ASIAN ART (9-10 AUGUST 2017)

144-145 / 154

5.5 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 5.2 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.
5.6 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 5.5 above in order to view the most
updated bid history and countdown clock.
5.7 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. We do not accept any liability in the unlikely
event that a bid through the MobileApp is not executed or
executed incorrectly.
5.8 The foreign currency exchange rate used is constant during
the auction, and has currently been set at 1:64 (USD:INR).
Prior to the start of the auction, We 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.
5.9 Technical Downtime: In the unlikely event that the
Website or 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. We 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
Us in respect of extension of the closing time shall be final.
5.10 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 Us. Therefore,
although a bidder may have placed his/her bid prior
to the closing time, the bid may be received by Us 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.
5.11 Proxy bids may be recorded with Us 12 hours prior to
the closing time, subject to the other provisions of these
conditions for sale, including any limits imposed by Us 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.
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.
5.12 Bidders are advised to keep their login ID and password
secure at all times. We will hold the bidder responsible for all
bids placed using their login ID and password, whether via
the Website or through the MobileApp. Bidders choosing
to bid via telephone are advised to re–set their passwords at
the close of the auction.
5.13 Our employees may not bid in the auction once the auction
has started. They may, 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.
5.14 Our auction platform does not allow any bids to be placed
by Us on behalf of a seller. All bids recorded are from
registered bidders.
5.15 We 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 Us will be conclusive.
5.16 We reserve the right not to award the winning bid to the
bidder with the highest bid at the closing date if We deem it
necessary to do so.
5.17 We shall retain the right to display the results of the sale
and Lot details sold by Us , including catalogue descriptions
and prices on the Website at all times, including after the
completion of the sale. We regret that We cannot agree to
requests to remove these details from the Website .
5.18 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 if 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 We may, at Our
discretion, execute the Lot at such lower value.
5.19 We shall retain the right to display the results of the sale
and Lot details sold by Us , including catalogue descriptions
and prices on the Website at all times, including after the
completion of the sale. We regret that We cannot agree to
requests to remove these details from the Website .
6. Completing the Purchase
6.1 We will raise invoices on the winning bidder for the sale price
and Buyer’s Premium, applicable taxes on sale of the Lots
and other additional charges that may be incurred by Us, if any,
including shipping and handling of the Lots and additional
levies.
6.2 (a) The title to all Lots marked with shall pass from the
seller to Us outside the territory of the United States
of America.
6.2 (b) The title to the Lots other than mentioned in 6.2(a)
above 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.
6.3 For Lots which are not Antiquities, 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(s).
In any event, Lots purchased will not be released or shipped
out to the winning bidder or his/her representative until
the winning bidder has fulfilled his/her payment and other
obligations as described in these conditions for sale.
6.4 (a) Subject to fulfilment of all these conditions for sale, the
title to the Lots which are Antiquities shall pass to
the winning bidder upon full payment by the winning
bidder to Us , and such winning bidder assumes full
risk and responsibilities thereafter. However, since We
cannot deliver possession of the Antiquity to a third
person prior to transferring the ownership along with
valid registration to such third person in accordance
with the provisions of the Antiquities Act and the
Rules, subject to receipt by Us of full payment and
of the duly signed requisite forms and documents
from the winning bidder required for the purpose of
transferring the ownership along with registration of
the Antiquity to the winning bidder, We shall make
best endeavours to transfer/deliver such Antiquity to
the winning bidder within 90 days from the date of
the receipt of full payment, and transfer papers from
the winning bidder. The winning bidders are hereby
made aware that the process for transfer of ownership
along with registration from one person to the other
in accordance with the provisions of the Antiquities
Act and the Rules is a process administered by the
Archaeological Survey of India and may take longer
than the envisaged period of 90 days. We will not
be responsible for any delays involved in transfer/
delivery of ownership along with registration of any
Antiquity. In the event that the registering officer
or any other employee of the Archaeological Survey
of India empowered to execute the transfer of
ownership along with registration of an Antiquity
insists on sending the duly transferred registration
certificate directly to the winning bidder, We will
not be responsible for any damage or loss in transit
of the said registration certificate. Winning bidders
are advised to read and abide by the provisions of the
Antiquities Act and the Rules and all notifications
issued thereunder from time to time, which are
available with the Archaeological Survey of India and
also at the website of the Archaeological Survey of
India ).
6.4 (b) Lots over a hundred years old, whether registered with
the ASI or otherwise, or deemed National Treasures,
are NON EXPORTABLE as per the Antiquities Act
and the Rules , and cannot be exported out of India.
6.5 In respect of each sale at the auction, We shall charge a
Buyer’s Premium calculated at the rate of (i) 20% of the
winning bid value of up to and including USD 1,000,000 (ii)
15% of the winning bid value in excess of USD 1,000,000 up
to and including USD 1,600,000 and (iii) 12% of the winning
bid value in excess of USD 1,600,000. GST applicable on
the Buyer’s Premium shall be payable by the winning
bidder.
6.6 The winning bidder shall be invoiced based on details
provided at the time of registering for the auction. 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.