HOW TO BUY AT PUNDOLE’S

Pundole’s auctions are open to the public during preview. Clients who are registered with us are welcome to attend our auctions. Each sale will have a catalogue available to view online approximately 3 weeks before the sale. Printed catalogues will be available for select sales approximately 2 weeks before the sale. Both the online and printed versions provide detailed descriptions and estimates for each lot, but we strongly encourage prospective buyers to inspect all lots they are interested in, in person, before the sale. If this is not possible, please contact us to request a condition report.

A more detailed explanation of our registration and bidding requirements is provided below.

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, leaving absentee bids for the auctioneer to execute on their behalf, or, bidding with Pundole’s LIVE online from a computer or any mobile device.

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.

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

Registered 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 least 24 hours before the start of the auction.

ABSENTEE / WRITTEN BIDS

Registered 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 mallika@pundoles.com or +91 98202 96510.

ONLINE / MOBILE BIDDING

Registered bidders may log in and bid online for certain auctions on the day of the sale. Please 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 adhered to, as immediate approval to bid may not be given in the event the auction has already begun.

Bidders will be able to follow the auction with Pundole’s LIVE through an audio and / or video feed place their bids accordingly. The auction may be followed by downloading our mobile bidding application (available for Apple and Android devices) or on Google Chrome.

In the event of any technical difficulties online, bidders may call Pundole’s to try and be accommodated for a telephone bid, subject to availability.

REGISTRATION

Bidders may register in person at the Pundole’s office or online through the website.

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, ie: 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. (Authorisation Form available on request.)

PROCESS

VIEWING WORKS

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.

AUCTION

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.

BUYER’S PREMIUM AND GOVERNMENT TAXES

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 applicable Service Tax and other taxes. (Taxes are subject to changes and revisions.)

All works will be charged a Value Added Tax 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.

POST SALE

PAYMENT

All successful bidders will need to put down a deposit of ten percent of the hammer price, either in cash or cheque or by bank transfer to guarantee their purchase. Non-payment of all balance payments within fourteen days post the sale may 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.

Two separate proforma Invoices will be sent by email to the address indicated on the registration form and on the email address provided. One proforma invoice for the hammer price plus the VAT and the second for the buyer’s premium plus the service tax. Any change to the invoicing name or address as given on the registration form should be communicated to accounts@pundoles.com within 48 hours of the auction.  Two separate final invoices will be raised for all purchases as stated here.–

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.

Payment will be accepted through checks, 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 exempt 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.

Checks and demand drafts to be made out to Pundole’s. Checks 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

Hamilton House, Ground Floor

8 J.N. Heredia Marg

Ballard Estate

Mumbai 400 038

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 shipping@pundoles.com for more information. Any purchased lots not collected or shipped within 14 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 upon payment of customs duty @ 10.3% (or as applicable at 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.

In case of shipping within India, in the event the buyer desires to use his own shipper/transporter and not the shipper appointed by Pundole’s, the buyer will be required to deposit with Pundole’s the amount of VAT payable on the artwork purchased. Once the buyer’s shipper provides Pundole’s with the necessary documentation showing exemption of payment of VAT, Pundole’s will refund the deposit to the buyer within 7 days.

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 and necessary licenses or permissions.

All purchases must be collected or shipped within 28 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.

For any inquiries, please contact Khorshed Pundole at khorshed@pundoles.com.

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.

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

(Furniture and Decorative Objects)

The label, dating, inscription, signature or stamp is contemporary with the object

“Marked… / mark of…”

(Silver)

Indicates the location and year the object was manufactured, based on the hallmark symbols on the object and the corresponding information provided by the Bradbury Book of Hallmarks.

“Marked… / Maker’s mark for…”

(Ceramics/Porcelain)

Indicates the mark of the manufacturer

“Meissen style” or “in the style of Meissen

The piece is a later work, or done to look like Meissen, but not Meissen

“weight / total weight …gms. / …kgs.”

(Silver)

Weighing not less than the specified number of grams or kilograms

“gross weight / total gross weight … gms

Weighing not less than the specified number of grams or kilograms including any non-Silver additions, eg: wooden pieces, glass, mirror, etc.

Glass, Ceramics and Porcelain

Reference to damage, missing pieces and/or restoration may be made in the lot description. If these details are not mentioned, it does not imply that there are no defects to the lot, nor restrict the damage to the specifics mentioned. Such information is only provided for reference, and all lots should be examined for condition prior to the sale or a condition report requested.

Lights and Electrical Fixtures

Lights, chandeliers and electrical fixtures may have been disconnected or disabled. Catalogue descriptions do not guarantee wiring or working condition, and bidders are encouraged to get them assessed by a qualified electrician.

Furniture

Pundole’s does not accept liability for any additional details, defects or alterations with respect to an item of furniture or any other object that was concealed by upholstery, or any kind of work that required the lot to be taken apart or dismantled. While Pundole’s will provide relevant information, all furniture and usable objects should be checked for durability and utility.

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.