SPRING AUCTION OF FINE JEWELS (7-8 APRIL 2010) : ABOUT THE AUCTION



Shipping Origin and Import Duties and Restrictions

All duties and taxes applicable shall be borne by the buyer. An approximation of applicable charges for each lot and buyer destination may be viewed online. The final charges will be determined at the close of the auction and will be sent to the winning bidder.

Please note that all lots in the auction will be shipped to the buyer from the following two locations:

• New York: these lots are marked in the auction catalogue with the symbol , and must be paid for in USD
• Mumbai: all lots not marked with the above symbol (payment may be made in INR or, by non-Indian buyers, in USD)

Based on the buyer’s shipping destination, import or other duties/taxes may be applicable accordingly. See below for further details.

Domestic Deliveries in India

Any sale of lots - other than for watches originating from Mumbai to an address in India is subject to a 1% VAT on the winning bid value and a 10.30% Service Tax on the buyer's premium

Any sale of watches, originating from Mumbai to an address in India is subject to a 12.5% VAT on the winning bid value and a 10.30% Service Tax on the Buyer's Premium. A CST of 2% instead of the 12.5% VAT will be applicable on the winning bid value only if the delivery location of the watch is outside the state of Maharashtra, and the buyer provides the necessary documentation required by the Sales Tax authorities. The Service Tax on the buyers' premium will still apply at 10.30%.

Octroi:

• Octroi may be applicable for shipments to Mumbai, Pune, Aurangabad and Nagpur. Please check the “additional charges” link for each lot for further details
• Octroi charges for shipments to Mumbai addresses are 2% of the winning bid value, except for watches (5.5%).
• Octroi charges for shipments to Pune, Aurangabad and Nagpur addresses are 1% of the winning bid value, except for watches (5.5%).

Imports to India

Persons residing in India can bid on works located in New York (those marked in the auction catalogue with the symbol in USD by complying with the appropriate foreign exchange regulations for making overseas payments. Import duties may be applicable for lots shipping from New York (marked with the symbol in the catalogue) to an Indian address. Saffronart will not invoice the buyer for these duties, and the buyer will be responsible for obtaining customs clearance and for payment of all such duties to the customs authorities. Buyers are advised to appoint a clearing agent to ensure a smooth process.

International Shipments (other than to India)

Import duties and/or other taxes may be applicable on shipments sent to certain countries. Depending on the shipping address these duties and taxes vary according to the regulations in the destination country. Saffronart will not invoice the buyer for these duties, and the buyer will be responsible for obtaining customs clearance and for payment of all such duties to the authorities. Buyers are advised to appoint a clearing agent to ensure a smooth process.

Domestic Deliveries in the US

Shipments of lots originating in New York to the state of California (USA) will be charged sales tax up to 9.75% and to the state of New York (USA) will be charged sales tax of up to 8.875%.

Import Restrictions

Lots may require permits for import or be subject to import restrictions to certain countries. Potential Buyers are advised to check import regulations prior to making a bid decision.

Please contact Saffronart for any questions on the above:

India
Email: auction@saffronart.com
Help Desk Tel: (91 22) 2432 2898 / 2436 4113 extension 201/205
Fax: (91 22) 2432 1187

USA
Email: newyork@saffronart.com
Tel: (212) 627 5006
Fax: (212) 627 5008

UK
Email: london@saffronart.com
Tel: 44 (0) 20 7409 7974

Address:
India: Industry Manor, 3rd Floor, Prabhadevi, Mumbai 400 025
USA: The Fuller Building, 595 Madison Avenue, Suite 900, New York, NY 10022
UK: 73 New Bond Street, 1st Floor, London, W1S 1RS


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 6855 4100 / 6855 4155 (Mumbai), (212) 627 5006 (New York), 44 (0) 20 7409 7974 (london), (91 11) 2436 9415 (New Delhi)