Terms & Conditions

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Defination

In these Conditions of Sale:
“Aggregate Price” means the aggregate of the Hammer Price, the Premium and applicable taxes payable by the buyer.
“Triveda” means Triveda Fine Arts Pvt., Ltd.
“Conditions of Sale” means these standard notices and conditions of sale applicable to all buyers including prospective buyers and bidders in respect of sales.
“Hammer Price” means the price at which any Property is knocked down to a buyer.
“Property” or “Properties” means the Property or properties offered for sale by Triveda.
“Premises” means any office, warehouse or other store owned leased or let by Triveda or any other place where Triveda holds their auctions.
“Premium” means the premium payable by the buyer in accordance with clause 5.
“Sale” means all sales made by Triveda, including by way of auction or private treaty.

Reserve

A seller of any Property shall be entitled to place a reserve on such Property, provided that the reserve shall not exceed the lower estimate.

Neither the seller on his own behalf, nor any other person on the seller's behalf except Triveda may make any bid up to the reserve, in respect of the Properties of such seller.

Bidding / Registration by bidders

All prospective buyers shall be required to register with Triveda for a bidding number prior to the start of the auction. For this purpose, amongst other information the prospective buyers will be required to provide a proof of identity (voter's registration card, driving licence, passport, etc.) , PAN no. and bank account details or a valid credit/charge card. Prospective absentee bidders shall be required to provide similar information.

Triveda reserves the right at their absolute discretion to refuse registration for issuing a bidding number to any prospective buyer or admission to their auctions or previews without giving any reasons therefore.

Every bidder shall be deemed to act as principal unless such bidder provides written acknowledgement that he acts as an agent on behalf of a named principal. Any agent or a prospective buyer shall be required to produce such written acknowledgement at the time of registration for issue of a bidding number.

The auctioneer has the right to advance the bidding at his absolute discretion, combine any two or more properties, withdraw any properties from the auction or vary the order in which properties are offered for auction without in any case giving previous notice or any reason therefore.

The highest bidder acceptable to the auctioneer prior to the fall of the hammer shall be the buyer of a Property but if a bona fide dispute arises in respect of the Property sold immediately after the fall of the hammer and no more than after 5 more properties have been auctioned, Triveda may in its absolute discretion set aside the sale of the Property and offer such Property again for auction.

  • To proceed against the buyer for damages for breach of contract including the right to sue the buyer for the price of the Property although title in the Property has not passed to the buyer;
  • To remove and store the Property at the expense of the defaulting buyer;
  • To charge interest at the rate of 1% per week or part thereof on the total amount due to the extent that it remains unpaid for more than seven days after the date of the sale.
  • To retain any other Property sold to the defaulting buyer and release it only on after payment of the total amount due.
  • To apply any proceeds of the sale that might be due or at anytime thereafter become due from the defaulting buyer towards settlement of the total amount due and to exercise a lien on any Property of the defaulting buyer which is or which may come into Triveda’s possession, no matter for what purpose; or
  • Without notice to the defaulting buyer, at any time to resell the Property by public auction or by private sale in which event the defaulting buyer shall be liable for any resulting shortfall, including any resulting shortfall in the buyer’s premium payable to Triveda and any taxes thereon but in the event that the Property should sell for a higher price the buyer shall not be entitled to any excess thereon.

If on the fall of the hammer, the buyer does not possess a valid bidding number, the buyer shall immediately give his name, address, proof of identity, PAN no. and bank account details or a valid credit/charge card details and suitable references to Triveda.

In case the buyer fails to comply with clause 3.6, Triveda may at its absolute discretion, set aside the sale of the property and offer such Property again for auction at any point during the auction.

Buyer’s Risk and Responsibility

The ownership in a Property sold shall not pass until payment in respect thereof has been made to Triveda in accordance with clause 6.2. In the event Triveda pays the
seller the proceeds of a Property sold before the buyer has accounted to Triveda then title in that Property shall pass to and remain with Triveda until the buyer has made payment to Triveda.

At the fall of the hammer risk in the Property(ies) shall pass to the buyers. The Property(ies) shall remain insured by Triveda against all risk until the earlier of (i) 8pm (Indian Standard Time) on the third day following the conclusion of the auction or (ii) until such time as the Property is handed over to the purchaser or his agent. The sum insured shall be limited to the Hammer Price. Triveda may, following the sale, at their absolute discretion remove such properties from the auction location to a nearby warehouse or any other place.

Triveda’s responsibility to obtain and maintain insurance of Property(ies) shall be limited until the earlier of (i) 8pm (Indian Standard Time) on the third day following the conclusion of the auction or (ii) until such time as the Property is handed over to the purchaser or his agent. Should the Property(ies) remain uncollected after 8pm on
the third day following the conclusion of the auction, the buyer shall be responsible for any loss or damage however caused by negligence or otherwise.

Premium

The buyer shall pay to Triveda in respect of each Property a premium at the rate of 15% of the Hammer Price for a Property of a value of upto Rs. 1 crore and at a rate of 12% on the excess thereafter in addition to all applicable Taxes chargeable thereon. The Premium payable to Triveda shall not be waived.

Payment and Collection

All payments are subject to taxes at the prevailing rates.

Subject only to any arrangements made in writing with Triveda prior to the auction, the buyer shall pay the Aggregate Price to Triveda by no later than 8pm (Indian Standard Time) on the third day following the conclusion of the auction and shall upon making such payment be required to take away the Property at his own expense. In the event of payment being made by demand draft, cheque or bank transfer,Payment shall not be deemed to be made until the funds have been received in Triveda’s bank account.

If the buyer fails to pay to Triveda in respect of any Property in accordance with clause 6.2, Triveda shall on behalf of the seller, be entitled at their absolute discretion and without prejudice to other rights or remedies: be cancelled and the Aggregate price will be refunded to the buyer (after reasonable deductions for Handling charges, warehousing and insurance). Such refund will be made in ccordance with the applicable Reserve bank of India guidelines.

Should a buyer fail to remove Property(ies) purchased by 8pm (Indian Standard Time) on the third day following the conclusion of the sale then Triveda shall be entitled to move those Property(ies) to their own or to any other warehouse and the buyer shall be liable for reasonable transport charges and daily storage charges. In such an event, the buyer shall be liable in accordance with clause 4 for any loss or damage whatsoever caused to those Property(ies) and neither Triveda nor their agents shall have any responsibility whatsoever in relation to the Property(ies).

Export

Any Property bearing the words ‘Non-exportable item” in the cataloguing is in Triveda’s opinion either an Antiquity or a National Art Treasure as defined under the Antiquities and Art Treasures Act, 1972 by the relevant authority and therefore cannot be exported out of India.

All Properties not bearing the words “Non-exportable item” may in Triveda’s opinion be exported out of India in accordance with Indian law. Nevertheless the esponsibility for getting the necessary export clearances remains with the buyer and not in any way whatsoever with Triveda.

All buyers who are seeking to export Property(ies) from India on their own must do so in accordance with all relevant provisions of Indian law and policy and must notify Triveda by no later than 8pm (Indian Standard Time) on the third day following the conclusion of the auction. All buyers who wish to engage the services of an exporter/cargo agent must provide Triveda with the details by no later than 8pm (Indian Standard Time) on the third day following the conclusion of the auction. Any tax/VAT refund applicable as per the law should be claimed by the exporter directly through the concerned authority.

Responsibility to Buyers

While every care has been taken by Triveda in the preparation of this catalogue, any statement as to authorship, attribution, origin, date, age, provenance, or condition is a statement of opinion and is not to be taken or relied upon as a statement or representation of fact. Triveda reserves the right, in forming their opinion, to consult and rely upon any expert or authority considered by them to be reliable. Buyers should satisfy themselves as to the condition of any Property before bidding for it. Triveda do not accept any responsibility for faults, errors of description or imperfection.

Triveda on their own behalf give no guarantee as to the right of any seller to offer any Property for the sale and will not be responsible for any defect in the seller’s title to such Property.

Authenticity guarantee

For the purposes of these Conditions of Sale, forgery, in relation to a Property, means an imitation intended by the maker or any other person to deceive as to authorship, date or provenance (provided that it is not shown to be such in the catalogue description), and at the date of the auction had a value materially less than it would have had if it had been in accordance with that description.

In the event of any Property proving to be a forgery, Triveda will subject to the following conditions , rescind the sale and refund the amount of the Aggregate Price paid by the buyer for such Property, provided that this obligation shall only arise if:

  • Within three months of the sale the buyer gives notice in writing to Triveda that a Property purchased by him through Triveda is a forgery (as defined in clause 9.1) and demonstrates to Triveda’s reasonable satisfaction that the Property alleged to be a forgery is the Property actually purchased by him through Triveda.
  • The buyer returns to Triveda the Property in the same condition as it was at the time of the Sale, together with written proof of forgery by recognized experts in the field
  • The buyer proves to Triveda’s satisfaction that he is able to give Triveda clear and absolute title to such Property.

Notwithstanding clause 9.2 the buyer shall have no rights in respect of an alleged forgery if:

  • the catalogue description at the date of the sale was in accordance with the then general accepted opinion of scholars and experts or fairly indicated that there was a conflict of such opinion; or
  • it can be established that the Property is a forgery only by means of a process not generally accepted for use until after the publication of the catalogue or by means of a process which at the date of the sale was unreasonably expensive or impractical.

The benefits of this clause shall be personal to the buyer who, for the purposes of this clause shall be the person to whom the original invoice is made. The benefit(s) under this clause shall not be assignable by the buyer.

Consequential loss

Any claim by a buyer against Triveda whether under any of these Conditions of Sale or otherwise arising out of the Sale of any Property shall be limited to the amount paid (if any) by the buyer in respect of such Property and shall not extend to any consequential or other loss, or damage, or expense suffered by the buyer.

General

Each Sale and matters therewith, including these Conditions of Sale , shall be governed by and construed in accordance with Indian law. In case of any dispute arising between the buyer and Triveda in respect to these Conditions of Sale, the buyer and Triveda agree to submit such dispute to the exclusive jurisdiction of the Courts at New Delhi, India.

Any Sale of the Property including other matters concerning the Property are subject to the Conditions of Sale.

In the event of the buyer’s failure to pay any sum due to Triveda or its agent under these Conditions of Sale, Triveda shall without prejudice to any other rights under these Conditions of Sale, be entitled to initiate legal proceedings against the buyer.

Triveda are under no obligation to disclose to any Person the identity of either the buyer or the seller of any Property.

Each bidder by making any bid in respect of any Property acknowledges his acceptance of the Conditions of Sale, which are subject to any printed notices displayed in the sale room or any statements made by Triveda from the rostrum modifying or affecting the same, prior to any bid being accepted for the Property.

Triveda acts as agents only except in respect of any obligation to repurchase a Property under clause 9 and in respect of their retention of the Premium.

The headings are for convenience only and shall be ignored in construing these Conditions of Sale. The male prefix includes the female.


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