FINE JEWELS AND OBJETS (18-19 OCTOBER 2016)

FINE JEWELS AND OBJETS | Online Auction

bid being received by

. Therefore, although a

bidder may have placed his/her bid prior to the

closing time, the bid may be received by

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 being

rejected in such a manner, bidders may set proxy

bids/automatic bids on

Lots

which the bidder

wishes to bid for.

4.11 Proxy bids may be recorded with

12 hours

prior to the closing time, subject to the other

provisions of these conditions for sale, including

any limits imposed by

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.

4.11a 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.

4.12 Bidders are advised to keep their login ID and

password secure at all times.

will hold the

bidder responsible for all bids placed using their

Website

or through the

MobileApp

. Bidders choosing

to bid via telephone are advised to re-set their

passwords at the close of the auction.

4.13

Our

employees may not bid in the auction once

the auction has started.Theymay, 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

4.14

Our

auction platform does not allow any bids

to be placed by

on behalf of a seller. All bids

recorded are from registered bidders.

4.15

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

will be conclusive.

4.16

reserve the right not to award the winning bid

to the bidder with the highest bid at the closing

date if

deem it necessary to do so.

4.17

shall retain the right to display the results

of the sale and

Lot

details sold by

, including

catalogue descriptions and prices on the

Website

at all times, including after the completion of the

sale.

regret that

cannot agree to requests

to remove these details from the

Website

4.18 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

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

may, at

Our

discretion, execute the

Lot

such lower value.

4.19 The closing bid is considered a winning bid, only

if the bid equals or exceeds the

Reserve

Price

If the closing bid on a particular lot is below the

Reserve Price

, it will not be considered a winning

bid and the lot will be deemed unsold. However,

if the closing bid belongs to a proxy bidder and is

below the

Reserve Price

, but the proxy bidder’s

maximum bid price exceeds or equals the

Reserve

Price

, then the lot will be sold to the proxy bidder

at the

Reserve Price

Completing the Purchase

5.1

will raise invoices on the winning bidder for

the sale price and

Buyer’s Premium

, applicable

taxes on sale of

Lots

and other additional charges

that may be incurred by

, if any, including

shipping and handling of the

Lot

and additional

levies.

5.2 The title to the

Lot

shall pass from the seller to

outside the territory of the United States of

America.

The title to the

Lots

purchased shall pass to

the winning bidder at the time that bidding is

closed for each

Lot

and such winning bidder shall

thereafter assume full risk and responsibility for

such

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.

5.3 In respect of each sale at the auction,

shall

charge a

Buyer’s Premium

calculated at the rate

of (i) 15% of the winning bid value on each lot up

to and including USD 700,000 and (ii) 10% of the

winning bid value in excess of USD 700,000. For

loose stones, the Buyer’s Premium is calculated

at 10% of the winning bid value. For

Lots

being

shipped from India, a service tax on the

Buyer’s

Premium

shall be to the account of the winning

bidder. This is applicable for deliveries within India

as well as overseas.

5.4 Irrespective of the currency in which the bidders

have placed their bids, 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 (or its INR

equivalent) must be made through a wire transfer

or cheque.

and

Our Affiliates

will not be held

responsible for any refusal or failure to accept

modes of payment not outlined above.

5.5 The winning bidder shall pay the sale price and

Buyer’s Premium

in full (including applicable

taxes and other charges, if any) within 7 business

days from the closing date of the auction. No

shipment or delivery of the

Lots

will be made to

the winning bidder if the sale price and

Buyer’s

Premium

(including applicable taxes and other

service charges, if any) are not received by

and

until all proper documentation in connection

with the sale of the

Lot

has been completed.

Payments will not be accepted from any parties

other than the winning bidder as recorded on the

invoice.

5.6 The winning bidder acknowledges that

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 concerned

Lot

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

become aware of any

restrictions to such import subsequent to the

completion of the auction, the winning bidder

shall provide an alternate delivery destination

. 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.

5.7

Lots

marked as “Art Treasures” under the

Antiquities and Art Treasures Act of 1972 cannot

be exported outside India. If you are the successful

bidder for any such

Lot

, you agree not to export

such

Lot

outside India. Each winning bidder is

solely responsible for meeting the requirements

of the Antiquities and Art Treasures Act of 1972

or any related state legislation. Please note that

the

Lots

are marked for your convenience only,

and

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,

shall

treat the same as a breach of contract of sale by

the winning bidder, and the seller may, in such an

event, authorise

to take any steps (including