Important Notice

1. Definitions

“Affiliates” means Saffron Art Private Limited, Planet Saffron Inc. and their holding or subsidiary companies as on the date of the Auction.

“Auction” means the Live Auction of the Property/Lot to be conducted by Saffronart 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.

“Auctioneer” shall mean any person or persons who are nominated by Saffronart to conduct the Live Auction.

“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.

“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.

“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.

“Live Auction” means an auction conducted by an auctioneer with bidders present in person in a saleroom. A Live Auction may or may not include bids placed over the telephone and/or Internet.

“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 (not available for Live Auctions), viewing Auction results, and accessing other information related to Saffronart and the Auction.

“MobileApp Auction Catalogue” refers to the displays/screens/pages 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 Saffron Art Pvt Ltd 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 crippled, including but not limited to errors in the operation of the video feed from the saleroom, or 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 Saffronart-controlled URL linked to the Website.

“Winning Bid / Sale Price” means the highest Bid accepted by Saffronart in respect of a Property, which Bid shall be either 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.

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, whether in the saleroom, online, via telephone or through a written Bid, shall be given at Saffronart’s discretion. Entry to the auction room and assigning of paddles are at Saffronart’s discretion. Bidders may be disallowed from entry into the auction room or from bidding and asked to surrender paddles at any time in Saffronart’s sole and absolute discretion.
   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 shall be updated on the Website. Saffronart may evaluate the Bid histories of specific Lots 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 The Auctioneer has complete discretion on whether to accept an online Bid, a room Bid, telephone Bid or a written Bid at any given time.

6. 2.5 Tracking Bids Online

   1. On the Website, the current Bid and next valid Bid shall be accurate at the time of updating 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.

2.6. Bidders are advised to keep their login ID, password and paddle secure at all times. Saffronart will hold the Bidder responsible for all Bids placed using their paddle or login ID and password, whether via the Website or in the saleroom.

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.

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.

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.

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 time that bidding is closed for each Property 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.

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 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.

2.12. All bids may only be placed in Indian Rupees (INR). The foreign currency exchange rate used on the Website, for invoicing of non- India based bidders in USD, and for all other Auction-related purposes is constant during the Auction, and has currently been set at 1:64 (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.

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 of registering for the Auction. Notwithstanding the currency in which Buyers have placed their Bids pursuant to Clause 2.12, Buyers located in India will be invoiced in INR and all other Buyers will be invoiced in USD. Payments must be made in the currency on the invoice.

2.14. 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.

2.15. Non payment: The Winning Bidder shall ensure that the Sale Price and Buyers’ Premium in full (including applicable taxes and other charges, if any) pursuant to 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.

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.

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.

2.18. Saffronart and/ or the Auctioneer reserves the right not to award the Winning Bid to the Bidder with the highest Bid if it (in its sole and absolute discretion) deems it necessary to do so.

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(ies) shall be handed over to the Buyer or his nominee only upon full payment of all such costs.

2.20. Saffronart, and as applicable the Auctioneer acting on behalf of Saffronart, has 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 Saffronart and the Auctioneer will be conclusive.

2.21 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. This minimum increment is called out by the Auctioneer and also determines the next valid Bid for 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.

2.22. Written Bids are accepted from Bidders once they have been given bidding access for the Auction. These may not be sped, withdrawn or altered by the Bidder. Written Bids are accepted until one hour prior to the start of the Auction. Saffronart does not accept any liability in the unlikely event that the Bid is not executed or executed incorrectly. In the event the Auctioneer has two written Bids of identical values and no higher Bids are accepted in the saleroom, the Bid received earlier will be prioritized higher. Written bids indicate the maximum value that the Bidder authorises the Auctioneer to execute on the Bidder’s behalf, in the manner described in clause 2.21. In the absence of higher competing Bids, Written Bids will be executed till the reserve price.

2.23 Bidding by telephone is available at Saffronart’s discretion and subject to availability for Bidders. Saffronart does 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.

2.24. The Auctioneer may place Bids on behalf of the Seller either by placing consecutive Bids or by placing Bids in response to other Bidders, provided such Bids are less than the Reserve Price.

2.25. 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. Once the Auction has begun, they may not increase their Bid or alter it in any way.

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

2.27. Sellers are not allowed to bid on the particular Lot(s) they have consigned otherwise than as permitted under the Conditions for Sale.

2.28. Technical Downtime In the unlikely event that the Website is inaccessible to Bidders worldwide or partially disabled due to Technical Downtime at any time, the Auction will continue in the saleroom, unless specifically discontinued at Saffronart’s discretion. Bidders may contact Saffronart during such Technical Downtime to bid by telephone, subject to availability. Saffronart accepts no liability for any Technical Downtime.

2.29. Online Bids recorded prior to or after 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 recording of Bids shall be final.

2.30 A currency converter may be in operation in the saleroom for the convenience of Bidders. Saffronart accepts no liability for any malfunction in the currency converter.

2.31 Subject to the discretion of the Auctioneer, the highest Bidder accepted by the Auctioneer will be the Buyer and the fall of the Auctioneer’s gavel shall mark the close of bidding on each Lot. The Auctioneer may at his 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.

3. Catalogue Descriptions And Condition of Property

3.1. Saffronart offers all Properties for sale at the Auction “as is”, meaning that Property is sold with all existing faults and imperfections. Saffronart encourages all potential Buyers to inspect each item carefully before bidding.

3.2. Any statements made by Saffronart about any Property, whether orally or in writing concerning attribution to, for example, any school of art or craftsmanship, country or origin, history or provenance, 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 estimate value of the Property. However, Saffronart does not in anyway represent that it has carried out exhaustive research or analysis, and it is therefore recommended, especially in cases of Properties of high value, that potential Buyers seek advice on such matters from their own professional advisors.

3.3. The Buyer undertakes to:

1. to inspect and satisfy himself prior to the Auction as to the condition and description of the Property;

2. to rely on his own judgment as to whether the Property matches its description; and

3. to not rely on an illustration of any Property given in the Catalogue

3.4. Neither Saffronart nor any of its 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 authenticity, Description or condition of any Property for sale through the Auction.

4. Authenticity Guarantee

4.1. Guarantee of Properties (other than Precious Objects): With respect to artworks (not including Precious Objects) Saffronart guarantees the authenticity of the Property for a period of one year, and will provide a Saffronart authenticity certificate in relation to this guarantee (please note Saffronart does not provide authenticity certificates from artists). Authenticity in relation to artworks shall mean compliance of the artwork with the Description provided in the Auction Catalogue, particularly with reference to the name of the Artist, title (if any) of the artwork itself, date, the school of art (if mentioned), dimensions, medium, etc.

In the unlikely event that within one year from the sale of the Property through Auction, it is proved by the Buyer, to the reasonable satisfaction of Saffronart that the Property was not authentic and if, in Saffronart’s opinion, Bidders being aware of such error or omission would have bid significantly less than the actual Sale Price, Saffronart shall be entitled to rescind the sale and the Seller will be liable to refund to the Buyer the Sale Price paid for the Property. The Buyer shall return the Property to Saffronart and Saffronart shall hand over the Property to the Seller upon refund of the Sale Price paid to him for the Property. Once Saffronart obtains the refunded amount from the Seller, it shall forward the same along with the amount charged by Saffronart as the Buyer’s Premium to the Buyer.

All such claims will be handled on a case-by-case basis, and in the case of an authenticity claim will require that examinable proof, which clearly demonstrates that the Property is not authentic, is provided by an established and acknowledged authority. The decision of Saffronart in respect of such claims shall be final and binding. The authenticity guarantee under this clause 4.1 does not apply to jewelry, watches or precious stones.

4.2. The above guarantee given in clause 4.1 shall be subject to the following conditions:

1. The claim is made by the Buyer as registered with Saffronart (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 Properties).

2. The Property is returned in the same condition that it was in at the time of delivery of the Property to the Buyer.

3. The Property was indisputably purchased through the Auction.

4.3. Guarantee in relation to Precious Objects: In the case of Properties which have been categorised by Saffronart as Precious Objects, Saffronart guarantees that the Property shall comply with characteristics or features mentioned in all capital letters in the heading of the Description of the Property in the Auction Catalogue (with the exception however that in the case of the MobileApp Auction Catalogue, the characteristics or features mentioned in all capital letters may be displayed in a position other than the heading) till such time that the Property is in the possession of Saffronart. All colored stones unless certified may or may not be treated for enhancements. It is therefore advisable for Buyers or potential Buyers of such Properties, to inspect the Property prior to bidding or prior to shipment or Buyer pickup from Saffronart.

In the unlikely event that during such inspection, the Buyer is able to prove to the reasonable satisfaction of Saffronart that the Property does not match the details given in the (capitalised) heading to the Description, and if, in Saffronart’s opinion, Bidders being aware of such error or omission would have bid significantly less than the actual Sale Price, Saffronart shall be entitled to rescind the sale and the Seller will be liable to refund to the Buyer the Sale Price paid for the Property. The Buyer shall return the Property to Saffronart and Saffronart shall hand over the Property to the Seller upon refund of the Sale Price paid to him for the Property. Once Saffronart obtains the refunded amount from the Seller, it shall forward the same along with the amount charged by Saffronart as the Buyer’s Premium to the Buyer. This guarantee will not be applicable where the Property is being shipped to the Buyer by Saffronart.

4.4. In all cases Saffronart retains the right to consult with, at the expense of the Buyer, two recognized experts in the field, (such experts being mutually acceptable to Saffronart and the Buyer), to examine the Property under question before deciding to rescind the sale and offer the refund under the above guarantee. The opinion of the experts shall not be binding on Saffronart.

4.5. In the event of the Seller’s failure to refund the proceeds as stated in this clause, the Buyer shall return the Property to Saffronart and authorize Saffronart as its agent to initiate legal proceedings against the Seller. Any such steps taken or legal proceedings instituted by Saffronart against the Seller shall be to the cost of the Buyer.

5. Extent of Saffronart's Liability

5.1. Saffronart has an obligation to refund the Sale Price and Buyers’ Premium to the Buyer only in the circumstances described in Clause 4 above (Authenticity Guarantee). Damages, losses or loss in value if any to the artwork (excluding frames) incurred during shipping and transit are covered as per the insurance policy taken by Saffronart. In case the Buyer opts out of insurance coverage arranged for by Saffronart, Saffronart shall not entertain any claims for damage or loss during shipping and transit. Subject to the authenticity guarantee above, neither Saffronart’s suppliers nor Saffronart, nor any of Saffronart’s 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 Property in the sale, or for any mistakes in the Description, or for any faults or defects in the Properties, or for any other act or omission, whatsoever. Saffronart offers no guarantee or warranty other than the limited

5.2. It is stated and agreed that the rescission of the sale and the refund of the total Sale Price paid by the Buyer is the sole remedy that may be sought by a Buyer, and such remedy is exclusive and in lieu of any other remedy which may otherwise be available under law. Saffronart shall not be liable for any incidental or consequential damages incurred or claimed.

6. Copyright

All content of the Print Auction Catalogue, eCatalogue and on the Website and Mobile Application are copyright protected in favour of Saffronart. All trademarks, names, brand names, etc. used in the Print Auction Catalogue and on the Website and Mobile Application are either trademarks or registered trademarks of Saffronart. Any rights not expressly granted herein are reserved. No image, illustration or written material may be used or required without the prior written permission of Saffronart. Saffronart and the Seller(s) make no representation or warranty that the Buyer of a Property will acquire any copyright or other reproduction rights in it.

7. Legal Notices

7.1. Saffronart may validly serve the Bidder/ Buyer with legal notice, if required, under these Conditions of sale by:

1. Sending an email to the email address disclosed by the Bidder/ Buyer to Saffronart; or

2. Sending a courier to the address disclosed by the Bidder/ Buyer to Saffronart.

7.2. Such legal notice shall be deemed to have been properly served:

1. In the case of email transmission - on the date of the transmission; or

2. In case of transmission by courier - 2 business days after the dispatch of the notice by courier.

8. Severability

If any part of the Conditions for Sale between the Buyer and Saffronart 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.

9. Law and Jurisdiction

The Conditions for Sale are subject to the laws of:

1. India, in the event that the Seller is located in India; and

2. The United States of America, in the event that the Seller is located in any jurisdiction other than in India, and such laws shall apply to the construction of the Conditions for Sale and to the effect of the provisions thereof.

All parties are subject to the exclusive jurisdiction of courts at:

1. Mumbai, Maharashtra, India, in the event that the Seller is located in India; and

2. New York, USA, in the event that the Seller is located in any jurisdiction other than in India.