Terms & Conditions

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’. 

The auction will have a catalogue prepared and uploaded on the Pundole’s website prior to the sale. Please read the online catalogue carefully for all details pertaining to the property offered. 

The Auction is being held during the period of the nationwide lockdown. Consequently, very special circumstances will regulate the Auction. The Property will not be available for inspection by Pundole’s or the participants in the Auction, nor will the Property be capable of being shipped to the successful Bidder till the lifting of the lockdown and resumption of logistics services. Clients are request to bear in mind these circumstances and take an informed view of the matter. 

Please do note that some of the Property will be available for inspection only by prior appointment, if the lockdown rules permit it. 

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 online catalogue 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. 

All works will be on view online only prior to the sale. Condition Reports have been provided by the Sellers who are gallerists and dealers themselves which Pundole’s have 

reviewed. However, it must be understood that since Pundole’s have not seen the Property, nor examined it, it will not be possible for Pundole’s to provide their own condition report. 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. 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. 

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 Bidding will be done 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 or for any technical problem on the Pundole’s website or mobile bidding application. Any online or mobile bids received before the problem occurs will be executed. Pundole’s reserves the right to determine when online and mobile bids have been recorded. 

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. 

Absentee bids will be carried out by 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 Pundole’s has two bids of identical values and there are no higher bids online, the bid received on the earlier date / time will be given preference. 

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 or being outbid is received by bidders due to slow mobile networks or heavy traffic over internet lines. 

Sellers cannot 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. 

All works, unless specifically indicated otherwise, will be sold subject to a reserve. The reserve is the minimum price at which the Seller has agreed to sell the Property at, and in no case will exceed the low estimate of a Property. All reserves are kept confidential. Pundole’s may open the bidding by placing a bid on behalf of the seller. Pundole’s 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 an online bid reaches the amount of the reserve, the Property will remain unsold. 

For all bids, Pundole’s decision is final, and Pundole’s will have full discretion to choose, accept or reject bids. While bidding increments will usually increase by approximately 10%, Pundole’s has the discretion to break or change the increments. In the event of a dispute, Pundole’s reserves the right to re-offer the lot and determine the successful bidder for the lot. 

Pundole’s will determine the successful and highest bidder for each lot. The successful sale of each lot 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 25% of the hammer price, on completion of the auction, by cash or 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 once payment is completed. 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 Rs. 1,000/- per day per property from the 

expiry of 28 days post the auction, and (iii) Insurance at the rate of 0.25% of the price of the property per month from 

date of receipt of the Property by Pundole’s from the Seller. 

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. 

Only after lifting of the lockdown and resumption of logistics at both Mumbai and the location of the Seller [for which Pundole’s will give notice by email to each successful purchaser] will Pundole’s arrange for local delivery in Mumbai and shipping within India and internationally at the buyer’s expense. 

All purchases must be collected or shipped within 14 days of payment of the invoices and receipt of Property by Pundole’s from Sellers in Mumbai. If after full payment the buyer fails to collect the Property or arrange for shipping within 14 days of payment, and receipt of Property by Pundole’s from Sellers, 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 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 & 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: 

  1. a) The period for this warranty is applicable for 3 years from the date of the sale. 
  2. 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. 
  3. 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. 
  4. 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. 
  5. 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. 
  6. 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 contained in the online 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. 

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’. 

The auction will have a catalogue prepared and uploaded on the Pundole’s website prior to the sale. Please read the online catalogue carefully for all details pertaining to the property offered. 

The Auction is being held during the period of the nationwide lockdown. Consequently, very special circumstances will regulate the Auction. The Property will not be available for inspection by Pundole’s or the participants in the Auction, nor will the Property be capable of being shipped to the successful Bidder till the lifting of the lockdown and resumption of logistics services. Clients are request to bear in mind these circumstances and take an informed view of the matter. 

Please do note that some of the Property will be available for inspection only by prior appointment, if the lockdown rules permit it. 

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 online catalogue 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. 

All works will be on view online only prior to the sale. Condition Reports have been provided by the Sellers who are gallerists and dealers themselves which Pundole’s have 

reviewed. However, it must be understood that since Pundole’s have not seen the Property, nor examined it, it will not be possible for Pundole’s to provide their own condition report. 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. 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. 

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 Bidding will be done 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 or for any technical problem on the Pundole’s website or mobile bidding application. Any online or mobile bids received before the problem occurs will be executed. Pundole’s reserves the right to determine when online and mobile bids have been recorded. 

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. 

Absentee bids will be carried out by 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 Pundole’s has two bids of identical values and there are no higher bids online, the bid received on the earlier date / time will be given preference. 

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 or being outbid is received by bidders due to slow mobile networks or heavy traffic over internet lines. 

Sellers cannot 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. 

All works, unless specifically indicated otherwise, will be sold subject to a reserve. The reserve is the minimum price at which the Seller has agreed to sell the Property at, and in no case will exceed the low estimate of a Property. All reserves are kept confidential. Pundole’s may open the bidding by placing a bid on behalf of the seller. Pundole’s 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 an online bid reaches the amount of the reserve, the Property will remain unsold. 

For all bids, Pundole’s decision is final, and Pundole’s will have full discretion to choose, accept or reject bids. While bidding increments will usually increase by approximately 10%, Pundole’s has the discretion to break or change the increments. In the event of a dispute, Pundole’s reserves the right to re-offer the lot and determine the successful bidder for the lot. 

Pundole’s will determine the successful and highest bidder for each lot. The successful sale of each lot 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 25% of the hammer price, on completion of the auction, by cash or 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 once payment is completed. 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 Rs. 1,000/- per day per property from the 

expiry of 28 days post the auction, and (iii) Insurance at the rate of 0.25% of the price of the property per month from 

date of receipt of the Property by Pundole’s from the Seller. 

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. 

Only after lifting of the lockdown and resumption of logistics at both Mumbai and the location of the Seller [for which Pundole’s will give notice by email to each successful purchaser] will Pundole’s arrange for local delivery in Mumbai and shipping within India and internationally at the buyer’s expense. 

All purchases must be collected or shipped within 14 days of payment of the invoices and receipt of Property by Pundole’s from Sellers in Mumbai. If after full payment the buyer fails to collect the Property or arrange for shipping within 14 days of payment, and receipt of Property by Pundole’s from Sellers, 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 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 & 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: 

  1. a) The period for this warranty is applicable for 3 years from the date of the sale. 
  2. 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. 
  3. 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. 
  4. 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. 
  5. 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. 
  6. 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 contained in the online 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.