These conditions for sale set out the terms on which We offer the Lots listed in this catalogue for sale on behalf of sellers, and if you make a successful bid, will form a contract for sale between you and the seller.
By participating in these auctions, 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, since We are only working in our capacity as the auctioneer on behalf of and under directions of the Seller or their agents, in respect of such Antiquity from a winning bidder in accordance with clause 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 Rules, and the sellers have intimated the Archaeological Survey of India (ASI) of such a 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 the Lots through this online auction as agents for and on behalf of Sellers. Unless stated otherwise, We have no ownership interest in any Lot in this online auction.
2.2 Making a bid online, or 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 the 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 Lot
3.1 We offer all Lots 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 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.
3.3 For the convenience of bidders, We provide condition reports on Lots upon request, free of charge. Bidders may please note that We have not carried out physical inspection of some of the Lot/s and have relied on the representations made by the seller as to the condition of suchLots . 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.
3.4 The bidders undertake to:
i.Inspect the condition report and/or seek an independent professional advice on the Lot, 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 .
3.5 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.
3.6 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) Viewings – details listed in the ‘Sales and Enquiries’ section
(ii)The Online Auction Catalogue
(iii)The printed Auction Catalogue
(iv)The MobileApp Auction Catalogue
4.2 We may withdraw any Lot before, during, or after the online 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. Lots sold in “Absolute Auctions” or marked as sold with “No Reserve” are not subject to a Reserve Price and will be sold to the highest bidder, irrespective of the bid amount.
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 the auction room or from bidding; and (iv) ask bidders to surrender paddles at any time.
4.5 We have the sole and absolute discretion to: (i) determine the form and content of the descriptions of Lots in the Auction Catalogue, (ii) grant bidding access to a bidder, (iii) record, reject or accept bids, and (iv) decide which bid constitutes the winning bid, if any.
4.6 Online bidding access, and access to the MobileApp and the telephone bidding facility, shall be given at our discretion and We may set limits on the number 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 limits, if any, and will not be allowed to bid further if their bidding limit has been exhausted.
4.7 Bid updates and time extensions, if any, shall be updated on the Website. On the Website, bidders may refresh bidding values by clicking on the “Refresh” icon or the reload/refresh buttons on their browsers, to view the latest bid updates and time extensions, if any. We shall evaluate the bid histories of specific Lot groups periodically to preserve the efficacy of the auction process. This exercise may be conducted by Us internally or through third parties solely at our discretion
4.8 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. The bidder shall be invoiced based on the details provided at the time of registering for the auction.
4.9 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 in the Live Auction
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 remain open till the start of the auction.
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 clause 4 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/or 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 clause 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:
(i) Bids for Lots located in India may only be placed in Indian Rupees (INR).
(ii) Bids for all Lots marked with the 
, may be placed only in Us Dollars (USD).
(iii) The foreign currency exchange rate used is constant during the auction and has currently been set at 1:82 (USD: INR). Prior to the start of the auction, We may, at our 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 through our platform, including catalogue descriptions and prices on our Website at all times, after the completion of the sale. We regret that We cannot agree to requests to remove these details from our Website
6. Bidding in the Online Auction
6.1 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.
6.2 The bidding for various Lot groups shall be closed in accordance with the bid closing schedule. However, a bid can be recorded by Us 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 an extension of closing time in accordance with this clause, bidding on the Lot shall only end if no bid is recorded by Us for a continuous period of 2 minutes. Bidders are advised to click on the “Refresh” icon on the Website page being viewed by them or on the “Refresh” button in the browser at regular intervals (in accordance with the provisions of clause 5.4 below) for updates on latest bids and time extensions, if any.
6.3 The Website shall also contain a “My Auction” filtered view of the Auction Catalogue and the bidder may click on this link to access information on all bids made by the bidder with respect to various Lots. For ease of tracking bids, bidders are advised to assign bidding nicknames to themselves. The Website shall contain 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 a countdown clock indicating the amount of time available for placing bids before the closing time.
6.4 The bid history, current bid, and countdown clock shall be accurate at the time of downloading of those values. However, such information shall not reflect any changes in the bid history, current bid, and/or countdown clock that may have occurred during the time taken for this information to reach the bidder's computer from our server. The most updated bid values shall be shown only when the information on bid values is refreshed, which shall happen either automatically, or when a bidder clicks on the “Refresh” icon on the Website page, or on the “Refresh” or “Reload” button on his/her internet browser. After the values on the page have been refreshed, any changes in 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.
6.5 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 2 minutes pursuant to clause 5.2 above, the countdown clock may not reflect such an extension. The bidder may wait for the values on the page to refresh automatically on the Website or click on the “Refresh” icon on the page, or on the “Refresh” or “Reload” button on his/her internet browser after the countdown clock has counted down to zero to determine whether the closing time has been extended for that Lot.
6.6 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 were refreshed in the manner set out in clause 5.4 above. Should bidders want more frequent updates, they are advised to refresh values as described in clause 5.5 above in order to view the most updated bid history and countdown clock.
6.7 Bidders may download the MobileApp onto any mobile device that supports Android and iOS and use it to place advance bids. To avail of this service, you must be registered as a bidder. We do not accept any liability in the unlikely event that a bid made through the MobileApp is not executed or executed incorrectly.
6.8 Currency of bidding:
(i) Bids for Lots located in India may only be placed in Indian Rupees (INR).
(ii) Bids for all Lots marked with the , may be placed only in Us Dollars (USD).
(iii) The foreign currency exchange rate used is constant during the auction and has currently been set at 1:82 (USD: INR). Prior to the start of the auction, We may, at our 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.
6.9 Technical Downtime :In the unlikely event that the Website or MobileApp is inaccessible to bidders or partially disabled due toTechnical Downtimeat 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 a duration of thirty (30) minutes.In case the Technical Downtime extends beyond the closing time for a particularLot group, the Websiteand the MobileApp, as the case may be, shall, after the Technical Downtime, show the auction for the particularLot group as closed. However, the closing time for suchLot group and subsequent Lot groups shall be extended by a duration of thirty (30) minutesand appropriate details of the extension shall be published on the Website shortly after recovery from the Technical Downtime. Bids recorded prior to any Technical Downtime will be treated as valid.We may however reopen some or all of the closed Lots in a particular closed Lot group for bidding in the event bidding access to such Lots was unavailable/ unresponsive/restricted during the Technical Downtime , and appropriate details regarding the reopening of such Lots shall be published on the Website shortly after recovery from the Technical Downtime .
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 and any determination made by Us in respect of extension of the closing time shall be final.
6.10 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 Us. Therefore, although a bidder may have placed his/her bid prior to the closing time, the bid may be received by Us 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 from being rejected in such a manner, bidders may set proxy bids/automatic bids on Lots which the bidder wishes to bid for.
6.11 Proxy bids may be recorded with Us 12 hours prior to the closing time, subject to the other provisions of these conditions for sale, including any limits imposed by Us on the number of bids that a bidder may place. Proxy bids are accepted from bidders once they have been given bidding access for the auction and may be entered prior to auction start and up until the auction closes.
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.
6.12 Bidders are advised to keep their login ID and password secure at all times. We will hold the bidder responsible for all bids placed using their login ID and password, whether via the Website or through the MobileApp. Bidders choosing to bid via telephone are advised to re-set their passwords at the close of the auction.
6.13 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 also bid in charity auctions that are held on the Auction Platform.
6.14 our Auction Platform does not allow any bids to be placed by Us on behalf of a seller. All bids recorded are from registered bidders.
6.15 We have the right to exercise reasonable discretion in setting bid increments, 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 will be conclusive.
6.16 We reserve the right not to award the winning bid to the bidder with the highest bid at the closing date if We deem it necessary to do so.
6.17 We shall retain the right to display the results of the sale and Lot details sold through our platform, including catalogue descriptions and prices on the Website at all times, after the completion of the sale. We regret that We cannot agree to requests to remove these details from the Website.
6.18 At our discretion, 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. Notwithstanding the above, in the event that there is a bid lower than such minimum value and there is no competing higher bid, then We may, at our discretion, execute the Lot at such lower value.
7. Completing the Purchase
Nothing in this paragraph 7 applies to Lots marked with unless specifically provided otherwise.
7.1 We will raise invoices on the winning bidder for the sale price and Buyer’s Premium , applicable taxes on sale of the Lots and other additional charges that may be incurred by Us, if any, including shipping and handling of the Lots and additional levies.
7.2 (a) The title to all Lots marked with shall pass from the seller to Us outside the territory of the United States of America.
7.2 (b) 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 Lot. In any event, the Lots purchased will not be released or shipped out to the winning bidder or his/her representative until the winning bidder has fulfilled his payment and other obligations as described in these conditions for sale.
7.3 (a) Subject to fulfilment of all these conditions for sale, the title to the Lots which are Antiquities shall pass to the winning bidder upon full payment by the winning bidder to Us, and such winning bidder assumes full risk and responsibilities thereafter. However, since We cannot deliver possession of the Antiquity to a third person prior to transferring the ownership along with valid registration to such third person in accordance with the provisions of the Antiquities Act and the Rules, subject to receipt by Us of full payment and of the duly signed requisite forms and documents from the winning bidder required for the purpose of transferring the ownership along with registration of the Antiquity to the winning bidder, We shall make best endeavours to transfer/deliver such Antiquity to the winning bidder within 90 days from the date of the receipt of full payment, and transfer papers from the winning bidder. The winning bidders are hereby made aware that the process for transfer of ownership along with registration from one person to the other in accordance with the provisions of the Antiquities Act and the Rules is a process administered by the ASI and may take longer than the envisaged period of 90 days. We will not be responsible for any delays involved in transfer/delivery of ownership along with the registration of any Antiquity. In the event that the registering officer or any other employee of the ASI empowered to execute the transfer of ownership along with registration of an Antiquity insists on sending the duly transferred registration certificate directly to the winning bidder, We will not be responsible for any damage or loss in transit of the said registration certificate. Winning bidders are advised to read and abide by the provisions of the Antiquities Act and the Rules, and all notifications issued thereunder from time to time, which are available with the ASI and also at the Website of the ASI (www.asi.nic.in).
7.4 (b) Lots over a hundred years old, whether registered with the ASI or otherwise, or deemed National Treasures, are NON-EXPORTABLE as per the Antiquities Act and the Rules and cannot be exported out of India.
7.5 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 USD 3,660,000/ INR 300,000,000 and (ii) 15% of the winning bid value in excess of USD 3,660,000/ INR 300,000,000. GST applicable on the Buyer’s Premium shall be payable by the winning bidder.
7.6 The winning bidder shall be invoiced based on the 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. For all out of India Lots, marked with the symbol , 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 the 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, or its INR equivalent, 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.
7.7 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. Subject to clause 6.4 above, no shipment or delivery of the Lot will be made to the winning bidder 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, and until the ownership along with registration of the Lot has not been transferred from the seller to the winning bidder (in case of Lots which are Antiquities, such transfer being in accordance with the provisions of the Antiquities Act and the Rules ) . Payments will not be accepted from any parties other than the winning bidder as recorded on the invoice.
7.8 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) are freely importable into his/her 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/her nominee only upon full payment of all such costs, subject to clause 7.7 above.
7.9 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.
7.10 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.
7.11 With respect to Lots which are Antiquities, pursuant to the ownership along with the registration of the Antiquity being transferred 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.
7.12 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.
7.13 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.
8. Authenticity Guarantee
8.1 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 Lots even if such other attribute is in all capital letters.
8.2 The authenticity guarantee does not apply to a 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 .
8.3 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.
8.4 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.
8.5 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.
8.6 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.
8.7 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.
8.8 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.
8.9 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.
9. Privacy of Personal Information
9.1 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.
9.2 The 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.
10. Extent of our Liability
Nothing in this paragraph 10 applies to Lots marked with unless specifically provided otherwise.
10.1 We have an obligation to refund the sale price and Buyer’s Premium to the winning bidder only in the circumstances described above (in clause 8). 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 8 above.
10.2 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.
11. Copyright
All content of our Auction Catalogue, the print catalogue, e-Catalogue 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.
12. Legal Notices
12.1 We may validly serve a bidder with legal notice, if required, under these conditions for sale by:
(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.
12.2 Such legal notice shall be deemed to have been properly served:
(i) In the case of email transmission - on the date of the transmission; or
(ii) In case of transmission by courier - 2 business days after the dispatch of the notice by courier.
13. 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.
14. Severability
If any part of these conditions for 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.
15. Governing Law and Jurisdiction
15.1 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.
15.2 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.
16. Additional Condition for sale for Lots marked with in the Live Auction
16.1 The Lots marked with are not situated in India and the consignee for such Lots is Planet Saffron Inc. ( PS Inc. ). We are only acting as agent of PS Inc. for conducting the live auction in India.
16.2 The Lots marked with , shall always be located outside of India at the time of receiving Bids or the conduct of the Auction. The title to all Lots marked with shall pass from the seller to the winning bidder outside the territory of India.
16.3 Payments for Lots denominated in USD shall be made by the buyer subject to and in compliance with applicable laws including exchange control laws.
16.4 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 .
The title to all Lots marked with shall pass from the seller to Us outside the territory of the United States of America.
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. In respect of each sale at the auction, PS Inc shall charge a Buyer’s Premium calculated at the rate of [(i) 20% of the winning bid value of up to and including USD 3,660,000] and (ii) [15% of the winning bid value in excess of USD 3,660,000].
16.5 For all Lots marked with the symbol, winning bidders will be invoiced in USD by PS Inc. Payments must be made to PS Inc. by the winning bidder in the currency on the invoice in any of the following modes of payment.
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.WeandOurAffiliates will not be held responsible for any refusal or failure to accept modes of payment not outlined above
16.6 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 to PS Inc . 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 PS Inc and until all proper documentation in connection with the sale of the Lot has been completed. PS Inc will not accept Sale Price and Buyer’s Premium from any parties other than the winning bidder as recorded on the invoice.
16.7 The winning bidder acknowledges that PS Inc 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/her country or to the country where the destination for delivery (as specified by the winning bidder) is located. If the winning bidder or PS Inc 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 PS Inc . 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, subject to clause 16.4 above.
16.8 Non-payment: In case payments are not received within 7 business days of each invoice, PS Inc shall treat the same as a breach of contract of sale by the winning bidder, and the seller may, in such an event, authorise PS Inc 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.
16.9 Failure to collect: If the winning bidder informs PS Inc that he/she wishes to collect the Lot from PS Inc in person and if such Lot is not collected by the winning bidder within 30 days of the payment formalities being completed, PS Inc 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.
16.10 PS Inc shall be entitled to exercise a lien on the Lot for payment of any sums due to PS Inc 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.
16.11 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 PS Inc . In case the winning bidder opts out of insurance coverage arranged for by PS Inc , PS Inc shall not entertain any claims for damage or loss during shipping and transit. Subject to the authenticity guarantee above, neither PS Inc’s suppliers nor PS Inc , nor any of PS Inc’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 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. PS Inc offers no guarantee or warranty other than the limited guarantee set out in this paragraph. 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. PS Inc shall not be liable for any incidental or consequential damages incurred or claimed.
17. 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 are not situated in India and therefore, may only be bid for and purchased for amounts denominated in USD. Persons residing in India, wishing to bid in USD must be eligible under the various foreign exchange regulations to make payments overseas. Please contact Saffronart for further details.
18. Additional Condition for sale for NFT Lots
18.1(a) For the purposes of an NFT Lot , the seller is the party who owns the Lot at the time the sale is completed. The seller’s identity will not be disclosed by Us . We will be selling the Lot as the agent of the seller .
18.1(b) The contract of sale which is created by any successful bid for an NFT Lot, will be directly between the winning bidder and the seller , and not between the winning bidder and Us as per the terms specified below.
18.2 Catalogue Descriptions and Condition of Lot
18.2(a) The NFT Lots offered for sale in this auction shall be in two (2) parts – (i) NFT, which shall be transferred by the seller directly to the winning bidder’s digital wallet, upon fulfilment of the payment terms by the buyer; (ii) Digital print on archival paper in the size and format as specified in the Auction Catalogue, which shall be delivered to the buyer through regular shipment.
18.2(b) 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 do not provide any guarantee in relation to the nature of a Lot , and the fact that a Lot may be stored on a blockchain should also not be interpreted as, or deemed to be, any guarantee.
18.2(c) Any statements made by Us , including by our representatives/employees, about any Lot , whether orally or in writing, concerning the attribution of such Lot , including about its nature or condition, provenance, technical details, NFT metadata , security or integrity are only expressions of our opinion or belief. We have not carried out any exhaustive research or technical analysis of any Lot to be sold in this auction, and We do not warrant its accuracy or completeness. Potential buyers should seek appropriate advice on each Lot from their own professional advisors prior to placing any bids.
18.3 Buyer’s Acknowledgements and representations for NFT Lots
18.3(a) The winning bidder acknowledges that purchase of the Lot means that the winning bidder shall have full ownership rights in the NFT itself, including the right to store, sell and transfer the NFT . The buyer’s purchase of the Lot does not provide any rights, express or implied, in (including, without limitation, any copyrights or other intellectual property rights in and to) the digital asset underlying the NFT other than the right to use, copy, and display the digital asset for the buyer’s own personal, non-commercial use or in connection with a proposed sale or transfer of the NFT and any other right expressly contained in these Conditions of Sale . For the avoidance of doubt, the buyer does not have the right to distribute, or otherwise commercialize the digital asset without the prior authorization of the seller or the party(ies) that holds such rights. The buyer’s rights and interest in the digital asset or NFT provided by these Conditions of Sale will immediately terminate upon any subsequent sale, transfer, dispossession, burning or other relinquishment of the NFT .
18.3(b) The Buyer is aware of, understands and accepts that NFT s are minted by third parties unaffiliated with Us , and not by Us a nd/or on our behalf. The buyer further acknowledges and agrees that there are risks associated with purchasing, holding, and using NFT s. By purchasing, holding and using an NFT , the buyer expressly acknowledges and assumes all risks including, but not limited to: seller or buyer user error such as forgotten passwords, mistyped addresses, incorrectly constructed transactions, incorrectly programmed NFTs, mining attacks, cybersecurity attacks, weaknesses in our security; blockchain malfunctions or other technical errors, telecommunications failure, malicious software, unfavourable regulatory determinations or actions in one or more jurisdictions (including with respect to NFTs or cryptocurrencies), taxation of NFTs or cryptocurrencies, personal information disclosure, uninsured losses, unanticipated risks, volatility risks, server failure or data loss, corrupted or otherwise inaccessible digital wallets , unauthorised access to applications , inability to access or transfer the NFT , inability to access or display the digital asset, risks arising from third-party providers, including third-party providers that may mint the NFT and/or store the digital asset, and any unauthorised third party activities, including without limitation the introduction use of viruses or other malicious code, the use of phishing, sybil attacks, 51% attacks, bruteforcing, changes to the protocol Rules of the blockchain (i.e. “forks”), or other means of attack that affect, in any way, the NFT or digital asset.
18.3(c) The buyer acknowledges that she/he has a sufficient understanding of the functionality, usage, storage, transmission mechanisms and other material characteristics of, blockchain technology, NFTs, digital assets , digital wallets , and cryptocurrencies to understand these Conditions of Sale and to appreciate the risks and implications of purchasing NFT s. The buyer acknowledges that she/he has obtained sufficient information to make an informed decision to purchase an NFT , including reviewing the code of the smart contract , the NFT metadata , and the NFT, as well as the storage system used for the digital asset and fully understand and accept the functions of the same.
18.3(d) The buyer acknowledges that We do not guarantee that the buyer will be able to receive, access or view the Lot and/or digital asset . We do not provide any application, or other service to enable the buyer to view, receive, access or view the Lot and/or digital asset , and that it is the buyer’s responsibility to procure a digital wallet or other means to allow Us or the seller to transfer the Lot to the buyer and for he buyer to access or view the digital asset upon such transfer.
18.3(e) The buyer acknowledges and represents that there is substantial uncertainty as to the characterization of NFT s and other digital assets under applicable law. The buyer acknowledges that purchase of an NFT complies with applicable laws and regulation in the buyer’s jurisdiction.
18.4 For all NFT Lots marked with the symbol 
, winning bidders will be invoiced in USD by Us . Payments must be made to Us by the winning bidder in the currency on the invoice in any of the following modes of payment. Upon receipt of full payment by the seller from the winning bidder, the ownership of the Lot will be transferred/delivered by the seller to the winning bidder in accordance with the provisions of these conditions for sale.
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.WeandOurAffiliates will not be held responsible for any refusal or failure to accept modes of payment not outlined above
18.5 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 to Us . 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. Us will not accept Sale Price and Buyer’s Premium from any parties other than the winning bidder as recorded on the invoice.
18.6 If the winning bidder has purchased an NFT Lot , then the seller will transfer the NFT to the buyer subject to the buyer fulfilling the conditions specified in paragraph 18.5. The seller will transfer the NFT only to a digital wallet owned by the buyer and that supports the NFT, and that the buyer understands and accepts that failure to ensure this may result in an inability to receive, transfer or access the purchased NFT Lot . The buyer agrees that We may provide the buyer’s digital wallet information to the seller in order to execute the transfer.
18.7 The risk in and responsibility for the NFT Lot will transfer to the buyer once the Lot is received in the digital wallet that the buyer has specified.
18.8 The buyer is responsible for implementing reasonable measures for securing the digital wallet or other storage mechanism the buyer has used to receive and hold the NFT , including any requisite private key(s) or other credentials necessary to access such storage mechanism(s), and further the buyer specifically acknowledges that the risk of acquiring the NFT from the seller , transferring the NFT to others, and holding or using the NFT or the buyer’s digital wallet rests entirely with the buyer. If the buyer’s private key(s) or other access credentials are lost, the buyer may lose access to her/his NFT . We are not responsible for any such losses, including, but not limited to, losses arising from third-party service providers.
18.9 We are not responsible if the digital asset becomes inaccessible to the buyer for any reason, or for any modifications or changes to the digital asset , including the digital asset being deleted. The buyer acknowledges that the artist or any third party could make additional copies of, and distribute the digital asset , and could sell or otherwise assign the copyright or other intellectual property rights or economic rights in the digital asset.
18.10 We are not responsible for any uses the buyer makes of the NFT or for any future transfers the buyer makes of the NFT .
GLOSSARY
Affiliates : Saffron Art Private Limited, Planet Saffron Inc., 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 Antiquities 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 e-Catalogue, the online Auction Catalogue, as modified by Us from time to time, shall take precedence.
Buyer's Premium : The amount charged by Us from the winning bidder for services rendered by Us, in accordance with these conditions for sale, in connection with the purchase of the 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 Saffronart, in Saffronart’s capacity as our service provider providing a mobile Auction Platform for the auction.
our/Us/We (For Online Auctions): Saffronart Management Corporation, acting either on its own behalf, or as a representative of any of its Affiliates.
our/Us/We (For Live Auctions): 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 the auction.
Rules: The Antiquities and Art Treasure Rules, 1973 and any amendments made thereto from time to time.
PS Inc .: means Planet Saffron Inc. a company incorporated and subsisting under the laws of the United States of America and having its registered office at 5194, Los Altos Dr. Yorba Linda, CA 92886, United States of America and having its principal place of business at The Fuller Building, 595, Madison Av, Suite 900, New York, NY 10022.
seller/s: means the party consigning Lots for sale through auction.
blockchain: a distributed digital ledger of transactions maintained by a distributed peer-to-peer computer network that cryptographically validates transactions and records such transactions on the ledger.
digital asset: the digital work which the NFT identifies, and with which the NFT is associated.
digital wallet: a custodial or hosted software-based device, program, service, or hardware, that allows the owner to receive, store and transfer digital assets, including but not limited to, cryptocurrencies and NFTs , on a blockchain .
NFT (or non-fungible token): a unique digital certificate that identifies (including through a pointer to, or hash of, the digital asset(s)) and is associated with one or more digital assets , which is held and transferred on a blockchain and provides the owner with certain rights to the digital asset(s) .
NFT metadata: information included within the NFT that includes at least: the name of the digital asset ; a description of the digital asset ; and the location of where the digital asset is stored or a hash of the digital asset itself (such as a content identifier).
mint : to generate an NFT for a digital asset on a blockchain .
Technical Downtime: The time period during which the Website or its server 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.