THE TIES THAT BIND: SOUTH ASIAN MODERN AND CONTEMPORARY ART (30 NOVEMBER-01 DECEMBER 2016)

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NOVEMBER 2016 | THE TIES THAT BIND

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3.2

may withdraw any

Lot

before, during, or after

the online auction, if

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

otherwise

believe, in

Our

sole discretion, that it would be

improper to include the

Lot

in the auction.

3.3 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

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.

3.4

have the sole and absolute discretion to: (i)

determine the form and content of the descriptions

Lots

in the

Auction Catalogue

, (ii) granting

bidding access to a bidder, (iii) recording, rejecting

or accepting bids, and (iv) deciding which bid

constitutes the winning bid, if any.

3.5 Online bidding access, and access to the

MobileApp

and the telephone bidding facility,

shall be given at

Our

discretion and

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.

3.6 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 re-load/refresh buttons on

their browsers, to view latest bid updates and time

extensions, if any.

shall evaluate the bid histories

of specific

Lot

groups periodically to preserve the

efficacy of the auction process. This exercise may

be conducted by

internally or through third

parties solely at

Our

discretion.

3.7 All bidders are required to provide complete and

accurate invoicing details to

at the time of

registration for the auction and invoicing details

once registered will not be changed. The bidder

shall be invoiced based on details provided at the

time of registering for the auction. 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.

Bidding

4.1 For the convenience of bidders, in particular

bidders who are placing bids on more than one

Lot

groups are scheduled to close at different

times during the auction.

4.2 The bidding for various

Lot

groups shall be closed

in accordance with the bid closing schedule.

However, a bid can be recorded by

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 extension of closing time

in accordance with this paragraph, bidding on the

Lot

shall only end if no bid is recorded by

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 paragraph 4.4 below) for updates

on latest bids and time extensions, if any.

4.3 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 in respect of 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.

4.4 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.

4.5 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 paragraph 4.2 above, the

countdown clock may not reflect such 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

4.6 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

paragraph 4.5 above. Should bidders want more

frequent updates, they are advised to refresh values

as described in paragraph 4.5 above in order to

view the most updated bid history and countdown

clock.

4.7 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.

not accept any liability in the unlikely event that

a bid through the

MobileApp

is not executed or

executed incorrectly.

4.8 The foreign currency exchange rate used is constant

during the auction, and has currently been set at

1:66 (USD:INR). Prior to the start of the auction,

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.

4.9

Technical Downtime

: In the unlikely event that the

Website

MobileApp

is inaccessible to bidders

or partially disabled due to

Technical Downtime

at 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 the

duration of such

Technical Downtime

. In case the

Technical Downtime

extends beyond the closing

time for a particular

Lot

group, the

Website

and

the

MobileApp

, as the case may be, shall, after the

Technical Downtime

, show the auction for the

particular

Lot

group as closed. However, the closing

time for such

Lot

group and subsequent

Lot

groups

shall be extended by the duration of the

Technical

Downtime

and 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.

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

in respect of extension

of the closing time shall be final.

4.10 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

. 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

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