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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 a 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 originating in India
For lots originating from India, an 18% GST on the Buyer’s
Premium is applicable. Theremay 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 have been imported into India, and in order
to remove the lots from a Free Trade Warehousing Zone
and into Indian free circulation for deliveries within India, a
customs duty at 11% will be added to the hammer price.
The applicable GST as mentioned above will be charged
on the amount inclusive of the hammer price and the
duty.
In the event that the lot is to be shipped internationally,
additional charges for international shipments mentioned
in the above section shall apply.
An 18% GST on the Buyer’s Premium is applicable on these
lots.
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?
The winning bidder shall pay a minimum of 10% of the sale price
and Buyer’s Premium (including the applicable taxes and other
charges, if any) to us within four (4) days of the completion of
the sale. The balance 90% of the sale price and Buyer’s Premium
(including the applicable taxes and other charges, if any) shall
be payable within one (1) month of the auction, failing which
the sale to the winning bidder shall stand cancelled and the
10% deposit shall be forfeited. For more details, please see the
Completing the Purchase section in our Conditions for Sale
online.
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 Private Limited
(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 Private
Limited
(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
When will my purchases be delivered/can I collect my
purchases?
Purchases shipped out within 10 - 15 business days of the
payment being cleared and 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 inMumbai. 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 any
relevant documentation for the lot that has been mentioned
in the lot details. Please note that Saffronart does not issue
any authenticity certificates and does not provide artist
authenticities either. Upon receipt of the entire sale price and
Buyer’s Premium by us, the seller shall issue: (i) a certificate
setting out that the auction is being conducted in accordance
with the Order; and (ii) in respect of any vehicles sold by way
of this auction, prescribed forms and documents to enable
transfer of ownership of such vehicles under the Motor Vehicles
Act 1988, to the winning bidder. We undertake to liaise with
the Seller for procuring such certificate/forms/documents and
forwarding it to the winning bidder. For more details, please see
the Completing the Purchase section in our Conditions for Sale
online.
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 five 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 in
auction?
(i)
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.
(ii) Lots marked with have been imported into India, and in
order to remove the lots from a Free Trade Warehousing
Zone and into Indian free circulation, a customs duty at
11% will be added to the hammer price. The applicable
GST/VAT/CST will be charged on the amount inclusive of
the hammer price and the duty.
(iii) Lots marked with are subject to CITES (Convention on
International Trade in Endangered Species) export/import
restrictions andmay require export/import permits to ship
the lot outside India. The winning bidder acknowledges
that he/she is solely responsible for obtaining and paying
for the necessary permits. The bidder may contact the
Directorate General of Foreign Trade, Government of
India for further information regarding export/import
restrictions prior to making such purchases.
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.
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