Conditions of Sale
TERMS AND CONDITIONS OF SALE
The Terms and Conditions of Sale set out below explain the method by which
the seller and buyer will complete the transaction of buying an artwork through
Pundole's, and the terms each is bound by.
TERMS OF SALE
Unless specifically stated, Pundole's does not have a financial interest in any of
the property offered for sale. Pundole's only acts as an agent for the seller.
DESCRIPTION OF PROPERTY
Each auction will have a catalogue printed prior to the sale. Please read the
catalogue carefully for all details pertaining to the property offered.
All bidders are encouraged to examine the property offered for sale in person
prior to the sale. Information provided in the catalogue including the condition
report regarding authenticity, provenance, quality, or art historical relevance,
whether stated in the catalogue or communicated verbally constitutes an
opinion from Pundole's. Pundole's only take responsibility for the information
provided regarding the Author, name of the artist or basic description of the
property as stated in the opening line of each lot in capital letters. The
information in the catalogue and condition report is meant to help prospective
buyers, but is not exhaustive by any means, and all buyers are encouraged to
supplement that information through their own experts or other research.
Condition reports are available on request. These reports have not been done
by trained conservators. We encourage you to get an additional professional
assessment should you need. Condition reports will broadly state the physical
and visible, damaged and restored areas of the artwork. If there is an area
specifically mentioned, it does not exclude other similar areas, and if there is a
problem not mentioned, it does not mean that they do not exist.
Pundole's will provide details and information to the best of its abilities, and
cannot be held liable for any information that is erroneously provided or not
mentioned. Any statement by Pundole's does not constitute a representation,
warranty or assumption of liability by them of any kind.
Pundole's does not guarantee the frames, and all property will be sold 'as is'.
Estimates are only provided as indicative values to give buyers a general range of
the price we expect the work to sell for. It is not to be taken as a confirmed price
expected for the work.
Pundole's may withdraw any property before, during or after the auction if in its
opinion there is any issue regarding authenticity, ownership or any change to the
information provided for the artwork when it was consigned.
THE AUCTION
By bidding at a Pundole's auction, the bidder enters into an irrevocable offer to
buy the artwork that has been bid on. Should the bid be successful, the buyer
agrees to pay the hammer price plus the buyer's premium, all applicable taxes,
plus any additional charges relating to shipping, insurance, import-export
permissions and bank transfer fees.
In the event that a party is bidding on a third person's behalf, it is the party's
responsibility to ensure that all paperwork explaining the transaction and
relationship has been completed prior to the sale as per Pundole's registration
requirements.
All registration formalities, as outlined in the Registration/ Absentee Bids form
must be completed prior to the sale. Registration may be done on the day of the
sale as well, but as a banker's reference is needed, it would be ideal to complete
it beforehand. Photo identification will be required while collecting a paddle.
Paddles are given at Pundole's discretion, and bidders may be refused entry to
the auction or not allowed to bid at Pundole's discretion.
Absentee bids will be carried out by the auctioneer or a member of Pundole's
on behalf of the client. This service is offered free of charge, and Pundole's does
not accept any liability in the unlikely event that the bid is not executed or
executed incorrectly. In the event the auctioneer has two bids of identical values
and no higher bids are taken in the saleroom, the bid received on the earlier
date/time will be given preference. All absentee bids need a completed and
signed form (available at the back of the catalogue) in order for them to be
accepted.
Similarly, telephone bids can be arranged for clients unable to be in the
saleroom. Telephone bidding will be arranged subject to availability of Pundole's
staff so requests should be made as early as possible. This service is offered free
of charge, and Pundole's does not accept any liability in the unlikely event that
the telephone bid is not executed or executed incorrectly or the client has
been unreachable due to faulty telephone connections. Telephone bids may be
recorded.
Consignors may not bid on their own lots in the auction.
Pundole's employees and consultants may not bid in the sale unless a written
bid is submitted 72 hours prior to the start of the sale. They may not increase
that bid or bid on their own behalf in the room.
All works, unless specifically indicated otherwise, will be sold subject to a
reserve. The reserve is the minimum price at which the consignor has agreed to
sell the Property at, and in no case will exceed the low estimate of a Property.
All reserves are kept confidential. The auctioneer may open the bidding by
placing a bid on behalf of the seller. The auctioneer may continue to bid up until
the amount of the reserve, either by placing consecutive bids or by placing bids
in response to other bidders. In the event that neither an absentee bid nor a bid
in the room reaches the amount of the reserve, the auctioneer will 'pass' the
Property and it will remain unsold.
For all bids, the auctioneer's decision is final, and the auctioneer will have full
discretion to choose, accept or reject bids. While bidding increments will usually
increase by approximately 10%, the auctioneer has the discretion to break or
change the increments. In the event of a dispute, the auctioneer reserves the
right to re-offer the lot and determine the successful bidder for the lot.
The auctioneer will determine the successful and highest bidder for each lot.
The fall of the auctioneer's gavel shall confirm the close of each lot, and the
auctioneer will announce whether the lot has been sold or not. The successful
sale of each lot and the announcing of the successful paddle number also marks
a successful and irrevocable contract between the seller and buyer of the
artwork. The buyer accepts full responsibility to pay for the lot, as determined by
the final hammer price plus buyer's premium and all applicable taxes. Risk and
responsibility for the lot (including frame, glass and other breakable materials
where relevant) passes to the buyer at the expiration of fourteen calendar days
from the date of the sale or on collection by the buyer if earlier.
POST SALE
All invoices for purchases made in the sale will be sent to the name and address
as stated on the registration form. Any changes to this should be sent to
[email protected] or via written communication within 24 hours of the
sale being completed.
All successful bidders will require putting down a deposit of ten percent of the
hammer price, on completion of each session, either in cash or credit card
(subject to a fee of 1.5%) to guarantee their purchase. Non-payment of all
balance payments within fourteen days post the sale would lead to forfeiture of
the deposit.
Invoices will reflect the final amount payable for all lots purchased. The total
invoice price will be divided into two separate invoices and will include the
hammer price plus the buyer's premium, applicable taxes and import duty if
applicable.
The first invoice will include the hammer price plus import duty, if applicable,
and VAT (at the rate applicable on each object at the time of the auction).
The second invoice will include the buyer's premium (15% payable on hammer
price) plus 12.36% service tax (or as applicable at the time of the auction).
Invoices for packing, shipping, insurance and storage (if applicable), will be sent
separately.
In cases where it is applicable and all documentation has been submitted,
approved and duly stamped, CST may be substituted for VAT, but this will be
addressed on a case by case basis.
Payment should be made within 14 days of the sale. Payment will only be
accepted from the same party as indicated on the invoice.
Payment will be accepted through cheques, wire transfers and demand drafts.
International buyers can pay through wire transfers. Invoices will be raised in
Indian Rupees.
Shipping forms will be included with the invoices, and all shipping instructions,
whether local or international should be communicated to Pundole's within 14
days of the sale.
The transfer of title only happens after payment is received in full. At no point
is copyright transferred to the buyer.
All works can only be collected or shipped upon receipt of all dues, including
shipping charges.
Local buyers who have purchased lots imported into India will be obliged to
settle all invoices, including import duty, VAT, service tax etc. before such lots
can be released from a Free Trade Warehousing Zone for free circulation within
India.
All lots that have been imported into India (marked with a #) have been stored
in a Free Trade Warehousing Zone. These lots will be cleared and released for
free circulation within India from the FTWZ using the Pundole's Importer-
Exporter Code (IEC) upon payment of customs duty @ 10.3% (or as applicable
at the time of payment) to Pundole's.
Shipping for all lots imported into India or purchased under 'C' form exemptions
will only be arranged by Pundole's on behalf of the buyer. All packing, shipping,
insurance and related expenses will be borne by the buyer.
Pundole's shall be entitled to retain all property sold in various lots to the same
purchaser, until amounts due to them from such purchaser have been received
in full. Subject to this the Buyer may collect the properties within the prescribed
time frame.
Shipping can be arranged by Pundole's for both local and international
shipments. In all cases, a third party will be used to pack, handle and ship the
goods to their final destination. The work will also be insured at the buyer's
expense while in transit. While Pundole's will use a reputed and experienced
art shipper, any mishap related to shipping and packing is not Pundole's
responsibility, and does not constitute part of the original contract between
the seller and the buyer.
If there is any loss or damage to the property of any nature whatsoever while
the property is in the possession of Pundole's or in transit the Buyer shall not
hold Pundole's responsible or liable for any such loss or damage and shall not
claim any sum whatsoever from Pundole's as costs, losses or damages. The
Buyer agrees that it shall accept the proceeds of an insurance claim that may be
settled/sanctioned by Pundole's insurance company by its policy in full and final
settlement.
International buyers who have wire transferred money from an overseas bank
account may be exempt from paying VAT and import duty on the hammer price
if the work is directly exported by Pundole's through a licensed shipper, with the
appropriate and required documentation. Service tax will still be applicable on
the buyer's premium, even if the lot is exported out of the country.
All purchases must be collected or shipped within 35 days of the auction.
Any works exported from India will be done in compliance with the export and
foreign exchange laws of the country. Similarly, when importing works into a
country, it is the buyer's responsibility to check on any import restrictions or
applicable duties before confirming a shipping location. While Pundole's will
assist with both shipping and export, it is the buyer's responsibility to be aware
of all import and export regulations and obtain any necessary licenses or
permissions.
Import / Export licenses may take considerable time to obtain. Payment to
Pundole's for the purchase of the artworks should not be held up because of
any shipping related issues. No sale may be cancelled due to lack of information
on export and import procedures.
All works as classified by the Government of India's Antiquities and Art
Treasures Act of 1972 as National Art Treasures, and, all property that is either
registered with the Archaeological Survey of India or over one hundred years
old is NON-EXPORTABLE and cannot be taken out of India. The works will be
subject to all local taxes.
All items that are registered with the Archaeological Survey of India, or over one
hundred years old, or are National Treasures whether specifically indicated in
the catalogue or otherwise cannot be exported out of India. Pundole's have
taken all efforts to determine such lots but do not take responsibility for any lack
of information or oversight.
All works deemed to be over one hundred years old, that are classified by the
Government of India and the Archaeological Survey of India (ASI) as Antiquities
need to be registered with the office of the ASI. For works already registered,
the ASI requires that ownership be transferred into the new owner's name
post the auction. While Pundole's will assist with the process, all responsibility
to abide with the guidelines and rules as provided by the ASI is the sole
responsibility of the buyer. Please refer to the section titled REGISTERING
ANTIQUITIES in the 'How to Buy at Pundole's' section.
NON PAYMENT
If the buyer fails to make payment on any purchases within 14 days post the
auction, Pundole's has the right to take whatever action they deem necessary,
including legal proceedings to ensure that the contract between seller and
buyer is fulfilled. Late charges of 18% per annum will apply for any late payments,
storage charges at the rate of Rs.1,000/- per day per property and insurance at
the rate of 0.25% per month. Pundole's will give the buyer suitable notice, failing
which action will be taken, which may include cancelling the sale, re-offering the
property and restricting any further bidding in Pundole's auctions.
Pundole's has the right to have a lien on the purchases for which payment is due
until all outstanding dues are paid. Dues will be calculated based on the total
purchase price plus taxes and all charges related to shipping, insurance and
storage.
Pundole's has the right to re-offer the property through auction or private sale if
payment is not made by the original purchaser. In the event the property is
reoffered, the original buyer will have to bear any and all financial loss borne
through the process of reselling the work. This includes any monetary shortfall
between the original amount fetched at auction and the new price obtained at
resale as well as all losses related to commissions, premiums, shipping, insurance
and storage charges, legal fees, and all applicable taxes.
If the buyer fails to collect the Property or arrange for shipping within 14 days of
the sale, Pundole's will move the Property to storage and charge the buyer
storage and insurance charges that will have to be cleared prior to collection.
LIMITED WARRANTY
Pundole's make no warranties whatsoever, directly or indirectly with respect to
any material in the catalogue with the exception of the Author, name of the
artist or a basic description of the property as stated in the opening line of each
lot in capital letters.
If there is any dispute regarding a lot that has been proven to Pundole's
satisfaction (as subject to the terms laid out below), Pundole's will cancel the
sale and refund the total amount (hammer price plus buyer's premium
excluding all taxes) to the buyer. The buyer will hand the disputed property
back to Pundole's. This clause is subject to the following:
a) The period for this warranty is applicable for 3 years from the date of
the sale.
b) The current owner of the property is the original buyer from Pundole's, as
demonstrated through invoice records, including being the only owner from
the date of the sale to the date of the dispute being brought to Pundole's.
c) The artwork in dispute must be returned to Pundole's in the same
condition as it was handed over in.
d) The reasons for the dispute should be made in writing to Pundole's with all
supporting evidence including two expert opinions from leading scholars in
the field that should be mutually agreed upon by the buyer and Pundole's.
e) Pundole's and the buyer have a right to examine the property together and
discuss the reasons for the dispute before cancelling the sale and refunding
the money to the buyer. Pundole's will have the right to make the final
decision.
f) The artwork is without doubt the same work that was purchased at auction.
It is the seller's responsibility to return the net amount received to Pundole's,
and it is Pundole's responsibility to add the buyer's premium and refund the
total amount to the buyer. If the seller does not return the money to Pundole's,
Pundole's is not liable to return the disputed property back to the Seller.
PUNDOLE'S LIABILITY
Pundole's agrees to refund the money in the case of a disputed sale as set out in
the preceding clause. Any damages incurred during shipping, packing, handling
are not within the purview of Pundole's liability.
Apart from what is stated above, neither the seller nor Pundole's, any of its
employees, offices or agents shall be responsible for or give any guarantee,
representation or warranty of any kind or assume any liability for the accuracy
or correctness of any statement of whatever kind concerning any Property,
concerning authorship, date, medium, origin, authenticity, exhibition history,
historical relevance, provenance, attribution, or any lack of information provided,
or any omissions, faults or defects in any lot.
It is agreed and understood that the recession of a sale and the refund of the
Hammer price and the Buyer's premium paid by the Buyer at the time of
purchase is the sole remedy that may be sought by the Buyer, and such remedy
is exclusive and in lieu of any other remedy which may be available under law.
Pundole's shall not be liable for any incidental or consequential losses or
damages incurred or claimed.
COPYRIGHT
All images, illustrations and written material printed in this catalogue is the sole
property of Pundole's and should not be used by anybody including the buyer
without prior permission. Copyright and all other rights are not transferred to
the buyer during the sale of an artwork. All trademarks, logos are a registered
trademark of Pundole's. Any rights not expressly granted herein are reserved.
WAIVER
No failure to exercise nor any delay in exercising any right, power, privilege or
remedy under this Agreement shall in any way impair or affect the exercise
thereof or operate as a waiver thereof in whole or in part. No single or partial
exercise of any right, power, privilege or remedy under this Agreement shall
prevent any further or other exercise thereof or the exercise of any other right,
power, privilege or remedy.
SEVERABILITY
If any part of the Conditions of Sale is found by any court to be invalid, illegal or
unenforceable, that part shall be discounted and the rest of the conditions shall
continue to be valid to the fullest extent permitted by the law.
LAW AND JURISDICTION
The Conditions for Sale are subject to the laws of the jurisdiction in which the
auction is held. This Agreement shall be governed by Indian law and the courts
of competent jurisdiction at Mumbai shall have jurisdiction.
All property sold at Pundole's is subject to the Terms and Conditions of Sale
printed in the catalogue. Please familiarise yourself with them as they will
facilitate the sale process.
BIDDING
Prospective buyers may bid in an auction either by being present in the
saleroom, bidding on the telephone, or leaving absentee bids for the auctioneer
to execute on their behalf.
All bidders need to complete the registration process, as explained below.
Registration
To bid in an auction, all buyers should register with Pundole's in advance. Buyers
can bid in their individual capacity or on behalf of a corporate or other entity.
The following shall be furnished at the time of registration:
?A completed registration form
?Bank account details as stated on the registration form (name of account
and number, banker's reference, etc.)
Supporting documents for an individual:
?Copy of a valid government issued photo identification, including proof of
address, i.e.: Passport, Driving License
?Copy of PAN card
Supporting documents for a corporate or other entity:
?A copy of the certificate of incorporation
?A utility bill bearing the same address as on the form
?Copy of VAT / TIN registration certificate
?A Board Resolution authorising the selected representative of the
Company to bid in the auction on its behalf and bind the Company,
together with photo identification of such representative
Only registered bidders will be allowed to bid in the auction. A letter of authorisation
shall be produced by any person bidding on behalf of another person or entity.
Bidding in the Saleroom
Once registration formalities are completed, please collect a paddle from the
Registration Desk on the day of the sale. A photo identification will be needed
when the bidder collects the paddle.
Telephone Bidding
Bidders unable to attend the sale can make arrangements with Pundole's to bid
on the telephone. As these will be accepted on a first come first serve basis,
please try to make these arrangements at the earliest.
Absentee / Written Bids
Bidders may also choose to leave Absentee Bids which the auctioneer will
execute on their behalf during the sale. Please note that absentee bids should
indicate the maximum limit per lot. All written bid amounts left should be in
Indian Rupees and at the 'hammer price', ie: buyer's premium will be added to
the final bid amount should the bid be successful. The auctioneer will try and buy
the lot at the lowest possible price above or at the reserve for the specified lot.
For any clarifications regarding the registration process and setting up telephone
or absentee bids, please contact Mallika Advani at [email protected] or
+91 98202 96510.
PROCESS
The sale will be conducted in Indian Rupees.
All works have a price range or estimate indicated in the catalogue. The estimate
is the value assigned by Pundole's to each work, keeping in mind comparable
market examples for objects and the artists' larger body of work for art works.
Estimates are only indicative prices, and do not include buyer's premium or any
taxes, which will be additional. All catalogue descriptions are made to the best of
Pundole's knowledge, and are their opinion.
All works are sold subject to a reserve unless specifically indicated otherwise.
The reserve is the minimum price at which the consignor has agreed to sell the
work at, and in no case will exceed the low estimate of a work. All reserves are
kept confidential. Therefore, any bids below the reserve will not be considered
by the auctioneer to be a 'selling price'.
Lots are usually opened for bidding below the low estimate, and increased in
increments of approximately 10%. Any absentee bids that do not meet a
standard bidding increment will be rounded down to the previous one. All
increments are solely at the discretion of the auctioneer.
The final price payable for every lot will be the Hammer Price (the price at
which the auctioneer's hammer falls) plus a Buyer's Premium of 15%, plus
applicable taxes and import duties, as described below.
All works are subject to a 15% Buyer's Premium which will be added to the
Hammer Price of each sold lot. This 15% Buyer's Premium will be subject to
Service Tax at 12.36%. (Taxes are subject to changes and revisions.)
All works will be charged a Value Added Tax will be applicable on the Hammer
Price of each work (excluding the Buyer's Premium). VAT will be charged at the
rate applicable on each object at the time of the auction.
For works that have been imported into India (marked with a # in the catalogue),
an import duty of 10.3% (or as applicable at the time of payment) on the
hammer price will be applicable. VAT for these particular lots will be charged
on the total amount of the hammer price plus the import duty.
Companies and other parties who are registered dealers outside of the state of
Maharashtra and eligible for 2% CST (instead of VAT) must provide Pundole's
with the required documentation and relevant forms.
All works will be on view prior to the sale. Bidders are encouraged to view the
works in person and discuss the condition with a representative from Pundole's.
Written condition reports are also available upon request. Please ensure that
you request a condition report from Pundole's on the lots that may be of
interest, prior to the sale. Condition Reports broadly will provide details and
information to the best of Pundole's abilities, and Pundole's cannot be held
liable for any information that is erroneously provided or not mentioned. These
reports have not been done by trained conservators. We encourage you to get
an additional professional assessment should you need. Condition reports will
broadly state the physical and visible, damaged and restored areas of the
artwork. If there is an area specifically mentioned, it does not exclude other
similar areas, and if there is a problem not mentioned, it does not mean that they
do not exist. Any statement by Pundole's does not constitute a representation,
warranty or assumption of liability by Pundole's of any kind.
POST SALE
Registering Antiquities
For all works in the auction that are registered with the Archaeological Survey
of India, the buyer will be required to follow the process of transferring
ownership from the seller to their name. Please note that the name on the invoice
and the name on the registration certificate will need to be one and the same.
Once payment has been received in full by Pundole's, the transfer process can
begin. The property will remain with Pundole's for the duration of the transfer
process, and will be handed over to the buyer upon completion. As agent for the
seller, Pundole's is obligated to ensure that the registration and transfer process
are completed in accordance with the Antiquities and Art Treasures Act, 1972.
Pundole's will not be responsible for any delays in the registration or transfer
process. While Pundole's will assist with the process, buyers are solely
responsible for communicating with the ASI and ensuring that the Registration
Certificate is received by them safely and accurately. All charges, if any, associated
with the registration and transfer process will be borne by the buyer.
It is recommended that buyers familiarise themselves with the Antiquities
and Art Treasures Act, 1972. For further information, please contact Pundole's
or visit the ASI website - www.asi.nic.in
All works either registered with the Archaeological Survey of India, or, are over a
hundred years old, or, are National Treasures whether specifically indicated in
the catalogue or otherwise are NON-EXPORTABLE as per the Antiquities and
Art Treasures Act, 1972 and cannot be taken out of India.
HOW TO BUY AT PUNDOLE'S
Payment
All successful bidders will require putting down a deposit of ten percent of the
hammer price, either in cash or credit card (subject to a fee of 1.5%) to guarantee
their purchase. Non-payment of all balance payments within fourteen days post
the sale would lead to forfeiture of the deposit.
All buyers will be responsible for all duties, taxes including VAT, CST, service tax,
and customs duties payable as a result of the sale of the lot.
Invoices will be sent to the address indicated on the registration form and on the
email address provided. Any change to the invoicing name or address as given
on the registration form should be communicated to [email protected]
within 24 hours of the auction. Two separate invoices will be raised for all
purchases - one for the hammer price plus the VAT and the second for the
buyer's premium plus the service tax.
Payment should be made to Pundole's within 14 days of the auction. Payment
will only be accepted from the same party as indicated on the invoice.
Payment will be accepted through cheques, wire transfers and demand drafts.
International buyers can pay through wire transfers. Invoices will be raised in
Indian Rupees. International buyers who have wire transferred money from an
overseas bank account can be exempted from paying VAT and import duty
(only for applicable lots) on the hammer price if the work is directly exported
by Pundole's through a licensed shipper, with the appropriate and required
documentation. Service tax will still be applicable on the buyer's premium, even
if the lot is exported out of the country.
Cheques and demand drafts to be made out to Pundole's. Cheques should be
drawn on a local Mumbai bank account only. For outstation payments, only
demand drafts shall be accepted, payable in Mumbai.
All payments can be sent to:
Pundole's
Tanna House, Ground Floor, 11/A Nathalal Parekh Marg, Colaba, Mumbai 400 039
COLLECTION AND SHIPPING
Pundole's can arrange for local delivery in Mumbai and shipping within India and
internationally at the buyer's expense. All quotes will be on a Cost Insurance
Freight (CIF) basis unless instructed otherwise. If Pundole's organises delivery
even within Mumbai, transit insurance will be mandatory. Shipping instructions
should be clearly completed on the form provided with the invoice, and should
be sent back at the earliest. Shipping estimates are available on request. Please
contact Khorshed Pundole (+91 98196 91101 or [email protected]) to
coordinate. Any purchased lots not collected or shipped within fourteen days
of the auction will be moved to professional storage, at the buyer's expense.
Local buyers who have purchased lots imported into India will be obliged to
settle all invoices, including import duty, VAT, service tax etc. before such lots
can be released from a Free Trade Warehousing Zone for free circulation within
India.
All lots that have been imported into India (marked with a #) have been stored
in a Free Trade Warehousing Zone. These lots will be cleared and released for
free circulation within India from the FTWZ using the Pundole's Importer-
Exporter Code (IEC) upon payment of customs duty @ 10.3% (or as applicable
at the time of payment) to Pundole's.
Shipping for all lots imported into India or purchased under 'C' form exemptions
will only be arranged by Pundole's on behalf of the buyer. All packing, shipping,
insurance and related expenses will be borne by the buyer.
International buyers who have wire transferred money from an overseas bank
account can be exempt from paying VAT and import duty on the hammer price
if the work is directly exported by Pundole's through a licensed shipper, with the
appropriate and required documentation. Service tax will still be applicable on
the buyer's premium, even if the lot is exported out of the country.
All items that are either Registered with the Archaeological Survey of India, or,
are over one hundred years old, or, are National Treasures whether specifically
indicated in the catalogue or otherwise cannot be exported out of India.
Pundole's have taken all efforts to determine such lots but do not take
responsibility for any lack of information or oversight.
Any works exported from India will be done in compliance with the export and
foreign exchange laws of the country. Similarly, when importing works into a
country, buyers should check on any import restrictions or applicable duties
before confirming a shipping location. While Pundole's will assist with both
shipping and export, it is the buyer's responsibility to be aware of all import and
export regulations and obtain any necessary licenses or permissions.
All purchases must be collected or shipped within 35 days of the auction, subject
to the registration process. No works will be delivered or shipped before
all payments for purchases, shipping and insurance have been completed.
Pundole's reserves the right to cancel a sale if payment is not received within
14 days of the auction.
For any inquiries, please contact Khorshed Pundole at [email protected].
CATALOGUE TERMS
Please familiarise yourself with the following terminology used to catalogue
objects. All catalogue descriptions are made to the best of Pundole's knowledge,
and are their opinion.
Paintings
JAMINI ROY
A work by Jamini Roy
"Signed… / Dated… / Inscribed…"
(Pictures, drawings, prints, miniatures, sculptures)
The work has been signed/dated/inscribed by the artist
"By Jamini Roy"
The artist, Jamini Roy, has been directly involved with the work
"Attributed to…"
A work probably executed by the artist
"Studio of… / Workshop of…"
A work executed in the studio or workshop of the artist, usually under his supervision
"…School / School of…"
A work executed by an artist working in the manner of a certain region or
geographically specific style
"Manner of…"
A work executed in a particular artist's style, but at a later date
Paintings / Objects
"Circa… / c. …"
Manufactured around the years specified, or somewhere in that period
Objects
"Labelled… / Dated… / Inscribed… / Signed… / Stamped…"
The label, dating, inscription, signature or stamp is contemporary with the object
Buyers Premium & Tax
All works are subject to a 15% Buyer's Premium which will be added to the Hammer Price of each sold lot. This 15% Buyer's Premium will be subject to Service Tax at 12.36%. (Taxes are subject to changes and revisions.)
A Value Added Tax will be applicable on the Hammer Price of each work (excluding the Buyer's Premium). VAT will be charged at the rate applicable on each object at the time of the auction.
Companies and other parties who are registered dealers outside of the state of Maharashtra and eligible for 2% CST (instead of VAT) must provide Pundole's with the required documentation and relevant forms.
Payment
Buy and Sell
Terms and Conditions
1. All intending buyers must register before bidding and produce proofs of identity and address. The auctioneer shall be judge of the sufficiency of such proofs.
2. A 20% (Includes GST) buyers premium shall be payable on top of the hammer price. 23% for all online live bidders.
3. Subject to any reserve price, the highest bidder shall be the buyer. The auctioneer reserves the right to not disclose the existence and/or
amount of any such reserve. Further, the vendor shall have the right to bid by the auctioneer or by the vendor's agent.
4. The auctioneer reserves the right to accept or refuse any bid or bids without having to state any reasons therefore. Any bids accepted and relied upon by the auctioneer cannot be subsequently withdrawn by the bidder.
5. The auctioneer reserves the right to withdraw or re-offer any lot without giving any reason therefore. The auctioneer's decision shall be final.
6. When demanded by the auctioneer, a 25% deposit shall be payable by the buyer at the fall of the hammer.
7. The buyer shall be deemed to be the principal unless: (i), that person has disclosed upon registering that he or she is bidding on somebody
else's behalf; and (ii), the auctioneer has agreed to and accepted proofs of such an arrangement.
8. Catalogue Descriptions
(a) Any representation or statement by Pottle Auctions in any catalogue, advertisement or brochure as to the authorship, origin, date, age, period, attribution, genuineness, provenance, condition, quality, or estimated selling price of any Lot is a statement of opinion only. Any illustrations in the catalogue are solely for the guidance of prospective Buyers and are not to be relied upon in terms of tone or colour or necessarily to reveal imperfections in any Lot;
(b) Many Lots are of an age or nature which precludes their being in pristine condition and some descriptions in the catalogue make reference to damage and/or restoration. Such information is given for guidance only and the absence of such a reference does not imply that a Lot is free from defects nor does any reference to particular defects imply the absence of others;
(c) Buyers must satisfy themselves as to all matters referred to in (a) and (b) above by inspection or otherwise prior to the date of the auction. The attention of Buyers is also drawn to the Explanation of Cataloguing Practice (if any) contained in the catalogue.
9. Exclusion of Warranties
(a) No error or misdescription or deficiency in quantity shall vitiate the sale and the Buyer shall be bound to take delivery of the Lot without any allowance or abatement in price.
(b) Any warranties which might otherwise be implied by the Sale of Goods Act 1923 are hereby excluded and shall not apply. All Lots are sold "as is" and Pottle Auctions and the Vendor make no representations or warranties as to any Lot other than those implied by the Common Law or by statute, the exclusion of which would render this Condition void or voidable or which would constitute an offence by the Auctioneer or the Vendor.
(c) Intending bidders must satisfy themselves by inspection or otherwise as to the nature of the Lot and must accept same with all faults, patent or latent (if any).
(d) No warranty shall be implied from any affirmation made at the auction or otherwise but in all cases where an express warranty is intended, the same shall only be enforceable if reduced to writing and signed by the Vendor or by the Auctioneer as agent for the Vendor.
10. Guarantee
(a) If:
(1) within twenty-one (21) days of the date of the auction Pottle Auctions receives notice writing from the Buyer of any Lot that in his view the Lot is a Forgery, and
(2) within fourteen (14) days of such notice, the Buyer returns the Lot to Pottle Auctions in the same condition as at the date of the auction, and
(3) within a reasonable time thereafter, the Buyer satisfies Pottle Auctions that the Lot is a Forgery and that the Buyer is able to give a good and marketable title of the Lot free of any liens or encumbrances, then Pottle Auctions will set aside the sale and refund to the Buyer any amount paid for the Lot.
(b) Provided that the Buyer shall have no rights under this Condition if:
(1) he or she does not give the notice in writing within twenty-one (21) days as specified in Clause 11(a) (1),
(2) the catalogue description at the date of the auction was in accordance with the then generally accepted opinions of scholars or experts or fairly indicated that there was a conflict of such opinion, or
(3) it can be established that the Lot is a Forgery only by means of a scientific process not generally accepted for use until after the date of the auction or by means of a process which as at that date was unreasonably expensive or impractical or likely to have caused damage to the Lot;
(c) The Buyer shall not be entitled to claim under this Condition for more than the amount paid by him for the Lot and in particular shall have no claims for any loss, consequential loss or damage, whether direct or indirect, suffered by him
(d) The benefit of this Condition shall not be assignable and shall rest solely and exclusively in the Buyer who shall be the person to whom the original invoice was made out by Pottle Auctions in respect of the Lot when sold and who has since the auction retained uninterrupted and unencumbered ownership thereof.
9. All goods are at the buyer's risk at the fall of the hammer. All due care shall be taken by the auctioneer and his employees but the auctioneer is not accountable for any damage or loss which may arise after the fall of the hammer.
11.Members of the public attend at their own risk. The auctioneer accepts no responsibility for any accident, loss or injury incurred before, during
or after the sale.
12.Upon payment of an invoice goods may be delivered during the sale. All goods must be paid for and picked up on the day of the sale, or on the day following at or before a time to be specified by the auctioneer. Any goods not removed by the appointed time shall incur storage and
handling fees at the auctioneer's discretion, and of not less than $5 per lot per day.
13. All lots purchased by the buyer must be paid for before delivery is made of any one or more lots.
14. We accept cash, major credit cards & EFTPOS. Acceptance of personal and company cheques shall be entirely at the auctioneer's discretion, and by prior arrangement only. We reserve the right to withhold delivery of any lot or lots subject to clearance of moneys paid by the buyer.
15. Buyers must organise their own cartage and packing of the goods if required. No carrier may collect any goods prior to payment of the invoice in its entirety. The buyer is wholly responsible for any damage to property, or injury to persons incurred during the removal or handling of any lot or lots purchased, including any damage or injury caused by the buyer's agents or employees.
16. It as agreed that the buyer indemnifies the auctioneer against any claim or legal action arising out of any acts of negligence, omissions or misdescription by the auctioneer or his agents.
17. In the event of non-compliance with any of the above terms and conditions any moneys paid by the buyer shall be forfeit; and the goods may be resold through auction or by any other means without notification to, and at the expense of, the former buyer. The former buyer shall be liable to make good any loss or deficiency that may arise on such resale, including advertising and storage costs if applicable.
18. In these conditions, the word auctioneer means Pottle Auctions; and where the context so permits, includes the person conducting the auction on behalf of Pottle Auctions.
19.This sale can outside entrees
Shipping Terms
Shipping can be arranged by Pundole's for both local and international
shipments. In all cases, a third party will be used to pack, handle and ship the
goods to their final destination. The work will also be insured at the buyer's
expense while in transit. While Pundole's will use a reputed and experienced
art shipper, any mishap related to shipping and packing is not Pundole's
responsibility, and does not constitute part of the original contract between
the seller and the buyer.
