Buying at AstaGuru
Once you have found the perfect item in a catalogue on www.astaguru.com and
you've examined it during the pre-sale exhibition you can then follow the steps
on how to bid.
Price Estimates
Each lot has a price range listed. These estimates are provided only as a guide
for buyers. You may check the comparable prices of similar works of art through
a link, called 'comparables' which is listed next to each lot in the online
catalogue. Please note that the estimates for individual lots have been
'rounded off' for ease of reference and do not necessarily reflect the exact
exchange rate used for bid calculations. Price estimates for each lot are
prepared well in advance of the sale and may be subject to revision. Estimates
do not include the buyer's premium or any applicable additional charges such as
shipping, insurance and taxes.
How to Bid
Registration and Verification
You must be registered and verified for the AstaGuru auction in order to bid.
If you are already a registered user, you will still have to pre-register for
the auction and accept the conditions for sale, but you may participate using
your AstaGuru login id. In order to pre-register fill out the pre-registration
form online or call AstaGuru. Once you pre-register and accept the conditions
for sale, a AstaGuru representative will call to verify your details and
request additional information prior to giving you bidding access. In the event
the AstaGuru representative cannot reach you on the phone, an email will sent
to you, asking for additional information and providing you with phone numbers
to get in touch with AstaGuru. Please note that if we do not receive a response
from you to the additional information request, bidding access may not be
available. Please also note that the verification process might take time in
some cases and bidders are advised to pre-register at least 24 hours prior to
the start of the auction so that bidding access is available at the start of
the auction.
Once your pre-registration has been accepted you will be sent an email
confirming your bidding authorization along with your login id and password.
Bidding access shall be given at AstaGuru's discretion and AstaGuru may set
limits on bidders and/or require payment guarantees or deposits prior to giving
bidding access. You will be informed of the limits if any and will not be
allowed to bid further if your bidding limit is exhausted across all lots in
the auction. If you are informed of limits, please feel free to request
additional information or assistance if you are unclear.
Entering an Online Bid
Once you have identified the lot that you would like to bid on, click on "Bid
Now" and enter either the bid amount for regular online bidding, or a maximum
price for proxy/automatic bidding (for more information, please see the section
on proxy/automatic bidding).
Regular online bidding is essentially when you actively participate in the
bidding process by entering the next available bid (or one of a higher value)
each time you are outbid. Your screen will display the next (minimum) valid
bid, based on a predetermined increment. You may enter a bid at that value or a
value higher than the next valid bid. You may also view the entire bid history
prior to making your decision. After you enter your bid it is advisable to view
the bid history to verify that your bid has been recorded. Please note that
bidders may be contacted during the auction for bid verification in order to
protect all bidders and maintain the efficacy of the process.
Entering an Offline/Written bid
You can also place offline bids, by faxing the written bid form available in the
online and printed catalogue)
Bid Cancellation
Once recorded, neither regular online bids nor proxy/automatic bids may be
canceled by the bidder.
AstaGuru reserves the right to cancel a bid at its discretion if it considers it
necessary to do so in order to protect the efficacy of the bidding process
Bid Increments
Any new bid must be greater than the current highest bid by a minimum increment,
which applies to each bid value. The next valid bid amount is the current
highest bid plus the minimum increment value. This minimum increment will be
indicated on the detail page (on the website) for each Lot. The bidder may
enter a value at the next valid bid amount or an amount higher than that.
Minimum increments are 10% of the current valid bid.
Personalized Bid Notifications
You may choose how frequently you would like to be notified of a change on your
bid status. After you have entered your bid, you can specify the types of
automatic email bid notifications that you would like to receive, by clicking
on 'My Bid Summary', which is your personalized bid page.
For example, you can specify that you would like notifications: (i) when you are
outbid and (ii) 24 hours before the close of bidding. 'My Bid Summary' will
display the lots that you have bid for as well as give you the status of your
bids at any time during the auction. It will also give you an option of
choosing a nickname for yourself that displays in the bid history when you
enter your bid.
How the Proxy/Automatic bidding works
As an illustration, let's examine a lot where the current bid is at $100, the
current minimum increment is at $10 and Bidder1 has just entered a proxy
maximum price at $1000.
A bid will automatically be recorded on behalf of Bidder1 at $ 110, making it
the current highest bid.
If Bidder2 outbids Bidder1 by entering a value of $ 120, AstaGuru online module
will again place a bid on behalf of bidder1 at the next incremented value of $
130 (assuming that the increment stays at $10).
The auction module will continue bidding on behalf of Bidder1 (as Bidder1 gets
outbid) until Bidder1's maximum bid price of $1000 is reached or the bidding
for that lot closes.
In the situation where a proxy bidder has been outbid, but has a proxy maximum
value that is below the next valid bid but is higher than the current highest
bid, the proxy maximum value will be accepted as the next bid. In order to
outbid the proxy bidder in this case, the next (minimum) valid bid will be
equal to the proxy maximum that is accepted plus the minimum increment. The
proxy maximum value provided by a proxy bidder will never be exceeded. For
example: Consider a lot where the current bid is $500 and the minimum increment
is $10 and Bidder1 has just entered a proxy maximum price of $525.
A bid will be automatically recorded on behalf of Bidder1 at $510, making it the
current highest bid. If Bidder2 outbids Bidder 1 by entering a regular bid at
the next valid bid amount of $520 the AstaGuru online module will again place a
bid on behalf of Bidder1 at $525 since that was Bidder1's maximum proxy value,
even though the next valid bid would have been $ 530.
In order for Bidder2 to outbid Bidder1, he will now have to place a regular bid
at $ 535 (current highest bid $ 525 plus the minimum increment of $10).
Please note that proxy bids take precedence in the case of the same value being
entered by a regular bidder. In the case where a regular bid is placed on a lot
at the same value as a maximum proxy bid, the proxy bid will take precedence.
Both bids (proxy and regular bid) at the same value will be displayed in the
bid history for that lot, however, the proxy bid will appear on top and will be
the current highest bidder. For example: Consider a lot where the current bid
is $1500, the minimum increment is $50, and Bidder1 has just entered a proxy
maximum price of $ 1600.
A bid will be automatically recorded on behalf of Bidder1 at $1550, making it
the current highest bid. If Bidder2 outbids Bidder1 by entering a regular bid
at the next valid bid amount of $1600 the AstaGuru online module will record
Bidder2's bid of $1600 but the current highest bid will be that of Bidder1 at
$1600 since that was his maximum proxy value and was entered prior to the
regular bidder.
In order for Bidder2 to outbid Bidder1, he will have to place an online regular
bid at the next valid bid amount of $1650 or a proxy bid of a higher value.
Reserve Price
All lots in this auction are subject to a reserve price, which is confidential.
The reserve price is the minimum price that the lot may be sold for. No lot
will be sold below its reserve price and the reserve price will not exceed the
low price estimate (see the price estimate section for more information).
Reserve prices will not be disclosed
Opening Bid
Bidding on all lots begins at the opening bid value. The opening bid is the
value at which the auction house starts the bidding on a particular lot.
Offline/written bids received before the start of the auction will be recorded
as follows:
-
If the offline/written bid is less than the opening bid value it will be
recorded and displayed below the opening bid value at the time of the start of
the auction in the bid history for that particular lot
-
If the offline/written bid is greater than the opening bid value and is less
than the next valid bid for that lot (based on the minimum increments) it will
be recorded and displayed as the current highest bid above the opening bid
value at the time of the start of the auction in the bid history for that
particular lot. The next valid bid in this case will be greater than the
current highest bid by a minimum increment, which applies to that bid value.
-
Multiple offline/written bids received on a particular lot before the start of
the auction will be recorded and displayed in the bid history of the lot
according to the values with the highest bid being the current valid bid at the
time of the start of the auction. Offline/written bids received at the same
value will be prioritized based on the time of receiving the bids and will be
shown in the bid history of the lot.
Closing and Winning Bids
The closing bid for a lot is the highest bid at the time at which a particular
lot's bidding has ended. No further bids can be made after the close of the
bidding for that particular lot. The closing bid is considered a winning bid,
only if the bid equals or exceeds the reserve price. If the closing bid on a
particular lot is below the reserve price, it will not be considered a winning
bid and the lot will be deemed unsold. However, if the closing bid belongs to a
proxy bidder and is below the reserve price, but the proxy bidders' maximum bid
price exceeds or equals the reserve price, then the lot will be sold to the
proxy bidder at the reserve price. The winning bids for all sold lots will be
posted on the website after the close of the bidding.
Tracking Bids
The bid history provided on the website page for each lot will indicate the
values that have been recorded since the start of the auction to the current
highest bid. You may also view 'My Bid Summary' for bidding information on all
the lots that you have bid for in this auction. Note: for ease of tracking,
bidders are advised to assign bidding nicknames to themselves in 'My Bid
Summary'. They are also requested to refresh their page frequently to get
latest bid updates.
Condition of Lots
All lots will be shipped out in an 'as is' condition. Condition reports for all
lots are available upon request by email, fax, or telephone. AstaGuru shall not
be responsible for, or shall not be liable for any lot in respect of its
condition to the extent that such condition has been recorded in the condition
report or provided by the consignor for the condition report. Failure by a
bidder to request a condition report shall also prevent AstaGuru from being
liable in this respect.
Buyers Premium
AstaGuru charges the buyer a premium on the winning bid value. The buyers'
premium is calculated at 10% of the winning bid value on each lot. There will
be a service tax applicable on the Buyers' premium for deliveries within India
which will be included in the invoice
Completing the purchaseIf you win a bid,
you will be informed on email immediately upon closing of bidding on that
particular lot. You will be sent a subsequent email after the close of the
auction, which will contain an invoice for the winning bid and an invoice for
the Buyer's Premium (with payment options specified). You may review acceptable
modes of payment described in the section below. If you are the winning bidder,
you are legally bound to purchase the item from AstaGuru. Please note that
purchases will not be shipped out until full payment has been received and
cleared.
Invoicing
Bidders are required to provide all invoicing details to AstaGuru prior to the
sale at the time registering for the auction as no invoices will be changed
after the sale and the bidder as registered with AstaGuru will be invoiced.
After the sale, the Buyer as invoiced is required to pay the amounts in full
(including the additional charges). No shipment or delivery will be made if
this amount is not received or until all proper documentation is completed. No
payments will be accepted from any other parties other than the Buyer mentioned
on the invoices.
Shipping and Insurance
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 and are determined by the size, weight and destination of the
package. Bidders may, on the website, review an estimate of applicable
additional charges for the lots during the auction. The additional charges for
the current as well as the next highest bid may be reviewed, to help bidders
make bid value decisions. Buyers may request reframing, restoration or cleaning
of works, or may leave specific packing or shipping instructions. Any
additional expense in such cases shall be borne by the buyer.
Duties & Taxes
All duties and taxes applicable on the purchase of the art work shall be borne
by the buyer. An estimate of applicable charges for each lot and buyer
destination may be viewed online. Sales in India
Sales in India
Any sale that takes place within India is subject to a 12.5% VAT on the winning
bid value and a 12.36% Service Tax on the buyers' premium. A CST of 3% instead
of the 12.5% VAT will be applicable on the winning bid value only if the
delivery location of the lot is outside the state of Maharashtra, and the buyer
provides the necessary documentation required by the Sales Tax authorities. The
Service Tax on the buyers' premium will still apply at 12.36%. International
Sales
There may be duties and taxes levied depending on the delivery destination
`which typically range between 0-10% of the winning bid and shipping and
handling value. Depending on the shipping address these duties and taxes vary
according to customs regulations in the destination country. Any shipments to
the EU countries or the UK, will be charged an additional VAT as applicable.
Shipments to the state of California (USA) will be charged sales tax upto 8.25%
and to the state of New York (USA) will be charged sales tax of upto 8.375%.
For payments from NRE accounts the invoice will be raised in USD based on the
winning bid value and the buyer will have to transfer an equivalent INR amount
at the bank exchange rate. The service tax at 12.36% on buyer's premium would
apply in this case.
Payment
Buyers will be required to complete payment within a period of 7 business days
from the receipt of the invoice via email.
Delivery/collection of purchases
Purchases are typically shipped out within 7 business days of the payment being
cleared, however, there may be a delay in the shipping if the buyer requests a
work to be reframed or unstretched (the costs of which will be borne by the
buyer). If there is an expected delay in dispatch, the buyer will be informed
of the delay via email, unless the buyer has indicated an alternative preferred
mode of communication. The artworks are packed according to carrier standards
and are fully insured (without the frames) for international destinations. If
the Buyer wants to appoint a logistics agent (on their behalf) for shipment
then the documentation supporting the shipment will be generated by AstaGuru.
If the documentation is not completed to the specified requirements then the
Buyer will be liable for any duties or taxes that might be levied by the
authorities on the transaction.
Buyers may choose to collect their purchases from the AstaGuru office in Mumbai.
In such cases, buyers are requested to make an appointment to collect purchases
within 7 business days of completion of all payments and documentation
formalities.
Storage and Demurrage
The Buyer shall ensure that all payment formalities are completed within seven
business days of the receipt of the invoice. In case payment is not received
within such period, this shall be treated as a breach of contract and AstaGuru
may take any steps (including the institution of legal proceedings), which
appear to AstaGuru to be appropriate to enforce payment by the Buyer. The Buyer
will also be charged demurrage @ 1% per month on the value of the artworks.
Buyers 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 @ 1% per month on the value of the
artworks.
Receipt of Puchases
All purchases from this sale are final. If an artwork has been damaged during
shipping, please contact us at: contact@astaguru.com and we will process your
case as expeditiously as possible. In the unlikely event of your receiving a
damaged product, please make note of the damage on the courier's copy of the
airway bill, and a copy of the airway bill which you will retain. Also,
appropriate remarks should be made on the delivery sheet (if applicable) of the
courier personnel making the delivery. Buyers must notify AstaGuru directly
within five days of receipt of the artwork if there is damage. This will help
in processing claims in a timely manner.