Monday, May 13, 2013

Winning bid, buyers’ premium and formalities after the sale

In the first part we checked important aspects of buying at AstaGuru’s online auction such as estimates, reserve price, buyers’ premium etc. In this particular post, we shall understand nuances of the winning bid, buyers’ premium and formalities to be completed after the sale

Bids can be placed in US Dollars (USD) or Indian Rupees (INR). Buyers in India must pay for their purchase in INR and all other buyers must pay in USD. Winning bid is the last and highest bid at which the lot has closed. No new bids can be placed after the closure of a lot. The closing bid is considered the winning bid only if the bid exceeds the reserve price. All winning bids shall be posted on the website after the close of the auction. Once any bid has been places, it cannot be cancelled. The auction house reserves the rights to cancel any bids in order to protect the efficacy of the bidding process.

In addition to the hammer price, the buyer agrees to pay to us the buyers’ premium calculated at 15 percent of the winning bid value on each lot. Service tax on the buyers’ premium shall be applicable for paintings purchased within India. If you are the winning bidder, you are legally bound to purchase the piece. (Purchases will not be shipped out until full payment has been received and cleared.)

All details for the invoice are to be provided prior to the auction. After the sale, the Buyer as invoiced is required to pay the amounts in full (including the additional charges). No lots shall be sent without payment made in full. Price estimates do not include any packing, insurance, shipping or handling charges, all of which will be borne by the buyer. Shipping will be charged on courier rates. All sales in India shall attract VAT on the winning bid and service tax on the buyers’ premium. International sales. There shall be no VAT and Service tax in International sales

Buyers will be required to complete payment within a period of 7 business days from the receipt of the invoice via email. Buyers may choose to collect their purchase from AstaGuru in Mumbai within 7 days from the date of the sale. Those who have completed payment formalities and have not taken delivery of their art works from AstaGuru within 30 days of the completion of payment formalities will be charged demurrage at 2 percent per month on the value of the artworks.

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