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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 GST (Goods and Services
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 GST 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 GST at applicable rates on the winning
bid value and a 18% GST on the Buyer’s Premium. 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 not marked as
Special Lots:
For lots originating from India, a 18% GST 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 Pvt. Ltd.
(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 Pvt. Ltd.
(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. Please note that while USD payments are
accepted for Special Lots, we require an Indian address for
shipment.
When will my purchases be delivered/can I collect my
purchases?
1.
For Antiquities: Upon receipt of payment from the buyer,
Saffronart will apply to the ASI (Archaeological Survey of India)
for transfer of ownership of the antiquity and we estimate that
the process will take between 60– 90 days. We will be able
to deliver your purchase as soon as we have completed all
formalities with the ASI and the antiquity has been transferred
to your name.
Purchases are shipped out within 7 – 10 business days after
completion of the ASI transfer, and are insured under the
terms of Saffronart 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.
2.
For Non–antiquities: 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 with my purchases?
Upon confirmation of delivery or receipt of shipment, we will send
you the invoices for your purchases along with the ASI registration
certificate any relevant documentation for the lot that has been
mentioned in the lot details. Please note that Saffronart does not
issue any authenticity certificates.
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.
What are some of the symbols used next to the lots on
auction?
Lots marked with are not situated in India and therefore,
may only be bid for and purchased in USD. Persons residing
in India, wishing to bid in USD must be eligible under the
various foreign exchange regulations to make payments
overseas. Please contact Saffronart for further details.
Lots marked with indicate that Saffronart owns the lot
in whole or in part or has an economic interest in the lot
equivalent to an ownership interest.
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