Conditions to Buy at the Auction

The conditions provided in this section and any notices that we may issue from time to time provide the terms on which Delhi Art Gallery Private Limited (“we”, “us”, “our”) offers the Lot(s) illustrated in the Catalogue for Sale on behalf of the Seller. If you are the eventual Buyer of any one or more Lot(s), the terms and conditions set out herein will form a binding contract for sale of each such Lot between you and the respective Seller. We, therefore, strongly recommend you to read the terms below.

Glossary of Terms

Capitalized words used herein have a special meaning attributed to them, details of which can be referred by you in this Part. Please refer to the terms below while reading the ‘Conditions to Buy at the Auction’.

“Auctioneer” shall mean our representative conducting the Sale;

“Bid” shall mean the offer made by the Bidder for purchase of one or more Lot(s) at any Sale;

“Bidder” shall mean such registered and approved person who makes a Bid at any Sale;

“Buyer” shall mean such Bidder who has made the highest Bid in respect of any Lot and whose Bid has been accepted by the Auctioneer, at his/her sole discretion;

“Catalogue” shall mean the catalogue published by us, whether in print or any electronic form, setting out details of a Sale including, without limitation, description, price and other details pertaining to Lot(s);

“Employee” shall mean an employee on our rolls;

“Hammer Price” shall mean the highest price pertaining to each Lot at a Sale, which price is accepted by the Auctioneer, indicated by the fall of the hammer;

“Lot(s)” shall mean such item which has been offered for Sale and more particularly described in the Catalogue;

“Purchase Price” shall mean the aggregate of the Hammer Price and applicable charges, duties and taxes, if any, thereon;

“Reserve Price” shall mean the minimum price, as may be indicated by the Seller in confidence to us, at which a Lot may be sold;

“Sale” or “Auction” shall mean the auction process at which Lot(s) are offered for sale by us to Bidders; and

“Seller” shall mean such person who owns the Lot being offered for Sale.

“Start Price” shall mean the opening bid at which the bidding on Lot(s) begins. Opening Bid is at times lower that the lower estimate.

Our Role as Agents

At every Sale, where we are not the Seller, we act solely as the agents of, and in the sole interest of, the Seller, whose identity, for reasons of confidentiality, is not disclosed by us. Any representation made by us in relation to a Lot is, where we are not the Seller, made for and on behalf of the Seller and in such cases we expressly disclaim any and/or all liability in this respect. Accordingly a successful Bid shall result in an enforceable contract of sale between the Seller and you.

As agents of the Seller, we do not claim ownership of the Lot(s) nor do we have any existing financial interest therein. We are completely dependent on information provided to us by the Seller in relation to any Lot. Whilst we may conduct our own inspection of the Lot(s), Bidders are strongly advised to conduct their own research and inspection with respect to Lot(s) that they may be interested in.

As agents of the Seller, we do not owe and we do not undertake or agree to undertake any duty or responsibility towards the Bidders, whether direct or indirect, express or implied or in any other manner whatsoever.

Catalogue Description

The Catalogue sets out an entry in relation to each Lot. Such entry, inter-alia, includes identification of the relevant Lot vide a unique number, description of such Lot and a pictorial/photographic illustration of the same. We shall not be liable for any error or omission made in the Catalogue or otherwise with respect to any description of the Lot(s) set out therein.

Where applicable, the Lot description will also include the provenance. However, the identity of the Seller or previous owners may not be disclosed for a variety of reasons, such as request for confidentiality by the Seller or if the identity of the previous owner is unknown.

We may, at our sole discretion, also set out estimates beside each Lot. Please note that the estimates shall be indicative of our opinion of the range within which the hammer is likely to fall and, in no event, should it be construed as an estimate of the value of the relevant Lot. Descriptions and/or estimates may be amended at our sole discretion by notice, either oral or written, provided either prior to or at the Sale. Online Bidders have the responsibility for checking the Catalogue updates for sale room notices and announcements. We recommend that online Bidders login well in advance of the Auction to check for these notifications.

You shall have the opportunity of pre-viewing and inspecting the Lot(s) or having the Lot(s) inspected by your professional advisors on dates and time set out in the Catalogue. There shall be no charge for such pre-viewing and inspection opportunity and we strongly advise all potential Bidders to undertake such inspection, examination prior to Bidding.

Condition of the Lot(s)

Any reference to the condition of the Lot(s), either in the Catalogue or otherwise, shall not amount to be a full or contractual description of such Lot(s). They merely state our opinion and will not cover all details, faults, latent defects, alterations, etc., pertaining to the relevant Lot. We may, if so requested by the Bidders, provide condition reports in respect of the Lot(s) to the said Bidder on behalf of the Seller. Such report shall set out our bona fide description of the condition of the Lot(s) prepared by our specialists prior to any Auction and neither we nor the Sellers shall be responsible to the Bidders in respect of the content of such condition report. We, therefore, strongly encourage all Bidders to seek advice from their own professional advisors regarding the condition of each of the Lot(s) that they may be interested in.

We also advise all Bidders to rely on their own judgement or on that of their professional advisors as to whether any Lot matches the description set out beside it and not merely rely on any photographic or pictorial representation of the same as may be provided in the Catalogue.

In light of the foregoing, all Lot(s) offered for Sale hereunder are on an “as is” basis, without any express or implied warranties of any nature whatsoever. We do not make any representations or warranties, or assume any liability of any kind, with regard to the merchantability, fitness for a specific purpose, description, condition, rarity, exhibition history, literary or historical relevance of any of the Lot(s) and no statement issued by us anywhere, whether oral or written, will be deemed to constitute such a representation, warranty, or assumption of liability.

Bidder Registration for the Auction

Prospective Bidders will be required to register for each Auction and complete the registration process. By completing the registration process, you agree to be bound by the provisions set out in the Conditions to Buy at the Auction.”

No Seller shall be allowed to Bid in respect of Lot(s) owned by such Seller.

Our Employees as on the date of each Sale shall not be allowed to participate as Bidders on any Sale. Such Employees may, however, submit an absentee/proxy bid for an amount which may be equal to or above the lower estimate of a Lot before the Sale commences. Once the Sale has started, they may not increase their bid or alter it in any way. Our Employees may also bid in charity Sale(s) that are held by us.

Every Bidder is required to register their particulars with us no later than 24 (twenty four) hours prior to commencement of the relevant Sale by completing the registration process on our website. All Bidders submitting physical registration form must ensure that the same, duly filled up and executed, is delivered to us no later than 24 (twenty four) hours prior to commencement of the Sale. Registrations received less than 24 (twenty four) hours prior to the commencement of the Sale may be processed at our sole discretion.

You may be asked to participate in our verification process. As part of the same, you may be requested to provide certain information/documents including (a) in case of individuals, proof of identity with photo along with proof of residential address; (b) in case of body corporate, certificate of incorporation/registration along with proof of registered office address; (c) in case of trusts, partnerships, offshore companies and other entities, similar documents as stated above in order for us to determine your identity, status and residential address. We may also, at our sole discretion, seek financial reference or deposit of certain amount as a pre-condition to allow you to Bid. All such deposits shall not bear any interest of whatsoever nature. In case of a returning Bidder, the extant verification process may be repeated at our sole discretion. In other cases, the returning Bidder may be asked to confirm and/or update their previously verified details.

Any prospective Bidder who refuses to provide the requested documents may, at our sole discretion, be refused permission to Bid.

At the time of registration, each Bidder is required to provide us with accurate invoicing details based on which invoices shall be raised to such Bidder pursuant to a successful Bid.

We reserve the right, at our absolute discretion, to (i) revoke or refuse your registration or permission to Bid at any time before, during or after a Sale; or (ii) revoke or refuse to accept any Bid made by you at any time during a Sale; or (iii) set bidding limitations for any Bidder.

The Bidders acknowledge and understand that a Bid is a legally binding commitment to purchase the relevant Lot and Bidders undertake to complete the transaction of sale and purchase of relevant Lot(s) if their Bid is accepted by the Auctioneer as the winning Bid.

Bidding

At any Sale, an Auctioneer may accept Bids from (i) Bidders in the Auction room; (ii) telephone Bidders; (iii) online Bidders; and (iv) advance Bids submitted to us by a Bidder before the Sale. The Auctioneer has absolute discretion to accept and give precedence to Bids made vide any of the above-stated modes. It is clarified that a Bidder may choose any one of the above mentioned modes for Bidding at any particular Sale.

All Bids shall be made either in INR (Indian National Rupee) or in USD (United States Dollar). The currency exchange rate for the Sale is USD1: INR66. We, at our sole discretion, reserve the right to revise the above-stated currency exchange rate owing to exchange fluctuation. Any such revision to the currency exchange rate shall be announced at the beginning of the Auction.

All incremental Bids in the Sale will progress as per the table provided below:

All values in INR

10,000 22,000 50,000 1,10,000 2,50,000 5,50,000 12,00,000 28,00,000 60,00,000
11,000 25,000 55,000 1,20,000 2,80,000 6,00,000 13,00,000 30,00,000 65,00,000
12,000 28,000 60,000 1,30,000 3,00,000 6,50,000 14,00,000 32,00,000 70,00,000
13,000 30,000 65,000 1,40,000 3,20,000 7,00,000 15,00,000 35,00,000 75,00,000
14,000 32,000 70,000 1,50,000 3,50,000 7,50,000 16,00,000 38,00,000 80,00,000
15,000 35,000 75,000 1,60,000 3,80,000 8,00,000 17,00,000 40,00,000 85,00,000
16,000 38,000 80,000 1,70,000 4,00,000 8,50,000 18,00,000 42,00,000 90,00,000
17,000 40,000 85,000 1,80,000 4,20,000 9,00,000 19,00,000 45,00,000 95,00,000
18,000 42,000 90,000 1,90,000 4,50,000 9,50,000 20,00,000 48,00,000 1,00,00,000
19,000 45,000 95,000 2,00,000 4,80,000 10,00,000 22,00,000 50,00,000
20,000 48,000 1,00,000 2,20,000 5,00,000 11,00,000 25,00,000 55,00,000

10 lakh to 20 lakh in 1 lakh increments

20 lakh to 50 lakh in 2, 5 and 8 lakh increments (example 22, 25, 28, 30 lakhs)

50 lakh to 1 crore in 5 lakh increments (example 55, 60, 65, 70 lakhs)

1 crore to 2 crore in 10 lakh increments (example 1 crore 10 lakh, 1 crore 20 lakh)

2 crore to 5 crore in 20, 25 and 28 lakhs (example 2 crore 20 lakh, 2 crore 50 lakh, 2 crore 80 lakh, 3 crore)

Notwithstanding the above, the Auctioneer reserves the sole right and discretion to accept Bids which are not in conformation with the above stated incremental Bid pattern.

Bidding in the Auction room: All approved and registered Bidders shall be provided with a paddle setting out the designated number for identification of the Bidder. Please bring a proof of identity to collect your paddle from the registration desk on the day of the Sale. We encourage you to present yourself at the registration desk no later than 1 (one) hour prior to the commencement of the relevant Sale for collection of your paddle. The paddle number shall be used to identify you as the Buyer in case of a successful Bid. You should, therefore, not allow anybody else to use your paddle during the Sale.

Bidding by Telephone: If you wish to place your Bids via the telephone, you would have to intimate the same to us, either online or by filling the physical form attached to the Catalogue, no later than 24 (twenty four) hours prior to commencement of the relevant Sale. Please note that bidding by way of telephone is a discretionary service, subject to availability of phone lines and may not be available in respect of all Lot(s). We do not guarantee the successful placing of Bid via telephone and shall not accept any liability in the event a telephone Bid is not executed or improperly executed or in the event of interruption or faulty telephone connection. Bids made over the telephone may be recorded at our sole discretion and by participating in a Sale via a telephone, you agree and acknowledge that (i) your conversation may be recorded by us; and (ii) you are bound by the terms and conditions mentioned herein.

Online Bidding: We may, at our discretion, provide an online bidding service whereby Bidders may view and hear the Auction vide a live video stream from the Auction room. We do not guarantee the successful placing of Bid via online mechanism and shall not accept any liability in the event an online Bid is not executed or improperly executed or in the event of any technical glitch (e.g. time-lag in streaming, etc.) resulting in inter alia loss of opportunity to place a Bid. Such online Bid may be recorded at our sole discretion and by participating in a Sale via internet, you agree and acknowledge that (i) your real-time video feed including your Bids may be recorded by us; and (ii) you are bound by the terms and conditions mentioned herein as well as the “terms of use” as available on our website. We reserve the right to disable Bidding access while the Auction is in process.

Advance Bids: Bidders may also fill up an absentee bid form and submit the same to us no later than 1 (one) hour prior to commencement of the relevant Sale. The Auctioneer, at his/her sole discretion, may attempt to execute a written Bid at the lowest price taking into account the Reserve Price, if any. In the event we receive 2 (two) written Bids for the same Lot and if such Bids are the highest at the relevant Sale, the written Bid received by us first in time shall be considered as the successful Bid. By participating in a Sale via written Bids, you agree and acknowledge that you are bound by the terms and conditions mentioned herein.

Please note that all Bids are final once placed and may not be cancelled or modified by you, except with our express written consent under circumstances that we consider appropriate at our sole discretion.

All modes of bidding, other than Bids placed in the Auction room, shall be provided at our sole discretion for the sake of convenience and we do not guarantee that such services will be uninterrupted and error-free or that Bids will be received by the Auctioneer or information regarding current price will be transmitted during a Sale in a timely manner. The decision to accept any Bid as the winning Bid lies solely with the Auctioneer. In the event of any dispute between Bidders, or in the event of doubt as to the validity of any Bid, the Auctioneer will have the final discretion to either (i) determine the successful Bidder; (ii) cancel the sale of relevant Lot; or (iii) reoffer and re-sell the Lot in dispute.

The acceptance of any Bid by the Auctioneer shall be subject to Reserve Price, if any, pertaining to the relevant Lot. In case of Lot(s) that have a Reserve Price allotted to it and if the Auctioneer, in his or her discretion, determines that any Bid is below such Reserve Price, he or she may (i) indicate a floor price and invite the Bidders to place Bids higher than such floor price; or (ii) reject the same and withdraw the relevant Lot from Sale.

The Auctioneer may, at his/her sole discretion, (i) refuse any Bid; (ii) give precedence to Bids made via any of the acceptable modes set out herein; (iii) reopen Bidding in respect of a Lot; (iv) withdraw a Lot; (v) divide or combine any 2 (two) or more Lot(s) for the purpose of Bidding; (vi) in case of dispute, cancel the Bid or Sale of any Lot and offer the same for re-Sale. In case any dispute arises during or after a Sale, the Auctioneer’s decision pertaining to such dispute shall be final and binding on all parties.

Unless the Auctioneer uses his/her discretion as set out above, a Bid becomes successful when the hammer of the Auctioneer falls, thus giving rise to a contract of sale between the successful Bidder and the Seller and qualifying the said Bidder as a Buyer of the relevant Lot(s) at the Purchase Price for the relevant Lot.

Payment

We shall raise a pro forma invoice for the Purchase Price on the winning Bidder, being the Buyer, immediately upon closing of the Sale, using the details furnished by such Bidder at the time of registration. Payment shall be due and payable by the Buyer within 7 (seven) days from the receipt of pro forma invoice by the Buyer. Payment must be made in the currency stated in the invoice either via (i) cheque, demand draft; (ii) RTGS/NEFT or direct wire transfer; or (iii) credit card. Our details in order to facilitate making of payments by the Buyer is as follows:

(a) Cheque/demand drafts to be drawn in favour of Delhi Art Gallery Pvt. Ltd.;

(b) Wire Transfer/NEFT/RTGS details:

INR

Payable to: Delhi Art Gallery Pvt. Ltd.
Bank and Branch: IndusInd Bank Limited Gulmohar House Branch, S -6, Building No.18 & 19 Gulmohar Community Centre, Yusuf Sarai, New Delhi -110016
Account Number: 650014025340
IFSC: INDB0000168

US DOLLARS

REMIT USD (AMOUNT) TO WACHOVIA BANK, NEW YORK, USA
SWIFT – “PNBPUS3NNYC “, ACCOUNT NUMBER 2000191075023  FOR CREDIT TO  INDUSIND BANK LIMITED, NEHRU PLACE BRANCH,  NEW DELHI SWIFT-“INDBINBBDEN” FOR FURTHER CREDIT TO Account NUMBER 650014025340 and Delhi Art Gallery Pvt. Ltd.

US DOLLARS

REMIT USD (AMOUNT) TO BANK OF NEW YORK, NEW YORK, USA SWIFT – “IRVTUS3N “, ACCOUNT NUMBER 8900444096  FOR CREDIT TO  INDUSIND BANK LIMITED, NEHRU PLACE BRANCH,  NEW DELHI SWIFT-“INDBINBBDEN” FOR FURTHER CREDIT TO  Account NUMBER 650014025340 and Delhi Art Gallery Pvt. Ltd. 

Request you to use MT-103 format for transfer of fund

Upon receipt of the full Purchase Price in cleared funds, we shall issue the sales invoice to the Buyer in respect of the relevant Lot. The Seller or we are entitled to withhold possession of the Lot(s) until payment of the Purchase Price in full and in cleared funds is received by us.

In the event a Bidder has paid any deposit and does not successfully Bid for any Lot, we shall refund the deposit so paid within 7 (seven) business days from close of the Sale in respect of which such deposit was made.

In the event that the Buyer has paid any deposit, we reserve the right, at our sole discretion, to (a) retain such deposit and refund the same after receiving the Purchase Price from the Buyer; or (b) adjust it against the Purchase Price. In case of the latter, the Buyer shall only be required to pay the balance Purchase Price.

We shall charge 0% (zero percent) Buyer’s premium.

In the event the Buyer fails to make full and final payment or collect the Lot within the timelines stipulated herein, the Seller or we may, at our sole discretion, (i) extend the date of making payment by the Buyer along with interest payable at the rate of 15% on the Hammer Price; (ii) cancel the Sale of such Lot; (iii) re-sell the Lot, whether privately or by way of another Auction, after providing 3 (three) days’ notice to the Buyer of the Seller’s intention to sell; (iv) initiate legal proceedings against the Buyer for payment of Purchase Price to the Seller and/or damages for breach of contract.

The Buyer agrees to indemnify and hold harmless the Seller against all legal and other costs of enforcement incurred by the Seller (including additional charges payable by the Seller to us) arising on account of delay on the part of the Buyer to make full and final payment in accordance with the terms hereof.

Shipping and Delivery

The Buyer shall have the option of having the purchased Lot(s) collected from us or require us to ship/deliver the same to the Buyer at the registered address.

No shipment or delivery or collection of the Lot(s) will be permitted if the Purchase Price is not received by us within the stipulated time period set out above and until all proper documentation in connection with the sale of the Lot(s) have been completed.

In case of the Buyer choosing the shipment/delivery option, we shall be responsible for arranging for the delivery/shipment of the purchased Lot(s) to the relevant Buyer and shall also be responsible for insurance of the purchased Lot(s) (excluding the frame) till the time of delivery at the registered address of the relevant Buyer. The Buyer undertakes to authorise shipment/delivery of the Lot(s) within 7 (seven) days of making full, final and cleared payment of the Purchase Price in respect of purchased Lot(s).

In case of the Buyer choosing the collection option, the Buyer shall solely be responsible for collection of the Lot within 7 (seven) days of making full, final and cleared payment of the Purchase Price in respect of such Lot(s). Buyer will confirm the date and time for collection with our offices. Further, we shall be responsible for insurance of the purchased Lot(s) (excluding the frame) till the time of collection of the purchased Lot(s).

Any failure on part of the Buyer to (a) collect the purchased Lot(s); or (b) authorise shipments/delivery within the above stated timeline, shall attract a demurrage charge calculated @ 2% (two percent) of the Purchase Price. The same shall be applicable for a period commencing upon expiry of the stated 7 (seven) day period and concluding on the date of collection or shipment/delivery.

It shall be the sole responsibility of the Buyer to (a) obtain all export/import related licenses, permits, registrations and/or any other consent required under applicable laws; (b) bear all charges relating to customs levy, octroi, and any other governmental levies in respect of delivery/shipment of the purchased Lot(s).

Please note that any Lot falling under the purview of the Antiquities and Art Treasures Act, 1972 cannot be exported outside the territory of India. In the event of any Lot qualifying as Antiquity or Art Treasure, the Buyer shall be responsible for meeting the requirement under the said Act and any other applicable legislation.

Risk and Title

The risk and the title in the relevant Lot(s) shall pass on to the relevant Buyer upon payment of the Purchase Price by the Buyer to us in accordance with the terms hereof and the same being received in cleared funds by us.

Our Liability

We do not make any representation or warranty as to the acquisition of any copyright or other intellectual property rights by the Buyer including, but not limited to, reproduction rights in any of the Lot(s).

We shall not be liable to any Bidder or Buyer for any reason whatsoever in relation to any Bid or purchase made pursuant to any Sale. We provide no warranty whatsoever to any Bidder other than the following limited “authenticity guarantee” described hereunder.

We provide the following limited guarantee to the Buyer for a period of 1 (one) year with respect to the authenticity of Lot(s) sold to such Buyer:

(a) The guarantee with respect to authorship of any Lot is limited to the name of the artist, any qualifications/reservations mentioned thereto and such factual information being set out in BOLD AND CAPITALISED FORM in the Catalogue. For the sake of clarity, the term “authentic” or “authenticity” connotes a genuine work. Any factual description or condition pertaining to the Lot which is not in BOLD AND CAPITALISED FORM shall not be considered as the contractual description of the Lot and any error, mistake, inadequate information thereto shall not diminish the “authenticity” of the said Lot.

(b) Our liability or the liability of the Seller shall not exceed the original Purchase Price actually paid by the Buyer in respect of each Lot whose authenticity is in question.

(c) The benefits of this guarantee shall be available only (i) to the Buyer as per our records and shall not be extended to or assignable to any third party or subsequent buyers; (ii) if the Lot in question is indisputably the same as was purchased by the Buyer through a Sale.

(d) In case of a valid and undisputed claim under this clause, we shall be liable to make payment to the Buyer only after we obtain the refunded Purchase Price from the Seller and in no other case. We shall not be accountable to the Buyer for any taxes, shipping, handling or any other charges that may have been applicable at any time from the Sale of the Lot till the claim being made.

(e) All claims relating to authenticity shall be handled by us on a case to case basis and we reserve the right to consult, at the cost of the Buyer, with experts to examine the Lot under question prior to rescinding the Sale. The opinion of the experts shall not be binding on us. We will require verifiable proof from the Buyer demonstrating that the Lot in question is not authentic. Our decision on this matter shall be final and binding.

(f) For Lot(s) not owned by Delhi Art Gallery Pvt. Ltd., in the event the Seller does not refund the Purchase Price pursuant to this clause, the Buyer may authorise us as its agents to take all necessary steps, at the sole cost of the Buyer, against the Seller.

We shall not be responsible to any Bidder or Buyer for any reason resulting in loss of profits or business, loss of opportunity or value, expected savings or interest, costs, damages or expenses.

Part C: Miscellaneous

Intellectual Property Rights

We own the copyright in or are duly authorised to use all images, illustrations and writings as set out in the Catalogue or other media produced by or for us in relation to each Lot.

Confidentiality

Any personal information relating to the Bidders shall, at all times, be kept confidential by us and we undertake to not disclose the same to any third party unless otherwise required under applicable laws or pursuant to order of any court, tribunal or governmental authority.

Assignability

You may not assign or transfer your rights, obligations and responsibilities pursuant to these terms and conditions to any third party unless we have given our written permission.

Waiver

The Seller’s or our failure to or delay in enforcing any right or exercising any power set out herein shall not constitute a waiver of such rights and/or power except when a specific waiver is granted to you hereunder in writing.

Notice

We may validly send a notice to any Bidder either by way of an email to the email address provided to us or by courier sent at the physical address provided to us. Such notice shall be said to be properly served (i) in case of an email, on the date of transmission; (ii) in case of courier, within 5 (five) business days from the date of dispatch. For the purpose hereof, our address is as follows:

Address:
Delhi Art Gallery Pvt. Ltd.
11, Hauz Khas Village
New Delhi 110016
India
Phone: +91 11 46005300
Email: auction@dagmodern.com

Severability

If any part of these conditions is found by any court of law to be invalid, illegal or unenforceable, that part may be discounted and the rest of the conditions shall be enforceable to the fullest extent permissible by law.

Governing Law and Jurisdiction

These terms and conditions of Bid and Sale are subject to the laws of India and all parties hereby submit to the exclusive jurisdiction of the courts at New Delhi, India.