HOW TO BUY AT PUNDOLE’S – TIMED ONLINE AUCTION
Clients who are registered with us are welcome to bid in our auctions. All new clients will have to follow the registration process. The current sale has an online catalogue available to view.
This auction will be an online, timed auction.
All property sold at Pundole’s is subject to the Terms and Conditions of Sale. Please familiarise yourself with them as they will facilitate the sale process.
BIDDING
Prospective buyers may bid in the auction either online or by leaving absentee bids with Pundole’s to execute on their behalf.
All bidders need to complete the registration process, as explained in the Registration section 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.
Online / Mobile Bidding
The auction will be held exclusively through online bidding. Please ensure you have been assigned a paddle number prior to the start of the sale, and, complete all registration formalities before the auction begins as first-time bidders will be required to provide additional information as outlined in the registration process below. If bidding with Pundole’s for the first time, please ensure this procedure is strictly adhered to, as immediate approval to bid may not be given in the event the auction has already begun.
The auction can be followed online (preferably on Google Chrome) or by downloading our mobile bidding application (available for Apple and Android devices).
In the event of any technical difficulties online, bidders may call a member of Pundole’s team on the mobile numbers provided to assist them with the bidding process or, in an emergency, to place bids on their behalf.
Khorshed Pundole +91 98196 91101
Dadiba Pundole +91 98200 28418
Rob Dean +91 99200 28418
Mallika Sagar +91 98202 96510
Priya Jaikishan +91 98201 88078
Once registered and approved for the sale, in order to place bids online, bidders can select the lot(s) they wish to bid on and click on each. When looking at the individual lot details, the screen will indicate the current bid. Bidders can choose to place the next valid bid by clicking on PLACE BID, entering the bid amount and then by clicking again on BID.
You may choose to select the next valid increment, or, alternatively, you may enter your own maximum bid (hammer price) as an absentee bid which will be executed on your behalf. Bidders should note that they could be immediately outbid by another absentee bid, so frequently refreshing the page you are on is recommended to ensure that you are aware of the most updated bid status on each lot.
Bids may also be placed on Pundole’s mobile bidding application. However, please ensure that all registration formalities have been completed prior to bidding.
Bids may also be placed through a member of Pundole’s team over the telephone, subject to availability.
Registered bidders may also choose to leave absentee bids with Pundole’s. Please contact a member of Pundole’s team for more information.
Please note that once a bid is accepted, it is irrevocable.
Closure of Lots
Lots will start to close at the time designated on Pundole’s website.
Each lot will close in the lot order of the catalogue, 2 minutes apart. If a bid is accepted within one minute of the closing time, an extension is activated which returns the countdown for that specific lot to 2 minutes, in order to allow other bidders to respond accordingly.
Absentee / Written Bids
Registered bidders may also choose to leave Absentee Bids with Pundole’s which Pundole’s 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’, i.e.: buyer’s premium will be added to the final bid amount should the bid be successful. Pundole’s 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 absentee bids, please contact Mallika Sagar at [email protected] or +91 98202 96510.
Registration
Bidders may register online through the website. First time bidders will be required to provide the following at the time of registration:
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 AND
- Copy of Aadhaar 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 GST registration certificate
A refundable deposit of INR 5,000 to be paid to Pundole’s before the auction. This will be adjusted against any purchases made in the auction or returned to the bidder post the auction. Payment for registration can be made by NEFT to the account detailed below or by UPI to kpundole@okhdfcbank.
Account Holder: Pundole’s
Bank: Indusind Bank Limited
Branch Address: Opera House Branch, Indusind House, 425, D. B. Marg, Mumbai 400004.
Account Number : 201029731342
IFS Code Number: INDB0000001
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. (Authorisation Form available on request.)
PROCESS
Auction
The sale will be conducted in Indian Rupees.
All works have a Starting Price as indicated in the online catalogue.
Lots will increase 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 Pundole’s.
Buyer’s Premium and Government Taxes
The final price payable for every lot will be the final successful bid (Hammer Price) plus a Buyer’s Premium of 15%, plus applicable Goods and Services Tax (GST), 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 applicable GST at 18%. (Taxes are subject to changes and revisions.)
All lots will be subject to 5% GST on the Hammer Price of each work (excluding the Buyer’s Premium). (Taxes are subject to changes and revisions.)
POST SALE
Payment
Payment should be made to Pundole’s within 14 days of the receipt of the proforma invoice. Payment will only be accepted from the same party as indicated on the invoice.
All buyers will be responsible for all taxes payable as a result of the sale of the lot.
Two separate Proforma Invoices will be sent by email to the address indicated on the registration form. One proforma invoice for the hammer price plus the GST and the second for the buyer’s premium plus the GST. Any change to the invoicing name or address as given on the registration form should be communicated to [email protected] within 48 hours of the auction. Two separate final invoices will be raised for all purchases as stated here.
Payment will be accepted through cheques, wire transfers and demand drafts only.
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 exempt from paying GST 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. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.
Demand Drafts and cheques can be sent to:
Pundole’s
Hamilton House,
Ground Floor
8 J.N. Heredia Marg
Ballard Estate
Mumbai 400 001
Payment will be released by Pundole’s to the Sellers only after receipt of the works by Pundole’s in Mumbai.
Collection and Shipping
All lots have to be collected from Pundole’s in Mumbai. Any purchased lots not collected or shipped within 14 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 GST on the hammer price if the work is directly exported by Pundole’s through a licensed shipper, with the appropriate and required documentation. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.
Any lots exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing lots 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 regulations.
All purchases must be collected or shipped within 14 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 45 days of the auction and the deposit will be forfeited.
For any inquiries, please contact Khorshed Pundole at [email protected]