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 and as specified in the proclamation of sale as published by the Seller in accordance with the prescribed rules under the Income Tax Act, 1961. 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 which is an Antiquity, till the receipt of full payment by Us (in our capacity as the auctioneer working on behalf of and under directions of the Seller) 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.
1.3 The possession of the Lots which are Antiquities 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. This auction is being held on behalf of Seller to recover the outstanding dues from Original Owner in accordance with the provisions of the Income Tax Act, 1961 and Rules made thereunder
2.2 We undertake to sell Lots through this 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 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 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 each property 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 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.
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 property, 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 property to be sold in this auction, and potential buyers should seek appropriate advice on the title of each property from their own professional advisors.
3.5 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.
3.6 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.
3.7 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) 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.
4.2 We may withdraw any Lot before, during, or after the 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) 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.
4.5 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.
4.6 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.
4.7 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.
4.8 Any new bidder who is required to register in accordance with Clause 4.7 above, if bidding on behalf of a third party, is required to furnish an authority letter issued to such bidder by the said party at the time of registration. Any bidder already registered is required to furnish such authority letter, if applicable, on the day of the auction.
5. Bidding
5.1 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.
5.2 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 and the authority letter in accordance with Clause 4.8, if applicable to collect your paddle. Registrations will be made open 30 minutes prior to bidding.
5.3 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.
5.4 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.
5.5 Bidding on the Mobile Application: 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 in accordance with paragraph 3 above. We do not accept any liability in the unlikely event that a bid through the MobileApp is not executed or executed incorrectly.
5.6 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.
5.7 The auctioneer on the instructions of the Seller can halt the auction if:
(i) the hammer price of Lots auctioned breaches the outstanding demand owed by the Original Owner and the subsequent lots which are owned by such Original Owner will not be auctioned; or
(ii) the full amount of outstanding tax due from the Original Owner has been received by the Seller before the conclusion of the auction.
In such case, any cost and expense incurred by the bidders will stand forfeited.
5.8 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 1:68 (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 OurWebsite or MobileApp 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 of Our server will determine the duration of the Technical Downtime. Any determination made by Us in respect of recording of bids shall be final.
5.10 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.
5.11 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 MobileApp or in the sale room.
5.12 Our auctioneer may place bids on behalf of Seller 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.
5.13 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.
5.14 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.
5.15 Original Owner/s are not allowed to bid on the particular Lot(s) otherwise than as permitted under these Conditions for Sale.
5.16 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.
5.17 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.
5.18 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.
5.19 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.
5.20 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.
5.21 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.
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 (i) 15% of the winning bid value of up to and including INR 20,00,00,000, and (ii) 12% of the winning bid value in excess of INR 20,00,00,000. A 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 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 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. 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 form I.T.C.P. 14 as prescribed under the Income-tax (Certificate Proceedings) Rules, 1962 to the winning bidder. We undertake to liaise with the Seller for procuring such form 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 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.
6.8 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.
6.9 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.
6.10 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.
6.11 We or the Seller, as the case may be, 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 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.
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, 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 outstanding tax due or part thereof from the auction of such Lot 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.
7.7 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.
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, 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.
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
Seller: The Income Tax Department through Tax Recovery Officer, Central-3,Mumbai
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.
Our/Us/We: Saffron Art Private Limited
Original Owner: Assessee in default whose property is being auctioned off by the Seller in accordance with the provisions of the Income Tax Act, 1961 read with the rules framed thereunder for the purposes of recovery of the outstanding tax due by such assessee in default;
Reserve Price: The minimum price that a Seller has communicated to Us as being acceptable for the sale of a Lot through an auction.
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.
Rules: The Antiquities and Art Treasure Rules, 1973 and any amendments made thereto from time to time.
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.