SUMMER ONLINE AUCTION (06-07 JUNE 2017)

only when the information on bid values is refreshed,

which shall happen either automatically, or when a

bidder clicks on the “Refresh” icon on the

Website

page, or on the “Refresh” or “Reload” button on his/

her internet browser. After the values on the page have

been refreshed, any changes in the bid history shall not

be visible to the bidder until the values are refreshed

again, whether automatically on the

Website

, or by the

bidder.

4.5 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 4.2 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

4.6 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 4.5

above in order to view the most updated bid history

and countdown clock.

4.7 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.

do not accept any

liability in the unlikely event that a bid through the

MobileApp

is not executed or executed incorrectly.

4.8 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,

may

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.

4.9

Technical Downtime

: In the unlikely event that the

Website

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

closingtimeofthat

Lot

groupandsubsequent

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.

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

in respect of

extension of the closing time shall be final.

4.10 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

Therefore, although a bidder may have placed his/her

bid prior to the closing time, the bid may be received by

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

Lots

which the bidder wishes to bid for.

4.11 Proxy bids may be recorded with

12 hours prior to

the closing time, subject to the other provisions of these

conditions for sale, including any limits imposed by

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.

4.11a 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.

4.12 Bidders are advised to keep their login ID and password

secure at all times.

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.

4.13

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

4.14

Our

auction platform does not allow any bids to be

placed by

on behalf of a seller. All bids recorded are

from registered bidders.

4.15

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

will be conclusive.

4.16

reserve the right not to award the winning bid to

the bidder with the highest bid at the closing date if

deem it necessary to do so.

4.17

shall retain the right to display the results of the

sale and

Lot

details sold by

, including catalogue

descriptions and prices on the

Website

at all times,

including after the completion of the sale.

regret

that

cannot agree to requests to remove these

details from the

Website

4.18 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

may, at

Our

discretion, execute the

Lot

at such lower

value.

4.19 The closing bid is considered a winning bid, only if the

bid equals or exceeds the

Reserve Price

. If the closing

bid on a particular lot is below the

Reserve Price

, 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

5. Completing the Purchase

5.1

will raise invoices on the winning bidder for the sale

price and

Buyer’s Premium

, applicable taxes on sale of

Lots

and other additional charges that may be incurred

, if any, including shipping and handling of the

Lot

and additional levies.

5.2 The title to the

Lot

shall pass from the seller to

outside the territory of the United States of America.

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

. 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.

5.3 In respect of each sale at the auction,

shall charge

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. For

Lots

being shipped from India, a service

tax on the

Buyer’s Premium

shall be to the account

of the winning bidder. This is applicable for deliveries

within India as well as overseas.

5.4 Irrespective of the currency in which the bidders have

placed their bids, winning bidders located in India will

be invoiced in INR and all other winning bidders will

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