HOW TO BUY AT PUNDOLE’S – TIMED ONLINE AUCTION
Clients who are registered with us are welcome to bid in our auctions. All new clients will have to follow the registration process. The current sale has an online catalogue available to view.
This auction will be an online, timed auction.
All property sold at Pundole’s is subject to the Terms and Conditions of Sale. Please familiarise yourself with them as they will facilitate the sale process.
BIDDING
Prospective buyers may bid in the auction either online or by leaving absentee bids with Pundole’s to execute on their behalf.
All bidders need to complete the registration process, as explained in the Registration section below.
To bid in an auction, all buyers should register with Pundole’s in advance. Buyers can bid in their individual capacity or on behalf of a corporate or other entity.
Online / Mobile Bidding
The auction will be held exclusively through online bidding. Please ensure you have been assigned a paddle number prior to the start of the sale, and, complete all registration formalities before the auction begins as first-time bidders will be required to provide additional information as outlined in the registration process below. If bidding with Pundole’s for the first time, please ensure this procedure is strictly adhered to, as immediate approval to bid may not be given in the event the auction has already begun.
The auction can be followed online (preferably on Google Chrome) or by downloading our mobile bidding application (available for Apple and Android devices).
In the event of any technical difficulties online, bidders may call a member of Pundole’s team on the mobile numbers provided to assist them with the bidding process or, in an emergency, to place bids on their behalf.
Khorshed Pundole +91 98196 91101
Dadiba Pundole +91 98200 28418
Rob Dean +91 99200 28418
Mallika Sagar +91 98202 96510
Priya Jaikishan +91 98201 88078
Once registered and approved for the sale, in order to place bids online, bidders can select the lot(s) they wish to bid on and click on each. When looking at the individual lot details, the screen will indicate the current bid. Bidders can choose to place the next valid bid by clicking on PLACE BID, entering the bid amount and then by clicking again on BID.
You may choose to select the next valid increment, or, alternatively, you may enter your own maximum bid (hammer price) as an absentee bid which will be executed on your behalf. Bidders should note that they could be immediately outbid by another absentee bid, so frequently refreshing the page you are on is recommended to ensure that you are aware of the most updated bid status on each lot.
Bids may also be placed on Pundole’s mobile bidding application. However, please ensure that all registration formalities have been completed prior to bidding.
Bids may also be placed through a member of Pundole’s team over the telephone, subject to availability.
Registered bidders may also choose to leave absentee bids with Pundole’s. Please contact a member of Pundole’s team for more information.
Please note that once a bid is accepted, it is irrevocable.
Closure of Lots
Lots will start to close at the time designated on Pundole’s website.
Each lot will close in the lot order of the catalogue, 2 minutes apart. If a bid is accepted within one minute of the closing time, an extension is activated which returns the countdown for that specific lot to 2 minutes, in order to allow other bidders to respond accordingly.
Absentee / Written Bids
Registered bidders may also choose to leave Absentee Bids with Pundole’s which Pundole’s 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. Pundole’s 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 absentee bids, please contact Mallika Sagar at mallika@pundoles.com or +91 98202 96510.
Registration
Bidders may register online through the website. First time bidders will be required to provide the following at the time of registration:
Supporting documents for an individual:
Copy of a valid government issued photo identification, including proof of address, i.e.: Passport, Driving License
Copy of PAN card AND
Copy of Aadhaar card
Supporting documents for a corporate or other entity:
A copy of the certificate of incorporation
A utility bill bearing the same address as on the form
Copy of GST registration certificate
A refundable deposit of INR 5,000 to be paid to Pundole’s before the auction. This will be adjusted against any purchases made in the auction or returned to the bidder post the auction. Payment for registration can be made by NEFT to the account detailed below or by UPI to kpundole@okhdfcbank.
Account Holder: Pundole’s
Bank: Indusind Bank Limited
Branch Address: Opera House Branch, Indusind House, 425, D. B. Marg, Mumbai 400004.
Account Number : 201029731342
IFS Code Number: INDB0000001
Only registered bidders will be allowed to bid in the auction. A letter of authorisation shall be produced by any person bidding on behalf of another person or entity. (Authorisation Form available on request.)
PROCESS
Auction
The sale will be conducted in Indian Rupees.
All works have a Starting Price as indicated in the online catalogue.
Lots will increase 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 Pundole’s.
Buyer’s Premium and Government Taxes
The final price payable for every lot will be the final successful bid (Hammer Price) plus a Buyer’s Premium of 15%, plus applicable Goods and Services Tax (GST), as described below.
All works are subject to a 15% Buyer’s Premium which will be added to the Hammer Price of each sold lot. This 15% Buyer’s Premium will be subject to applicable GST at 18%. (Taxes are subject to changes and revisions.)
All lots will be subject to 5% GST on the Hammer Price of each work (excluding the Buyer’s Premium). (Taxes are subject to changes and revisions.)
POST SALE
Payment
Payment should be made to Pundole’s within 14 days of the receipt of the proforma invoice. Payment will only be accepted from the same party as indicated on the invoice.
All buyers will be responsible for all taxes payable as a result of the sale of the lot.
Two separate Proforma Invoices will be sent by email to the address indicated on the registration form. One proforma invoice for the hammer price plus the GST and the second for the buyer’s premium plus the GST. Any change to the invoicing name or address as given on the registration form should be communicated to accounts@pundoles.com within 48 hours of the auction. Two separate final invoices will be raised for all purchases as stated here.
Payment will be accepted through cheques, wire transfers and demand drafts only. , NEFT or by UPI to the account detailed above:.
International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. International buyers who have wire transferred money from an overseas bank account can be exempt from paying GST and import duty (only for applicable lots) on the hammer price if the work is directly exported by Pundole’s through a 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.
Demand Drafts and cheques can be sent to:
Pundole’s
Hamilton House,
Ground Floor
8 J.N. Heredia Marg
Ballard Estate
Mumbai 400 001
Payment will be released by Pundole’s to the Sellers only after receipt of the works by Pundole’s in Mumbai.
Collection and Shipping
All lots have to be collected from Pundole’s in Mumbai. Any purchased lots not collected or shipped within 14 days of the auction will be moved to professional storage, at the buyer’s expense.
International buyers who have wire transferred money from an overseas bank account can be exempt from paying GST on the hammer price if the work is directly exported by Pundole’s through a 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.
Any lots exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing lots 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 regulations.
All purchases must be collected or shipped within 14 days of the auction, subject to the registration process. No works will be delivered or shipped before all payments for purchases, shipping and insurance have been completed. Pundole’s reserves the right to cancel a sale if payment is not received within 45 days of the auction and the deposit will be forfeited.
For any inquiries, please contact Khorshed Pundole at khorshed@pundoles.com
TERMS AND CONDITION OF SALE – TIMED ONLINE AUCTION
The Terms and Conditions of Sale set out below explain the method by which the seller and buyer will complete the transaction of buying 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 uploaded on the Pundole’s website. Please read the catalogue carefully for all details pertaining to the property offered.
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.
The information in the 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.
Starting Prices are only provided as indicative values. 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 art work when it was consigned.
THE AUCTION
By bidding at a Pundole’s auction, the bidder enters into an irrevocable offer to buy the object 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 storage, insurance, import-export permissions and bank transfer fees.
All Bidding will be done only 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 is received by bidders due to slow mobile networks or heavy traffic over internet lines.
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 object. 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 pay by cash or cheque or bank transfer to guarantee their purchase. Non-payment of all 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 and Goods and Services Tax (GST) at the applicable rate (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).
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 in the manner stated in "How to Buy from Pundole's".
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 of 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
All purchases must be collected 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, 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.
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 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.
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.
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.