LAST UPDATED: 27.07.2019
The Terms and Conditions set out below are the terms and conditions applicable to the Auction and are binding on the Purchasers, intending Purchasers, Sellersand The Eye Within.
These Terms and Conditions and all other contents in the Auction Publication are subject to amendment by The Eye Within ‘s from time to time by the posting of notices or by oral announcements made during the Auction. By participating in the Auction, in person or otherwise, intending Purchasers, Purchasers and Sellers agree to be bound by these Terms and Conditions.
“Antiquity”; Antiquity shall have the same meaning as defined in India under The Antiquities & Art Treasures Act, 1972.
“Auction”: Auction shall mean the private Auction of Lots held by The Eye Within wherein each Lot is sold to a Purchaser at the Purchase Price along with any taxes as applicable.
“Auction Publication”: Auction Publication shall mean this publication and shall include any advertisement, brochure, textual, pictorial and educational information, estimates or price list published by The Eye Within in respect of the Auction.
“Lot”: Lot shall mean any item(s), being one or more paintings, photographs, etchings, engravings, lithographs, oleographs, books or works of art being offered for sale at the Auction and, in particular, the item(s) described against any lot number in the Auction Publication.
“Auctioneer”: Auctioneer shall mean any person(s) who is/are nominated by The Eye Within to be the Auctioneer(s) at the Auction.
“Hammer Price”: Hammer Price shall mean the amount of the highest Bid accepted by the Auctioneer in relation to a Lot excluding the Buyer’s Premium and any taxes as applicable.
“Purchase Price”: Purchase Price shall mean the Hammer Price in respect of a Lot sold at the Auction together with the Sales Tax/VAT payable if any, plus Buyer’s Premium (Commission earned by The Eye Within) including Service Tax if any and Freight, Packing, Insurance, warehousing and such other charges, expenses and payments due from the Purchaser of such Lot.
“Seller”: Seller shall mean any person, being an individual, artist, collector, organisation or art gallery, including The Eye Within ‘s, owning a Lot and depositing such Lot with The Eye Within for Sale at the Auction.
“Bid”: Bid shall mean an offer made to The Eye Within by an intending Purchaser to purchase a Lot, either in person at the Auction, or online during the Auction or through an authorized representative at the Auction.
“Purchaser”: Purchaser shall mean the person, with the highest bid accepted by the Auctioneer for a Lot, who agrees to purchase such Lot at the Purchase Price and immediately pays to The Eye Within, at least 20% of the Purchase Price as advance payment for the Lot to be purchased.
- Role of The Eye Within
Sale of Lots at the Auction are undertaken by The Eye Within as an agent for the Seller except when it wholly or partially owns any lot as principal or has made a financial commitment in respect of, and puts it up for sale as a Seller.
- The Sale
Sale of Lots shall be by auction at the Hammer Price plus Buyer’s Premium and other taxes, levies and duties shall be charged separately, if applicable. The taxes shall be collected and paid by The Eye Within on behalf of the Seller.
- The Purchaser
The person making the highest Bid accepted by the Auctioneer for a Lot and immediately paying to The Eye Within, at least 20% of the Purchase Price as advance payment for the Lot proposed to be purchased, will be the Purchaser of such Lot at the Purchase Price. Every intending Purchaser shall be deemed to act as principal unless there is in force a written acknowledgement by The Eye Within that such intending Purchaser is an authorised representative acting as an agent on behalf of a named principal. Subject to the Auctioneer’s discretion, the striking of his hammer marks the acceptance of the highest Bid as the Hammer Price. Once the bid is accepted, no rejection claim will be entertained and accepted for any reason whatsoever. Any dispute during the Auction will be settled at the Auctioneer’s absolute discretion. The conclusion of the contract for sale between the Seller, Purchaser and The Eye Within will be on receipt of full payment and dispatch of Lot(s) by The Eye Within
- The Bidding
Before the Auction, The Eye Within will accept online bids in www.indianmasterpainters.com, Written Bids for each Lot from intending Purchasers. If at the Auction, no Bids higher than the starting Bid are offered, that Bid shall become the Hammer Price, subject to such Bid being higher than the minimum reserve price for such Lot. The minimum reserve price shall be determined and fixed jointly by The Eye Within and the Seller.
- Absentee Bidding
- If instructed and where possible, The Eye Within will, for the convenience of intending Purchasers provide the service of executing Bids and advising intending Purchasers. This service shall be free. The intending Purchaser shall mention the maximum amount till which he/she is authorising The Eye Within’s to Bid as the Hammer Price for every Lot on his behalf. Lots will be bought as cheaply as is allowed by such other bids and the minimum reserve. In the event of identical bids, the earliest will take precedence. Buy or unlimited bids shall not be accepted by The Eye Within. Intending Purchasers are requested to use the bidding slips provided, to check Lot numbers and descriptions and to bid as early as possible. The Bid Price mentioned on the bidding slip shall be the amount up to which the intending Purchaser would bid if the intending Purchaser were to attend the Auction.
- Purchasers will be notified with invoice and Purchase Price within two days after the Auction and the Purchaser will within next twelve days make full payment to The Eye Within.
- For overseas and outstation bidders, whether present or absent at the Auction venue, the Lots will be dispatched by The Eye Within at the Purchaser’s risk. The Eye Within liability will cease as soon as the Lots are handed over to the carriers for onward dispatch to the Purchaser.
- Minimum Reserves
All Lots in the Auction are subject to a minimum reserve which is a confidential minimum value below which the Seller is unwilling to sell the Lot. The Eye Within retains the right to open the bidding on behalf of the Seller and continue to bid up to the value of the minimum reserve.
- Pre-sale Estimates
Pre-sale listed estimates of probable Hammer Prices of each Lot are intended as a guide for intending Purchasers. Any bid between such listed estimates would, in The Eye Within opinion, offer a fair chance of success. However, all Lots, depending on the degree of competition, can realise prices either above or below such listed estimates. Estimates by The Eye Within are statements of opinion only, made by The Eye Within s for the convenience of intending Purchasers. Estimates are subject to revision The Eye Within from time to time.
- Minimum Increment
The Auctioneer shall have the right to refuse any bid which does not exceed the previous bid by at least 5-10 percent or by such other proportion as the Auctioneer shall in his absolute discretion deem appropriate.
- Buyer’s Premium (Commission)
Buyer’s Premium will be charged by The Eye Within in addition to the Hammer Price. Such premium will be computed as mentioned below on total Hammer Price of all the lots purchased by a Purchaser in an auction.
Total Hammer Price Buyers Premium (%)
Upto Rs. 50 lakhs 10.0
From Rs. 50 lakhs and above 7.5
The applicable Goods & Services Tax if any will be charged on Buyer’s Premium.
- Conclusion of Sale
On the Sale of a Lot, the Purchaser of such Lot shall:
- immediately furnish to The Eye Within his/her name and address and, if requested, proof of identity;
- immediately pay to The Eye Within, a sum not less than twenty percent of the Purchase Price for the Lot to be purchased;
- immediately execute a Purchase Contract in the form acceptable to The Eye Within
- within fourteen days from the date of the Auction, pay to The Eye Within the balance of the Purchase Price. The payment should be made in favour of “The Eye Within” either by way of cheque or demand draft payable at par in Kolkata.
- The closing exchange rates (as notified by RBI) as on the date of auction, in case the day being holiday, the rate of the last working day, shall be considered for foreign currency transactions, however, it is in the interest of the clients to recheck and confirm from The Eye Within
- Foreign Purchasers
Any Purchaser who is a foreign national or entity, a non-resident Indian (whether or not an Indian citizen) (NRI) or Overseas Corporate Body (OCB) shall make such payment in convertible foreign currency or in Indian Rupees from NRO accounts in accordance with the Foreign Exchange Management Act, 1999 unless exempted by the Government of India.
- Exportable Items
All relevant export documents for exportable Lots shall have to be procured by the Purchasers. The Eye Within shall in no way be responsible for procurement of the same. However, The Eye Within will endeavour to assist the Purchaser in facilitating the process of procurement of export documents.
- Non-Exportable Items
All items which Antiquities or Art Treasures under the Antiquities and Art Treasures Act are, 1972 whether specifically indicated in the catalogue or otherwise cannot be exported out of India. All ‘Non-Exportable Lots’ have ‘Non-Exportable Lot’ written below the Lot’s caption details. These items cannot be exported or taken out of India by the buyer/s or their agents, if any. The Eye Within shall in no way be responsible in case of any loss, damage or legal consequences incurred by any other person or entity due to export of such non-exportable items, after sale by The Eye Within
- Ownership of Lots
The ownership of a Lot purchased shall not pass on to the Purchaser of such Lot until the Purchaser makes full payment of the Purchase Price. The ownership of the Lot to the Purchaser shall not result in transfer of intellectual property rights and copyright in the Lot in favour of the Purchaser.
- Collection of Purchases
- The Purchaser shall at his/her own expense take delivery of the Lot purchased not later than 14 days after the date of the Auction, but not before payment of the Purchase Price plus taxes as required by The Eye Within
- The Purchaser shall solely be responsible for packing, insurance, and forwarding of the Lot(s) purchased by him/her.
- The Purchaser shall be liable to pay The Eye Within all removal, storage and insurance charges imposed by The Eye Within on the Lot not collected by the Purchaser within 14 days after the date of the Auction. Storage & handling charges will be levied @ 1 percent of the purchase Price per month or pro rata thereof from the fifteenth day after the date of the Auction.
- On specific instructions of local Purchasers, The Eye Within may undertake packing, handling and insurance. All costs towards the same as determined by The Eye Within shall be borne fully and paid by the Purchaser. This service is being given solely as a courtesy to local Purchasers and will be undertaken at The Eye Within discretion. In no event will The Eye Within be liable for damage, regardless of cause. While The Eye Within may recommend packers and shippers, The Eye Within shall not in any way be responsible for their errors, omissions or negligence whatsoever.
However, in case of inter-state sale or export sale, the costs and expenses towards insurance, packing, octroi, handling and transportation shall be undertaken by The Eye Within, which shall be reimbursed by Purchasers at a price determined by The Eye Within.
- Purchaser’s Responsibilities for Lots Purchased
The Purchasers shall be solely responsible for loss or damage to Lots purchased after the period specified in Clause 17 (i), and neither The Eye Within nor its employees or agents shall thereafter be responsible for any loss or damage of any kind, whether caused by negligence or otherwise, while any Lot is in the custody or under control of The Eye Within
All intending Purchasers are hereby advised that the Seller shall provide The Eye Within for each Lot, a guarantee letter that such Lot is created/owned by such Seller. Due care and diligence has been taken by The Eye Within to verify the Provenance/Declaration authenticity and origin of each Lot. In the event of any person raising objection to the Lot to be counterfeit, fake, forgery, stolen or smuggled during the process of the same being auctioned, The Eye Within shall at its discretion withdraw the work from the auction and shall not be responsible for any criminal or civil proceedings being initiated. The Eye Within shall retain the custody of the Lot for a period of six weeks so as to assist the investigating agency, should any person with regard to that Lot initiate any proceedings.
- Condition of Lots
All Lots are auctioned as shown, with all faults, imperfections and errors of description; however, condition reports may be made available on request. The Eye Within shall not be in any way responsible for errors of description or for genuineness or authenticity of any Lot, or for any fault or defect in it. Intending Purchasers should inspect a Lot before bidding to determine its condition, size, or whether or not it has been repaired, restored or damaged. The Eye Within has referred to restoration in works where it has been brought to its knowledge. The absence of reference to damage and/or restoration does not imply that the Lot is free from defects. Any representation in the Auction Publication pertaining to authorship, origin, date, age, size, medium, attribution, provenance, condition, or estimated price is a statement of opinion only.
- Non-payment or Failure to Collect Purchases
If the Purchase Price for any Lot is not received by The Eye Within in full or if any Lot is not collected by its Purchaser in accordance with Clause 11,
The Eye Within shall be entitled to –
- charge 1% of the Purchase Price or pro rata thereof as demurrage charges per month (Ref Clause 17(iii));
- dispose of the Lot as The Eye Within deems appropriate, without giving any notice to the Purchaser and forfeit all amounts paid by the Purchaser in respect of such Lot;
- proceed against the Purchaser for damages for breach of contract;
- rescind the Sale of that or any other Lot or Lots sold to the defaulting Purchaser at the Auction;
- resell the Lot or cause it to be resold by public auction or private sale and the defaulting Purchaser shall pay to The Eye Within any resulting deficiency in the purchase price (after deduction of any part payment and addition of resale costs and charges) and any surplus shall belong to The Eye Within;
- charge interest at a rate not exceeding two percent per month on the Purchase Price to the extent the Purchase Price or any part thereof remains unpaid for more than fourteen days after the date of the auction;
- retain that or any other Lot sold to the same Purchaser and release such Lot or any other Lot only after receiving payment of the Purchase Price in respect of each Lot purchased by the Purchaser;
- reject or ignore any bids made by or on behalf of the defaulting Purchaser at any future auction or sale or obtain a deposit from the Purchaser before accepting any bids in future; and
- to apply any proceeds of sale then or at any other time becoming due to the defaulting Purchaser towards settlement of the Purchase Price and to exercise lien on any property of the defaulting Purchaser which is in The Eye Within possession for any purpose.
- Right to Refuse Admission
The Eye Within shall have the right, at its discretion, to refuse admission or attendance to any person at the place of auction.
- Undertaking of Seller
The Eye Within shall handle each Lot, and the Purchaser shall purchase such Lot on the basis of the Seller’s undertaking that:
- the Seller is the sole owner of the Lot with an unrestricted right to transfer title to the Purchaser free from all third-party rights or claims;
- the Seller has complied with all requirements legal or otherwise relating to any export or import of the Lot and has notified The Eye Within inwriting that there is no failure by any third party to comply with such a requirement in the past; and
- the Seller has notified The Eye Within in writing of any material alterations to the Lot and of any concerns, expressions or claims made by third parties in relation to the ownership, additions or attributions of the Lot. In case any of the a, b, c is incorrect, and due to the incorrect information provided by the Seller, any third party institutes any claim or institutes any proceedings for compensation for damages then the Seller undertakes to indemnify The Eye Within and keep The Eye Within indemnified from time to time against any such claim for compensation or damages
- Discretion of The Eye Within: The Eye Within has absolute discretion without giving any reason, to refuse any Bid, to combine any two or more Lots, to withdraw any Lot from the Auction, and in case of dispute to put up any Lot for auction again.
If part of these terms and conditions is found by any Court to be invalid, illegal or unenforceable, that part may be discontinued, and the rest of the terms and conditions shall continue to be binding and enforceable to full extent permissible by law.
- Default by a Party
The Eye Within shall not be responsible for any default of these terms and conditions or otherwise by any of the Sellers, intending Purchasers or the Purchasers.