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3.7 New bidders are advised to register at least 48 hours prior to the
bid. Know-Your-Customer (KYC) documents and/or financial
reference letters are required for individual and corporate clients
and
We
will not grant bidding access if the bidder registration and
KYC procedures are not complete.
4. Bidding
4.1
Our
auctioneer will accept bids from the bidding room, from
telephone bidders, from online/mobile bidders, and absentee/
proxy bids submitted in advance of the auction, either online
or through a written form.
Our
auctioneer has complete
discretion on whether to accept an online/mobile bid, a room
bid, a telephone bid or an absentee/proxy bid at any given time.
Bids once placed by a bidder may not be cancelled.
We
reserve
the right to reject, accept and/or cancel a bid at
Our
sole and
absolute discretion.
4.2 Bidding in the Room: All approved bidders, including those who
have registered online, will be handed a paddle to bid in the
auction. Please bring a proof of identity to collect your paddle.
Registrations will be made open 30 minutes prior to bidding.
4.3 Bidding Online: Bidders may view and hear the auction on their
PC or Mac with
Our
real-time online video feed from the auction
room. Online bidders may place a bid by clicking on the “Bid
Now” button when their
Lot
of interest is open for bidding. If
their bid is accepted by
Our
auctioneer, it will be recorded.
We
do not accept any liability in the unlikely event that an online bid
is not executed or executed incorrectly.
4.4 Bidding on the Telephone:
We
accept requests from bidders
to place bids on the telephone with
Our
staff depending on
availability. To avail of this service, you must be registered as a
bidder in accordance with paragraph 3 above. Please note that the
number of telephone lines available for telephone bidding may
be limited and this facility is provided at
Our
sole and absolute
discretion.
We
do not accept any liability in the unlikely event
that a telephone bid is not executed or executed incorrectly, or
in the event of faulty telephone connections or the bidder not
being reachable.
4.5 Bidding on the Mobile Application: Bidders may download
Our
software application onto their eligible mobile device and use it
to place bids during the auction. To avail of this service, you must
be registered as a bidder in accordance with paragraph 3 above.
We
do not accept any liability in the unlikely event that a mobile
bid is not executed or executed incorrectly.
4.6 Absentee/Proxy Bids: Bidders may place bids prior to the sale
either online or in writing by submitting the absentee/proxy bid
form. Absentee/proxy bids may be accepted or refused at
Our
sole and absolute discretion.
4.7 Currency of Bidding: All bids may only be placed in Indian Rupees
(INR). The foreign currency exchange rate used on
Our
website
for invoicing of non-India based bidders in United States Dollars
(USD), and for all other auction-related purposes, has currently
been set at 1:63 (USD:INR), and will be constant during the
auction. Before the start of the auction,
We
may, at
Our
sole and
absolute discretion, change the exchange rate used, based on
fluctuations inmarket exchange rates. The estimates for individual
properties have been ‘rounded off ’ for ease of reference and may
not reflect the exact exchange rate used for bid calculations.
4.8 Technical Downtime: In the unlikely event that
Our
website
or mobile application is inaccessible to bidders or partially
disabled due to
Technical Downtime
at any time, the auction
will continue in the saleroom, unless specifically discontinued at
Our
sole and absolute discretion. Bidders may contact
Us
during
such
Technical Downtime
to bid by telephone, subject to
availability.
We
accept no liability for any
Technical Downtime
.
Online or mobile bids recorded prior to or after any
Technical
Downtime
may 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
. Any determination made by
Us
in respect of
recording of bids shall be final.
4.9 Mobile and Internet Networks: Due to the nature of mobile and
internet traffic, there may be an unpredictable time-lag between
a bidder placing a bid, and that bid being received by
Us
.
We
accept no liability for such time lags owing to mobile and internet
networks.
4.10 Bidders are advised to keep their login ID, password and paddle
secure at all times.
We
will hold the bidder responsible for all bids
placed by using their paddle or login ID and password, whether
via
Our
website, through the mobile device or in the sale room.
4.11
Our
auctioneer may place bids on behalf of sellers either by
placing consecutive bids or by placing bids in response to other
bidders, provided such bids are less than the
Reserve Price
.
Our
auctioneer will not place bids on behalf of the seller for
Lots
that
are offered with no
Reserve Price
.
4.12 At the discretion of
Our
auctioneer, 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.
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,
theymay not increase their bid or alter it in any way.
Our
employees
may bid in charity auctions that are held on
Our
auction platform.
4.14 Sellers are not allowed to bid on the particular
Lot(s)
they have
consigned otherwise than as permitted under these conditions for
sale.
4.15 A currency converter may be in operation in the saleroom for the
convenience of bidders.
We
accept no liability for any malfunction
in the currency converter.
4.16
We
and
Our
auctioneer (acting on
Our
behalf) have the right to
exercise reasonable discretion in setting bid increments, accepting
and 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
and
Our
auctioneer will be
conclusive.
4.17 Any new bid will normally be accepted at a value greater than the
current highest bid by a minimum increment, which applies to
each bid value. The next valid bid amount is the current highest
bid plus the minimum increment value.
Our
auctioneer may,
from time to time, allow a bid in the saleroom at a lower or higher
increment than the minimum increment. Online and mobile bids
however, are accepted only at the next valid bid based on the
minimum increment.
4.18 Subject to the discretion of
Our
auctioneer, the highest bidder
accepted by
Our
auctioneer will be the winning bidder and the
fall of
Our
auctioneer’s gavel shall mark the close of bidding on
each
Lot
.
Our
auctioneer may, at his/her discretion, re-open
bidding on a
Lot
after the fall of the gavel if a higher bid placed
prior to closing was inadvertently not accepted.
4.19
We
and
Our
auctioneer (acting on
Our
behalf) may, at
Our
sole
and absolute discretion, choose not to award the winning bid to
the winning bidder with the highest bid, if
We
deem it necessary
to do so.
4.20
We
shall retain the right to display the results of the sale and
Lot
details sold by
Us
, including catalogue descriptions and prices on
Our
website at all times, including after the completion of the
sale.
We
regret that
We
cannot agree to requests to remove these
details from
Our
website.
5. Completing the Purchase
5.1
We
will raise invoices on the winning bidder for the
Sale Price
and
Buyer’s Premium
, applicable taxes on sale of properties
and other additional charges that may be incurred by
Us
, if any,
including shipping and handling of the property and additional
levies.
5.2 The title to the property shall pass from the seller to
Us
outside
the territory of the United States of America.
The title to the properties purchased shall pass to the winning
bidder at the time that bidding is closed for each property
and such winning bidder shall thereafter assume full risk and
responsibility for such properties. In any event, the properties
purchased will not be released or shipped out to the winning
bidder or his 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,
We
shall charge a
Buyer’s
Premium
calculated at the rate of (i) 20% of the winning bid value
of up to and including INR 10,00,00,000, (ii) 15% of the winning
bid value in excess of INR 10,00,00,000 up to and including INR
15,00,00,000, and (iii) 12% of the winning bid value in excess of
INR 15,00,00,000. A
GST
applicable on the
Buyer’s Premium
shall
be payable by the winning bidder.
5.4 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.
For INR payments
1.
Cheque/Demand Draft
2
RTGS/NEFT
3.
Credit card: up to INR equivalent of USD 5,000
For USD payments
1.
Cheque
2.
Direct wire transfer
3.
Credit card: up to USD 5,000
NOTE: Payments in excess of USD 5,000 must be made through a wire
transfer or cheque.
We
and
Our Affiliates
will not be held responsible
for any refusal or failure to accept modes of payment not outlined
above.
5.5 No shipment or delivery of the property will be made if the
Sale
Price
and
Buyer’s Premium
(including the applicable taxes and
other service charges, if any) are not received by
Us
and until
all proper documentation in connection with the sale of the
property has been completed.
We
will not accept payments
from any parties other than the winning bidder as recorded on
the invoice.
5.6 The winning bidder acknowledges that
We
will abide by any
export restrictions that may apply in the countries from where
specific properties will be shipped. The winning bidder shall also
be responsible to ensure that the property(ies) is freely importable
into his country or to the country where the destination for
delivery (as specified by the winning bidder) is located. If the
winning bidder or
We
become aware of any restrictions to such
import subsequent to the completion of the auction, the winning
bidder shall provide an alternate delivery destination to
Us
. All
costs associated with the process of delivery and storage (when
required) of the property shall be borne by the winning bidder.
The property(ies) shall be handed over to the winning bidder or
his nominee only upon full payment of all such costs.
5.7
Lots
marked as “Art Treasures” and/or “Antiquities” under the
Antiquities and Art Treasures Act, 1972 cannot be exported
outside India. If you are the successful bidder for any such
Lot
,
you agree not to export such
Lot
outside of India. Each winning
bidder is solely responsible for meeting the requirements of
the Antiquities and Art Treasures Act, 1972 and/or any related
state legislation. Please note that the
Lots
are marked for your
convenience only, and
We
do not accept any liability for errors or
for failing to mark the
Lots
.
5.8 Non payment: In case payments are not receivedwithin 7 business
days of each invoice,
We
shall treat the same as a breach of
contract of sale by the winning bidder, and the seller may, in such
an event, authorise
Us
to take any steps (including the institution
of legal proceedings), as it may deem to be appropriate to enforce
payment by the winning bidder. In addition, the winning bidder
will be charged demurrage at 1% of the total value (winning bid