Important Notice

The Saffronart 24-Hour Absolute Auction will take place online starting Tuesday, July 10, 2012 at 8:00 p.m. (India Time); 10:30 a.m. (US Eastern Time). This is the latest auction in a series of 24-hour auctions of Indian art introduced by Saffronart. In addition to our four annual seasonal auctions, these online sales offer collectors curated catalogues of select, competitively estimated lots based on a genre or theme, and take place over a 24-hour period.

The 24-Hour Absolute Auction features 90 works, where lots in this auction are offered without a reserve price. This auction will take place exclusively on www.saffronart.com

• The online Auction Catalogue
  All lots are featured on the website. You may search for lots by lot number, artist, medium, style and price range.
• The mobile Auction Catalogue
  Saffronart has developed a downloadable software application for bidding on mobile devices, which will include abbreviated information on each lot.

Price Estimates

Each lot has a price range listed. These estimates are provided only as a guide for buyers. You may check the comparable prices of similar works of art through a link, called 'comparables' which is listed next to each lot in the online catalogue. Please note that the estimates for individual lots have been 'rounded off' for ease of reference and do not necessarily reflect the exact exchange rate used for bid calculations. Price estimates for each lot are prepared well in advance of the sale and may be subject to revision. Estimates do not include the buyer's premium or any applicable additional charges such as shipping, insurance and taxes.

How to Bid

1. Pre-registration and Verification
   
   You must be pre-registered and verified for the Saffronart auction in order to bid. If you have already registered with Saffronart online and have a login id and password, you will still have to pre-register for each auction using your existing login id, and accept the conditions for sale for that auction. In order to pre-register, fill out the pre-registration form online or call Saffronart. Once you pre-register and accept the conditions for sale, a Saffronart representative may call to verify your details and request additional information prior to giving you bidding access. In the event the Saffronart representative cannot reach you on the phone, an email will sent to you, asking for additional information and providing you with phone numbers to get in touch with Saffronart. Please note that if we do not receive your response to the additional information request, bidding access may not be available. Please also note that the verification process might take time and bidders are advised to pre-register at least 24 hours prior to the start of the auction so that bidding access is available at the start of the auction.
   
   Once your pre-registration has been accepted you will be sent an email confirming your bidding authorization along with your login ID and password. No registrations will be accepted 12 hours prior to the closing of the first group of lots in the auction. In the event that you do not hear from Saffronart 48 hours after pre-registering please call the auction helpline at +91 (0) 22 2432 2898.
   
   Bidding access shall be given at Saffronart's discretion and Saffronart may set limits on bidders and/or require payment guarantees or deposits prior to giving bidding access. You will be informed of the limits if any and will not be allowed to bid further if your bidding limit is exhausted. If you are informed of limits, please feel free to request additional information or assistance if you are unclear.
   
   If you are using an offline/written bid form rather than participating actively online, we will register for you once all pre-registration formalities are complete. Saffronart will then email your login id to you, which you may use to reset your password and visit the auction online.

2. Entering an Online Bid
   
   Once you have identified the lot that you would like to bid on, click on "Bid Now" and enter either the bid amount for regular bidding, or a maximum price for proxy/automatic bidding (for more information, please see the section on proxy/automatic bidding).
   
   Regular bidding is the method by which you actively participate in the bidding process by entering the next valid bid (or one of a higher value) each time you are outbid. Your screen will display the next (minimum) valid bid, based on a predetermined increment. You may enter a bid at that exact value only. You may also view the entire bid history prior to making your decision. 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.

3. Entering an Offline/Written bid
   
   You can also place offline bids, by faxing the written bid form (available online) to +91 (0) 22 2432 1187. For telephone assistance on offline bids, you may reach the help desk at +91 (0) 22 2432 2898. Please note that telephone bids are accepted and recorded at Saffronart's discretion and must be followed by an email or signed fax confirming the bid amount. Saffronart shall not be responsible for any delay or failure to record any offline bids.

4. Mobile Bidding
   
   You may download a software application from Saffronart onto your eligible mobile device (a list of devices is provided on www.saffronart.com) and use it to place bids. You may place either regular bids or proxy/automatic bids.
   
   The mobile bidding application shall contain a menu titled "My Auction" which the bidder may click on to access information on all Bids made by the Bidder in respect of various lots, as well as any additional lots manually added by the Bidder to "My Auction". For ease of tracking Bids, Bidders are advised to assign bidding nicknames to themselves.
   
   The Bid history, current Bid and countdown clock shall be accurate at the time of downloading of those values, provided however that 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 mobile from the Saffronart Server. The most updated Bid values shall be shown only when the page on the mobile containing the information on Bid values is refreshed, which shall happen when the "Refresh" menu item is selected by the Bidder. After the values on the page have been refreshed, any changes in Bid values shall not be visible to the Bidder until the values are refreshed again by the Bidder.
   
   Due to the nature of mobile and internet traffic, there is an unpredictable time-lag between a Bidder placing a bid, and that bid being received by Saffronart. As a result, a user may have placed his/her bid prior to the countdown clock expiring, but the bid is received by Saffronart after the closing time for that lot - and would therefore be rejected. With mobile networks in particular, there is a risk that the bid is never received by Saffronart. To avoid these scenarios we encourage Bidders to set proxy bids/automatic bids for lots they are interested in well in advance of the closing time for a lot.

Bid Cancellation

Once recorded, neither regular bids nor proxy/automatic bids may be canceled by the bidder. However, the bidder may choose to lower the maximum value on a proxy bid during the auction if the bidder's maximum (proxy) value has not yet been reached. Saffronart reserves the right to cancel a bid at its discretion if it considers it necessary to do so in order to protect the efficacy of the bidding process.

Bid Increments

Any new bid must be 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. This minimum increment will be indicated on the detail page (on the website) for each Lot. The bidder may enter a value at the next valid bid amount (in the case of Regular online bidding or proxy bidding) or an amount higher than that (in the case of proxy bidding).

Minimum increments are based on predetermined price slabs. The increment for a particular lot will increase each time the current bid crosses a pre-determined price threshold. For example: Bidder1 who has the current highest bid at $980. If the minimum increment for bids below $1000 is $50, Bidder2 can outbid Bidder1 by entering a (regular online bid) value of $1030 (a $50 increment over the current highest bid at $980). However, now that the current bid is greater than $1000, assume that the minimum bid increment increases from $50 to $100. The next valid bid will now be $1130 ($100 increment over Bidder2's current highest bid of $1030). In order for Bidder1 to outbid Bidder2, Bidder1 will now have to bid $1130.

Offline/Written bid forms

You may use the offline/written bid form available on the website, to place what is called a Proxy Bid. Proxy (or automatic) bidding lets you indicate a maximum bid amount, and authorizes the Saffronart's online auction technology to place bids automatically on your behalf. The system places your bids at the minimum incremental rate only if you are outbid on a particular lot. The auction technology will continue to place bids (at the next valid bid amount) on your behalf until your proxy maximum has been reached or until bidding closes on that particular lot. This is especially useful if you do not wish to participate actively, constantly monitor the bids being placed, or, are keen not to lose out on a particular lot as the auction comes to a close. Based on your personalized bid notification, you will receive an email if and when you have been outbid against your proxy maximum. If you are outbid on your proxy maximum and would like to continue bidding, you may login and enter a higher maximum proxy amount or a regular bid at the next valid Bid amount, provided that bidding has not closed. Please note that Saffronart will not accept offline/written bids less than twelve hours prior to the closing of the first group of lots in the auction.

How the Proxy/Automatic bidding works

As an illustration, let's examine a lot where the current bid is at $100, the current minimum increment is at $10 and Bidder1 has just entered a proxy maximum price at $1000.

A bid will automatically be recorded on behalf of Bidder1 at $ 110, making it the current highest bid If Bidder2 outbids Bidder1 by entering a value of $ 120, the Saffronart online technology will again place a bid on behalf of bidder1 at the next incremented value of $ 130 (assuming that the increment stays at $10). The system will continue bidding on behalf of Bidder1 (as Bidder1 gets outbid) until Bidder1's maximum bid price of $1000 is reached or the bidding for that lot closes.

In the situation where a proxy bidder has been outbid, but has a proxy maximum value that is below the next valid bid but is higher than the current highest bid, the proxy maximum value will be accepted as the next bid. In order to outbid the proxy bidder in this case, the next (minimum) valid bid will be equal to the proxy maximum that is accepted plus the minimum increment. The proxy maximum value provided by a proxy bidder will never be exceeded. For example: Consider a lot where the current bid is $500 and the minimum increment is $10 and Bidder1 has just entered a proxy maximum price of $525. A bid will be automatically recorded on behalf of Bidder1 at $510, making it the current highest bid. If Bidder2 outbids Bidder1 by entering a regular bid at the next valid bid amount of $520 the Saffronart online module will again place a bid on behalf of Bidder1 at $525 since that was Bidder1's maximum proxy value, even though the next valid bid would have been $530. In order for Bidder2 to outbid Bidder1, he will now have to place a regular bid at $535 (current highest bid $525 plus the minimum increment of $10).

Please note that proxy bids take precedence in the case of the same value being entered by a regular bidder. In the case where a regular bid is placed on a lot at the same value as a maximum proxy bid, the proxy bid will take precedence. Both bids (proxy and regular bid) at the same value will be displayed in the bid history for that lot, however, the proxy bid will appear on top and will be the current highest bidder. For example: Consider a lot where the current bid is $1500, the minimum increment is $50, and Bidder1 has just entered a proxy maximum price of $ 1600. A bid will be automatically recorded on behalf of Bidder1 at $1550, making it the current highest bid. If Bidder2 outbids Bidder1 by entering a regular bid at the next valid bid amount of $1600 the Saffronart online module will record Bidder2's bid of $1600 but the current highest bid will be that of Bidder1 at $1600 since that was his maximum proxy value and was entered prior to the regular bidder. In order for Bidder2 to outbid Bidder1, he will have to place an online regular bid at the next valid bid amount of $1650 or a proxy bid of a higher value.

Please note that Bidders can lower their proxy value if the bidder's maximum (proxy) value has not yet been reached. This can be done by logging in and clicking on the 'Bid Now' button for the lot. Here the bidder can lower the proxy bid value.

Reserve Price

All lots in the online auctions are subject to a reserve price. The reserve price is the minimum price that the lot may be sold for. No lot will be sold below its reserve price. However, all lots in this auction are offered without reserve prices.

Opening Bid

Bidding on all lots begins at the opening bid value. The opening bid is the value at which the auction house starts the bidding on a particular lot. Offline/written bids received before the start of the auction will be recorded as follows:

1. If the offline/written bid is less than the opening bid value it will be recorded and displayed below the opening bid value at the time of the start of the auction in the bid history for that particular lot.

2. If the offline/written bid is greater than the opening bid value and is less than the next valid bid for that lot (based on the minimum increments) it will be recorded and displayed as the current highest bid above the opening bid value at the time of the start of the auction in the bid history for that particular lot. The next valid bid in this case will be greater than the current highest bid by a minimum increment, which applies to that bid value.

3. Multiple offline/written bids received on a particular lot before the start of the auction will be recorded and displayed in the bid history of the lot according to the values with the highest bid being the current valid bid at the time of the start of the auction. Offline/written bids received at the same value will be prioritized based on the time of receiving the bids and will be shown in the bid history of the lot.

Closing and Winning Bids

The closing bid for a lot is the highest bid at the time at which a particular lot's bidding has ended. No further bids can be made after the close of the bidding for that particular lot. The winning bids for all sold lots will be posted on the website after the close of the auction.

Tracking Bids

The Website shall contain a link titled "My Bids " within the page "My Auction Gallery" 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 when prompted.

The bid history, current bid and countdown clock shall be accurate at the time of downloading of those values, provided however that 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 the Saffronart Server. The most updated bid values shall be shown only when the page on the Website containing the information on bid values is refreshed, which shall happen either automatically at regular intervals (indicated at the top of the page), or when a bidder clicks on the "click to refresh immediately" link on the page, or on the "refresh" or "reload" button on his/her internet browser. After the values on the page have been refreshed, any changes in bid values shall not be visible to the bidder until the values are refreshed again whether automatically or by the bidder.

Due to the nature of internet traffic, there is an unpredictable time-lag between a bidder placing a bid, and that bid being received by Saffronart. As a result, a user may have placed his/her bid prior to the countdown clock expiring, but the bid is received by Saffronart after the closing time for that lot - and would therefore be rejected. To avoid this scenario we encourage bidders to set proxy bids/automatic bids for lots they are interested in well in advance of the closing time for a lot.

Auction Closing

For your convenience, especially if you are bidding on multiple lots, groups of lots are scheduled to close at different times. The bid-closing schedule is shown here. The bid-closing schedule for each auction is listed online. Pre-determined groups of lots will close according to the bid-closing schedule unless a bid is recorded within a span of 2 minutes prior to the lot's scheduled closing time. In this case, the countdown clock for that lot will be reset to 2 minutes and the lot closing time will be extended accordingly. Bidding on any lot will only end if there is no bid recorded for a span of 2 minutes. Bidders are advised to click on the "click to refresh immediately" link on the Website page being viewed by them, or on the "Refresh" link if bidding on a mobile, at regular intervals for updates on latest bids and time extensions if any.

Currency of Bidding and Special Lots

Bids will be placed in US Dollars (USD) or Indian Rupees (INR). However, only buyers in India may pay for their purchases in INR at the close of the auction. All other buyers must complete payment in USD. Certain lots have been marked with the sign These lots are not situated in India and therefore, may only be bid for and purchased in USD. Persons residing in India, wishing to bid in USD must be eligible under the various foreign exchange regulations to make payments overseas. Please contact Saffronart for further details.

Condition of Lots

All lots will be shipped out in an 'as is' condition meaning that the item is sold with all existing faults and imperfections.

Buyers Premium

Saffronart charges the buyer a premium on the winning bid value. The buyers’ premium is calculated at 20% of the winning bid value on each lot up to and including US$ 200,000/-, 15% of the winning bid value in excess of USD 200,000/- up to and including USD 500,000/- and 12% of the winning bid value in excess of USD 500,000. As an example: For a winning bid value of US$ 200,000, the buyer’s premium applicable will be US$ 40,000; for a winning bid value for US$ 500,000, the buyer’s premium applicable will be US$ 85,000 – calculated as US$ 40,000 (20% of US$ 200,000) plus US$ 45,000 (15% of US$ 300,000); for a winning bid value of US$ 600,000, the buyer’s premium applicable will be US$ 97,000 – calculated as US$ 40,000 (20% of US$ 200,000) plus US$ 45,000 (15% of US$ 300,000) plus US$ 12,000 (12% of US$ 100,000).

Completing the Purchase

If you win a bid, you will be informed on email immediately upon closing of bidding on that particular lot. You will be sent a subsequent email after the close of the auction, which will contain an invoice for the winning bid and an invoice for the Buyer's Premium (with payment options specified). 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.

Invoicing

Bidders are required to provide all invoicing details to Saffronart prior to the sale at the time registering for the auction as no invoices will be changed after the sale and the bidder as registered with Saffronart will be invoiced. After the sale, the Buyer as invoiced is required to pay the amounts in full (including the additional charges). No shipment or delivery will be made if this amount is not received or until all proper documentation is completed. No payments will be accepted from any other parties other than the Buyer mentioned on the invoices.

Shipping and Insurance

Price estimates do not include any packing, insurance, shipping or handling charges, all of which will be borne by the buyer. Shipping will be charged on courier rates and are determined by the value, origin and destination of the package. Bidders may, on the website, review an estimate of applicable additional charges for the lots during the auction. The additional charges for the current as well as the next highest bid may be reviewed, to help bidders make bid value decisions.

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.

Duties & Taxes

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:

1. New York: these lots are marked in the auction catalogue with the symbol , and must be paid for in USD

2. Mumbai: all lots not marked with the above symbol (payment may be made in INR or, by non-Indian buyers, in USD)

Domestic Deliveries in India

Any sale of lots originating from Saffronart Mumbai (those lots not marked in the auction catalogue with the symbol ) to an address in India is subject to a 12.5% VAT on art works and 5% VAT on books on the winning bid value and a 12.36% 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 purchasing entity is a registered dealer under such businesses, the delivery location of the lot 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 12.36%.

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. There are import duties applicable on artworks, jewelry and other objects shipped into India. Please contact Saffronart for further details.

International Shipments (other than to India)

There may be duties and taxes levied depending on the delivery destination which typically range between 0-10% of the winning bid and shipping and handling value. Depending on the shipping address these duties and taxes vary according to customs regulations in the destination country. Any shipments to the EU countries will be charged an additional VAT as applicable.

Domestic Deliveries in the US

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

Payment

Buyers will be required to complete payment within a period of 7 business days from the receipt of the invoice via email.

1. Payments for lots located in New York (marked with the symbol )

   Payments may be made in US dollars only.

   USD cheque
   Make cheque payable to: Planet Saffron Inc. and send them to:

   Planet Saffron Inc.
   The Fuller Building
   595 Madison Avenue,Suite 900
   New York, NY 10022
   USA
   

   Wire Transfer:
   Details available upon request.

2. Payments for lots located in Mumbai
   

   Payments may be made in INR, or for non-Indian buyers, in USD
   
   For payments from NRE accounts 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. The service tax at 12.36% on buyers' premium would apply in this case.
   
   Cheque/Demand Draft to be made in favor of:

   Saffron Art Private Limited
   Payable at: Mumbai
   Please send the draft/cheque to the address below, or at your convenience, to the Saffronart New York address listed above:
   Saffron Art Private Limited
   Industry Manor, 3rd floor
   Prabhadevi
   Mumbai 400 025
   India
   

   Wire Transfer:
   Details available upon request.

Delivery/Collection of Purchases

Purchases are typically shipped out within 7 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. If the Buyer wants to appoint a logistics agent (on their behalf) for shipment then the documentation supporting the shipment will be generated by Saffronart. If the documentation is not completed to the specified requirements then the Buyer will be liable for any duties or taxes that might be levied by the authorities on the transaction.

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 7 business days of completion of all payments and documentation formalities.

Storage and Demurrage

The Buyer shall ensure that all payment formalities are completed within seven business days of the receipt of the invoice. In case payment is not received within such period, this shall be treated as a breach of contract and Saffronart may take any steps (including the institution of legal proceedings), which appear to Saffronart to be appropriate to enforce payment by the Buyer. The Buyer will also be charged demurrage @ 1% per month on the value of the lots.

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 demurrage @ 1% per month on the value of the lots.

Receipt of Purchases

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 us at +91 (0) 22 2432 2898, to report the damage or send a fax to +91 (0) 22 2432 1187 or email us at [email protected].

If Saffronart does not receive any notification within 7 business days of delivery, it shall be assumed that the lot has been received in good condition, and no claims will be entertained.

Symbols

Lots marked with are not situated in India and therefore, may only be bid for and purchased in USD. Persons residing in India, wishing to bid in USD must be eligible under the various foreign exchange regulations to make payments overseas. Please contact Saffronart for further details.

Participate in our next auction

If you are interested in consigning works from your collection to our next sale, please contact us at [email protected] or at the auction help desk +91 (0) 22 2432 2898.

If you would like to stay informed of Saffronart's upcoming events, please register with us online at www.saffronart.com.