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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
of up to and including USD 1,500,000; 15% of the winning bid
value in excess of USD 1,500,000 up to and including USD
3,000,000; and 12% of the winning bid value in excess of USD
3,000,000. 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.
Youmay choose tomake your own arrangements for shipping
and handling. However, all documentation requirements
must be complied with. Please contact us for further details.
What are theDuties andTaxes applicable onmy 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 an 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, an 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.
(i) RTGS/NEFT: Details will be included with the
invoice and available upon request
(ii) 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 fromthe 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?
i.
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 USDmust be
eligible under the various foreign exchange regulations
to make payments overseas. Please contact Saffronart
for further details.
ii. 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