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bids, bidders are advised to assign bidding nicknames to
themselves when prompted.
The most updated bid values shall be shown only when
the page on the website containing the information
on bid values is refreshed, which shall happen either
automatically at regular intervals (indicated at the top
of the page), or when a bidder clicks on the "click to
refresh immediately" link on the 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 bid values shall not be visible to the bidder until the
values are refreshed again whether automatically or by
the bidder.
We encourage bidders to set absentee/proxy bids for
lots they are interested in well in advance of the closing
time for a lot.
When does a lot sell? What are closing and winning
bids?
The closing bid for a lot is the highest bid at the time a
particular lot’s bidding has ended. No further bids can
be made at that point. 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.
The winning bids for all sold lots will be posted on the
website after the close of the auction.
Groups of lots are scheduled to close at different times
on the last day of the auction. The bid closing schedule
for each auction is listed online, and at the back of the
printed catalogue. Pre-determined groups of lots will
close according to the bid-closing schedule unless a
bid is recorded within a span of 2 minutes prior to the
lot’s scheduled closing time. In this case, the lot closing
time will be extended to 2 minutes after the time of
the last bid. If this time extension takes place, bidding
on any lot will only end if there is no bid recorded for
a continuous period of 2 minutes. Bidders are advised
to click on the "click to refresh immediately" link on
the website page being viewed by them, or on the
"Refresh" link if bidding on a mobile, at regular intervals
for updates on latest bids and time extensions if any.
What is Buyer’s Premium?
In respect of each sale at the auction, Saffronart shall
charge a Buyer's Premium calculated at 20% of the
winning bid value on each lot up to and including USD
1,000,000; 15% of the winning bid value in excess of USD
1,000,000 up to and including USD 1,600,000; and 12%
of the winning bid in excess of USD 1,600,000. For lots
being shipped from India, a service tax on the Buyer's
Premium shall be to the account of the Buyer. This is
applicable for deliveries within India as well as overseas.
How will I be invoiced?
If you win a bid, you will be sent an email after the close
of the auction, containing an invoice for the winning bid
plus additional charges (shipping, handling, duties and
taxes as applicable) and the Buyer’s Premium plus service
tax at applicable rates. The invoicing details provided at
the time of registration will be used to raise the invoice
and no changes will be accepted after the sale.
Youmay review acceptable modes of payment described
in the section below. If you are the winning bidder, you
are legally bound to purchase the item from Saffronart.
Please note that purchases will not be shipped out until
payment has been received and cleared.
What are additional charges?
All post-sales expenses, including packing, insurance,
shipping or handling charges, are borne by the buyer.
Shipping will be charged on courier rates and are
determined by the value, origin and destination of the
package. Local deliveries will be charged at actuals.
You may choose to make your own arrangements for
shipping and handling. However, all documentation
requirements must be complied with. Please contact us
for further details.
What are the Duties and Taxes applicable on my
purchase?
All duties and taxes applicable shall be borne by the buyer
and will depend on the value, origin and destination of
the package.
i. Deliveries in India for lots originating in India:
Any sale of lots originating from India to an address
in India is subject to a 13.5% VAT on the winning
bid value and a 15% Service Tax on the Buyer’s
Premium. A CST of 2% instead of the 13.5% VAT
will be applicable on the winning bid value only
if the purchasing entity is a business; the delivery
location of the lot is outside the state of the
location of the sale as mentioned in the Sales and
Enquiries section of the catalogue and the buyer
provides the necessary documentation required by
the Sales Tax authorities. The final charges will be
determined at the close of the auction and will be
sent by email to the winning bidder.
ii. International shipments for lots originating in
India:
For lots originating from India, a 15% Service Tax
on the Buyer’s Premium is applicable. There may be
duties and taxes levied depending on the delivery
destination which typically will be on the total of
the winning bid and shipping and handling values.
Depending on the shipping address, these duties and
taxes vary according to customs regulations in the
destination country. Any shipments to EU countries
will be charged an additional VAT as applicable.
Please contact Saffronart for further details.
For imports, the terms of sale are Delivered Duty
Unpaid (DDU). It is the buyer’s responsibility to
pay all international duties, customs charges, taxes
and tariffs to the respective authorities. Normally,
the couriers we contract will pay import duties on
behalf of the buyer and get reimbursed at the time
of delivery.
iii Shipments and Deliveries for lots originating
outside India (lots marked with the symbol )
These lots are located outside India. Persons residing
in India can bid on and pay for in USD by complying
with the appropriate foreign exchange regulations
for making overseas payments. There are import
duties applicable on artworks shipped into India.
Please contact Saffronart for further details.
In the event that the lot is to be shipped
internationally, additional charges for international
shipments mentioned in the above section shall
apply.
Please Note: Lots may require permits for import or
be subject to import restrictions to certain countries.
Potential buyers are advised to check import
regulations prior to making a bid decision.
How do I make payment?
Buyers will be required to complete payment within a
period of 7 business days from the receipt of the invoice
via email. If you have not received your invoice within 48
hours of the close of the sale, please contact us.
For Buyers in India
Payment can be made in INR only by the following
acceptable modes of payment:
i.
Cheque/Demand Draft: To be made in favour of
Saffron Art Private Limited
ii.
RTGS/NEFT: Details will be included with the
invoice and available upon request
iii. Credit card: up to INR equivalent of USD 5,000
For Buyers outside India
Payment can be made in USD only by the following
acceptable modes of payment:
i.
Cheque: To be made in favour of Saffron Art Private
Limited
ii.
Direct wire transfer: Details will be included with
the invoice and available upon request
iii. Credit card: up to USD 5,000
iv. Payment from an NRE account: The invoice will be
raised in USD based on the winning bid value, and
the buyer will have to transfer an equivalent INR
amount at the bank exchange rate
When will my purchases be delivered/can I collect
my purchases?
Purchases shipped out within 10 - 15 business days of
the payment being cleared are insured under the terms
of Saffronart’s insurance policy (please note that frames
are not insured). If there is an expected delay in dispatch,
the buyer will be informed of the delay via email, unless
the buyer has indicated an alternative preferred mode of
communication.
Buyers may choose to collect their purchases from the
Saffronart office in Mumbai. In such cases, buyers are