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.
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
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.
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.
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 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
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
(i) Interest at the rate of 18% per annum from due date till payment,
(ii) Storage charges at the rate of Rs. 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 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 at 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
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
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.
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.
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
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
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
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 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.
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.
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.
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.
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.