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EVENING SALE | LIVE AUCTION, MUMBAI (16 FEBRUARY 2017) : 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 auction, you acknowledge that you are bound by these conditions for sale as listed below and on Our website saffronart.com. You will find a glossary at the end explaining the meanings of the words and expressions which have been capitalised.

1. Our role as the agent of the Seller:

1.1 We undertake to sell properties through this auction as agents for and on behalf of sellers. Unless stated otherwise, We have no ownership interest or any other financial interest in any of the Lots.

1.2 Making a bid by raising one’s hand or paddle in the auction room, submitting an absentee/proxy bid, communicating a bid over the telephone to Our representative or bidding on Our website and/or through the MobileApp constitutes an irrevocable offer to purchase a property, 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.

2. Catalogue Descriptions and Condition of Property

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

2.2 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.

2.3 Any statements made by Us, including by Our representatives/employees, about any property, whether orally or in writing, concerning attribution of such property 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 property. We have not carried out any exhaustive research or analysis on any property to be sold in this auction, and potential buyers should seek appropriate advice on the condition of each property from their own professional advisors.

2.4 For the convenience of bidders, We provide condition reports on properties upon request free of charge. The report includes Our bona fide opinion on the condition of the property 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 property, including its description, condition and authenticity.

2.5 The bidders undertake to:

(i) inspect and satisfy themselves prior to the auction as to the condition and description of the property;

(ii) rely on their own judgment as to whether the property matches its description; and

(iii) not rely on an illustration of any property given in the Auction Catalogue.

2.6 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 property for sale through this auction.

3. Viewing the Lots and Bidder Registration

3.1 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) previews and 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.

3.2 We may withdraw any property before, during, or after the auction, if We have reasons to believe that the authenticity of the property or the accuracy of the description of the property 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 property in the auction.

3.3 All properties shall be sold subject to theReserve Price. If the winning bid is below the Reserve Price, the property shall be considered unsold. The Reserve Price on each property shall be confidential and We shall have no obligation to disclose the same to any bidder.

3.4 We have the sole and absolute discretion to (i) provide bidding access, whether in the saleroom, online, via telephone or through an absentee/proxy bid; (ii) provide entry to the auction room and assign paddles; (iii) disallow bidders from entering into the auction room or from bidding; and (iv) ask bidders to surrender paddles at any time.

3.5 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 limit, if any, and will not be allowed to bid further if their bidding limit has been exhausted.

3.6 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.

3.7 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.

4. Bidding

4.1 Our auctioneer will accept bids from the bidding room, from telephone bidders, from online/mobile bidders, and absentee/proxy bids submitted in advance of the auction, either online or through a written form. Our auctioneer has complete discretion on whether to accept an online/mobile bid, a room bid, a telephone bid or an absentee/proxy bid at any given time. Bids once placed by a bidder may not be cancelled. We reserve the right to reject, accept and/or cancel a bid at Our sole and absolute discretion.

4.2 Bidding in the Room: All approved bidders, including those who have registered online, will be handed a paddle to bid in the auction. Please bring a proof of identity to collect your paddle. Registrations will be made open 30 minutes prior to bidding.

4.3 Bidding Online: Bidders may view and hear the auction on their PC or Mac with Our real-time online video feed from the auction room. Online bidders may place a bid by clicking on the “Bid Now” button when their Lot of interest is open for bidding. If their bid is accepted by Our auctioneer, it will be recorded. We do not accept any liability in the unlikely event that an online bid is not executed or executed incorrectly.

4.4 Bidding on the Telephone: We accept requests from bidders to place bids on the telephone with Our staff depending on availability. To avail of this service, you must be registered as a bidder in accordance with paragraph 3 above. Please note that the number of telephone lines available for telephone bidding may be limited and this facility is provided at Our sole and absolute discretion. We do not accept any liability in the unlikely event that a telephone bid is not executed or executed incorrectly, or in the event of faulty telephone connections or the bidder not being reachable.

4.5 Bidding on the Mobile Application: Bidders may download Our software application onto their eligible mobile device and use it to place bids during the auction. To avail of this service, you must be registered as a bidder in accordance with paragraph 3 above. We do not accept any liability in the unlikely event that a mobile bid is not executed or executed incorrectly.

4.6 Absentee/ Proxy Bids: Bidders may place bids prior to the sale either online or in writing by submitting the absentee/proxy bid form. Absentee/proxy bids may be accepted or refused at Our sole and absolute discretion.

4.7 Currency of Bidding: All bids may only be placed in Indian Rupees (INR). The foreign currency exchange rate used on Our website for invoicing of non-India based bidders in United States Dollars (USD), and for all other auction-related purposes, has currently been set at 1:66 (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 properties have been ‘rounded off’ for ease of reference and may not reflect the exact exchange rate used for bid calculations.

4.8 Technical Downtime: In the unlikely event that Our website or mobile application is inaccessible to bidders or partially disabled due to Technical Downtime at any time, the auction will continue in the saleroom, unless specifically discontinued at Our sole and absolute discretion. Bidders may contact Us during such Technical Downtime to bid by telephone, subject to availability. We accept no liability for any Technical Downtime. Online or mobile bids recorded prior to or after any Technical Downtime may be treated as valid. We shall not be liable for any loss of information due to the Technical Downtime. The data logs ofOur server will determine the duration of theTechnical Downtime. Any determination made by Us in respect of recording of bids shall be final.

4.9 Mobile and Internet Networks: 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. We accept no liability for such time lags owing to mobile and internet networks.

4.10 Bidders are advised to keep their login ID, password and paddle secure at all times. We will hold the bidder responsible for all bids placed by using their paddle or login ID and password, whether via Our website, through the mobile device or in the sale room.

4.11 Our auctioneer may place bids on behalf of sellers either by placing consecutive bids or by placing bids in response to other bidders, provided such bids are less than the Reserve Price. Our auctioneer will not place bids on behalf of the seller for Lots that are offered with no Reserve Price.

4.12 At the discretion of Our auctioneer, 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.

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

4.14 Sellers are not allowed to bid on the particular Lot(s) they have consigned otherwise than as permitted under these conditions for sale.

4.15 A currency converter may be in operation in the saleroom for the convenience of bidders. We accept no liability for any malfunction in the currency converter.

4.16 We and Our auctioneer (acting on Our behalf) have the right to exercise reasonable discretion in setting bid increments, accepting and 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 and Our auctioneer will be conclusive.

4.17 Any new bid will normally be accepted at a value 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. Our auctioneer may, from time to time, allow a bid in the saleroom at a lower or higher increment than the minimum increment. Online and mobile bids however, are accepted only at the next valid bid based on the minimum increment.

4.18 Subject to the discretion of Our auctioneer, the highest bidder accepted by Our auctioneer will be the winning bidder and the fall of Our auctioneer’s gavel shall mark the close of bidding on each Lot. Our auctioneer may, at his/her discretion, re-open bidding on a Lot after the fall of the gavel if a higher bid placed prior to closing was inadvertently not accepted.

4.19 We and Our auctioneer (acting on Our behalf) may, at Our sole and absolute discretion, choose not to award the winning bid to the winning bidder with the highest bid, if We deem it necessary to do so.

4.20 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. Completing the Purchase

5.1 We will raise invoices on the winning bidder for the Sale Price and 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.

5.2 The title to the property shall pass from the seller to Us outside the territory of the United States of America.

The title to the properties purchased shall pass to the winning bidder at the time that bidding is closed for each property and such winning bidder shall thereafter assume full risk and responsibility for such properties. In any event, the properties 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.

5.3 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 INR 7,00,00,000, (ii) 15% of the winning bid value in excess of INR 7,00,00,000 up to and including INR 12,00,00,000, and (iii) 12% of the winning bid value in excess of INR 12,00,00,000. Service tax applicable on the Buyer’s Premium shall be payable by the winning bidder.

5.4 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 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.

5.5 No shipment or delivery of the property 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 Us and until all proper documentation in connection with the sale of the property has been completed. We will not accept payments from any parties other than the winning bidder as recorded on the invoice.

5.6 The winning bidder acknowledges that We will abide by any export restrictions that may apply in the countries from where specific properties will be shipped. The winning bidder shall also be responsible to ensure that the property(ies) 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 property shall be borne by the winning bidder. The property(ies) shall be handed over to the winning bidder or his nominee only upon full payment of all such costs.

5.7 Lots marked as "Art Treasures" and/or "Antiquities" under the Antiquities and Art Treasures Act, 1972 cannot be exported outside India. 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 and Art Treasures Act, 1972 and/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.

5.8 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.

5.9 Failure to collect: If the winning bidder informsUs that he/she wishes to collect the property from Us in person and if such property is not collected by the winning bidder within 30 days of the payment formalities being completed, We shall arrange for storage of the property at the winning bidder’s expense, and shall only release the property after payment has been made, in full, of the Sale Price and Buyer’s Premium, including storage and insurance at applicable rates.

5.10 We shall be entitled to exercise a lien on the property 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 property purchased by the winning bidder.

6. Authenticity Guarantee

6.1 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 possession. 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 possession. We do not guarantee any other attribute of such property. Further, all coloured stones, unless certified, may or may not be treated for enhancements.

6.2 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.

6.3 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.

6.4 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.

6.5 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.

6.6 The guarantee above shall be subject to the following conditions:

(i) the claim is made by the winning bidder as registered withUs 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 byUs 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.

6.7 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.

6.8 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.

6.9 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.

7. Privacy of Personal Information

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. Extent of Our Liability

8.1 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 6). Damages to, or losses or loss in value of any of the artwork (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 property in the sale, or for any mistakes in the description of the properties, or for any faults or defects in the properties, or for any other act or omission whatsoever. We offer no guarantee or warranty other than the limited guarantee set out in Clause 6 above.

8.2 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.

9. Legal Notices

9.1 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.

9.2 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.

10. Severability

If any part of these conditions for sale 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.

11. Governing Law and Jurisdiction

11.1 These conditions for sale are subject to the laws of:

(i) India, in the event that the seller is located in India; and

(ii) The United States of America, in the event that the seller is located in any jurisdiction other than in India.

Such laws shall apply to the construction of the conditions for sale and to the effect of the provisions thereof.

11.2 All parties are subject to the exclusive jurisdiction of courts at:

(i) Mumbai, Maharashtra, India, in the event that the seller is located in India; and

(ii) New York, USA, in the event that the seller is located in any jurisdiction other than in India.

12. 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 10.3% will be added to the hammer price. The applicable VAT/CST will be charged on the amount inclusive of the hammer price and the duty.

GLOSSARY

1. Affiliates: Saffron Art Private Limited, Planet Saffron Inc., Planet Saffron Management Co. LLC, and their holding or subsidiary companies as on the date of the online auction.

2. 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 printAuction Catalogue, the MobileAppAuction Catalogue, the onlineAuction Catalogue and/or the eCatalogue, the online Auction Catalogue, as modified by Us from time to time, shall take precedence.

3. Buyer's Premium: The amount charged byUs from a winning bidder for services rendered by Us, in accordance with these conditions of sale, in connection with the purchase of products by the winning bidder.

4. Lot/Lots: An item to be offered at the auction, including two or more items to be offered at the auction as a group.

5. Our/Us/We: Saffronart Management Corporation, acting either on its own
behalf, or as a representative of any of its Affiliates.

6. MobileApp: Mobile application developed by Us, providing a mobile auction
platform for the auction.

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

8. 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.

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




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