148-149 / 168
148
149
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.
4.10 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 mobile device or in the sale room.
4.11
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
.
4.12 Atthediscretionof
Our
auctioneer,proxybidssubmitted
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.
4.13
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.
4.14 Sellers are not allowed to bid on the particular
Lot(s)
they have consigned otherwise than as permitted
under these conditions for sale.
4.15 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.
4.16
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.
4.17 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.
4.18 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.
4.19
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.
4.20
We
shall retain the right to display the results of the
sale and
Lot
details sold by
Us
, including catalogue
descriptions and prices on
Our
website at all times,
including after the completion of the sale.
We
regret
that
We
cannot agree to requests to remove these
details from
Our
website.
5. Completing the Purchase
5.1
We
will raise invoices on the winning bidder for the
Sale
Price
and
Buyer’s Premium
, applicable taxes on sale
of properties and other additional charges that may be
incurred by
Us
, if any, including shipping and handling
of the property and additional levies.
5.2 The title to the property shall pass from the seller to
Us
outside the territory of the United States of America.
The title to the properties purchased shall pass to the
winning bidder at the time that bidding is closed for
each property and such winning bidder shall thereafter
assume full risk and responsibility for such properties.
In any event, the properties 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.
5.3 In respect of each sale at the auction,
We
shall charge
a
Buyer’s Premium
calculated at the rate of (i) 20%
of the winning bid value of up to and including INR
7,00,00,000, (ii) 15% of the winning bid value in excess
of INR 7,00,00,000 up to and including INR 12,00,00,000,
and (iii) 12% of the winning bid value in excess of INR
12,00,00,000. Service tax applicable on the
Buyer’s
Premium
shall be payable by the winning bidder.
5.4 The winning bidder shall be invoiced based on details
provided at the time of registering for the auction.
Winning bidders located in India will be invoiced in INR
and all other winning bidders will be invoiced in USD.
Payments must be made in the currency on the invoice
in any of the following modes of payment.
For INR payments
1.
Cheque/Demand Draft
2.
RTGS/NEFT
3.
Credit card: up to INR equivalent of USD 5,000
For USD payments
1.
Cheque
2.
Direct wire transfer
3.
Credit card: up to USD 5,000
NOTE: Payments in excess of USD 5,000 must be
made through a wire transfer or cheque.
We
and
Our
Affiliates
will not be held responsible for any refusal or
failure to accept modes of payment not outlined above.
5.5 No shipment or delivery of the property 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 property has been
completed.
We
will not accept payments from any
parties other than the winning bidder as recorded on
the invoice.
5.6 The winning bidder acknowledges that
We
will abide by
any export restrictions that may apply in the countries
from where specific properties will be shipped. The
winning bidder shall also be responsible to ensure that
the property(ies) is freely importable into his country
or to the country where the destination for delivery
(as specified by the winning bidder) is located. If the
winning bidder or
We
become aware of any restrictions
to such import subsequent to the completion of the
auction, the winning bidder shall provide an alternate
delivery destination to
Us
. All costs associated with
the process of delivery and storage (when required)
of the property shall be borne by the winning bidder.
The property(ies) shall be handed over to the winning
bidder or his nominee only upon full payment of all
such costs.
5.7
Lots
marked as “Art Treasures” and/or “Antiquities”
under the Antiquities and Art Treasures Act, 1972
cannot be exported outside India. 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 and Art Treasures Act, 1972 and/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
.
5.8 Non payment: In case payments are not received within
7 business days of each invoice,
We
shall treat the same
as a breach of contract of sale by the winning bidder, and
the seller may, in such an event, authorise
Us
to take any
steps (including the institution of legal proceedings), as
it may deem to be appropriate to enforce payment by
the winning bidder. In addition, the winning bidder will
be charged demurrage at 1% of the total value (winning
bid plus
Buyer’s Premium
) or INR 10,000 per month,
whichever is higher, till the date of actual payment.
5.9 Failure to collect: If the winning bidder informs
Us
that
he/she wishes to collect the property from
Us
in person
and if such property is not collected by the winning
bidder within 30 days of the payment formalities being
completed,
We
shall arrange for storage of the property
at the winning bidder’s expense, and shall only release
the property after payment has been made, in full, of
the
Sale Price
and
Buyer’s Premium
, including storage
and insurance at applicable rates.
5.10
We
shall be entitled to exercise a lien on the property
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
property purchased by the winning bidder.
6. Authenticity Guarantee
6.1
We
provide a limited guarantee on the authenticity
of the
Lots
for a period of one year from the date of
the auction of such
Lots
.
We
only guarantee, subject
to the qualifications below, the information mentioned
in all capital letters in the title heading of the
Lot
in the
Auction Catalogue
.
We
do not guarantee any other
attribute of such
Lot
even if such other attribute is in all
capital letters.
(i) For properties characterised as “art work”,
We
guarantee only the authorship with reference
to the name of the artist till such time that
the property is in
Our
possession.
We
do not
guarantee any other attribute of such property;
and
(ii) For properties characterised as “precious
objects (other than artworks)”,
We
guarantee
characteristics or features mentioned in all capital
letters in the heading of the “Description of the
Property” in the
Auction Catalogue
(in the
case of the
MobileApp Auction Catalogue
, the
characteristics or features mentioned in all capital