Important Notice

1. Definitions

"Affiliates" means Saffron Art Private Limited, Planet Saffron Inc., Planet Saffron Management Co., LLC and their holding or subsidiary companies as on the date of the Auction.

"Auction" means an auction of Property/Lot to be conducted by Saffronart on the Website on the date indicated in the Auction Catalogue.

"Auction Catalogue" shall refer to the catalogue published by Saffronart, whether in print, on the Mobile Application or on the Website and shall include the Print Auction Catalogue, the MobileApp Auction Catalogue the Online Auction Catalogue and the eCatalogue in respect of an Auction, containing details of the Auction along with the Description, price and other details of Properties 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 Saffronart from time to time, shall take precedence.

"Bid" means the price offered by a Bidder to purchase a particular Property offered for sale at an Auction.

"Bidder" means a person making a Bid for the purchase of one or more Properties offered for sale at an Auction in accordance with the terms and conditions set out in the Conditions for Sale and such person shall be required to be entitled to enter into contracts under applicable law.

"Bid Closing Schedule" shall be the schedule specifying the closing times for bids for each Lot to be sold through the Auction as specified in the Auction Catalogue.

"Buyer" means the Bidder making the Winning Bid in respect of a Property(ies) and who has agreed to pay/ has paid both the Sale Price and the Buyers' Premium payable in respect of such Property(ies).

"Buyers' Premium" means the amount charged by Saffronart from a Buyer for services rendered by it, in accordance with the Conditions of Sale, in connection with the purchase of Property by the Buyer.

"Closing Date" means the date specified in the Bid Closing Schedule on which the Auction closes.

"Closing Time" means the time at which the Auction for any of the Lot Groups listed in the Bid Closing Schedule closes.

"Conditions for Sale" means these Terms and Conditions published in any of the Auction Catalogues which shall be applicable to every Bid and every sale of Property made through an Auction. In case of a conflict between the Terms and Conditions published in the Online Auction Catalogue and in the Print Auction Catalogue or eCatalogue, the Online Auction Catalogue version, as modified by Saffronart from time to time, shall take precedence.

"Description" means all the details of a Property as set out in the Auction Catalogue and may include, without limitation, the name of the artist, designer or manufacturer, the title of the Property, and the following additional details:

1. For artworks: the signature of the artist/ date of the Property (if any), the surface, medium, edition number (wherever applicable) and dimensions of the Property.

2. For Precious Objects: any other features or characteristics of the Property mentioned in the Auction Catalogue.

Prospective Bidders using the Mobile Application are advised to refer to the Online Auction Catalogue, the Print Auction Catalogue or the eCatalogue for the complete Description as all details may not be made available/accessible through the MobileApp Auction Catalogue.

"eCatalogue" refers to an electronic reproduction of the Print Auction Catalogue that may be made available on the Website for certain auctions.

"Lot Groups" means the Properties grouped together for Auction closing at a particular time.

"Mobile Application" means Saffronart's proprietary software application, as updated from time to time, and available for download from the Website for the purpose of viewing the MobileApp Auction Catalogue, placing Bids, viewing Auction results, and accessing other information related to Saffronart and the Auction.

"MobileApp Auction Catalogue" refers to the screens within the Mobile Application relating to the Auction, as may be amended from time to time.

"Notices" refers to information included in the Auction Catalogue by Saffronart whether in print or online or on the Mobile Application - to correct errors and omissions in the Auction Catalogue. These are provided for the bidders' convenience however the, the Online Auction Catalogue as modified by Saffronart from time to time, shall take precedence in all cases of discrepancy.

"Online Auction Catalogue" shall refer to the web pages on the Website relating to the Auction, as may be amended from time to time and shall include web pages accessible via the link "Auction Catalogue" (including all pages providing details related to the Properties) as well as additional pages containing details of the Auction such as "Sale Guide", "About the Auction", "Conditions for Sale", "Notices", etc.

"Precious Objects" means jewelry, watches, loose precious stones and any other objects offered for sale within the context of an Auction comprising jewelry as the majority of Lots.

"Print Auction Catalogue" refers to the printed version of the Auction Catalogue.

"Property/Lot" means the artwork, Precious Objects and any other objects offered by Saffronart for sale either individually or collectively (as a single unit) through the Auction.

"Reserve Price" means the minimum price that the Seller has communicated to Saffronart as being acceptable for the sale of the Property through an Auction.

"Saffronart" means Saffronart Management Corporation acting either on its own behalf or as a representative of any of its Affiliates.

"Saffronart Server" means the computer(s) that provides other computers with access to resources shared on computer networks including Saffronart data, application files and printers.

"Seller" means the party consigning the Property to Saffronart as its agent for sale through Auction.

"Technical Downtime" means the time period during which the Saffronart Server or the Website is not in operation due to a malfunction.

"Terms of Business" means the terms of business executed between Saffronart and the Seller.

"Website" means the collection of HTML and/or internet data and media located at the URL www.saffronart.com and/or any other URL linked to the Website.

"Winning Bid / Sale Price" means the highest Bid offered in respect of a Property at the Closing Time, which Bid shall be either be equal to or higher than the Reserve Price.

"Winning Bidder" means the Bidder who has placed the Winning Bid.

2. General Terms

By participating in this Auction, you acknowledge that you are bound by the Conditions for Sale as listed below and on the Website.

1. 2.1. Saffronart's role as the agent of the Seller: Saffronart undertakes to sell the Properties through the Auction as the agent for and on behalf of the Seller. Saffronart has no ownership interest in any Property other than the Properties listed as Lot(s) No. 47, 51, 62 and 66 which has been marked with the symbol /\ in the Auction Catalogue and indicate that Saffronart owns the Lot in whole or in part or has an economic interest in the Lot equivalent to an ownership interest.

2. 2.2. Making a Bid constitutes an irrevocable offer to purchase the Property and the acceptance of a Bid as the Winning Bid by Saffronart shall result in an enforceable contract of sale between Saffronart, acting solely as the agent of the Seller, and the Winning Bidder.

3. 2.3. Saffronart is authorised by the Seller to exercise its complete discretion in: (i) determining the form and content of the Descriptions in the Auction Catalogue, (ii) granting bidding access to a Bidder, (iii) recording, rejecting or accepting Bids, and (iv) deciding which Bid constitutes the Winning Bid, if any.
   
   Bidding access shall be given at Saffronart's discretion and Saffronart may set limits on the number of Bids that may be made by a Bidder and/or require payment guarantees or deposits as a condition precedent to giving bidding access to a Bidder. Bidders will be informed of the limits on the number of Bids they may make, if any, and will not be allowed to bid further if their bidding limit has been exhausted. Bid updates and time extensions, if any, shall be updated on the Website and Mobile Application. On the Website, Bidders may refresh their bidding pages by clicking on the "click to refresh immediately" link or the re-load/refresh buttons on their browsers, to view latest bid updates and time extensions, if any. On the Mobile Application, Bidders may select the "Refresh" menu item to view latest bid updates and time extensions. Saffronart shall evaluate the bid histories of specific Lot Groups periodically to preserve the efficacy of the Auction process. This exercise may be conducted by Saffronart internally or through third parties solely at the discretion of Saffronart.

4. 2.4. For the convenience of Bidders, in particular Bidders who are placing Bids on more than one lot, Lot Groups are scheduled to close at different times during the Auction. Starting November 9, 2011, Lot Groups are scheduled to close at 20 minute time intervals as opposed to 30 minute time intervals.

5. The Bidding for various Lot Groups shall be closed in accordance with the Bid Closing Schedule. However, in the event that a Bid is recorded by Saffronart in the 2 minutes prior to the Closing Time of the Lot. The Closing Time for such Lot shall be extended to a time that is 2 minutes after the time that the last Bid was made. In the event of extension of Closing Time in accordance with this Clause, bidding on the Lot shall only end if no Bid is recorded by Saffronart for a continuous period 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" menu item in the Mobile Application at regular intervals in accordance with the provisions of Clause 2.5 for updates on latest Bids and time extensions if any.

6. 2.5 Tracking Bids

   1. The Website shall also contain a link titled "My Bids " within the page "My Auction" 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.

   2. The Website and Mobile Application shall contain:
      
      

      1. the Bid history for each Lot, being the Bid amounts that have been recorded since the start of the Auction till the current highest Bid; and

      2. a countdown clock indicating the amount of time available for placing Bids before the Closing Time.

   3. 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 or mobile device 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 on the Website (indicated at the top of the page), or when a Bidder clicks on the "click to refresh immediately" link on the Website page, or on the "refresh" or "reload" button on his/her internet browser, or on the "Refresh" menu item in the Mobile Application. After the values on the page have been refreshed, any changes in the Bid history shall not be visible to the Bidder until the values are refreshed again whether automatically on the Website or by the Bidder. Note that there is no automatic refreshing of values in the Mobile Application and the Bidder must use the "Refresh" menu item to obtain current values.

   4. When the countdown clock counts down to zero, in the case where the Closing Time in respect of a particular Lot has been extended by a further two minutes pursuant to Clause 2.4 above, the countdown clock may not reflect such extension. The Bidder may wait for the values on the page to refresh automatically on the Website, or click on the "click to refresh immediately" link on the page, or on the "refresh" or "reload" button on his/her internet browser, or on the "Refresh" menu item in the Mobile Application after the countdown clock has counted down to zero to determine whether the Closing Time has been extended for that lot.

   5. The countdown clock combined with the current highest Bid as shown on the Bid history on the Website shall only be an indication of the highest Bid amount at the time when the values on the Website or Mobile Application were refreshed in the manner set out in Clause 2.5 (c) above. Should bidders want more frequent updates, they are advised to refresh values as described in Clause 2.5(c) in order to view the most updated Bid history and countdown clock.

   6. Due to the nature of internet and/or mobile traffic, there may be an unpredictable time-lag between a Bidder placing a Bid, and that Bid being received by Saffronart. Therefore, although a Bidder may have placed his/her Bid prior to Closing Time, the Bid may be received by Saffronart after the Closing Time for the Lot in respect of which the Bid has been placed and shall, in such an event, be rejected. In order to prevent Bids being rejected in such a manner, Bidders may set proxy Bids/automatic Bids on Lots which the Bidder wishes to Bid for. Proxy Bids may be recorded with Saffronart 12 hours prior to Closing Time, subject to the other provisions of these Conditions for Sale, including any limits imposed by Saffronart on the number of Bids that a Bidder may place.

7. 2.6. Bidders are advised to keep their login ID and password secure at all times. Saffronart will hold the Bidder responsible for all bids placed using their login ID and password, whether via the Website or a mobile device. Bidders using the Mobile Bidding Application are advised to keep their mobile devices secure and set passwords for them to prevent unauthorized use.

8. 2.7. Saffronart reserves the right to withdraw any Property before, during or after the Auction, if it has reason to believe that the authenticity of the Property or the accuracy of the Description is in doubt, or if there is a breach of the Terms of Business, or if Saffronart otherwise believes, in its sole discretion, that it would be improper to include the Property in the Auction.

9. 2.8. All Properties shall be sold subject to the Reserve Price. If the Winning Bid is below the Reserve Price, the Property shall be considered unsold. The Reserve Price on each Property shall be confidential and Saffronart shall have no obligation to disclose the same to any Bidder.

10. 2.9. Saffronart will raise invoices on the Buyer for the Sale Price and Buyer's Premium, applicable taxes on sale of Properties and other additional charges that may be incurred by Saffronart, if any, including shipping and handling of the Property and additional levies.

11. 2.10. a. The title to the Property shall pass from the Seller to Saffronart outside the territory of United States of America.

    b. The title to the Properties purchased shall pass to the Buyer at the Closing Time for those Properties and such Buyer assumes full risk and responsibilities for the Properties thereafter. Notwithstanding the foregoing, the Properties purchased will not be released or shipped out to the Buyer or his representative until the Buyer has fulfilled his payment and other obligations as described in these Conditions for Sale. Saffronart may exercise a lien on the Properties under the conditions described in clause 2.17.

12. 2.11. In respect of each sale at the Auction, Saffronart shall charge a Buyers’ Premium calculated at the rate of 20% of the Winning Bid up to and including USD 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 in excess of USD 500,000/-. Service tax applicable on the Buyers’ Premium for deliveries, if within India, shall be to the account of the Buyer.

13. 2.12. The foreign currency exchange rate used is constant during the Auction, and has currently been set at 1:50 (USD:INR). Prior to the start of the Auction, Saffronart may at its discretion change the exchange rate used, based on fluctuations in market exchange rates. Please refer to the Conditions for Sale for this Auction posted in the Online Auction Catalogue for the most current exchange rate. The estimates for individual Properties have been 'rounded off' for ease of reference and may not reflect the exact exchange rate used for Bid calculations.

14. 2.13. All Bidders are required to provide complete and accurate invoicing details to Saffronart at the time of registration for the Auction and invoicing details once registered will not be changed. The Bidder shall be invoiced based on details provided at the time for registering for the Auction.

15. 2.14. The Winning Bidder shall pay the Sale Price and Buyers' Premium in full (including the applicable taxes and other charges, if any) within seven business days from the Closing Date. No shipment or delivery of the Property will be made to the Winning Bidder if the Sale Price and Buyers' Premium (including the applicable taxes and other service charges, if any) are not received by Saffronart and until all proper documentation in connection with the sale of the Property has been completed. Payments will not be accepted from any parties other than the Winning Bidder as recorded on the invoice.

16. 2.15. Non payment: The Winning Bidder shall ensure that invoices raised by Saffronart are paid in full and all remittance of amounts due under the invoice is made within seven business days from the date of the invoice. In case payments are not received within such period, this shall be treated as a breach of contract of sale by the Buyer and the Seller may, in such an event, authorize Saffronart to take any steps (including the institution of legal proceedings), as it may deem to be appropriate to enforce payment by the Buyer. In addition, the Buyer will be charged demurrage @ 1% of the total value (Winning Bid plus Buyers' Premium) per month till the date of actual payment.

17. 2.16. Failure to collect: If the Buyer informs Saffronart that he wishes to collect the Property from Saffronart in person and such Property is not collected by the Buyer within 30 days of the payment formalities being completed, Saffronart shall arrange for storage of the Property at the Buyer's expense, and shall only release the Property after payment has been made, in full, of the Sale Price and Buyers' Premium including demurrage @ 1% of the total value (Winning Bid plus Buyers' Premium) per month (if applicable) and the charges for storage of the Property, if any.

18. 2.17. Saffronart shall be entitled to exercise a lien on the Property for payment of any sums due to it from the Buyer, including the Sale Price, Buyer's Premium or costs relating to storage and insurance where they are to be borne by the Buyer, in relation to any Property purchased by the Buyer.

19. 2.18. Saffronart reserves the right not to award the Winning Bid to the Bidder with the highest Bid at the Closing Date if it deems it necessary to do so.

20. 2.19. The Buyer acknowledges that Saffronart will abide by any export restrictions that may apply in the countries from where specific Properties will be shipped. The Buyer shall also be responsible to ensure that the Property(s) is freely importable into his country or to the country where the destination for delivery (as specified by the Buyer) is located. In the event of the Buyer or Saffronart becoming aware of any restrictions to such import subsequent to the completion of the Auction the Buyer may provide an alternate delivery destination to Saffronart. All costs associated with the process of delivery and storage (when required) of the Property shall be borne by the Buyer. The Property(s) shall be handed over to the Buyer or his nominee only upon full payment of all such costs.

21. 2.20. Saffronart has the right to exercise reasonable discretion in setting bid incerments, 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 the auctioneer will be conclusive.

22. 2.21. Written Bids are accepted from Bidders once they have been given bidding access for the Auction. These are entered as proxy Bids, and may be stopped or altered by the Bidder once the Auction has commenced. Written Bids are accepted until twelve hours prior to the first Closing Time.

23. 2.22. Saffronart employees may not bid in the Auction once the Auction has started. They may however submit a written Bid for an amount which may be equal to or above the lower estimate of a Lot before the Auction commences and have a proxy Bid placed on their behalf. Once the Auction has begun, they may not increase their proxy Bid or alter it in any way.

24. 2.23. Saffronart employees may bid in charity auctions that are held on the Saffronart Auction platform.

25. 2.24. Sellers are automatically blocked from bidding on the particular Lot(s) they have consigned.

26. 2.25. The Saffronart Auction platform does not allow any Bids to be placed by Saffronart on behalf of the Seller. All of the Bids recorded at Saffronart are from registered Bidders.

27. 2.26. Once a Bid is registered in our system, whether placed by an active Bidder or by proxy, it is immediately and automatically displayed for all registered users to see.

28. 2.27. Technical Downtime - In the unlikely event that the Website is inaccessible to Bidders worldwide due to Technical Downtime at any time during the half an hour prior to the scheduled Closing Time of the Auction for any of the Lot Groups, the Closing Time of that Lot group and subsequent Lot Groups will be extended by the duration of the Technical Downtime. In case the Technical Downtime extends beyond the Closing Time for a particular Lot Group, the Website shall, after the Technical Downtime, show the Auction for the particular Lot Group as closed. However, the Closing Time for such Lot Group and subsequent Lot Groups shall be extended by the duration of the Technical Downtime and appropriate details of the extension shall be published on the Website shortly after recovery from the Technical Downtime. Note that any malfunction in the Mobile Application does not constitute Technical Downtime. In the event of such malfunction, Bidders should use the Website to place Bids.

29. 2.28. Bids recorded prior to any Technical Downtime will be treated as valid according to the Conditions for Sale. Saffronart shall not be liable for any loss of information due to the Technical Downtime. The data logs of the Saffronart Server will determine the duration of the Technical Downtime and any determination made by Saffronart in respect of extension of the Closing Time shall be final.