Important Notice

1. General Terms

By participating in this auction, you acknowledge that you are bound by the terms and conditions listed below and in the printed auction catalogue.

1. SaffronArt's role as Seller: We undertake to sell works of art on behalf of the artist or reseller. Making a winning bid constitutes an irrevocable acceptance of our offer of sale and results in an enforceable contract of sale. The contract of sale of the Lot is between SaffronArt and the Bidder.

2. SaffronArt shall have complete discretion in the description and illustration of the Lots in the catalogue and on the website, as well as in the recording or rejection of bids.

3. SaffronArt reserves the right to withdraw a Lot before, during or after the bidding, if we have reason to believe that the authenticity of the work or accuracy of description is in doubt, or if there is a breach of terms of the contract between the supplier and SaffronArt, or if we believe it to be improper to include the Lot in the sale.

4. All Lots shall be sold subject to the reserve price. If the closing bid is below our reserve price, the Lot will be considered unsold. The reserve price on each Lot is confidential.

5. SaffronArt charges the buyer a premium of 7.5% of the winning bid value. The purchase price for any Lot, therefore, is the winning bid plus this 7.5% premium. The purchase price is also subject to any taxes, duties and shipping and handling as applicable.

6. All foreign currency exchange rates during the auction are made on a constant of 1:45 (USD:INR) for ease of bid value calculations for bidders.

7. After the sale, buyers are required to pay the amounts in full (including the additional charges). No shipment or delivery will be made if this amount is not received or until all proper documentation is completed.

8. Non payment: Buyers shall ensure that all remittances are made within seven business days of the date of receiving the invoice. In case payment is not received within such period, this shall be treated as a breach of contract and we shall proceed with an appropriate course of action to recover the full amount from the buyer (the full amount shall include storage and any other additional costs incurred by us due to delays in remittance of monies, or in shipping of the Lot). In case of delayed payment, storage costs, insurance and penalties will be borne by the buyer and will be calculated starting two weeks from date of the auction closing.

9. Failure to collect: If a Buyer informs SaffronArt that he wishes to collect the lot from SaffronArt, in person, and such lot is not collected within two weeks of the auction closing and completion of all other formalities, SaffronArt shall arrange for storage at the buyer's expense, and only release the lot after payment has been made, in full, of the total invoice value plus all additional costs incurred by us due to the delay.

10. SaffronArt reserves the right not to award the winning bid to the bidder with the highest closing price if it deems it necessary to do so.

11. In the unlikely event that the website is inaccessible to bidders worldwide due to technical downtime of the SaffronArt server or website one hour prior to the closing of the auction for the first 25 Lots on December 2, 2004, the auction closing schedule will be postponed by 24 hours to the next day i.e. December 3, 2004. Bidding for different lot groups in this case will close at the same time as they were scheduled for the previous day. Bids recorded prior to any technical downtime will stand according to the Terms & Conditions stated.

2. Authenticity Guarantee

Saffron provides an assurance on behalf of the Seller that the Property offered for sale on the Website is a genuine work of the artist listed. All Properties are sourced in conjunction with galleries associated with Saffron, reputed dealers, resellers, collectors, or the artists themselves. In some cases the Properties are further screened and authenticated by affiliated experts.

However, in the unlikely event that within one year of the sale of the Property it is proved to the reasonable satisfaction of Saffron that the Property purchased is inauthentic or that the Description of the Property as set out in the auction catalogue, or otherwise, is inaccurate and if in Saffron’s opinion Bidders being aware of the error or omission would have bid significantly less than the actual Sale Price, Saffron shall be entitled to rescind the sale and the Seller will be liable to refund to the Buyer the amount paid for the Property. Once the Buyer returns the Property to Saffron the proceeds shall subject to receipt from the Seller be refunded to the Buyer and Property returned to the Seller. These claims will be handled on a case-by-case basis, and will require that examinable proof which clearly demonstrates that the Property is inauthentic is provided by an established and acknowledged authority.

This guarantee holds for one year after the date of the purchase of the Property from Saffron(i.e. Closing Date), and provided that:

1. Only the actual Buyer (as registered with Saffron) makes the 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 Properties)
2. The Property is returned in the same condition that it was in, at the time of purchase.
3. The Property was indisputably purchased from Saffron; and
4. At the time of publishing of catalogue, there was technique available, and it was not unreasonable or impractical to use such technique, which could have helped SaffronArt determine that the item was authentic.

Saffron retains the right, as a matter of policy, to bring in, at the Buyer's expense, two recognized experts in the field, (such experts being mutually acceptable to Saffron and the Buyer), to examine the Property under question before deciding to rescind the sale and offer the refund on behalf of the seller under the above guarantee. The opinion of the experts is not binding on Saffron.

3. Extent of Saffron’s Liability

Saffron has an obligation to refund the Buyer only in the circumstances covered under the Authenticity Guarantee Clause (above). All damages and losses incurred during shipping and transit are covered under the insurance policy and the insurance charges as applicable are charged on the invoice unless specified by the Buyer. In the case where the Buyer does not utilize Saffron's insurance coverage, Saffron is not liable for any damage or loss during shipping and transit. Neither Saffron's Suppliers nor Saffron, nor any of Saffron's employees or agents, is 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 of the Properties, or for any faults or defects in the Properties, or for any other act or omission, whatsoever. Saffron offers no guarantee or warranty other than the limited assurance contained in the Authenticity Guarantee.

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 can be sought, 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.

4. Copyright

All content of the catalogue and on the website www.saffronart.com are copyright protected in favor of SaffronArt and/or its suppliers. All trademarks, names, brand names, etc. used in the catalogue and on the website www.saffronart.com are either trademarks or registered trademarks of Planetsaffron.com India Pvt Ltd or SaffronArt. Any rights not expressly granted herein are reserved. No image, illustration or written material maybe used without the prior written permission of the copyright holders.

5. Notices

Saffron may validly serve you with Notice, if required, under these Conditions of sale by
(a) Sending an email to the email address disclosed by you to Saffron, or
(b) Sending a courier to the address disclosed by you to Saffron. Such 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 date of transmission.

6. Severability

If any part of the contract between the Buyer and SaffronArt is found by any court 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.

7. Law and Jurisdiction

The terms and conditions of this auction are subject to the laws of India, which will apply to the construction and to the effect of the clauses. All parties are subject to the exclusive jurisdiction of the courts at Mumbai, Maharashtra, India in the case of sales in India, and the courts of New York or Los Angeles, California (as applicable) for sales outside India.