TERMS AND CONDITIONS OF SALE
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.
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, if applicable, and VAT (at the rate applicable on each object at the time of the auction). The second proforma invoice will include the buyer’s premium (15% payable on hammer price) plus applicable service and other taxes.
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 email@example.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.
In cases where it is applicable and all documentation has been submitted, approved and duly stamped, CST may be substituted for VAT, but this will be addressed on a case by case basis.
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 checks, wire transfers and demand drafts.
International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees.
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:
- Interest at the rate of 18% per annum from due date till payment,
- storage charges at the rate of Rs. 1,000/- per day per property from the expiry of 28 days of the auction, and
- 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 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, VAT, service tax 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 release for free circulation within India from the FTWZ upon payment of customs duty @10.3% (or as applicable at the 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.
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.
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.
International buyers who have wire transferred money from an overseas bank account may be exempt from paying VAT 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. Service tax 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 and 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 & 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.
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 2 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 writing 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.
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.