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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.
You may 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
requested to make an appointment to collect purchases
within 10 - 15 business days of completion of all payments
and documentation formalities. Buyers who have completed
payment formalities and have not taken delivery of their
lots from Saffronart within 30 days of the completion of
payment formalities will be charged storage and insurance
at applicable rates.
What documentation will I receive withmy purchases?
Upon confirmation of delivery or receipt of shipment, we
will send you the invoices for your purchases along with
any relevant documentation for the lot that has been
mentioned in the lot details. Please note that Saffronart
does not issue any authenticity certificates and does not
provide artist authenticities either.
What if my shipment reaches damaged?
All purchases from this sale are final. In the unlikely event of
your receiving a damaged product, please notify Saffronart
directly within five days of receipt of the lot. Please call or
email us at any of our locations mentioned in the Sales
and Enquiries section. If Saffronart does not receive any
notification within 7 business days of delivery, it shall be
assumed that the lot has been received in good condition,
and no claims will be entertained.
How do I participate in your next auction?
If you would like to register to bid or consign to any of our
upcoming auctions please contact any of our locations
listed in the Sales and Enquiries section.
If you would like to stay informed of Saffronart’s upcoming
events, please register with us online at
saffronart.com