Weekly Auctions of Exceptional Items
DoneTue, Jul 8, 2008 4:00 PM GMT
Modern & Contemporary Indian Art
A cross-section of works comprising paintings, drawings, serigraphs and sculptures from the modern Indian master artists as well as the contemporaries. Early works of A. R. Chughtai, M. F. Pithawala, Jamini Roy, K.H. Ara and B. Prabha besides compelling works of Sachida Nagdev (a 2004 triptych Destruction & Hope that was exhibited at the Hyogo Museum in Japan to commemorate the 10th anniversary of the Kobe earthquake), Shipra Bhattacharya, Sudhansu Sutar and Ravi Kashi amongst a host of others.
Auction & Auctioneer Information
Chennai: 2nd June 2008 (7:00pm - 9:00pm), Bangalore: 4th June - 14th June 2008 (11:00am - 7:00pm)
- 20% up to $250,000.00
- 12% above $250,000.00
Terms & Conditions
The following Terms & Conditions of Sale explain the terms pertaining to the legal relationship of Bid & Hammer Auctioneers (P) Ltd and the Seller, with the Buyer. We suggest that you read these Terms & Conditions of Sale fully and are aware of their content prior to bidding. 1. DEFINITIONS Definitions for specific recurring terms in this document are explained below: â€œAuctionâ€ and â€œSaleâ€ means all Sales made by way of Auction and Auctions executed by B&H. â€œAuctioneerâ€ means any person who conducts the Auction proceedings on behalf of B&H. â€œB&Hâ€ means Bid & Hammer Auctioneers (P) Ltd. â€œBidâ€ is an offer to buy a Lot at the Auction. This is accepted at the Auctioneerâ€™s discretion. â€œBidderâ€ is that person or organization making that Bid or offer to buy. â€œBuyerâ€ is the person or representative of the person who executes the final Bid at the Auction prior to the fall of the gavel. â€œCommissionâ€ means the Commission deducted by B&H, in lieu of its research & handling charges, from the amount/s due to the Seller. â€œHammer Priceâ€ means the price at which any Property is sold to a Buyer, exclusive of Premium and applicable taxes. â€œLotâ€ is the individual item or items offered for Sale and described in the Catalogue. â€œPremisesâ€ means any office, warehouse, hotel, hall or other store, owned, leased or let by B&H or any other place where B&H may hold their Sales. â€œPremiumâ€ means the Premium payable by the Buyer in addition to the Hammer Price. â€œPropertyâ€ or â€œPropertiesâ€ means the Property or Properties offered for Sale by B&H. â€œSellerâ€ is that person or organization that states clear ownership title to the Lot and authorizes B&H to sell said Lot on his/her/its behalf. â€œTerms & Conditions of Saleâ€ means these standard notices and Terms & Conditions of Sale which are applicable to all Buyers including prospective Buyers and Bidders in respect of Sales. â€œTotal Priceâ€ means the total of the Hammer Price, the Premium and any taxes payable by the Buyer. 2. THE ROLE OF BID & HAMMER 2.1 B&H undertakes to act solely on behalf of the Seller, as agent, in the arrangement and execution of the Sale of the Sellerâ€™s Property by way of Auction. 2.2 While every care is taken by B&H in establishing the provenance of the Lot to be sold, the Seller signs B&Hâ€™s terms of business with sellers or consignors in which he/she states his/her right to ownership and right to pass on that title at the Auction to the Buyer. Should there be any dispute prior to the Auction regarding rightful ownership, B&H may at its discretion withdraw the Lot and hold it until the matter is settled. B&H are not responsible for any criminal proceedings that may arise in such a situation. 2.3 B&H, under all normal circumstances, are not obliged to disclose the identity of the Seller to any person or entity. 3. BID & HAMMERâ€™s RESPONSIBILITY TO BUYERS 3.1 While every care is taken in the preparation of the catalogue details including provenance, attribution, date and age of the Lot, they represent solely the opinion of B&H, who are not liable for any discrepancies which may be found. It is the responsibility of the prospective Buyer to assure himself/herself of the validity of the description of the Property and its condition. 3.2 However, in the most unlikely event of the Property being a forgery, clauses 7.3, 7.4 and 7.5 of these Terms and Conditions of Sale shall apply. 3.3 B&H may or may not choose to disclose the identity of the Buyer to any person or entity, as deemed appropriate by it. 4. BEFORE THE AUCTION 4.1 Condition of Lots: Lots are sold with general reference to any restorations, imperfections or damage that may have occurred and verified by B&H. However, B&H cannot be held responsible for any errors or omissions of description in this respect. The prospective Buyer is strongly recommended to view the Lot personally or have his representative do so, to satisfy himself/herself/itself as to the condition of the Lot. 4.2 Pre-Sale Estimates: B&H publish estimates for each Lot in its catalogue. These are there purely for the convenience and guidance of the Buyer and to provide an indication of the Auctioneerâ€™s opinion. They do not necessarily indicate with any degree of accuracy the final Hammer Price. The prospective Buyer must ascertain the price to which he wishes to Bid referring to the Estimated Price purely as the opinion of the Auctioneer 5. AT THE AUCTION 5.1 The Bidder/ Buyer: The Bidder is that person or institution who makes the highest and final bid before the fall of the gavel, either at the Auction in person, or through absentee or telephone bidding. Unless written authority is received that the Bidder is acting on behalf of a named person or institution, that person who executes the Bid shall be considered the principal and thus the Buyer of that lot. At the fall of the hammer, that bid is accepted and a binding contract to buy is completed. Any dispute arising at or immediately after the fall of the gavel will be settled absolutely at the Auctioneerâ€™s discretion. 5.2 Registration: All prospective Bidders/Buyers must register all details required by B&H. They must complete a form that will have their name, address and other contact details at the same time as showing proof of identity such as driving license, passport, voter registration card or income tax PAN card. The Buyers financial information may also be required along with a security deposit against the Lot/s which the Buyer wishes to purchase. B&H can at its discretion refuse acceptance of registration, should personal details and identity documents not be acceptable or for any other reason whatsoever without explanation. If on completion of a bid at the Auction, the Buyer does not immediately accept or confirm the purchase/s, the Auctioneer may at his discretion cancel the Sale and re-offer the Lot. 5.3 Bidding: Please make sure that you register yourself as a bidder as only then will you be allowed to bid, either in person or via absentee or telephone bidding. Please also note that B&H reserves the right to increase the bidding, combine or segregate two or more Lots and alter the order of offering, at its absolute discretion. 'Paddle' or 'Live' bidding: If you are going to attend the Auction and bid in person, you are requested to be at the venue at least 30 minutes prior to the commencement of the auction so as to collect with ease your paddle with a unique number. Raising of the paddle at the Auction indicates your interest in a Lot and the same is acknowledged by the Auctioneer by calling out your paddle number. 'Absentee' or 'Written' bidding: B&H shall at its discretion accept absentee bids in writing or through e-mail upto and no later than 2 hours before commencement of the Auction. These written instructions shall indicate a maximum price up to which the prospective Buyer is prepared to bid. No 'Buy' or 'Unlimited' bids will be accepted. Prospective Buyers are asked to choose the absentee bidding option as well as specify their maximum bid in the registration form. B&H undertakes to buy the Lot/s at the lowest possible price for the absentee bidder dependent upon reserve price and other bidding. B&H cannot accept any responsibility for failure to execute an absentee bid, for whatever reason. 'Telephone' bidding: B&H will accept at its discretion, instructions to execute bids with the prospective Buyer over the telephone. Telephone bidding is typically reserved for those Lot/s with a minimum estimate of at least INR 50,000. Prospective Buyers are asked to choose the telephone bidding option in the registration form. B&H will call the prospective Buyer, on the specified number, shortly before the Lot/s comes up for offer. B&H cannot take any responsibility for failure to execute a telephone bid, for whatever reason. 6. AFTER THE AUCTION 6.1 Premium, Commission, Expenses and Taxes Buyersâ€™ Premium: After winning the bid, the Buyer will have to pay B&H the hammer price in full in addition to which he/she will also have to pay the online Buyers Premium of 20% upto a value of Indian Rupees 1 Crore (USD 250,000 approx) and 12% on the excess thereafter, calculated on the hammer price. In addition, all sales that take place within India are subject to a 12.5% VAT (Value Added Tax), wherever applicable, on the winning bid value and a 12.36% Service Tax on the Buyersâ€™ Premium. A CST (Central Sales Tax) of 4% instead of the 12.5% VAT will be applicable on the winning bid value only if the Buyer takes delivery of the Lot outside the state of Karnataka and can provide the necessary documentation required by the Sales Tax authorities. The Service Tax on the Buyersâ€™ Premium will still apply at 12.36%. If the Lot is being exported out of India, then none of these charges would apply. Foreign nationals or entities are exempt from VAT. Sellersâ€™ Commission: B&H charges the Seller a Commission and any other handling charges (transportation, insurance, storage, photography etc) as per the agreed terms of business with sellers and consignors. In addition, a Service Tax of 12.36% is applicable on the Sellerâ€™s Commission that B&H will collect from the Seller and pay to the authorities on the Sellerâ€™s behalf. The amounts due to the Seller are paid in full, as per B&Hâ€™s terms of business with sellers and consignors, upon receipt of funds from the Buyer. 6.2 Payment Time for Payment: Payment should be made as soon as possible after the Sale up to an absolute maximum of 7 days from the date of Sale Credit Card Payment: In the event a Credit Card payment is declined by the Credit Card company, liability to B&H for the Total Price remains with the Buyer and should be settled immediately by an alternative method. Cheque Payment: Lot/s will be released only after the cheque has been cleared and the funds are with B&H. Cheques should be made payable to 'Bid & Hammer Auctioneers (P) Ltd' Bank Transfer: Clearance will have to be sought from B&H prior to making a bank transfer. B&H's bank details are as follows - Bank Name: Syndicate Bank, Branch: Banashankari Extension Branch, Account Number: 0425/101/4309, Swift Code: SYNBINBB118, Account Name: 'Bid & Hammer Auctioneers (P) Ltd', City: Bangalore. Transfer of Ownership: The Buyer shall not receive ownership of the Lot/s purchased until he makes payment of the Total Price for the Lot/s and until such payment is received as cleared funds by B&H. Intellectual property rights and copyright are not transferred with ownership. Foreign Buyers: Foreign Buyers, including NRIs or Overseas Institutions with at least 60% of its shares owned by NRIs must effect payment in foreign convertible currency or India Rupees paid from NRI accounts as per the Foreign Exchange Management Act, 1999. Failure to pay: In the event the Buyer fails to pay within the stipulated 7 day period, B&H may cancel the Sale, proceed against the Buyer for the Total Price plus any costs incurred in the pursuance of the proceeds and resell the Lot to recover any or all of the outstanding costs. Any shortfall shall remain the responsibility of the Buyer to pay. Interest shall be charged at 2% per month pro rata on the Total Price from the 8th day after the Auction, until payment is received either from the Buyer in total or through resale in part, with the remainder from the Buyer. Should a Buyer who fails to pay have Lots with B&H for Sale, B&H may at its discretion withhold those items in lien of the outstanding payment or may dispose of them to recoup the outstanding payment. 6.3 Collection, Storage & Shipping Collection of Lot/s purchased: This must take place within 7 days of the Auction, but not prior to payment by the Buyer of the Total Price and the clearance of said funds. All packing, insurance, transport and forwarding and the costs thereof relating to the items purchased shall be the responsibility of the Buyer alone and B&H can only facilitate the same, at its discretion, through its known partners. Non Collection/Storage: Should the Lot not be collected within the stipulated 7 days, B&H will charge storage charges at a rate of 1% of the purchase price pro rata per month. Should storage space be unavailable at B&Hâ€™s Premises, B&H shall nominate a storage facility and all charges raised in transport to and storage at said facility including any insurance or other charges shall be passed on to the Buyer. Buyerâ€™s Responsibility: Responsibility for any damage or loss occurring after the 7 day period stipulated above shall be solely at the Buyerâ€™s risk. Shipping: Should the Buyer require B&H to arrange for collection and shipping this is a service B&H are happy to advise on entirely at cost to the Buyer. Any damage or loss occurring while goods are in the hands of shippers recommended by B&H shall be at the Buyerâ€™s risk. 7. FORGERIES 7.1 A forgery is defined as an object which is described in such a way as to deceive a potential Buyer with respect to its attribution, authorship, date, age and provenance, unless it is made clear in the catalogue that this is the case. A forgery will be so described in order to effect and obtain a value in excess of its true value. 7.2 Should it be brought to B&Hâ€™s attention that an item offered in one of its Auctions may be a forgery and satisfactory initial evidence given to that effect, B&H retains the right to withdraw the item for sale and hold until further evidence as to the itemâ€™s legitimacy are delivered, or make it available to the necessary authorities for research to ascertain the validity of the item, when a decision as to whether the item is a forgery can be delivered. 7.3 Should a Buyer believe an item he has bought to be a forgery, he must first prove legal title to the item and then furnish the necessary proof which will be examined, by the relevant B&H expert or consultant, for scrutiny, following which if need be, a mutually agreeable independent panel of experts (nominated by both the Buyer & B&H) would be constituted and their decision would be final. Please note that matters relating to possible forgery may only be raised by the Buyer of the item from a B&H Auction and within 1 year from date of Sale. 7.4 Notwithstanding clause 7.3 above, if the description given at the time of the Auction was a generally accepted opinion or if the means of testing used to determine whether the item was a forgery, was not available at the time of the sale, B&H shall not be held liable. 7.5 Based on clause 7.3 and 7.4 above, should the proof that a Lot is a forgery be compelling, B&H shall cancel the Sale and refund the Total Price to the Buyer but only after receiving the Sale proceeds from the Seller, should he already have been paid and then return the object to the Seller. The Seller shall bear the costs of any necessary research undertaken to establish the forgery. 8. NON EXPORTABLE PROPERTY Any property which in B&Hâ€™s opinion is Non Exportable (out of India) because it is described as an 'Antiquity' or a 'National Art Treasure' under the Antiquities and Art Treasures Act, 1972, shall be indicated as 'Non Exportable' in the catalogue. Any attempt to export such a marked item without the express permission of the Archaeological Survey of India (A.S.I.) shall be entirely at the Buyerâ€™s risk. Properties not carrying the 'Non Exportable' tag may in B&Hâ€™s opinion only be exported in accordance with Indian Law. Should a Buyer wish to export such an object he/she must get the necessary clearances from the authorities himself/herself/itself. At its discretion, B&H can only endeavour to assist the Buyer. 9. ANTIQUITIES Any Seller wishing to consign for Auction an object deemed to be an Antiquity must have the said object registered as such with the Archaeological Survey of India (A.S.I.) prior to offering it to B&H and after it is sold, it is the responsibility of the Buyer to get the registration transferred in his/her/its name. B&H as auctioneers only facilitate the open market Sale and cannot be held legally responsible for failure to do so on the Buyerâ€™s part. 10. JURISDICTION Notwithstanding the Terms & Conditions of Sale above, these shall be governed by Indian Law and are subject to the jurisdiction of the courts at Bangalore, Karnataka. Any disputes arising between Seller, Buyer or B&H shall be settled in accordance with the Arbitration and Conciliation Act, 1996. Any part of these Terms & Conditions of Sale that may be set aside during a dispute by the courts shall not give impediment to the remainder of these Terms & Conditions of Sale being fully enforceable under Indian Law.
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