SPRING ONLINE AUCTION (3-4 MARCH 2020) : CONDITIONS FOR SALE

These conditions for sale set out the terms on which We offer the Lots listed in this catalogue for sale on behalf of the Seller, 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 the conditions for sale listed below and on Our Website, saffronart.com, and that the auction is being conducted on behalf of the Seller in accordance with the Order.

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 Act and Rules for conducting the auction of Lots which are Antiquities and for dealing in Antiquities as a part of the Lots being auctioned.

1.2 We will have no ownership interest in any Lot (including in any Antiquity). Upon receipt of full payment by Us from the winning bidder, the ownership of the Lot along with its registration, where applicable, (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.

1.3 The possession of the Lots has passed from the Seller to Us within the territory of India.

2. Our role as the agent of the Seller

2.1 We are conducting this auction on the direction of the Seller in accordance with the Order. This auction is being held on behalf of Seller to recover the proceeds of crime set out in the Order from the Original Owner in accordance with the provisions of the Prevention of Money laundering Act 2002 and Rules made thereunder.

2.2 We undertake to sell Lots through this online auction as agents for and on behalf of Seller. We have no ownership interest or any other financial interest in any of the Lots.

2.3 Making a bid online constitutes an irrevocable offer to purchase a 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 Property

3.1 We offer all Lots for sale at the auction on an “as is” basis, meaning that eachLot is sold with all existing faults and imperfections. We encourage all potential buyers to inspect each item carefully before bidding.

3.2 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.

3.3 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 LotWe 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.

3.4 We take no responsibility as to the nature of title of the Original Owner and have relied on the representations made by the Seller as to the good and marketable title of the Original Owner over the Lots. That said, any statements made about any Lot, whether orally or in writing, concerning the validity of the title over the Lots is only an expression of Our opinion or belief and has been formed basis the representations of the Seller. 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 title of each Lot from their own professional advisors.

3.5 For handbags and accessories, the condition of Lots sold in Our auctions can vary widely due to factors such as age, previous damage, restoration, repair and wear and tear. Condition reports and grades are provided to bidder upon request free of charge as a courtesy and convenience and are for guidance only. They offer Our bona fide opinion, but they may not refer to all faults, restoration, alteration or adaptation. They are not an alternative to examining a Lot in person or taking independent professional advice. We recommend the bidders examine the Lot in person or take independent professional advice prior to bidding on such Lot/s. Lots are sold “as is,” in the condition they are in at the time of the sale, without any representation or warranty as to condition by Us or by the Seller.

3.6 Grades for handbags as indicated in the condition reports:

Grade

Corresponding condition of handbag

1.

As new. Appears never to have been used. It exhibits no signs of wear.

2.

In excellent to pristine condition. To the untrained eye, it may appear brand new. There may be a slight condition note, but overall the condition of the bag is nearly perfect.

3.

In excellent condition. This is a piece that has seldom been used and shows little to no wear. There may be small condition issues to note. Overall, the piece is in excellent condition.

4.

In very good condition. This piece may show signs of light wear. It is in very good condition but the corners may show signs of light scuffing, the base may show light scratches, and the hardware may exhibit light marks.

5.

In good condition. This is a piece that shows wear. There are condition issues that will be noted in the condition report.

6.

In fair condition. This piece shows significant wear and/ or damage. It may require repair or refurbishment in Order to be used. Condition issues will be noted in the condition report. Any reference to condition in a catalogue entry will not amount to a full description of condition, and images may not show the condition of a Lot clearly. Colours and shades may look different in print or on screen to how they look in real life. It is the bidder’s responsibility to ensure that he/she has received and considered any condition report and grading.


3.7 For the convenience of bidders, We provide condition reports on Lots upon request free of charge. 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.

3.8 The bidders undertake to: (i) inspect 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.

3.9 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 ‘Lotnumber’ 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) Viewings (details listed in the Sales and Enquiries section);
(ii) The online Auction Catalogue; and
(iii) 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.

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 value 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. Weshall 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. Invoicing details, once registered, will not be changed. Winning bidders 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, Lotgroups 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 Catalogue 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. 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 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 Websitepage, 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 Websiteshall 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 4.5 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 Our MobileApp onto any mobile device that supports Android and iOS, and use it to place advance bids during the auction. To avail of this service, you must be registered as a bidder. Wedo 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 1:70 (USD:INR), and will be constant during the auction. Before the start of the auction, We may, at Our sole and absolute 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 Technical Downtime: 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. Any determination made by Us in respect of extension of the closing time shall be final.

Due to the nature of mobile and internet 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 Us. We accept no liability for such time lags owing to mobile and internet networks.

5.10 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.

5.11 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 Our Website, through the MobileApp .

5.12 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 bid in charity auctions that are held on Our auction platform.

5.13 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.

5.14 Original Owner/s are not allowed to bid on the particular Lot(s) otherwise than as permitted under these conditions for sale.

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 Our Website at all times, including after the completion of the sale. We regret that We cannot agree to requests to remove these details from Our 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 We may, at Our discretion, execute the Lot at such lower value.

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 Lots and other additional charges that may be incurred by Us, if any, including shipping and handling of the Lot and additional levies.

6.2 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. 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.

6.3 In respect of each sale at the auction, We shall charge a Buyer’s Premium calculated at the rate of 12% of the winning bid. GST applicable on the Buyer’s Premium shall be payable by the winning bidder.

6.4 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.

6.5 The winning bidder shall pay a minimum of 10% of the Sale Price and Buyer’s Premium (including the applicable taxes and other charges, if any) to Us within four (4) days of the completion of the sale. The balance 90% of the Sale Price and Buyer’s Premium (including the applicable taxes and other charges, if any) shall be payable within one (1) month of the auction, failing which the sale to the winning bidder shall stand cancelled and the 10% deposit shall be forfeited. No shipment or delivery of the Lot will be made until the entire Sale Price and Buyer’s Premium (including the applicable taxes and other service charges, if any) are received by Us and until all proper documentation in connection with the sale of the Lot has been completed. We will not accept payments from any parties other than the winning bidder as recorded on the invoice. Upon receipt of the entire Sale Price and Buyer’s Premium by Us, the Seller shall issue: (i) a certificate setting out that the auction is being conducted in accordance with the Order; and (ii) in respect of any vehicles sold by way of this auction, prescribed forms and documents to enable transfer of ownership of such vehicles under the Motor Vehicles Act 1988, to the winning bidder. We undertake to liaise with the Seller for procuring such certificate/forms/documents and forwarding it to the winning bidder.

6.6 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 is freely importable into his 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 nominee only upon full payment of all such costs.

6.7 Lots marked with the symbol are subject to CITES (Convention on International Trade in Endangered Species) export/ import restrictions and may require export/import permits to ship the Lot outside India. The winning bidder acknowledges that he/she is solely responsible for obtaining and paying for the necessary permits. The bidder may contact the Directorate General of Foreign Trade, Government of India for further information regarding export/import restrictions prior to making such purchases.

6.8 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.

6.9 Non-payment: In case payments are not received in accordance with the terms specified in Clause 6.5 above, 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.

6.10 Failure to collect: If the winning bidder informs Us that he/she wishes to collect the Lot from Us in person and if such Lot is not collected by the winning bidder within 30 days of the payment formalities being completed, We 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.

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 Us in 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 property for payment of any sums due to Us or the Seller, as the case may be, 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.
(i) For properties characterised as "art work", We guarantee only the authorship with reference to the name of the artist till such time that the property is in Our We do not guarantee any other attribute of such property; and
(ii) For properties characterised as "precious objects (other than artworks)", We guarantee characteristics or features mentioned in all capital letters in the heading of the "Description of the Property" in the Auction Catalogue (in the case of the MobileApp Auction Catalogue, the characteristics or features mentioned in all capital letters may be displayed in a position other than the heading) till such time that the property is in Our We do not guarantee any other attribute of such property. Further, all coloured stones, unless certified, may or may not be treated for enhancements.

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 As stated in Clause 3 above, to the best of Our knowledge, and as per the representations of the Seller, the Lots offered by Us in the auction have good and marketable title which can be transferred to the winning bidder. That said, We do not guarantee good and marketable title in the Lots and any loss incurred by the winning bidder on account of any third-party claims do not form a part of this guarantee.

7.6 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 or that the Original Owner did not have proper title in the Lot so as to enable recovery of the proceeds of the crime set out in the Order 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. In such case the right of recourse of the winning bidder, in terms of availing refund, shall be restricted only against the Seller and We shall not be liable or responsible in any manner to facilitate such refund.

7.7 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.

It is clarified that We will not be responsible for procuring such refund from the Seller and it will be the winning bidder’s responsibility to procure the refund from the Seller. However, the winning bidder may approach Us requesting Us to liaise on behalf of the winning bidder with the Seller for procuring such refund. However, it is clarified that We reserve the right, in Our absolute discretion, to offer Our assistance in this matter. In the event the Seller furnishes the refunded amount to Us, We shall forward the same along with the amount charged by Us as the Buyer's Premium to the winning bidder. Even if the Seller does not refund the said amount to Us or to the winning bidder, as the case may be, if it is proved by the winning bidder, to Our reasonable satisfaction, that the Lot was not authentic in accordance with this Clause 7, We shall refund 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.

7.8 All such claims will be handled on a case-by-case basis, and in the case of an authenticity claim, We will 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.

7.9 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, to the extent provided above and under the guarantee set out above. The opinion of the experts shall not be binding on Us.

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 Original Owner, 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 Premium to 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 Clause 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 Catalogue and 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 a legal notice, if required, by the following means:

(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; and

(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

14.1 These conditions for sale are subject to the laws of India.

14.2   All parties are subject to the exclusive jurisdiction of courts at Mumbai, Maharashtra, India

15. Symbols used in this catalogue

 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.

 Lots marked with have been imported into India, and in Order to remove the Lots from a Free Trade Warehousing Zone and into Indian free circulation, a customs duty at 11% will be added to the hammer price. The applicable GST will be charged on the amount inclusive of the hammer price and the duty.

Lots marked with the symbol are subject to CITES (Convention on International Trade in Endangered Species) export/import restrictions and may require export/import permits to ship the Lot outside India. The winning bidder acknowledges that he/she is solely responsible for obtaining and paying for the necessary permits. The bidder may contact the Directorate General of Foreign Trade, Government of India for further information regarding export/import restrictions prior to making such purchases.

GLOSSARY

Affiliates: Saffronart Management Corporation, 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 Lots 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 a winning bidder for services rendered by Us, in accordance with these conditions of sale, in connection with the purchase of 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 Us, Saffronart, in Saffronart's capacity as Our service provider providing a mobile auction platform for the auction.

Order: Order of the court of special judge under the Prevention of Money Laundering Act at Greater Bombay dated 19 September 2019 obtained under the provisions of the Prevention of Money laundering Act 2002 by the Directorate of Enforcement, Government of India.

Original Owner: Shri. Nirav Modi and others accused in the ECIR No. ECIR/MBZO-I/03/2018 whose property is being auctioned off by the Seller in accordance with the Order.

Our/Us/We: Saffron Art Private Limited

Reserve Price: The minimum price that a Seller has communicated to Us as being acceptable for the sale of a Lot through an auction.

Rules: The Antiquities and Art Treasure Rules, 1973 and any amendments made thereto from time to time.

Sale Price: The price at which a property is sold to the winning bidder, exclusive of the Buyer's Premium, applicable taxes on sale of properties and other additional charges that may be incurred by Us, if any, including shipping and handling of the property and additional levies.

Seller: The Directorate of Enforcement, Government of India, represented by the Deputy Director, Mumbai Zonal Office, Directorate of Enforcement, Kaiser-I-Hind Building, Ballard Estate, Mumbai

Technical Downtime: The time period during which Our server or Website or mobile application is not in operation due to a malfunction.

Website: Saffronart's website (www.saffronart.com), in Saffronart's capacity as Our service provider providing an online auction platform for the auction.


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 22) 2436 4113/ 4333 6200 (Mumbai), (212) 627 5006 (New York), 44 (0) 20 7409 7974 (london), (91 11) 2436 9415 (New Delhi)