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6.4 (b)
Lots
over a hundred years old, whether registered
with the ASI or otherwise, or deemed National
Treasures, are NON-EXPORTABLE as per the
Antiquities Act
and the
Rules
, and cannot be
exported out of India.
6.5 In respect of each sale at the auction,
We
shall charge a
Buyer’s Premium
calculated at the rate of (i) 15% of the
winning bid value of up to and including USD 2,000,000
and (ii) 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.
GST
applicable
on the
Buyer’s Premium
shall be payable by the winning
bidder.
6.6 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
(i) Cheque/Demand Draft
(iii) RTGS/NEFT
(iii) Credit card: up to INR equivalent of USD 5,000
For USD payments
(i) Cheque
(ii) Direct wire transfer
(iii) Credit card: up to USD 5,000
NOTE: Payments in excess of USD 5,000, or its INR
equivalent, 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.
6.7 The winning bidder shall pay the
Sale Price
and
Buyer’s
Premium
in full (including the applicable taxes and
other charges, if any) within 7 (seven) business days
from the date of invoice. Subject to paragraph 6.4 above,
no shipment or delivery of the
Lot
will be made to the
winning bidder 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
Lot
has been completed, and until the ownership along with
registration of the
Lot
has not been transferred from
the seller to the winning bidder (in case of
Lots
which
are
Antiquities
, such transfer being in accordance with
the provisions of the
Antiquities Act
and the
Rules
).
Payments will not be accepted from any parties other
than the winning bidder as recorded on the invoice.
6.8 The winning bidder acknowledges that
We
will abide by
any export restrictions that may apply in the countries
from where specific
Lots
will be shipped. The winning
bidder shall also be responsible to ensure that the
Lot(s)
are freely importable into his/her 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, thewinning
bidder shall provide an alternate delivery destination
to
Us
. All costs associated with the process of delivery
and storage (when required) of the
Lot
shall be borne
by the winning bidder. The
Lot(s)
shall be handed over
to the winning bidder or his/her nominee only upon full
payment of all such costs.
6.9
Lots
marked as "Art Treasures" and/or "Antiquities" under
the
Antiquities Act
and
Rules
cannot be exported
outside India, notwithstanding that the payment in lieu
of such
Lots
may be received from the winning bidder
in USD. 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 Act
and
Rules
, 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
.
6.10 Non payment: In case payments are not received within
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 plus
Buyer’s Premium
) or INR 10,000 per month,
whichever is higher, till the date of actual payment.
6.11 With respect to
Lots
which are
Antiquities
, pursuant to
the ownership along with registration of the
Antiquity
being transferred from
Us
to the winning bidder in
accordance with the provisions of the
Antiquities Act
and
Rules
, if the winning bidder informs
Us
that the
winning bidder wishes to collect the
Antiquity
from
Us
in person and such
Antiquity
is not collected by
the winning bidder within 30 days of the registration
formalities being completed,
We
shall arrange for storage
of the
Antiquity
at the winning bidder’s expense, and
shall only release the
Antiquity
after payment has been
made, in full, of the
Sale Price
and
Buyer’s Premium
,
including storage and insurance at applicable rates.
6.12
We
shall be entitled to exercise a lien on the
Lot
for
payment of any sums due to
Us
from the winning
bidder, including the
Sale Price
,
Buyer’s Premium
or
costs relating to storage and insurance where they are to
be borne by the winning bidder, in relation to any
Lot
purchased by the winning bidder.
7. Authenticity Guarantee
7.1
We
provide a limited guarantee on the authenticity of
the
Lots
for a period of one year from the date of the
auction of such
Lots
.
We
only guarantee, subject to
the qualifications below, the information mentioned in
all capital letters in the title heading of the
Lot
in the
Auction Catalogue
.
We
do not guarantee any other
attribute of such
Lot
even if such other attribute is in all
capital letters.
7.2 The authenticity guarantee does not apply to title
heading or part of a title heading which is qualified. A title
heading is qualified when it is limited by a clarification or
limitation in all capital letters in the title heading of the
Lot
in the
Auction Catalogue
.
7.3 The authenticity guarantee does not apply if the title
heading of the
Lot
in the
Auction Catalogue
, as on the
date of auction or as amended by any saleroom notice,
either is in accordance with the generally accepted
opinion of experts, or indicates that there is a conflict of
opinion of such experts.
7.4 The authenticity guarantee does not apply if it is proved
that the title heading of the
Lot
in all capital letters in the
Auction Catalogue
, is not authentic only by scientific
means or processes which, on the date
We
published
the
Auction Catalogue
, was not generally available
or accepted, or which was unreasonably expensive or
impractical to use, or which was likely to have caused
damage to the
Lot
, or which was likely to have caused
loss of value to the
Lot
.
7.5 In the unlikely event that within one year from the sale
of the
Lot
through auction, it is proved by the winning
bidder, to
Our
reasonable satisfaction, that the
Lot
was
not authentic and if, in
Our
opinion, bidders being aware
of such error or omission would have bid significantly
less than the actual
Sale Price
,
We
shall be entitled to
rescind the sale, and the seller will be liable to refund to
the winning bidder the
Sale Price
paid for the
Lot
.
7.6 The guarantee above shall be subject to the following
conditions:
(i) the claim is made by the winning bidder as
registered with
Us
and if the winning bidder has
owned the
Lot
continuously between the date of
auction and the date of claim (the benefit of the
claim is not assignable to any subsequent owners or
others who may acquire or have an interest in any
of the
Lots
);
(ii) the concerned property in the
Lot
is returned to
Us
in the same condition that it was in at the time of
delivery of such property in the
Lot
to the winning
bidder; and
(iii) the concerned property in the
Lot
is indisputably
the same as purchased through the auction.
Once
We
obtain the refunded amount from the seller,
We
shall forward the same along with the amount charged
by
Us
as the
Buyer’s Premium
to the winning bidder.
We
shall not be accountable to the winning bidder for any
taxes, shipping, handling or any other charges that may
have been applicable at any time from the sale of the
Lot
till the claim.
7.7 All such claims will be handled on a case-by-case basis,
and in the case of an authenticity claim,
We
will require
that examinable proof, which clearly demonstrates that
the
Lot
is not authentic, is provided by an established
and acknowledged authority.
Our
decision in respect of
such claims shall be final and binding.
7.8 In all cases,
We
retain the right to consult with, at the
expense of the winning bidder, two recognised experts
in the field (such experts being mutually acceptable to
Us
and the winning bidder), to examine the
Lot
under
question before deciding to rescind the sale and offer the
refund under the guarantee set out above. The opinion
of the experts shall not be binding on
Us
.
7.9 In the event of the seller’s failure to refund the proceeds as
stated in this paragraph, the winning bidder shall return
the concerned property in the
Lot
to
Us
and authorise
Us
as its agent to initiate legal proceedings against the seller.
Any such steps taken or legal proceedings instituted by
Us
against the seller shall be to the cost of the winning
bidder.
8. Privacy of Personal Information
8.1
We
will maintain the confidentiality of your personal
information as disclosed to
Us
and undertake to not
disclose such information to any third party, unless
otherwise required by law or a governmental authority.