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bidders from entering into the auction room or from
bidding; and (iv) ask bidders to surrender paddles at any
time.
4.5
We
may set limits on the value of bids that may bemade by
a bidder and/or require payment guarantees or deposits as
a precondition to giving bidding access to a bidder. Bidders
will be informed of their bidding limit, if any, and will not
be allowed to bid further if their bidding limit has been
exhausted.
4.6 All bidders are required to provide complete and accurate
invoicing details to
Us
at the time of registration for the
auction. Invoicing details, once registered, will not be
changed. Winning bidders shall be invoiced based on
details provided at the time of registering for the auction.
4.7 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.
4.8 Any new bidder who is required to register in accordance
with Clause 4.7 above, if bidding on behalf of a third
party, is required to furnish an authority letter issued to
such bidder by the said party at the time of registration.
Any bidder already registered is required to furnish such
authority letter, if applicable, on the day of the auction.
5.
Bidding
5.1
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.
5.2 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 and the
authority letter in accordance with Clause 4.8, if applicable,
to collect your paddle. Registrations will be made open 30
minutes prior to bidding.
5.3 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.
5.4 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.
5.5 Bidding on theMobile Application: Bidders may download
Our MobileApp
onto any mobile device that supports
Android and iOS, and use it to place advance 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 bid
through the
MobileApp
is not executed or executed
incorrectly.
5.6 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.
5.7 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 1:70 (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 in
market exchange rates. The estimates for individual
Lots
have been ‘rounded off’ for ease of reference and may not
reflect the exact exchange rate used for bid calculations.
5.8
Technical Downtime
: In the unlikely event that
Our
Website
or
MobileApp
is inaccessible to bidders or
partially disabled due to
Technical Downtime
at any time,
the auctionwill 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.
5.9 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.
5.10 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
MobileApp
or in the sale room.
5.11
Our
auctioneer may place bids on behalf of
Seller
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
.
5.12 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.
5.13
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, they may not
increase their bid or alter it in any way.
Our
employees
may bid in charity auctions that are held on
Our
auction
platform.
5.14
Original Owner/s
are not allowed to bid on the particular
Lot(s)
otherwise than as permitted under these conditions
for sale.
5.15 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.
5.16
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.
5.17 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.
5.18 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.
5.19
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.
5.20
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
.
6.
Completing the Purchase
6.1
We
will raise invoices on the winning bidder for the
Sale
Price
and
Buyer’s Premium
, applicable taxes on sale of
Lots
and other additional charges that may be incurred by
Us
, if any, including shipping and handling of the
Lot
and
additional levies.
6.2 The title to the
Lots
purchased shall pass to the winning
bidder at the time that bidding is closed for each
Lot
and such winning bidder shall thereafter assume full risk
and responsibility for such
Lots
. In any event, the
Lots
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.
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