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.
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.
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.
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@example.com or
+91 98202 96510.
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 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 10%, plus
applicable taxes, as described below.
All works are subject to a 10% Buyer’s Premium which will be added to the
Hammer Price of each sold lot. This 10% 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.
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. 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. Any statement by Pundole’s does not
constitute a representation, warranty or assumption of liability by Pundole’s of
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 familiarize 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.
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.
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 firstname.lastname@example.org
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 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:
Tanna House, Ground Floor
11/A Nathalal Parekh Marg, Colaba
Mumbai 400 0039
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@example.com) 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.
International buyers who have wire transferred money from an overseas bank
account can be exempt from paying VAT 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 a 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 firstname.lastname@example.org.
Please familiarize 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.
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
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
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
Please ensure that you request a condition report from Pundole’s on the lots
that may be of interest, prior to the sale. 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.