TERMS AND CONDITIONS
We charge 25% (twenty-five percent) Buyer’s premium in our auctions up to a hammer price of 5 crores, and incrementally 20% (twenty percent) for amounts over 5 crores.
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 PRINSEPS (“we”, “us”, “our”) offers the Lot(s) illustrated in the Catalogue for Sale. 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 PRINSEPS 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 the online platform Prinseps.com and the value-discovery process facilitated by the bidding process;
“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);
"Consignor" shall mean the individual from whom the art work has been sourced for sale by the seller - PRINSEPS
“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 Consignor 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 PRINSEPS
“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.
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 Consignor or previous owners may not be disclosed for a variety of reasons, such as request for confidentiality by the Consignor 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. 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 consignors 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 Consignor shall be allowed to Bid in respect of Lot(s) sources from such Consignors.
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.
At any Sale, the Auctioneer may accept Bids from (i) telephone Bidders; (ii) online Bidders; and (iii) 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)
Bidding in the Auction room: All approved and registered Bidders shall be provided with a paddle (an identification name or username) setting out the designated number for identification of the Bidder.
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.
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 lot closes for bidding, thus giving rise to a contract of sale between the successful Bidder and PRINSEPS. and qualifying the said Bidder as a Buyer of the relevant Lot(s) at the Purchase Price for the relevant Lot.
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 15 (fifteen) days from the receipt of pro forma invoice by the Buyer. Payment must be made either via (i) cheque, demand draft; (ii) RTGS/NEFT or direct wire transfer; (iii) credit card, (iv) Paypal, or (v) Online Payment Link .
In the event the Buyer fails to make full and final payment or collect the Lot within the timelines stipulated herein, 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 our intention to sell; (iv) initiate legal proceedings against the Buyer for payment of Purchase Price to us and/or damages for breach of contract.
The Buyer agrees to indemnify and hold PRINSEPS harmless against all legal and other costs of enforcement incurred (including any additional charges payable) 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.
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 Consignor 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 Consignor 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 PRINSEPS, in the event the Consignor 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 Consignor.
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.
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.
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.
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.
The Consignor’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.
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:
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
Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in accordance with the Arbitration Rules of the Mumbai Centre for International Arbitration (“MCIA Rules”), which rules are deemed to be incorporated by reference in this clause or by arbitrators appointed by the courts in Mumbai, India.