This auction is being conducted on the direction of the Income Tax Department, Government of India through Tax Recovery Officer, Central-3, Mumbai. This auction is being held on behalf of the department to recover outstanding dues from Original Owner/s in accordance with the provisions of the Income Tax Act, 1961 and Rules made thereunder.
For more details regarding this auction please visit the Income tax Department Mumbai website:https://www.incometaxmumbai.gov.in/news-and-updates/
Please read the Conditions for Sale carefully before participating in the auction.
How do I view the Lots?
All Lots for sale are featured in this auction catalogue. The number listed next to each image is the Lot number and should be used as a reference during bidding or for any information requests. The Lots in this sale may be viewed through any of the following:
(i) Previews and Viewings – Details listed on the Sales and Enquiries section of the printed catalogue
(ii) The online auction catalogue available on saffronart.com
(iii) The printed auction catalogue
(iv) The mobile auction catalogue available for download on your mobile device
What do you mean by ‘Condition of Lots’?
All Lots will be shipped out in an ‘as is’ condition, meaning that the Lot is sold with all existing faults and imperfections. Saffronart encourages all potential buyers to inspect each Lot carefully before bidding and to not rely on an illustration of any Lot given in the catalogue. Condition reports for all Lots are available as a free service, online or upon request.
What are special Lots?
Lots marked as "Art Treasures" and/or "Antiquities" under the Antiquities and Art Treasures Act, 1972 cannot be exported outside India. Buyers are solely responsible for meeting the requirements of the Antiquities and Art Treasures Act, 1972 or any related state legislation.
What are Price Estimates?
Each Lot has a price range listed. These estimates are based on characteristics of the Lot such as condition, quality, rarity, provenance. These estimates are provided only as a guide for buyers and do not include Buyer’s Premium or applicable taxes. If applicable there is a link for pricing achieved for similar art works at auction available next to the Lot in the online catalogue. Price estimates may be subject to revision.
What is a Reserve Price?
Unless stated otherwise, all Lots offered in the auction are subject to a reserve price, which is the minimum price that the Lot may be sold for. No Lot will be sold below its reserve price and the reserve price will not exceed the low price estimate. Reserve prices are confidential and will not be disclosed.
How do I register to bid?
Bidders are advised to register at least 24 hours in advance of the sale. Bidders may choose to register online or send in their details to Saffronart and we will process the details for you. Saffronart requires the following details from a first time bidder to register and process an approval to bid:
(i) Name
(ii) Address
(iii) Telephone Number
(iv) Email Address
(v) Know Your Customer (KYC) documents
(vi) Credit card information/financial references/deposits
In some cases, Saffronart may request for a bidding limit value which is a per Lot limit based on your current bid value.
If you have bid or been approved to bid with Saffronart before, please use your Saffronart login and password to accept the Conditions for Sale online. Collecting a paddle in a live auction also implies an acceptance of the Conditions for Sale. Please note the invoicing details provided at the time of registration cannot be changed after the sale.
How do I Bid?
(i) 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 open 30 minutes prior to the sale.
(ii) 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 the auctioneer, it will be recorded. After you enter your bid, it is advisable to view the bid history to verify that your bid has been recorded. Please note that bidders may be contacted during the auction for bid verification in order to protect all bidders and maintain the efficacy of the process.
(iii) Bidding on the Phone: Saffronart accepts requests from bidders to place bids on the phone with our staff depending on availability. To avail of this service, you must be registered as a bidder. Please note that the number of telephone lines available for telephone bidding may be limited and this facility is provided at Saffronart’s discretion.
(iv) Bidding on the Mobile: Bidders may download a Saffronart MobileApp from playstore or appstore onto their Android or iOS mobile device and use it to place bids during the sale. To avail of this service, you must be registered as a bidder.
(v) Absentee/Proxy Bids: Bidders may place bids prior to the sale either online or in writing by submitting the absentee/proxy bid form. See the Absentee/Proxy Bid Form available at the back of the printed catalogue, or on the website. Absentee/proxy bids shall be accepted up to a certain time prior to the sale which will be listed online.
What are bid increments?
Any new bid must be greater than the current highest bid by a minimum increment. The next valid bid amount is the current highest bid plus the minimum increment value. The auctioneer may vary the increments during the course of the auction at his or her discretion. Online bids however, are accepted only at the next valid bid based on the minimum increment. Please refer to the bid increments printed at the back of the catalogue (on the reverse of the Absentee/Proxy Bid Form).
Can a bid be cancelled?
No bid may be cancelled by a bidder. Saffronart reserves the right to cancel a bid at its discretion if it considers it necessary to do so.
What is the currency of bidding?
In a live auction in India, the currency of bidding is INR. However, buyers with an invoicing address outside India are invoiced in USD at the exchange rate fixed for the sale. Please see the exchange rate section in our Conditions for Sale online.
What is an Opening/Start Bid?
The opening/start bid is the value at which the auction house starts the bidding on a particular Lot.
When does a Lot sell?
The fall of the auctioneer’s gavel shall mark the close of bidding on each Lot. The final bid announced by the auctioneer is considered a winning bid in the sale, if the auctioneer announces the Lot as sold.
What is Buyer’s Premium?
Saffronart charges the buyer a premium on the winning bid value. The Buyer’s Premium is calculated at the rate of 15% of the winning bid value on each Lot up to and including INR 20,00,00,000; and 12% of the winning bid value in excess of INR 20,00,00,000. For lots being shipped from India, a GST (Goods and Services Tax) at applicable rate on the Buyer's Premium shall be to the account of the Buyer. This is applicable for deliveries within India as well as overseas.
How will I be invoiced?
If you win a bid, you will be sent an email after the close of the auction, containing an invoice for the winning bid plus additional charges (shipping, handling, duties and taxes as applicable) and the Buyer’s Premium plus GST at applicable rates. The invoicing details provided at the time of registration will be used to raise the invoice and no changes will be accepted after the sale.
You may review acceptable modes of payment described in the section below. If you are the winning bidder, you are legally bound to purchase the item from Saffronart. Please note that purchases will not be shipped out until payment has been received and cleared.
What are additional charges?
All post-sales expenses, including packing, insurance, shipping or handling charges, are borne by the buyer. Shipping will be charged on courier rates and are determined by the value, origin and destination of the package. Local deliveries will be charged at actuals.
You may choose to make your own arrangements for shipping and handling. However, all documentation requirements must be complied with. Please contact us for further details.
What are the Duties and Taxes applicable on my purchase?
All duties and taxes applicable shall be borne by the buyer and will depend on the value, origin and destination of the package.
(i) Deliveries in India for lots originating in India
Any sale of lots originating from India to an address in India is subject to a GST at applicable rates on the winning bid value and an 18% GST on the Buyer’s Premium. The final charges will be determined at the close of the auction and will be sent by email to the winning bidder.
(ii) International shipments for lots originating in India
For lots originating from India, an 18% GST on the Buyer’s Premium is applicable. There may be duties and taxes levied depending on the delivery destination which typically will be on the total of the winning bid and shipping and handling values. Depending on the shipping address, these duties and taxes vary according to customs regulations in the destination country. Any shipments to EU countries will be charged an additional VAT as applicable. Please contact Saffronart for further details.
For imports, the terms of sale are Delivered Duty Unpaid (DDU). It is the Buyer’s responsibility to pay all international duties, customs charges, taxes and tariffs to the respective authorities. Normally, the couriers we contract will pay import duties on behalf of the buyer and get reimbursed at the time of delivery.
(iii) Shipments and Deliveries for lots originating outside India (lots marked with the symbol 
)
These lots have been imported into India, and in order to remove the lots from a Free Trade Warehousing Zone and into Indian free circulation for deliveries within India, a customs duty at 11% will be added to the hammer price. The applicable GST as mentioned above will be charged on the amount inclusive of the hammer price and the duty.
In the event that the Lot is to be shipped internationally, additional charges for international shipments mentioned in the above section shall apply.
An 18% GST on the Buyer’s Premium is applicable on these lots.
Please Note: 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.
How do I make payment?
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. For more details, please see the Completing the Purchase section in our Conditions for Sale online.
If you have not received your invoice within 48 hours of the close of the sale, please contact us.
For Buyers in India
Payment can be made in INR only by the following acceptable modes of payment:
(i) Cheque/Demand Draft: To be made in favour of Saffron Art Private Limited
(ii) RTGS/NEFT: Details will be included with the invoice and available upon request
(iii) Credit card: up to INR equivalent of USD 5,000
For Buyers outside India
Payment can be made in USD only by the following acceptable modes of payment:
(i) Cheque: To be made in favour of Saffron Art Private Limited
(ii) Direct wire transfer: Details will be included with the invoice and available upon request
(iii) Credit card: up to USD 5,000
(iv) Payment from an NRE account: The invoice will be raised in USD based on the winning bid value, and the buyer will have to transfer an equivalent INR amount at the bank exchange rate
When will my purchases be delivered/can I collect my purchases?
Purchases shipped out within 10 - 15 business days of the payment being cleared and are insured under the terms of Saffronart’s insurance policy (please note that frames are not insured). If there is an expected delay in dispatch, the buyer will be informed of the delay via email, unless the buyer has indicated an alternative preferred mode of communication.
Buyers may choose to collect their purchases from the Saffronart office in Mumbai. In such cases, buyers are requested to make an appointment to collect purchases within 10 - 15 business days of completion of all payments and documentation formalities. Buyers who have completed payment formalities and have not taken delivery of their lots from Saffronart within 30 days of the completion of payment formalities will be charged storage and insurance at applicable rates.
What documentation will I receive with my purchases?
Upon confirmation of delivery or receipt of shipment, we will send you the invoices for your purchases along with any relevant documentation for the Lot that has been mentioned in the Lot details. Please note that Saffronart does not issue any authenticity certificates and does not provide artist authenticities either. For more details, please see the Completing the Purchase section in our Conditions for Sale online.
What if my shipment reaches damaged?
All purchases from this sale are final. In the unlikely event of your receiving a damaged product, please notify Saffronart directly within five days of receipt of the Lot. Please call or email us at any of our locations mentioned in the Sales and Enquiries section. If Saffronart does not receive any notification within five business days of delivery, it shall be assumed that the Lot has been received in good condition, and no claims will be entertained.
What are some of the symbols used next to the lots in auction?
(i) 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.
(ii)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/VAT/CST will be charged on the amount inclusive of the hammer price and the duty.
How do I participate in your next auction?
If you would like to register to bid or consign to any of our upcoming auctions please contact any of our locations listed in the Sales and Enquiries section.
If you would like to stay informed of Saffronart’s upcoming events, please register with us online at saffronart.com.