Terms & Conditions

The Terms and Conditions of Sale set out below explain the method by which

the seller and buyer will complete the transaction of the buying an artwork

through Pundole’s, and the terms each is bound by.

TERMS OF SALE

Unless specifically stated, Pundole’s does not have a financial interest in any

of the property offered for sale. Pundole’s only acts as an agent for the seller.

All property will be sold ‘as is’.

Each auction will have a catalogue printed prior to the sale. Please read the

catalogue carefully for all details pertaining to the property offered.

All bidders are encouraged to examine the property offered for sale in person

prior to the sale.

Information provided in the catalogue on matters relating to the condition

report, authenticity, provenance, quality, or art historical relevance, whether

stated in the catalogue or communicated verbally constitutes an opinion

from Pundole’s.

Pundole’s does not guarantee the frames.

Pundole’s will provide details and information to the best of its abilities,

and 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 them of any kind.

Pundole’s only take responsibility for the information provided regarding the

Author, name of the artist or basic description of the property as stated in

the opening line of each lot in capital letters. The information in the catalogue

and condition report is meant to help prospective buyers, but is not

exhaustive by any means, and all buyers are encouraged to supplement that

information through their own experts or other research.

Condition reports are available on request. 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.

Estimates are only provided as indicative values to give buyers a general

range of the price we expect the work to sell for. It is not to be taken as a

confirmed price expected for the work.

Pundole’s may withdraw any property before, during or after the auction if in

its opinion there is any issue regarding authenticity, ownership or any change

to the information provided for the artwork when it was consigned.

THE AUCTION

By bidding at a Pundole’s auction, the bidder enters into an irrevocable

offer to buy the artwork that has been bid on. Should the bid be successful,

the buyer agrees to pay the hammer price plus the buyer’s premium, all

applicable taxes, plus any additional charges relating to shipping, storage,

insurance, import-export permissions and bank transfer fees.

All registration formalities, as outlined in the Registration/Absentee Bids

form must be completed prior to the sale. Registration may be done on the

day of the sale as well, but as a banker’s reference is needed, it would be ideal

to complete the registration process beforehand. Photo identification will be

required while collecting a paddle.

In the event that a party is bidding on a third person’s behalf, it is the

party’s responsibility to ensure that all paperwork explaining the transaction

and relationship has been completed prior to the sale as per Pundole’s

registration requirements.

Paddles are given at Pundole’s discretion, and bidders may be refused entry

to the auction or not allowed to bid at Pundole’s discretion.

Absentee bids will be carried out by the auctioneer or a member of Pundole’s

on behalf of the client. This service is offered free of charge, and Pundole’s

does not accept any liability in the unlikely event that the bid is not executed

or executed incorrectly. In the event the auctioneer has two bids of identical

values and no higher bids are taken in the saleroom, the bid received on

the earlier date/time will be given preference. All absentee bids need a

completed and signed form (available at the back of the catalogue) in order

for them to be accepted.

Similarly, telephone bids can be arranged for clients unable to be in the

saleroom. Telephone bidding will be arranged subject to availability of

Pundole’s staff hence requests should be made as early as possible. This

service is offered free of charge, and, Pundole’s does not accept any liability

in the unlikely event that the telephone bid is not executed or executed

incorrectly or the client has been unreachable due to faulty telephone

connections. Telephone bids may be recorded.

Bidders may also choose to bid online through Pundole’s website or mobile

bidding application. All registration formalities must be completed before

the start of the sale, or bidders may not be granted bidding access. Pundole’s

does not accept any liability for online and / or mobile bids that are not

accepted or not executed correctly. In the event that there is a technical

problem on the Pundole’s website or mobile application, the auction will

continue. Any online or mobile bids received before the problem occurs will

be executed. Pundole’s does not accept any liability for any technical

problems incurred either on the website or on the mobile application during

an auction. Pundole’s reserves the right to determine when online and mobile

bids have been recorded.

Pundole’s is not liable for any delay or time lag incurred in-between the time a

bid is placed and is received by Pundole’s, or, information regarding current

bid amounts is received by bidders due to slow mobile networks or heavy

traffic over internet lines.

Consignors may not bid on their own lots in the auction.

Pundole’s employees and consultants may not bid in the sale as principals

unless a written bid is submitted 72 hours prior to the start of the sale. They

may not increase that bid or bid on their own behalf in the room.

All works, unless specifically indicated otherwise, will be sold subject to a

reserve. The reserve is the minimum price at which the consignor has agreed

to sell the Property at, and in no case will exceed the low estimate of a

Property. All reserves are kept confidential. The auctioneer may open the

bidding by placing a bid on behalf of the seller. The auctioneer may continue

to bid up until the amount of the reserve, either by placing consecutive bids

or by placing bids in response to other bidders. In the event that neither an

absentee bid nor a bid in the room reaches the amount of the reserve, the

auctioneer will ‘pass’ the Property and it will remain unsold.

For all bids, the auctioneer’s decision is final, and the auctioneer will have full

discretion to choose, accept or reject bids. While bidding increments will

usually increase by approximately 10%, the auctioneer has the discretion to

break or change the increments. In the event of a dispute, the auctioneer

reserves the right to re-offer the lot and determine the successful bidder for

the lot.

The auctioneer will determine the successful and highest bidder for each lot.

The fall of the auctioneer’s gavel shall confirm the close of each lot, and

the auctioneer will announce whether the lot has been sold or not. The

successful sale of each lot and the announcing of the successful paddle

number also marks a successful and irrevocable contract between the seller

and buyer of the artwork. The buyer accepts full responsibility to pay for the

lot, as determined by the final hammer price plus the buyer’s premium, all

applicable taxes, plus any additional charges relating to shipping, storage,

insurance, import-export permissions and bank transfer fees.

POST SALE INVOICES

All successful bidders will require putting down a deposit of 10% of the

hammer price, on completion of each session, either in cash [with a

self-certified PAN Card] or by cheque or bank transfer to guarantee their

purchase. Non-payment of all balance payments within fourteen days post

the sale would lead to forfeiture of the deposit.

All successful bidders will be sent two proforma invoices within 24 hours of

the conclusion of the sale, for the purchases made in the sale by email to the

email address provided in the Registration form. The first proforma invoice

will include the hammer price plus import duty at the rate of 11% (or as

chargeable at the time of payment), if applicable, and Goods and Services

Tax (GST) at the rate of 12% (taxes are subject to changes and revisions).

The second proforma invoice will include the buyer’s premium (15% payable

on hammer price) plus applicable GST at 18% (taxes are subject to changes

and revisions).

For works that have been imported into India (marked with a # in the

catalogue), a GST of 12% will be charged on the total amount of the hammer

price plus the import duty of 11% (or as applicable at the time of payment).

The proforma invoices will be sent to the name and address of the

successful bidder as stated on the registration form. Any changes to this

should be sent to accounts@pundoles.com or via written communication

within 48 hours of the sale being completed.

Final invoices for purchases made in the sale will be sent to the name and

address of the successful bidder as stated on the registration form within 14

days of the conclusion of the auction. Invoices will reflect the final amount

payable for all lots purchased. The total invoice price will be divided into two

separate invoices as stated above.

In applicable cases, additional invoices / debit notes for packing, shipping,

insurance and storage (if applicable), will be sent separately.

PAYMENT

Payment should be made within 14 days of receipt of the proforma invoices

via email. 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.

NON-PAYMENT

If the buyer fails to make payment on any purchases within 14 days of the

receipt of the proforma invoices, Pundole’s has the right to take whatever

action they deem necessary, including legal proceedings to ensure that the

contract between seller and buyer is fulfilled.

In case of payments delayed beyond their respective due dates, the following

will be charged:

i) Interest at the rate of 18% per annum from due date till payment,

ii) Storage charges at the rate of 1,000/- per day per property from the

expiry of 28 days of the auction, and

iii) Insurance at the rate of 0.25% of the price of the property per month from

date of auction.

Late charges will be calculated based on the total purchase price plus taxes

and all charges related to shipping, and insurance and storage. Pundole’s

will give the buyer suitable notice, failing which, at the sole discretion of

Pundole’s further steps may be taken, which may include cancelling the

sale, re-offering the property and restricting any further bidding in Pundole’s

auctions.

Pundole’s has the right to re-offer the property for auction or private sale

if payment is not made by the original purchaser within 45 days of the

conclusion of the auction. In the event the property is re-offered, the original

buyer will have to bear any and all financial loss borne through the process of

reselling the work. This includes any monetary shortfall between the original

amount fetched at auction and the new price obtained at resale as well as all

losses related to commissions, premiums, shipping, insurance and storage

charges, legal fees, and all applicable taxes. Due credit will be given for any

part payment made by the buyer.

SHIPPING

Shipping forms will be included with the invoices, and all shipping

instructions, whether local or international should be communicated to

Pundole’s within 7 days of receipt of the invoices.

All purchases must be collected or shipped within 14 days of payment of the

invoices. If after full payment the buyer fails to collect the Property or arrange

for shipping within 14 days of payment, Pundole’s will move the Property to

storage and charge the buyer storage and insurance charges that will have to

be cleared prior to collection.

Local buyers who have purchased lots imported into India will be obliged

to settle all invoices, including import duty, GST, etc., before such lots can

be released from the 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

@11% (or as applicable at the time of payment) to Pundole’s.

Shipping for all lots imported into India 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.

Shipping can be arranged by Pundole’s for both local and international

shipments. In all cases, a third party will be used to pack, handle and ship

the goods to their final destination. The work will also be insured at the

buyer’s expense while in transit. While we will use a reputed and experienced

art shipper, any mishap related to shipping and packing is not Pundole’s

responsibility, and does not constitute part of the original contract between

the seller and the buyer.

International buyers who have wire transferred money from an overseas

bank account may be exempt from paying GST on the hammer price if the

work is directly exported only by Pundole’s through their authorised 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.

If there is any loss or damage to the property of any nature whatsoever while

the property is in the possession of Pundole’s or in transit the Buyer shall not

hold Pundole’s responsible or liable for any such loss or damage and shall

not claim any sum whatsoever from Pundole’s as costs, losses or damages.

The Buyer agrees that it shall accept the proceeds of an insurance claim that

maybe settled/sanctioned by Pundole’s insurance company by its policy in

full and final settlement.

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, it is the buyer’s responsibility to 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.

Import/Export licenses may take considerable time to obtain. Payment to

Pundole’s for the purchase of the artworks should not be held up because

of any shipping related issues. No sale may be cancelled due to lack of

information on export and import procedures.

LIEN AND TRANSFER OF TITLE

Pundole’s shall be entitled to retain all property sold in various lots to the

same purchaser, until amounts due to them from such purchaser have been

received in full. Subject to this the Buyer may collect the properties within the

prescribed time frame.

Risk and responsibility for the lot (including frame, glass and other breakable

materials where relevant) and transfer of title passes to the buyer only after

payment is received in full. At no point is copyright transferred to the buyer.

Pundole’s has the right to have a lien on the purchases for which payment is

due until all outstanding dues are paid. All works can only be collected or

shipped only upon receipt of all dues.

REGISTERED ANTIQUITIES AND NATIONAL ART TREASURES

All works as classified by the Government of India’s Antiquities and Art

Treasures Act of 1972 as National Art Treasures, and, all property that is

either registered with the Archaeological Survey of India or over one hundred

years old is NON-EXPORTABLE and cannot be taken out of India. The works

will be subject to all local taxes.

Please do note that all items that are 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.

All works deemed to be over one hundred years old, which are classified by

the Government of India and the Archaeological Survey of India (ASI) as

Antiquities need to be registered with the office of the ASI. For works already

registered, the ASI requires that ownership be transferred into the new

owner’s name post the auction. While Pundole’s will assist with the process,

all responsibility to abide with the guidelines and rules as provided by the

ASI is the sole responsibility of the buyer. Please refer to the section titled

REGISTERING ANTIQUITIES in the ‘How to Buy at Pundole’s’ section.

LIMITED WARRANTY

Pundole’s make no warranties whatsoever, directly or indirectly with respect

to any material in the catalogue with the exception of the Author, name of the

artist or a basic description of the property as stated in the opening line of

each lot in capital letters.

If there is any dispute regarding a lot that has been proven wrong to

Pundole’s satisfaction (as subject to the terms laid out below), Pundole’s will

cancel the sale and refund the total amount (hammer price plus buyer’s

premium excluding all taxes) to the buyer. The buyer will hand the disputed

property back to Pundole’s. This clause is subject to the following:

a) The period for this warranty is applicable for 3 years from the date of

the sale.

b) The current owner of the property is the original buyer from Pundole’s, as

demonstrated through invoice records, including being the only owner

from the date of the sale to the date of the dispute being brought to

Pundole’s.

c) The artwork in dispute must be returned to Pundole’s in the same

condition as it was handed over in at the time of purchase.

d) The reasons for the dispute should be made in writing to Pundole’s with

all supporting evidence including two expert opinions from leading

scholars in the field that should be mutually agreed upon by the buyer

and Pundole’s.

e) Pundole’s and the buyer have a right to examine the property together

and discuss the reasons for the dispute before cancelling the sale and

refunding the money to the buyer. Pundole’s will have the right to make

the final decision.

f) The artwork is without doubt the same work that was purchased at

auction.

If in the interregnum, any taxes or duties are paid, these shall not be returned

or reimbursed by Pundole’s and Pundole’s shall have no liability on this

account whatsoever.

It is the seller’s responsibility to return the net amount received to Pundole’s

within a period of 30 days, and it is Pundole’s responsibility to add the buyer’s

premium and refund the total amount to the buyer within a period of 10 days.

If the seller does not return the money to Pundole’s, Pundole’s is not liable to

return the disputed property back to the Seller.

PUNDOLE’S LIABILITY

Pundole’s agrees to refund the money in the case of a disputed sale as set

out in the preceding clause. Any damages incurred during shipping, packing,

handling are not within the purview of Pundole’s liability.

Apart from what is stated above, neither the seller nor Pundole’s, any of its

employees, offices or agents shall be responsible for or give any guarantee,

representation or warranty of any kind or assume any liability for the

accuracy or correctness of any statement of whatever kind concerning

any Property, concerning authorship, date, medium, origin, authenticity,

exhibition history, historical relevance, provenance, attribution, or any lack of

information provided, or any omissions, faults or defects in any lot.

It is agreed and understood that the recession of a sale and the refund of the

Hammer price and the Buyer’s premium paid by the Buyer at the time of

purchase is the sole remedy that may be sought by the Buyer, and such

remedy is exclusive and in lieu of any other remedy which may be available

under law. Pundole’s shall not be liable for any incidental or consequential

losses or damages incurred or claimed.

COPYRIGHT

All images, illustrations and written material printed in this catalogue is the

sole property of Pundole’s and should not be used by anybody including

the buyer without prior permission. Copyright and all other rights are not

transferred to the buyer during the sale of an artwork. All trademarks, logos

are a registered trademark of Pundole’s. Any rights not expressly granted

herein are reserved.

WAIVER

No failure to exercise nor any delay in exercising any right, power, privilege or

remedy under this Agreement shall in any way impair or affect the exercise

thereof or operate as a waiver thereof in whole or in part. No single or partial

exercise of any right, power, privilege or remedy under this Agreement shall

prevent any further or other exercise thereof or the exercise of any other

right, power, privilege or remedy.

SEVERABILITY

If any part of the Conditions of Sale is found by any court to be invalid, illegal

or unenforceable, that part shall be discounted and the rest of the conditions

shall continue to be valid to the fullest extent permitted by the law.

LAW AND JURISDICTION

In the event of any disputes and differences arising between the parties

pertaining to this agreement the same shall be referred to the arbitration

of a Sole Arbitrator appointed under the provisions of the Arbitration and

Conciliation Act, 1996. The Arbitration shall be conducted in English and the

venue thereof shall be Mumbai and in English. The Courts in Mumbai shall

have exclusive jurisdiction.