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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 20% of the winning bid value
of up to and including USD 2,000,000; 15% of the winning bid
value in excess of USD 2,000,000 up to and including USD
3,000,000; and 12% of the winning bid value in excess of USD
3,000,000. 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) InternationalShipmentsforlotsnotmarkedasSpecialLots:
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.
Due to the prevailing COVID‒19 global health crisis,
buyers can expect a delay in shipping and delivery of
the purchased lots. Buyers will receive a notification
from Us as and when the restrictions imposed by several
countries around the world are relaxed or lifted and
shipments resume.
(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. Due to
the prevailing COVID‒19 global health crisis, buyers can
expect a delay in shipping and delivery of the purchased
Lot/s
. Buyers will receive a notification from
Us
as and
when the restrictions imposed by several countries
around the world are relaxed or lifted and shipments
resume.
Buyers may choose to collect their purchases from the
Saffronart office in Mumbai. Once the lockdown related
to the prevailing COVID‒19 global health crisis is lifted
by the Government/s, buyers are requested to make an
appointment to collect purchases within 10 ‒ 15 business
days after the abovementioned lockdown is lifted by the
Government/s. Buyers who have completed payment
formalities and have not taken delivery of their lots from
Saffronart within 30 days 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?
(i)
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.
(ii)
Lots marked with indicate that Saffronart owns the
lot in wholeç 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.
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