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.


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.


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 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 any kind.



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 –

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 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

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 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

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

“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


“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.