The following terms and conditions apply to sale of Lots and limitations of Historic Auctions Private Limited’s (hereinafter referred to as Historic Auctions) liability. We suggest that you read these Terms & Conditions fully and are aware of their content prior to bidding, as it sets out the terms of a legally binding agreement between you (the reader/Bidder) and Historic Auctions.
In addition to the these general Terms & Conditions, Bidders/Buyers are advised to refer to the binding Terms & Conditions for each specific Auction held by Historic Auctions, for example, the Collectible Car & Automotive Art Auction 9th to 20th December ,2021
We may amend or revise these terms at any time by updating the text of this page. It is your responsibility to check this page regularly for such amendments by which you will be bound.
1.1. “Bidder” means any person or entity, and the agents or representatives of any such person or entity, that registers, and/or bids, and/or buys, and/or otherwise participates in the Auction, regardless of whether such person or entity tenders a bid.
1.2. “Bidder Registration” means the information provided by a prospective Bidder, and the process of registering such prospective Bidder to bid at Historic Auctions, including the prospective Bidder’s agreement to be bound by these Bidder Terms and Conditions.
1.3. “Bidders/Buyers Terms & Conditions” means the terms and conditions as provided herein,
1.4. “Buyer” means the Winning Bidder on a Lot.
1.5. “Buyer’s Premium” is an amount with respect to each Lot, calculated as a percentage of the Hammer Price, that is payable by the Buyer to Historic Auctions for services provided.
1.6. “Business Days” means any day other than a Sunday or a gazetted holiday or a day on which banking institutions are authorized or obligated by law to stay closed.
1.7. “Estimate Price” means the estimate price of the Lot as provided by Historic Auctions. Historic Auctions may provide such estimate in its discretion.
1.8. “Fall of the Hammer” means the point, after bids have been received, at which Historic Auctions declares a Lot “sold” to the Bidder acknowledged by Historic Auctions as having made the Winning Bid. During an online Auction, the Fall of the Hammer will occur electronically at the end of timed (or extended) bidding.
1.9. “Governmental Authority” will mean any and all international, national, state or local governments, governmental institutions, public authorities and governmental entities of any nature whatsoever, and any subdivisions or instrumentalities thereof, including, but not limited to, departments, boards, commissions, agencies, courts, administrations and tribunals, and any division or instrumentalities thereof, whether permanent or ad hoc and whether now or hereafter constituted or existing.
1.10. “Historic Auctions” will mean online auctions, offline auctions or both as conducted by Historic Auctions Private Limited in accordance with these Terms.
1.11. “Hammer Price” means the High Bid amount recognized by Historic Auctions with the Fall of the Hammer.
1.12. “INR” will mean the National currency of India, i.e., Indian National Rupee
1.13. “Lot” means each individual item or grouping of personal property put up for sale at Historic Auctions.
1.14. “Person” will mean any individual or a legal entity exercising rights under these Terms, and complying with all of the obligations under these Terms.
1.15. “Purchase Price” means an amount equal to the Hammer Price plus the Buyer’s Premium.
1.16. “Reserve Price” means the minimum price at which the consignor has agreed to sell the Lot at, It is not required for any Reserve Price to be disclosed.
1.17. “Winning Bid” means the highest bid received and accepted (and if subject to Seller’s confirmation, confirmed by Seller).
1.18. “Winning Bidder” means the Bidder who is accepted by Historic Auctions as having made the Winning Bid, at Historic Auction’s discretion.
1.19. “Website” will mean to include the Historic Auctions website i.e., www.historicauctions.com, its mobile Apps (both android and iOS) and/or any other operating system through which Historic Auctions chooses to carry out its business.
For purposes of these Terms and Conditions:
2.1. The words “include,” “includes” and “including” will be deemed to be followed by the words “without limitation”;
2.2. The word “or” is not exclusive;
2.3. Words that are gender neutral or gender specific include each gender;
2.4. Where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings;
2.5. The words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to these Bidder/Buyer’s Terms and Conditions as a whole.
2.6. In determining the time of day where relevant to these Terms and Conditions, the relevant time of the day is according to Indian Standard Time.
2.7. Unless the context otherwise requires, references herein to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder.
2.8. Unless the context otherwise requires, references herein to “Bidder/Buyer’s Terms and Conditions” means these Terms and Conditions as amended, varied or supplemented from time to time and includes any successor thereto.
2.9. When a reference is made in these Terms and Conditions to a Clause, such reference will be to a Clause of this Bidder/Buyer’s Terms and Conditions unless otherwise indicated.
2.10. These Terms and Conditions will be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.
3.1. All Lots are sold and purchased ‘as seen’ and/or on an “as is where is basis” and “as is what is basis”.
3.2. A Lot is sold ‘as seen’ sold and purchased for what it is and with all its faults (if any) and without any condition, warranty or other term (whether expressed or implied and whether implied by statute, common law, custom or otherwise) as to the age, description, mileage, (which may not be that shown on the odometer), suitability, fitness for purpose, registrability, insurability merchantable quality or roadworthiness of the Lot.
3.3. The descriptions of each Lot, whether made orally or in the catalogue, are expressions of opinion and not representations of fact. Illustrations in the catalogue are solely for guidance and must not be relied upon in any manner whatsoever.
3.4. Many Lots are of an age and nature which precludes their being in pristine condition and some catalogue descriptions make reference to damage and/or restoration. Such information is given for guidance only and the condition of any Lot and the nature and extent of any damage and/or restoration should be confirmed by the Buyer by examination prior to the sale.
3.5. All prospective purchasers must satisfy themselves prior to bidding, as to the condition, colour, age and all other matters relating to any Lot, and no claims will be accepted in respect of any such matter.
3.6. Every effort is made to ensure that the Lots listed in the catalogue will be available for sale, and offered for sale in catalogue order. No responsibility can be accepted by Historic Auctions for variations and omissions due to circumstances beyond the control of Historic Auctions.
3.7. Historic Auctions will provide details and information to the best of its abilities, and cannot be held liable for any information that is erroneously provided or not mentioned. Any statement by Historic Auctions does not constitute a representation, warranty or assumption of liability of any kind.
3.8. Historic Auctions does not take responsibility for any material produced by a third party i.e., design, catalogue, photographer, etc and colour/s, texture can vary in actual.
4.1. Participation in an online or an offline auction held on this Website is only permitted to those users who have created an account with Historic Auctions after successfully completing the registration process.
4.2. As part of the registration process, users are required to provide Historic Auctions with certain personal details and to update such details promptly in case of a change so that the records are current, complete and accurate. It is the user’s responsibility to ensure that all information provided by them correct, is valid and current.
4.3. In order to create an account, users are obliged to provide details which include but are not limited to:
4.3.1. Name and postal address;
4.3.2. Valid e-mail address and telephone/mobile phone number.
4.3.3. Banking information, Pan, Aadhar, GST where applicable.
4.3.4. Certificate of incorporation/registration along with proof of being its authorised representative (incase of a company/partnership )
4.3.5. All questions under the registration form must be answered properly and correctly and any required copies must be enclosed.
4.4. Once the registration formalities have been completed, Historic Auctions reserves the right to verify the details provided. Only if such information has been successfully verified by Historic Auctions to its satisfaction, will the users receive the email confirming the creation of the account.
4.5. In addition to details mentioned under Clause 4.3, Historic Auctions may if it deems necessary, require financial reference and/or advance deposit of an amount determined in the discretion of Historic Auctions, from a user before confirming his/her registration to a bidding process .
4.6. In the event that Historic Auctions fails to verify the details provided, Historic Auctions may in its sole and unfettered discretion immediately terminate such account.
4.7. Historic Auctions reserves the right to request additional information/financial reference from a user. In the event that a user fails to provide such details, Historic Auctions may in its sole and unfettered discretion immediately terminate such account.
4.8. A registration can be deleted at any time without giving prior notice to Historic Auctions. In such a case, all registered data will be permanently deleted, as long as they are not required for an ongoing bidding process or the completion for an already completed transaction. The deletion takes place only when all transactions have been completed to the satisfaction of Historic Auctions.
4.9. Once you have registered you should keep your account details strictly confidential and you must not permit any third party to use or access your account on your behalf. You will be liable for any and all bids made via your account.
5.1. Eligibility to bid:
5.1.1. Registered Users must register separately for each auction in order to participate in the bidding process. Registered Users who have not registered for any auction may be able to view the auction live on the Website, however, will not be allowed to bid for the same.
5.1.2. Registered Users may register for each auction by complying with KYC registration and making the necessary advance payment.
5.1.3. Please note that you must be registered at least 2 Business Days prior to the start of any auction or you may not be able to bid online in that auction.
5.1.4. Once you have successfully registered for a particular auction, you will be eligible to bid for available Lots.
5.1.5. Permission to bid is given at Historic Auctions’ discretion, and if given may be revoked at any time.
5.1.6. During a bidding process, you can bid for a Lot by clicking the ‘Bid’ button. Each bid will be final and binding as soon as you click the said button.
5.1.7. By bidding at Historic Auctions, the bidder enters into an irrevocable offer to buy the Lot that has been bid on. Should the bid be successful, the Buyer agrees to pay the Hammer Price plus the Buyer’s premium, all applicable taxes, plus any additional charges relating to shipping, storage, insurance, import-export permissions and bank transfer fees.
5.2. Absentee Bids
5.2.1. In the event that a party is bidding on a third person’s behalf, it is the party’s responsibility to ensure that all paperwork explaining the transaction and relationship has been completed prior to the sale as per Historic Auctions’ registration requirements.
5.2.2. All absentee bidders need a completed and signed form acknowledged by Historic Auctions in order for them to be accepted. All absentee bidders must complete the registration and KYC requirements.
5.2.3. Absentee bids will be carried out by Historic Auctions on behalf of the client. Historic Auctions does not accept any liability in the unlikely event that the bid is not executed or executed incorrectly.
5.3. Miscellaneous
5.3.1. In the event Historic Auctions has two bids of identical values and there have been no higher bids, the bid received on the earlier date / time will be given preference.
5.3.2. Historic Auctions does not accept any liability for online and / or mobile bids that are not accepted or not executed correctly. In the event that there is a technical problem on the Historic Auctions’ website or mobile application, the auction will continue. Historic Auctions does not accept any liability for any technical problems incurred either on the website or on the mobile application during an auction.
5.3.3. Historic Auctions reserves the right to determine when online and mobile bids have been recorded.
5.3.4. Historic Auctions is not liable for any delay or time lag incurred in-between the time a bid is placed and is received by Historic Auctions, or, information regarding current bid amounts is received by bidders due to slow mobile networks or heavy traffic over internet lines.
5.3.5. Bidders accept full responsibility and liability for all bids submitted via their registered account.
5.3.6. Consignors are not allowed to bid on their own Lots in the auction.
5.3.7. In the event of a dispute, Historic Auctions reserves the right to re-offer the Lot and determine the successful bidder for the Lot.
5.3.8. Historic Auctions reserves the right to withdraw any Lot before or during an ongoing Auction, at its sole discretion.
5.3.9. Historic Auctions reserves the right to post-pone or extend any of its Auctions if it deems such action necessary, in its sole discretion.
6.1. All lots, unless specifically indicated otherwise, will be sold subject to a reserve price.
6.2. All reserves are kept confidential.
6.3. Historic Auctions may open the bidding by placing a bid on behalf of an absentee bidder. Historic Auctions may continue to bid up until the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders.
6.4. In the event that neither an absentee bid nor a bid in the room reaches the amount of the reserve, the auctioneer will ‘pass’ the Lot and it will remain unsold.
7.1. The Estimate Price of a Lot will be provided by Historic Auctions upon request. Such request may be denied at Historic Auction’s discretion.
7.2. The Estimate Price given by Historic Auctions will only be a guide to the Bidders and do not indicate with any accuracy, the Purchase Price.
7.3. The Estimate Price given by Historic Auctions and the Hammer Price of the Lot at an Historic Auctions does not include:
7.3.1. Buyer’s Premium at 10% of the Hammer Price; GST,
7.3.2. Any packing, insurance, shipping handling charges or taxes and duties in connection with the sale of the Lot;
8.1. To find out if you have been successful in your bidding, you may check the results that are published by Historic Auctions online after an auction is over.
8.2. All successful bidders having made a deposit will make full payment within 15 days of the conclusion of the Auction by cheque or bank transfer to guarantee their purchase.
8.3. Non-payment of all payments within 20 Business Days post the sale would lead to forfeiture of advance payments made.
8.4. All successful bidders will be sent an Invoice within 1 Business Days of the conclusion of the auction, to the email address provided in the Registration form and/or to any email address of the bidder known to Historic Auctions.
8.5. The Invoice will include the following:
8.5.1. Winning bid price;
8.5.2. GST (at the rate applicable on each Lot at the time of the auction).
8.5.3. The Buyer’s Premium (10 % payable on winning bid price) plus applicable, charges, service and other taxes.
8.6. The Invoice will be sent to the name and address of the successful Bidder as stated on the registration form. Any changes to the details provided in the registration Form should be sent to sales@historicauctions.com within 1 Business Day of receiving the Invoice.
8.7. Invoices will reflect the final amount payable for all Lots purchased.
9.1. Payment of the Invoice received via email should be made within 15 Business Days of the conclusion of the auction Payment will only be accepted from the same party as indicated on the invoice.
9.2. Payment will be accepted through cheques, wire transfers and demand drafts.
9.3. International Buyers can pay through wire transfers. Invoices will be raised in INR . All bank charges to be borne by the Buyer.
10.1. If the Buyer fails to make payment of the Invoices received via email on any purchases within 20 Business Days of conclusion of the auction Historic Auctions has the right to forfeit the entire deposit/advance and take whatever action they deem necessary, including legal proceedings to ensure that the contract between the Seller and Buyer is fulfilled.
10.2. In case of payments delayed beyond their respective due dates, late charges will be calculated based on the total purchase price plus taxes and all charges related to storage, handling and insurance
10.3. Historic Auctions will give the Buyer suitable notice, failing which, at the sole discretion of Historic Auctions, further steps may be taken, which may include cancelling the sale, re-offering the Lot and restricting any further bidding in future’ auctions.
10.4. In the event the Lot is re-offered, the original Buyer will have to bear any and all financial loss borne through the process of reselling the work. This includes any monetary shortfall between the original amount fetched at auction and the new price obtained at resale as well as all losses related to commissions, premiums, shipping, insurance and storage charges, legal fees, and all applicable taxes.
10.5. Due credit will be given for any part payment made by The Buyer, subject to deductions made by Historic Auctions under the foregoing provisions of this clause 10.
11.1. Once the Buyer has paid the Final Purchase Price, and the same has been cleared to the satisfaction of Historic Auctions, it will be the Buyer’s responsibility to collect the Lot either personally or have it shipped within 5 Business Days from receipt of the Final Purchase Price.
11.2. In case a Lot is not collected within 6 Business Days from the Date of receipt of Payment of the Final Purchase Price, the Buyer will be charged a demurrage/storage fee at 2% per month on the Final Purchase Price of the Lot. Such demurrage/storage fee shall be calculated from the Date of Payment.
11.3. It will be the Buyer’s responsibility to insure the Lot against any damages or losses in transit.
12.1. Before bidding on any Lot, Bidder is exclusively responsible for gaining full familiarity with the auction process.
12.2. Historic Auctions is merely performing an auction service and is not responsible for a Lot’s description in any medium, even if the representation is made in a medium owned by, maintained by, or associated with Historic Auctions.
12.3. All Lots offered are sold “as is, where is”and “as is what is”. Historic Auctions makes no representation and extends no warranty, express or implied, respecting any Lot’s condition, genuineness, value, and/or quality. Historic Auctions has not independently inspected or tested the Lot and has no knowledge of the Lot’s history or condition. Bidder has the duty, right, and opportunity to inspect any Lot prior to bidding, and Bidder’s participation in the auction of any Lot is exclusively premised upon the Bidder’s own determinations. Winning Bidders will accept their Lot(s) with all faults, including, but not limited to, qualitative conditions, defects and imperfections (whether structural, mechanical, cosmetic, latent, obvious, whether mentioned or unmentioned in the Lot description). Historic Auctions is not responsible for any defect in any Lot.
12.4. Bidder releases, waives, and discharges Historic Auctions for any and all claims arising out of, involving, or associated with a Lot description. Bidder will reimburse Historic Auctions for any costs and/or expenses (including, but not limited to, reasonable advocates fees) that Historic Auctions incurs in defending any Bidder’s claim arising out of, involving, or associated with, a Lot description.
12.5. Mileage claims are made by the Consignor. Bidder is solely responsible for investigating and determining the accuracy of such claims.
12.6. All Lots are offered for individual sale by their unique Lot number, unless otherwise noted. Historic Auctions will accept bids from on-site Bidders and absentee Bidders. Historic Auctions has the right to place a bid up to the Lot’s reserve.
12.7. In matters where the winning bid cannot be determined with certainty, the auction process may be repeated for that Lot. Historic Auctions will use reasonable judgment in evaluating Bidders’ claims of auction confusion. However, Historic Auctions determination(s) in these circumstances is/are both final and non-appealable.
12.8. Historic Auctions is not liable for lost, stolen, or damaged Lots, and a Bidder will make no claim against Historic Auctions for such loss, theft, or damage, unless the loss, theft, or damage is directly caused by Historic Auctions’ actions or omissions.
12.9. Lots must be removed from the location within 5 Business Days of the receipt of the Final Purchase Price. Historic Auctions may arrange for the transport and storage of unclaimed Lots at Bidder’s sole expense. Historic Auctions may designate Lots which remain unclaimed 10 Business Days following the receipt of Final Purchase Price as abandoned, but is in no way obligated to so designate.
12.10. Lots that fail to meet the reserve price may be presented for private sale.
12.11. Historic Auctions and any of its affiliates and (as applicable) their respective directors, officers, employees, representatives and advisors will not be liable for any errors or omissions on the Website/App/Catalogue/publication.
12.12. Historic Auctions act as agents for the Seller of each Lot and will not be a party to or liable in any manner whatsoever on any contract of sale between the Seller and the Buyer.
13.1. Any Consignor wishing to consign for Auction a Lot which is deemed to be an Antiquity must have had the said Lot registered as such with the Archaeological Survey of India (A.S.I) under the Antiquities and Art Treasures Act, 1972., prior to offering it to Historic Auctions.
13.2. After such Lot is sold at Auction it is the responsibility of the Bidder/Buyer to get the registration transferred in his name and communicate with the A.S.I to ensure that they receive the registration certificate.
13.3. Historic Auctions as auctioneers/agents only facilitate the open market Sale and cannot be held legally responsible for failure to do so on the Bidder/Buyer’s part.
13.4. All items that are registered with the Archaeological Survey of India, or, are over one hundred years old, or, are National Treasures whether specifically indicated in the catalogue or otherwise, cannot be exported out of India.
13.5. Historic Auctions has taken all efforts to determine which Lots are non-exportable and cannot be taken out of India, but do not take responsibility for any lack of information or oversight.
14.1. If any clause, provision or section of these Terms and Conditions, or any covenant, stipulation, obligation, agreement, act or action, or part thereof, made, assumed, entered into or taken under these Terms and Conditions is for any reason held to be illegal, invalid or inoperable, such illegality, invalidity or inoperability will not affect the remainder thereof or any other clause, provision or section, or any other covenant, stipulation, obligation, agreement, act or action or part thereof, made, assumed, entered into or taken there under or hereunder.
15.1. Any dispute arising out of or relating to these Terms and Conditions, including any question regarding its existence, validity, breach or termination, will be referred to mediation under the Arbitration & Conciliation Act, 1996.
15.2. If a settlement is not reached within 60 days after service of a written Request for mediation, any unresolved dispute or claim arising out of or relating to this agreement (including any question regarding its existence, validity, breach or termination) will be referred and finally settled under the Arbitration & Conciliation Act, 1996.
15.3. The Arbitral Tribunal will consist of a sole arbitrator selected with the mutual consent of both the parties and the language of the arbitration shall be in English.
15.4. The seat of the arbitration will be in Mumbai. The decision of the arbitrator shall be binding on the Parties and may be enforceable in the competent court of law.
15.5. These Terms and Conditions will be governed by and construed in accordance with the laws of India. Irrespective of any clash or overlap of legal provisions of your actual state or country of residence, you consent to the exclusive jurisdiction of the Courts of the State of Maharashtra situated in Mumbai, India.
16.1 These terms and conditions embody the entire Agreement and understanding of the Bidder and Historic Auctions and supersedes any and all other prior and contemporaneous agreements, correspondence, arrangements and understandings (whether written or oral) between the Bidder and Historic Auctions with respect to its subject matter. In case of any conflict between these terms and condition and any other documents then these terms and condition will prevail.
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