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FREQUENTLY ASKED QUESTIONS
This auction is being conducted on the direction of the
Directorate of Enforcement, Government of India, represented
by the Deputy Director, Mumbai Zonal Office, Directorate of
Enforcement, Kaiser-I-Hind Building, Ballard Estate, Mumbai. This
auction is being held on behalf of the department to recover the
proceeds of crime from Original Owner/s in accordance with
the Order of the court of special judge under the Prevention of
Money Laundering Act at Greater Bombay dated 19 September
2019 obtained by the Directorate of Enforcement, Government
of India under the provisions of the Prevention of Money
laundering Act 2002 and Rules made thereunder.
Please read the Conditions for Sale carefully before participating
in the auction.
How do I view the lots?
All lots for sale are featured in this auction catalogue. The
number listed next to each image is the lot number and should
be used as a reference during bidding or for any information
requests. The lots in this sale may be viewed through any of the
following:
(i)
Previews and Viewings – Details listed on the Sales and
Enquiries section of the printed catalogue
(ii) The online auction catalogue available on
saffronart.com(iii) The printed auction catalogue
(iv) The mobile auction catalogue available for download on
your mobile device
What do you mean by ‘Condition of Lots’?
All Lots will be shipped out in an ‘as is’ condition, meaning that
the lot is sold with all existing faults and imperfections. Saffronart
encourages all potential buyers to inspect each lot carefully
before bidding and to not rely on an illustration of any lot given
in the catalogue. Condition reports for all Lots are available as a
free service, online or upon request.
What are special lots?
Lots marked as "Art Treasures" and/or "Antiquities" under the
Antiquities and Art Treasures Act, 1972 cannot be exported
outside India. Buyers are solely responsible for meeting the
requirements of the Antiquities and Art Treasures Act, 1972 or
any related state legislation.
What are Price Estimates?
Each lot has a price range listed. These estimates are based
on characteristics of the lot such as condition, quality, rarity,
provenance. These estimates are provided only as a guide for
buyers and do not include Buyer’s Premiumor applicable taxes. If
applicable there is a link for pricing achieved for similar art works
at auction available next to the lot in the online catalogue. Price
estimates may be subject to revision.
What is a Reserve Price?
Unless stated otherwise, all Lots offered in the auction are
subject to a reserve price, which is the minimum price that the
lot may be sold for. No lot will be sold below its reserve price and
the reserve price will not exceed the low price estimate. Reserve
prices are confidential and will not be disclosed.
How do I register to bid?
Bidders are advised to register at least 24 hours in advance of
the sale. Bidders may choose to register online or send in their
details to Saffronart and we will process the details for you.
Saffronart requires the following details from a first time bidder
to register and process an approval to bid:
(i) Name
(ii) Address
(iii) Telephone Number
(iv) Email Address
(v) Know Your Customer (KYC) documents
(vi) Credit card information/financial references/deposits
In some cases, Saffronart may request for a bidding limit value
which is a per lot limit based on your current bid value.
If you have bid or been approved to bid with Saffronart before,
please use your Saffronart login and password to accept the
Conditions for Sale online. Collecting a paddle in a live auction
also implies an acceptance of the Conditions for Sale. Please
note the invoicing details provided at the time of registration
cannot be changed after the sale.
How do I Bid?
(i)
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 open 30 minutes prior
to the sale.
(ii) 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 the
auctioneer, it will be recorded. After you enter your bid, it is
advisable to view the bid history to verify that your bid has
been recorded. Please note that bidders may be contacted
during the auction for bid verification in order to protect
all bidders and maintain the efficacy of the process.
(iii) Bidding on the Phone: Saffronart accepts requests
from bidders to place bids on the phone with our staff
depending on availability. To avail of this service, you must
be registered as a bidder. Please note that the number of
telephone lines available for telephone bidding may be
limited and this facility is provided at Saffronart’s discretion.
(iv) Bidding on the Mobile: Bidders may download a software
application from Saffronart onto their iOS or Android
mobile device and use it to place bids during the sale. To
avail of this service, you must be registered as a bidder.
(v) Absentee/Proxy Bids: Bidders may place bids prior to the
sale either online or in writing by submitting the absentee/
proxy bid form. See the Absentee/Proxy Bid Form available
at the back of the printed catalogue, or on the website.
Absentee/proxy bids shall be accepted up to a certain
time prior to the sale which will be listed online.
What are bid increments?
Any new bid must be greater than the current highest bid by a
minimum increment. The next valid bid amount is the current
highest bid plus the minimum increment value. The auctioneer
may vary the increments during the course of the auction at his
or her discretion. Online bids however, are accepted only at the
next valid bid based on the minimum increment. Please refer to
the bid increments printed at the back of the catalogue (on the
reverse of the Absentee/Proxy Bid Form).
Can a bid be cancelled?
No bid may be cancelled by a bidder. Saffronart reserves the
right to cancel a bid at its discretion if it considers it necessary
to do so.
What is the currency of bidding?
In a live auction in India, the currency of bidding is INR. However,
buyers with an invoicing address outside India are invoiced
in USD at the exchange rate fixed for the sale. Please see the
exchange rate section in our Conditions for Sale online.
What is an Opening/Start Bid?
The opening/start bid is the value at which the auction house
starts the bidding on a particular lot.
When does a lot sell?
The fall of the auctioneer’s gavel shall mark the close of bidding
on each lot. The final bid announced by the auctioneer is
considered a winning bid in the sale, if the auctioneer announces
the lot as sold.
What is Buyer’s Premium?
Saffronart charges the buyer a premium on the winning bid
value. The Buyer’s Premium is calculated at the rate of 12% of the
winning bid value on each lot. For lots being shipped from India,
a GST (Goods and Services Tax) at applicable rate 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
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