HOW TO BUY AT PUNDOLE’S
The Bombay High Court has ordered that 25 paintings by M.F. Husain be auctioned by the Sheriff of Mumbai through Pundole’s.
The Hon’ble Court has passed some directions as to the process and manner by which the auction will take place. This process is slightly different from what Pundole’s normally follow. Since these processes are pursuant to the orders of the Hon’ble Court, non-adherence may result in your being ineligible from participating in the auction. Please pay careful attention to this. In case you require any clarifications do contact Mallika Sagar at [email protected].
IMPORTANT TO NOTE
The works are being auctioned by Pundole’s on behalf of the Sheriff of Mumbai.
The works are being auctioned by the Sheriff of Mumbai on an ‘as is where is basis and what is basis’. Therefore, Pundole’s urges you to physically examine the works, and be satisfied with the condition as viewed. The Sheriff will not entertain any claim in respect of these works post the auction.
You will be required to:
- File a registration form, which can be obtained either in the Pundole’s catalogue or at the Sheriff’s office (Old Secretariat Building, K.B. Patil Marg, Mumbai 400032) or at Pundole’s.
- Make an advance refundable payment of INR 5,00,000 (Rupees five lakhs only) to the Sheriff of Mumbai in order to participate in the auction. (Payment details outlined below.)
All works are subject to a 15% Buyer’s Premium (plus 18% GST on the Buyer’s Premium amount) which will be added to the Hammer Price of each sold lot.
On completion of the auction, all successful bidders will be required to make full payment by 5.00 pm IST on 27 June 2025 of (i) the Hammer Price as undertaken to the Sheriff of Mumbai and (ii) the Buyer’s Premium as invoiced by Pundole’s.
The Sheriff of Mumbai will thereafter file his report with the Bombay High Court and obtain final directions for handover of the works. This is scheduled to be done on 3 July 2025. Please do bear in mind that there may be a slight delay as these are matters in Court over which Pundole’s has no control. Once the Court gives directions, Pundole’s believes that the Sheriff of Mumbai will hand over possession of the works to successful bidders.
Eligible unsuccessful bidders will be refunded the INR 5,00,000 (Rupees five lakhs only) deposit by the Sheriff of Mumbai within two weeks post the auction.
LIVE AUCTION
Pundole’s auctions are open to the public during preview. Clients who have submitted the registration form and made payment of INR 5,00,000 (Rupees five lakhs only) or equivalent USD amount, to the Sheriff of Mumbai along with thesupporting documents are eligible to bid in the auction. The catalogue will be available to view online by 22 May 2025. Printed catalogues will be available by 29 May 2025. Both the online and printed versions provide detailed descriptions and estimates for each lot.
All property sold is subject to the Terms and Conditions of Sale printed in the catalogue and available on the website as well as the directions and orders passed by the Bombay High Court on 17 February 2025 and 18 March 2025 and the Sheriff’s Notice dated 17 April 2025, which are all available to view on request. Please familiarise yourself with them as they will facilitate the sale process.
BIDDING
All bidders need to complete the registration process, as explained in the Registration section below.
Eligible bidders, who have fulfilled the Sheriff’s criteria, may bid in the auction either in person, on the telephone, leaving absentee bids for the auctioneer to execute on their behalf, or, bidding with Pundole’s LIVE online from a computer or any mobile device.
Buyers can bid in their individual capacity or on behalf of a corporate or other entity.
Telephone Bidding
Eligible bidders can make arrangements with Pundole’s to bid on the telephone. As these will be accepted on a first come first serve basis, please try to make these arrangements at least 24 hours before the start of the auction.
Absentee / Written Bids
Eligible bidders may also choose to leave Absentee Bids which the Auctioneer will execute on their behalf during the sale. Please note that absentee bids should indicate the maximum limit per lot. All written bid amounts left should be in Indian Rupees and at the ‘hammer price’, i.e.: buyer’s premium will be added to the final bid amount should the bid be successful. The auctioneer will try and buy the lot at the lowest possible price above or at the reserve for the specified lot.
For any clarifications regarding the registration process and setting up telephone or absentee bids, please contact Mallika Sagar at [email protected] or +91 98202 96510.
Online / Mobile Bidding
Eligible bidders may log in and bid online on the day of the sale. Please ensure that you have been assigned a paddle number prior to the start of the sale, and, complete all registration formalities before the auction begins.
Since Pundole’s is conducting this auction on behalf of the Sheriff of Mumbai, all bidders, without exception, need to adhere to the procedure set out by the Sheriff by 5 pm IST on 11 June 2025. Please ensure this procedure is adhered to, as Pundole’s will not be in a position to allow bidders to bid without the Sheriff’s prior consent and due compliance of requirements.
Bidders will be able to follow the auction with Pundole’s LIVE through an audio and / or video feed and place their bids accordingly. The auction may be followed by downloading our mobile bidding application (available for Apple and Android devices) or on Google Chrome.
In the event of any technical difficulties online, registered bidders may call Pundole’s to try and be accommodated for a telephone bid, subject to availability.
Registration
Registration must be completed before 5 pm IST on 11 June 2025.
All bidders will have to submit / provide the following at the time of registration:
- Registration form duly signed and submitted by email to [email protected] or [email protected], or, in person to the Sheriff’s Office / Pundole’s.
- For domestic bidders, a demand draft / pay order drawn on any Nationalised or Scheduled Bank for INR 5,00,000 (Rupees five lakhs only) in favour of the Sheriff of Mumbai. This will be refunded [without interest] to all non-successful bidders.
International bidders may wire transfer the INR 5,00,000 deposit in USD to the following bank account:
Name of the bank : Canara Bank, Fort Main Branch, Fort, Mumbai – 400001, India
Canara Bank Nostro Bank A/c. with: CITI BANK NEW YORK
Canara Bank Correspondence Swift Code: CITIUS33
Canara Bank NOSTRO Account Details: 36053796
Canara Bank Swift Code: CNRBINBBBFD
Beneficiary Account Name: SHERIFF OF MUMBAI
Account Number: 0239121001002
Supporting documents for an individual:
• Copy of a valid government issued photo identification, including proof of address, i.e.: Passport, Driving License
• Copy of self-attested PAN card OR
• Copy of self-attested Aadhaar card
Supporting documents for a corporate or other entity:
• A copy of the Certificate of Registration / Incorporation
• A copy of GST registration certificate
• A Board Resolution authorising the selected representative of the Company to bid in the auction on its behalf and bind the Company, together with photo identification of such representative
Please submit the registration form and supporting documents with the Sheriff of Mumbai to their office at
The Sheriff’s Office
Old Secretariat Building
City Civil Court
K.B. Patil Marg
Mumbai 400032
You may also send them to Pundole’s well in time so that they can be forwarded to the Sheriff.
Pundole’s
Hamilton House, Ground Floor
8 J.N. Heredia Marg
Ballard Estate
Mumbai 400001
You may also email them to [email protected] or [email protected].
Only eligible bidders will be allowed to bid in the auction. Authorised representatives may also bid on behalf of their principals. A letter of authority shall be produced by any person bidding on behalf of another person or entity. (Authority Letter format available on request.)
PROCESS
Viewing Works
All works will be on view both online and at Pundole’s viewing gallery, prior to the sale. Bidders are encouraged to view the works in person and discuss the condition with a representative from Pundole’s. Written condition reports are also available upon request. Please ensure to request a condition report from Pundole’s on the lots that may be of interest, prior to the sale. Condition Reports broadly will provide details and information to the best of Pundole’s abilities, and Pundole’s cannot be held liable for any information that is erroneously provided or not mentioned. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need.
Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean thatthey do not exist. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by Pundole’s of any kind.
Auction
The sale will be conducted in Indian Rupees.
All works have a price range or estimate indicated in the catalogue. The estimate is the value assigned by Pundole’s to each work and has been approved` by the Bombay High Court, keeping in mind comparable market examples for objects and the artist’s larger body of art works. Estimates are only indicative prices, and do not include buyer’s premium or any taxes, which will be additional. All catalogue descriptions are made to the best of Pundole’s knowledge, and are their opinion.
All works are sold subject to a reserve price as set by the Bombay High Court. The reserve price is the minimum price at which the Sheriff of Mumbai has agreed to sell the work at, and in no case will exceed the low estimate of a work. All reserve prices are kept confidential. Therefore, any bids below the reserve price will not be considered by the auctioneer to be a ‘selling price’.
Lots are usually opened for bidding below the low estimate, and increased in increments of approximately 10%. Any absentee bids that do not meet a standard bidding increment will be rounded down to the previous one. All increments are solely at the discretion of the auctioneer.
Buyer’s Premium and Government Taxes
The final price payable for every lot will be the Hammer Price (the price at which the auctioneer’s hammer falls) plus a Buyer’s Premium of 15%, which is subject to 18% Goods and Services Tax (GST). Taxes are subject to changes and revisions.
POST SALE
Payment
All successful bidders will be obliged to make payment in full of the purchase price, minus the initial deposit of INR 5,00,000 or equivalent USD amount, on or before 5.00 pm IST on 27 June 2025 by demand draft or pay order for domestic buyers and by wire transfer to the bank account as stated above for international buyers. Non- payment by the said time will lead to forfeiture of the deposit and a cancellation of the sale. Payment will only be accepted from the same party as indicated on the registration form.
All buyers will be responsible for any duties and taxes applicable at their end, as a result of the sale of the lot.
Pundole’s shall raise their invoice in respect of the Buyer’s Premium which is 15% of the Hammer Price plus applicable GST. The invoice will be sent by email to the email address indicated on the registration form by Pundole’s. Payment should be made to Pundole’s on or before 5.00 pm IST on 27 June 2025 by demand draft or pay order or bank transfer. Non-payment by the said time may lead to forfeiture. Payment will only be accepted from the same party as indicated on the invoice.
International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.
Payments to Pundole’s can be by cheques or demand drafts to be made out to Pundole’s or by NEFT/Wire transfer to the bank account mentioned on the invoice.
Collection and Shipping
Pundole’s can arrange for local delivery in Mumbai and shipping within India and internationally at the buyer’s expense. Successful bidders wishing to have Pundole’s taking possession of the lots will have to duly authorise Pundole’s on their behalf. All quotes will be on a Cost Insurance Freight (CIF) basis unless instructed otherwise. If Pundole’s organises delivery even within Mumbai, transit insurance will be mandatory. Shipping instructions should be clearly completed on the form provided with the invoice, and should be sent back at the earliest. Shipping estimates are available on request. Please contact [email protected] for more information. Any purchased lots not collected or shipped within 28 days of the auction will be moved to professional storage, at the buyer’s expense.
Any works exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing works into a country, buyers should check on any import restrictions or applicable duties before confirming a shipping location. While Pundole’s will assist with both shipping and export, it is the buyer’s responsibility to be aware of all import and export regulations and obtain any necessary licenses or permissions.
All purchases must be collected or shipped within 28 days of the auction. No works will be delivered or shipped before all payments for purchases, shipping and insurance have been completed.
For any inquiries, please contact Khorshed Pundole at [email protected].