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
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
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
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 auctioneer will determine the successful and highest bidder for each lot.
The fall of the auctioneer’s gavel shall confirm the close of each lot, and
the auctioneer will announce whether the lot has been sold or not. The
successful sale of each lot and the announcing of the successful paddle
number also marks a successful and irrevocable contract between the seller
and buyer of the artwork. The buyer accepts full responsibility to pay for the
lot, as determined by the final hammer price plus the buyer’s premium, all
applicable taxes, plus any additional charges relating to shipping, storage,
insurance, import-export permissions and bank transfer fees.
POST SALE INVOICES
All successful bidders will require putting down a deposit of 10% of the
hammer price, on completion of each session, either in cash [with a
self-certified PAN Card] or by cheque or bank transfer to guarantee their
purchase. Non-payment of all balance payments within fourteen days post
the sale would lead to forfeiture of the deposit.
All successful bidders will be sent two proforma invoices within 24 hours of
the conclusion of the sale, for the purchases made in the sale by email to the
email address provided in the Registration form. The first proforma invoice
will include the hammer price plus import duty at the rate of 11% (or as
chargeable at the time of payment), if applicable, and Goods and Services
Tax (GST) at the rate of 12% (taxes are subject to changes and revisions).
The second proforma invoice will include the buyer’s premium (15% payable
on hammer price) plus applicable GST at 18% (taxes are subject to changes
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 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.
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
Payment will be accepted through cheques, wire transfers and demand
International buyers can pay through wire transfers. Invoices will be raised in
If the buyer fails to make payment on any purchases within 14 days of the
receipt of the proforma invoices, Pundole’s has the right to take whatever
action they deem necessary, including legal proceedings to ensure that the
contract between seller and buyer is fulfilled.
In case of payments delayed beyond their respective due dates, the following
will be charged:
i) Interest at the rate of 18% per annum from due date till payment,
ii) Storage charges at the rate of 1,000/- per day per property from the
expiry of 28 days of the auction, and
iii) Insurance at the rate of 0.25% of the price of the property per month from
date of auction.
Late charges will be calculated based on the total purchase price plus taxes
and all charges related to shipping, and insurance and storage. Pundole’s
will give the buyer suitable notice, failing which, at the sole discretion of
Pundole’s further steps may be taken, which may include cancelling the
sale, re-offering the property and restricting any further bidding in Pundole’s
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
All lots that have been imported into India (marked with a #) have been stored
in a Free Trade Warehousing Zone. These lots will be cleared and released for
free circulation within India from the FTWZ upon payment of customs duty
@11% (or as applicable at the time of payment) to Pundole’s.
Shipping for all lots imported into India will only be arranged by Pundole’s
on behalf of the buyer. All packing, shipping, insurance and related expenses
will be borne by the buyer.
Shipping can be arranged by Pundole’s for both local and international
shipments. In all cases, a third party will be used to pack, handle and ship
the goods to their final destination. The work will also be insured at the
buyer’s expense while in transit. While we will use a reputed and experienced
art shipper, any mishap related to shipping and packing is not Pundole’s
responsibility, and does not constitute part of the original contract between
the seller and the buyer.
International buyers who have wire transferred money from an overseas
bank account may be exempt from paying GST on the hammer price if the
work is directly exported only by Pundole’s through their authorised licensed
shipper, with the appropriate and required documentation. GST will still be
applicable on the buyer’s premium, even if the lot is exported out of the
If there is any loss or damage to the property of any nature whatsoever while
the property is in the possession of Pundole’s or in transit the Buyer shall not
hold Pundole’s responsible or liable for any such loss or damage and shall
not claim any sum whatsoever from Pundole’s as costs, losses or damages.
The Buyer agrees that it shall accept the proceeds of an insurance claim that
maybe settled/sanctioned by Pundole’s insurance company by its policy in
full and final settlement.
Any works exported from India will be done in compliance with the export
and foreign exchange laws of the country. Similarly, when importing works
into a country, it is the buyer’s responsibility to check on any import
restrictions or applicable duties before confirming a shipping location. While
Pundole’s will assist with both shipping and export, it is the buyer’s
responsibility to be aware of all import and export regulations and obtain any
necessary licenses or permissions.
Import/Export licenses may take considerable time to obtain. Payment to
Pundole’s for the purchase of the artworks should not be held up because
of any shipping related issues. No sale may be cancelled due to lack of
information on export and import procedures.
LIEN AND TRANSFER OF TITLE
Pundole’s shall be entitled to retain all property sold in various lots to the
same purchaser, until amounts due to them from such purchaser have been
received in full. Subject to this the Buyer may collect the properties within the
prescribed time frame.
Risk and responsibility for the lot (including frame, glass and other breakable
materials where relevant) and transfer of title passes to the buyer only after
payment is received in full. At no point is copyright transferred to the buyer.
Pundole’s has the right to have a lien on the purchases for which payment is
due until all outstanding dues are paid. All works can only be collected or
shipped only upon receipt of all dues.
REGISTERED ANTIQUITIES AND NATIONAL ART TREASURES
All works as classified by the Government of India’s Antiquities and Art
Treasures Act of 1972 as National Art Treasures, and, all property that is
either registered with the Archaeological Survey of India or over one hundred
years old is NON-EXPORTABLE and cannot be taken out of India. The works
will be subject to all local taxes.
Please do note that all items that are registered with the Archaeological
Survey of India, or, are over one hundred years old, or, are National Treasures
whether specifically indicated in the catalogue or otherwise, cannot be
exported out of India. Pundole’s have taken all efforts to determine such lots
but do not take responsibility for any lack of information or oversight.
All works deemed to be over one hundred years old, which are classified by
the Government of India and the Archaeological Survey of India (ASI) as
Antiquities need to be registered with the office of the ASI. For works already
registered, the ASI requires that ownership be transferred into the new
owner’s name post the auction. While Pundole’s will assist with the process,
all responsibility to abide with the guidelines and rules as provided by the
ASI is the sole responsibility of the buyer. Please refer to the section titled
REGISTERING ANTIQUITIES in the ‘How to Buy at Pundole’s’ section.
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
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
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
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
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.
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.