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. 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 have verified the valid registration of the Antiquities in
the name of the relevant sellers as required under the Antiquities Act
and Rules.
1.3 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.
1.4 The possession of the Lots which are Antiquities has passed from
the respective sellers to Us within the territory of India in accordance
with the provisions of the Antiquities Act and the Rules, and
the sellers have intimated the Archaeological Survey of India of such transfer of
possession of the concerned Antiquity from such seller to Our designated
premises.
2. Our Role as the Agent of the seller:
2.1 We undertake to sell Lots through this auction as agents
for and on behalf of sellers. Unless stated otherwise, We have no ownership
interest or any other financial interest in any of the Lots.
2.2 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 Lots
3.1 We offer all Lots for sale at the auction on an “as is”
basis, meaning that each Lot 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 Lot, whether orally or in writing, concerning
attribution of such Lot 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 Lot. We
have not carried out any exhaustive research or analysis on any Lot
to be sold in this auction, and potential buyers should seek appropriate advice
on the condition of each Lot from their own professional
advisors.
3.4 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.
3.5 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.
3.6 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.
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
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 4 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 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 1:71 (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.
5.8 Technical Downtime: In the unlikely event that Our Website 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.
5.9 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.
5.10 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.
5.11 Our auctioneer may place bids on behalf of sellers 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.
5.12 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.
5.13 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.
5.14 Sellers are not allowed to bid on the particular Lot/s they have consigned
otherwise than as permitted under these conditions for sale.
5.15 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.
5.16 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.
5.17 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.
5.18 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.
5.19 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.
5.20 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 marked with shall pass from the seller to
Us outside the territory of the United States of America.
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) 20% of the winning bid value of up
to and including INR 20,00,00,000, (ii) 15% of the winning bid value in excess of
INR 20,00,00,000 up to and including INR 30,00,00,000, and (iii) 12% of the winning
bid value in excess of INR 30,00,00,000. 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 the Sale Price and Buyer's Premium
in full (including the applicable taxes and other charges, if any) within 7 (seven)
business days from the date of invoice. 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.
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 within 7 business days
of each invoice, 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 from the seller
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 shall be entitled to exercise a lien on the Lot
for payment of any sums due to Us 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 Lot
is in Our possession. We do not guarantee any other attribute of such
Lot; 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 Lot" 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 Lot is in Our
possession. We do not guarantee any other attribute of such Lot.
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 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 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, and the seller
will be liable to refund to the winning bidder the Sale Price paid for the
Lot.
7.6 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.
Once We obtain the refunded amount from the seller, We shall
forward the same along with 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 under the guarantee
set out above. The opinion of the experts shall not be binding on Us.
7.9 In the event of the seller's failure to refund the proceeds as stated
in this paragraph, the winning bidder shall return the concerned property in the
Lot to Us and authorise Us as its agent to initiate legal proceedings
against the seller. Any such steps taken or legal proceedings instituted
by Us against the seller shall be to the cost of the winning bidder.
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.
8.2The winning bidder agrees to maintain the confidentiality of the information
about the seller, 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 6 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:
(i) India, in the event that the seller is located in India; and
(ii) The United States of America, in the event that the seller is located
in any jurisdiction other than in India.
Such laws shall apply to the construction of the conditions for sale and to the
effect of the provisions thereof.
14.2 All parties are subject to the exclusive jurisdiction of courts at:
(i) Mumbai, Maharashtra, India, in the event that the seller is located in
India; and
(ii) New York, USA, in the event that the seller is located in any jurisdiction
other than in 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., Saffron Art Private Limited 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
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,
acting either on its own behalf, or as a representative of any of its Affiliates.
Reserve Price: The minimum price that a seller has communicated to Us
as being acceptable for the sale of a Lot through an auction.
Rules: The Antiquities and Art Treasure Rules, 1973 and any
amendments made thereto from time to time.
Sale Price: The price at which a Lot
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 Lot
and additional levies.
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.