winning bidder in USD. If
you are the successful bidder for any such Lot, you agree
not to export such Lot outside of India. Each winning
bidder is solely responsible for meeting the requirements of the
Antiquities Act
and Rules, or any related state legislation. Please note
that the Lots are marked for your convenience only, and
We do not accept any liability for errors or for failing
to mark the Lots.
6.10 Non payment: In case payments are not received within 7
business days of each invoice, We shall treat the same as a
breach of contract of sale by the winning bidder, and the seller may, in
such an event, authorise Us to take any steps (including
the institution of legal proceedings), as it may deem to be appropriate to
enforce payment by the winning bidder. In addition, the winning bidder will
be charged demurrage at 1% of the total value (winning bid plus
Buyer’s Premium
) or INR 10,000 per month, whichever is higher, till the date of actual
payment.
6.11 With respect to Lots which are
Antiquities
, pursuant to the ownership along with registration of the
Antiquity
being transferred to the winning bidder in accordance with the provisions
of the Antiquities Act and Rules, if the
winning bidder informs Us that the winning bidder wishes
to collect the Antiquity from Usin person
and such Antiquity is not collected by the winning bidder
within 30 days of the registration formalities being completed,
We
shall arrange for storage of the Antiquity at the winning
bidder's expense, and shall only release the Antiquity
after payment has been made, in full, of the sale price and
Buyer’s Premium
, including storage and insurance at applicable rates.
6.12 We shall be entitled to exercise a lien on the
Lot for payment of any sums due to Us from
the winning bidder, including the sale price,
Buyer’s Premium
or costs relating to storage and insurance where they are to be borne by
the winning bidder, in relation to any Lot purchased by
the winning bidder.
7 . Authenticity Guarantee
7.1 We provide a limited guarantee on the authenticity of
the Lots for a period of one year from the date of the
auction of such Lots. We only guarantee,
subject to the qualifications below, the information mentioned in all
capital letters in the title heading of the Lot in the
Auction Catalogue. We do not guarantee any
other attribute of such Lot even if such other attribute
is in all capital letters.
7.2 The authenticity guarantee does not apply to title heading or part
of a title heading which is qualified. A title heading is qualified when it
is limited by a clarification or limitation in all capital letters in the
title heading of the Lot in the
Auction Catalogue
.
7.3 The authenticity guarantee does not apply if the title heading of
the Lot in the Auction Catalogue, as on
the date of auction or as amended by any saleroom notice, either is in
accordance with the generally accepted opinion of experts, or indicates
that there is a conflict of opinion of such experts.
7.4 The authenticity guarantee does not apply if it is proved that the
title heading of the Lot in all capital letters in the
Auction Catalogue,is not authentic only by scientific means
or processes which, on the date We published the
Auction Catalogue
, was not generally available or accepted, or which was unreasonably
expensive or impractical to use, or which was likely to have caused damage
to the Lot, or which was likely to have caused loss of
value to the Lot.
7.5 In the unlikely event that within one year from the sale of the
Lot through auction, it is proved by the winning bidder,
to Our reasonable satisfaction, that the
Lot
was not authentic and if, in Our opinion, bidders being
aware of such error or omission would have bid significantly less than the
actual sale price, We shall be entitled to rescind the
sale, and the seller will be liable to refund to the winning bidder the
sale price paid for the Lot.
7.6 The guarantee above shall be subject to the following conditions:
(i) the claim is made by the winning bidder as registered with
Us
and if the winning bidder has owned the Lot continuously
between the date of auction and the date of claim (the benefit of the claim
is not assignable to any subsequent owners or others who may acquire or
have an interest in any of the Lots);
(ii) the concerned property in the Lot is returned to
Us in the same condition that it was in at the time of
delivery of such property in the Lot to the winning bidder;
and
(iii) the concerned property in the Lot is indisputably
the same as purchased through the auction.
Once We obtain the refunded amount from the seller,
We shall forward the same along with the amount charged by
Us as the Buyer's Premium to the winning
bidder. We shall not be accountable to the winning bidder
for any taxes, shipping, handling or any other charges that may have been
applicable at any time from the sale of the Lot till the
claim.
7.7 All such claims will be handled on a case-by-case basis, and in the
case of an authenticity claim, Wewill require that
examinable proof, which clearly demonstrates that the Lot
is not authentic, is provided by an established and acknowledged authority.
Our decision in respect of such claims shall be final and
binding.
7.8 In all cases, We retain the right to consult with,
at the expense of the winning bidder, two recognised experts in the field
(such experts being mutually acceptable to Us and the
winning bidder), to examine the Lot under question before
deciding to rescind the sale and offer the refund under the guarantee set
out above. The opinion of the experts shall not be binding on
Us
.
7.9 In the event of the seller's failure to refund the proceeds as
stated in this paragraph, the winning bidder shall return the concerned
property in the Lot to Us and authorise
Us as its agent to initiate legal proceedings against the
seller. Any such steps taken or legal proceedings instituted by
Us
against the seller shall be to the cost of the winning bidder.
8. Privacy of Personal Information
8.1 We will maintain the confidentiality of your personal
information as disclosed to Us and undertake to not
disclose such information to any third party, unless otherwise required by
law or a governmental authority.
8.2 The winning bidder agrees to maintain the confidentiality of the
information about the seller, including name and address, as mentioned in
any Antiquity related document/s.
9. Extent of Our Liability
9.1 We have an obligation to refund the sale price and
Buyer’s Premiumto the winning bidder only in the
circumstances described above (in paragraph 7). Damages to, or losses or
loss in value of any of the Lots (excluding frames)
incurred during shipping and transit are covered as per the insurance policy
obtained by Us. In case the winning bidder opts out of
insurance coverage arranged for by Us, We
shall not entertain any claims for damage or loss during shipping and
transit. Subject to the authenticity guarantee above, neither
Our
suppliers nor Us, nor any of Our employees
or agents, shall be responsible, either for the correctness of any
statements as to the authorship, origin, date, age, attributes or
genuineness of any Lot in the sale, or for any mistakes in
the description of the Lots, or for any faults or defects
in the Lots, or for any other act or omission whatsoever.
We offer no guarantee or warranty other than the limited
guarantee set out in paragraph 7 above.
9.2 The rescission of the sale and the refund of the total sale price
paid by the winning bidder is the sole remedy that may be sought by a
winning bidder, and such remedy is exclusive and in lieu of any other
remedy which may otherwise be available under law. We shall
not be liable for any incidental or consequential damages incurred or
claimed.
10. Copyright
All content of Our Auction Catalogue, the print catalogue,
eCatalogue and content on the Website and
MobileApp
are copyright protected in favour of "Saffronart". All trademarks, names,
brand names, etc. used in the print Auction Catalogueand
on the Website and MobileApp are either
trademarks or registered trademarks of Saffronart, or of their respective
owners. Any rights not expressly granted herein are reserved. No image,
illustration or written material maybe used or required without
Our
prior written permission. We and the seller(s) make no
representation or warranty that the winning bidder of a Lot
will acquire any copyright or other reproduction rights in it.
11. Legal Notices
11.1 We may validly serve a bidder with legal notice, if
required, under these conditions of sale by:
(i) sending an email to the email address disclosed by the bidder
to Us; or
(ii) sending a courier to the address disclosed by the bidder to
Us.
11.2 Such legal notice shall be deemed to have been properly served:
(i) in the case of email transmission - on the date of the
transmission; or
(ii) in case of transmission by courier - 2 business days after
the dispatch of the notice by courier.
12. Waiver
No failure or delay in exercising any right, power, privilege or remedy
under these conditions for sale shall in any way impair or affect the
exercise thereof or operate as a waiver thereof in whole or in part. No
single or partial exercise of any right, power, privilege or remedy under
these conditions for sale shall prevent any further or other exercise
thereof or the exercise of any other right, power, privilege or remedy.
13. Severability
If any part of these conditions of sale between the winning bidder and
Us is found by any court of law to be invalid, illegal or
unenforceable, that part may be discounted and the rest of the conditions
shall be enforceable to the fullest extent permissible by law.
14. Governing Law and Jurisdiction
These conditions for sale are subject to the laws of India. All parties are
subject to the exclusive jurisdiction of courts at Mumbai, Maharashtra,
India.
15. Symbols used in this catalogue
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.
Lots
marked with indicate that Saffronart owns the Lot in whole or in part
or has an economic interest in the Lot equivalent to an
ownership interest.
16.
Additional Condition for sale for Lots marked with
16.1 The Lots marked with
are not situated in India and the consignee for such Lots is Planet Saffron
Inc. (PS Inc.). We are only acting as agent of PS Inc. for
conducting the auction.
16.2 The Lots marked with
, shall always be located outside of India at the time of receiving Bids or
the conduct of the Auction. The title to all
Lots
marked with
shall pass from the Seller to the winning bidder outside the territory of
India.
16.3 Payments for Lots denominated in USD shall be made by the buyer
subject to and in compliance with applicable laws including exchange
control laws.
16.4 The title to the Lots purchased shall pass to the
winning bidder at the time that bidding is closed for each
Lot
and such winning bidder shall thereafter assume full risk and
responsibility for such Lots.
The title to all
Lots
marked with
shall pass from the seller to Us outside the territory of
the United States of America.
In any event, the Lots purchased will not be released or
shipped out to the winning bidder or his representative until the winning
bidder has fulfilled his payment and other obligations as described in
these conditions for sale. In respect of each sale at the auction,
PS Inc
shall charge a Buyer’s Premium calculated at the rate of
[(i) 20% of the winning bid value of up to and including USD 4,820,000 and
(ii) [15% of the winning bid value in excess of USD 4,820,000].
16.5 For all
Lots
marked with the symbol
winning bidders will be invoiced in USD by PS Inc.
Payments must be made to PS Inc. by the winning bidder in
the currency on the invoice in any of the following modes of payment.
For USD payments
1. Cheque
2. Direct wire transfer
3. Credit card: Up to USD 5,000
NOTE: Payments in excess of USD 5,000 must be made through a wire transfer
or cheque. We and Our Affiliates will not be held responsible for any
refusal or failure to accept modes of payment not outlined above
16.6 The winning bidder shall pay the Sale Price and
Buyer’s Premium in full (including the applicable taxes
and other charges, if any) within 7 (seven) business days from the date of
invoice to PS Inc. No shipment or delivery of the
Lot will be made if the Sale Price and
Buyer’s Premium
(including the applicable taxes and other service charges, if any) are not
received by PS Inc and until all proper documentation in
connection with the sale of the Lot has been completed.
PS Inc will not accept Sale Priceand
Buyer’s Premium from any parties other than the winning
bidder as recorded on the invoice.
16.7 The winning bidder acknowledges that PS Inc will
abide by any export restrictions that may apply in the countries from where
specific Lots will be shipped The winning bidder shall
also be responsible to ensure that the Lot/s is freely
importable into his/her country or to the country where the destination for
delivery (as specified by the winning bidder) is located. If the winning
bidder or PS Inc become aware of any restrictions to such
import subsequent to the completion of the auction, the winning bidder
shall provide an alternate delivery destination to PS Inc.
All costs associated with the process of delivery and storage (when
required) of the Lot shall be borne by the winning
bidder. The Lot/s shall be handed over to the winning
bidder or his nominee only upon full payment of all such costs, subject to
clause 16.4 above.
16.8 Non-payment: In case payments are not received within 7
business days of each invoice, PS Inc shall treat the same
as a breach of contract of sale by the winning bidder, and the
Seller
may, in such an event, authorise PS Inc to take any steps
(including the institution of legal proceedings), as it may deem to be
appropriate to enforce payment by the winning bidder. In addition, the
winning bidder will be charged demurrage at 1% of the total value (winning
bid plus Buyer’s Premium) or INR 10,000 per month,
whichever is higher, till the date of actual payment.
16.9 Failure to collect: If the winning bidder informs
PS Inc
that he/she wishes to collect the Lot from
PS Inc
in person and if such Lot is not collected by the winning
bidder within 30 days of the payment formalities being completed,
PS Inc
shall arrange for storage of the Lot at the winning
bidder’s expense, and shall only release the Lot after
payment has been made, in full, of the Sale Price and
Buyer’s Premium, including storage and insurance at
applicable rates.
16.10 PS Inc shall be entitled to exercise a lien on the
Lot for payment of any sums due to PS Inc
from the winning bidder, including the Sale Price,
Buyer’s Premium or costs relating to storage and insurance
where they are to be borne by the winning bidder, in relation to any
Lot purchased by the winning bidder.
16.11 Damages to, or losses or loss in value of any of the
Lots
(excluding frames) incurred during shipping and transit are covered as per
the insurance policy obtained by PS Inc. In case the
winning bidder opts out of insurance coverage arranged for by
PS Inc
, PS Inc shall not entertain any claims for damage or loss
during shipping and transit. Subject to the authenticity guarantee above,
neither PS Inc’s suppliers nor PS Inc,
nor any of PS Inc’semployees or agents, shall be
responsible, either for the correctness of any statements as to the
authorship, origin, date, age, attributes, or genuineness of any
Lot
in the sale, or for any mistakes in the description of the
Lots
, or for any faults or defects in the Lots, or for any
other act or omission whatsoever. PS Inc offers no
guarantee or warranty other than the limited guarantee set out in this
paragraph. The rescission of the sale and the refund of the total
Sale Price
paid by the winning bidder is the sole remedy that may be sought by a
winning bidder, and such remedy is exclusive and in lieu of any other
remedy which may otherwise be available under law. PS Inc
shall not be liable for any incidental or consequential damages incurred or
claimed.
GLOSSARY
Affiliates: Saffron Art Private Limited, Planet Saffron
Inc., and their holding or subsidiary companies as on the date of the
online auction.
Antiquities Act: The Antiquities and Art Treasures Act,
1972 and any amendments made thereto from time to time.
Antiquity/Antiquities: An antiquity as per Section 2 of
the Antiquities Act and registered under the provisions of
Sections 14 and 16 of the Antiquities Act.
Auction Catalogue: The catalogue published by
Us
, whether in print, on the MobileApp or on the
Website
, containing details of the auction along with the description, price and
other details of Antiquities to be offered for sale at
such auction. In case of any discrepancy between the print
Auction Catalogue
, the MobileApp Auction Catalogue, the
online Auction Catalogue and/or the eCatalogue, the online
Auction Catalogue, as modified by Us from
time to time, shall take precedence.
Buyer's Premium: The amount charged by Us
from the winning bidder for services rendered by Us, in
accordance with these conditions for sale, in connection with the purchase
of the Lots by the winning bidder.
GST: Goods and Services Tax
Lot/Lots: A property, including an
Antiquity
, to be offered at the auction, or two or more properties/
Antiquities
to be offered at the auction as a group.
MobileApp: Mobile application developed by Saffronart, in
Saffronart's capacity as Ourservice provider providing a
mobile auction platform for the auction.
Our/Us/We: Saffronart Management Corporation, acting
either on its own behalf, or as a representative of any of its
Affiliates
.
Reserve Price: The minimum price that a seller has
communicated to Us as being acceptable for the sale of a
Lot through the auction.
Rules: The Antiquities and Art Treasure Rules, 1973 and
any amendments made thereto from time to time.
PS Inc.: means Planet Saffron Inc. a company incorporated
and subsisting under the laws of the United States of America and having
its registered office at 5194, Los Altos Dr. Yorba Linda, CA 92886, United
States of America and having its principal place of business at The Fuller
Building, 595, Madison Av, Suite 900, New York, NY 10022.
Technical Downtime: The time period during which the
Website or its server is not in operation due to a
malfunction.
Website: Saffronart's website (www.saffronart.com),
in Saffronart's capacity as Ourservice provider providing
an online auction platform for the auction.