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:
1. The Auction Previews and
Viewings
Please see the Sale
Guide for more information on the previews and viewings
2. 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.
3. The mobile Auction Catalogue
Saffronart has developed a
downloadable software application for bidding on mobile devices, which will
include abbreviated information on each lot.
4. The Printed Auction Catalogue
All lots are published in the
printed auction catalogue. You can order this catalogue by calling Saffronart at
+91 (0) 22 2436 4113 or emailing us at [email protected]
India: Rs.
2000 (inclusive of shipping and handling charges)
International: US $ 50
(inclusive of shipping and handling charges)
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
Registering to Bid
You must be pre-registered and approved for the
Saffronart auction in order to bid.
All bidders, whether submitting written bids or bidding online, in the
saleroom, or over the phone, are strongly encouraged to pre-register online on
the Saffronart website in advance of the auction date, to ensure there is
sufficient time to process your registration.
Online Registration
If you already have
a Saffronart 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.
Registration at the Auction
On the day of the
auction, bidders can also register up to an hour prior to the start of the
auction at the registration desk in the saleroom. Bidders must have a proof of
identity and address. We may also require credit card authorisation, bank
details such as a recent bank statements and/or a letter of reference from your
bank, and/or trade references to grant bidding access. Once approved, you will
be assigned a paddle number for room bidding, as well as a Saffronart login id
and password for online access.
Bidding Limits
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.
The auctioneer accepts bids from the room, from phone bidders, based on
written bids submitted in advance of the auction and from online bidders. The
auctioneer may also place bids on behalf of the seller up to the amount of the
reserve. These bids will not be specifically identified as placed on behalf of
the seller.
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.
You may view and hear the auction on your 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, their bid will be recorded.
Please note the following differences when bidding online in this auction (a
Saffronart Live Auction) versus Saffronart Online Auctions:
• Bidding on lots is sequential i.e., at any given time a single lot is open
for bidding. When that lot is closed by the auctioneer in the room, bidding will
be opened on the next lot by the auctioneer.
• A bid is not recorded until the auctioneer in the auction room accepts the
bid.
• Proxy bids may not be placed online. Please see below for how to enter a
written bid in advance of the auction start. Bid histories are not available in
Live Auctions.
• Saffronart’s mobile applications for the iPad, iPhone and Blackberry may be
used to view the Live Auction catalogue, but may not be used for
bidding.
Entering a Written Bid
You can also place written bids by faxing the written bid form (available online) to +91 (0) 22 2432 1187. A written bid indicates a maximum bid amount, and authorizes the Saffronart auctioneer to place bids on your behalf.
At the discretion of the auctioneer, written bids submitted on “no reserve” lots will be executed at a minimum of 10% of the lower estimate (the "Minimum Value") if there is no competing bid and the written bid amount is greater than the Minimum Value.
Telephone Bids
As an approved bidder, you may also bid via the telephone by contacting any
of the Saffronart locations in the Sale Guide. The number of telephone lines
available for telephone bidding may be limited, hence interested bidders are
urged to register at least a day before the auction. This facility will be
granted solely at Saffronart’s discretion. Please note that telephone bids are
accepted and recorded at Saffronart’s discretion.
Bid Cancellation
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 in order to
protect the efficacy of the bidding process.
Bid Increments
Any new bid will normally 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
is called out by the auctioneer and also determines the next valid bid for
online bidders.
The auctioneer may from time to time allow a bid in the room at a lower or
higher increment than the minimum increment. Online bids however, are accepted
only at the next valid bid based on the minimum increment.
Reserve Price
All lots in this auction are offered without a Reserve Price.
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.
Winning Bids
The final bid announced by the auctioneer is considered a winning bid, only
if the bid equals or exceeds the reserve price. If the final bid on a particular
lot is below the reserve price, it will not be considered a winning bid and the
lot will be deemed unsold.
Tracking Bids Online
The current bid and next valid bid shall be accurate at the time of updating
of those values from the auction room, provided however that such information
shall not reflect any changes that may have occurred during the time taken for
this information to reach the bidder’s computer over the Internet. 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 lot being closed by the auctioneer in
the saleroom, but the bid is received by Saffronart after the closing of that
lot - and would therefore be rejected. An online bid from a bidder will be
prioritized against other online bids at the same bid level in chronological
order with the earliest bid received by Saffronart being considered for
acceptance by the auctioneer. Please note that the auctioneer has complete
discretion on whether to accept an online bid or a room or telephone or written
bid at any given time.
Currency of Bidding and Special Lots
All bids in this auction must be placed in Indian Rupees (INR). However, only
buyers located in India may pay for their purchases in INR at the close of the
auction. All other buyers will be invoiced in USD based on the exchange rate set
by Saffronart for this auction, and must complete payment in USD.
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. Saffronart encourages all
potential buyers to inspect each item carefully before bidding and to not rely
on an illustration of any item given in the catalogue. Condition reports for all
lots are available upon request by email, fax, or telephone.
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 sent an 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 of 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.
Origin of Shipments
Please note that all lots in the auction will be shipped to the buyer from
Mumbai.
Duties & Taxes
All duties and taxes, wherever applicable, shall be borne by the
buyer.
Domestic Deliveries in India
Any sale of lots originating from Saffronart Mumbai to an address in India is
subject to a 12.5% VAT on the winning bid value and a 12.36% Service Tax on the
buyer’s premium (e.g. a 20% buyer’s premium would attract Service Tax amounting
to 2.472% of the winning bid value). 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
business, 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%.
The final charges will be determined at the close of the auction and will be
sent by email to the winning bidder.
International Shipments (other than to India)
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.
International duties
Please read below for a recent change in
Saffronart policy with regard to International duties: 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.
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.
Payment
Buyers will be required to complete payment within a period of 7 business
days from the receipt of the invoice via email.
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 favour 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 in this catalogue:
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
artworks.
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.
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