132-133 / 160
132
133
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 Buyer’s Premium?
In respect of each sale at the auction, Saffronart shall charge a
Buyer’s Premium calculated at 15% of the winning bid value of
up to and including USD 2,000,000; and 10% of the winning bid
value in excess of USD 2,000,000. For loose stones, the Buyer’s
Premium is calculated at 5% of the winning bid value. 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.
You may choose to make your own arrangements for shipping
and handling. However, all documentation requirements must
be complied with. Please contact us for further details.
What are the Duties and Taxes applicable on my 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 shipmentsmentioned
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.
(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 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?
(i) For Antiquities: Upon receipt of payment from the 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.
(ii) 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?
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.
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