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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 a 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 includingUSD 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.
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 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 with my 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.
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.
The seller of lots marked with
is guaranteed a
minimum price. This guarantee may be provided by
Saffronart, or jointly by Saffronart and any third party,
or any third party.
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.
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