Absolute Tuesdays, a renowned auction event, is set to take place online on July 18, 2023. This 24-hour auction, exclusively hosted on www.storyltd.com, offers an opportunity for serious collectors and first-time buyers worldwide to bid on 43 remarkable works. This Tuesday, for a window of 12 hours, StoryLTD will offer 43 lots in an auction featuring modern and contemporary works by F N Souza, M F Husain, Krishen Khanna, Himmat Shah, Haku Shah, B Vithal, Lalu Prasad Shaw, Jogen Chowdhury, Arunkumar H G , Maya Burman, and Ved Prakash Gupta.
Estimate: Rs 50,000-Rs 70,000 ( $610-$855 )
To ensure a fair and efficient bidding process, the auction follows a structured timeline and allows for proxy bids. This article provides a comprehensive guide for potential bidders interested in participating in the Absolute Tuesdays online auction.
Viewing the Lots
To access the lots available for bidding, interested buyers can refer to the online auction catalogue on storyltd.com or download the mobile auction catalogue. Each lot is assigned a unique lot number for reference purposes. It is advisable to review the condition report provided for each item and not solely rely on illustrations in the catalogue.
Understanding the Condition of Lots: All lots are sold “as is,” meaning they are shipped with any existing faults or imperfections. Potential buyers are encouraged to carefully review the condition report before placing their bids. Condition reports can be obtained online or requested via email, fax, or telephone, and are offered as a free service.
Special Lots
Lots marked as “Art Treasures” and/or “Antiquities” under the Antiquities and Art Treasures Act, 1972 cannot be exported outside India. It is the buyer’s responsibility to comply with the requirements of the Act or any related state legislation when bidding on such lots.
Price Estimates and Reserve Price: Each lot is accompanied by a price range estimate based on its condition, quality, rarity, and provenance. These estimates serve as a guide for buyers and do not include the buyer’s premium or applicable taxes. The reserve price, which is confidential, represents the minimum price at which a lot can be sold. No lot will be sold below its reserve price, and the reserve price will not exceed the low price estimate.
Registration and Bidding
To participate in the auction, bidders are advised to register at least 24 hours in advance. Registration can be completed online by visiting the “Get Bidding Access” link on the auction catalogue page. Returning bidders can use their StoryLTD or Saffronart login credentials to accept the Conditions for Sale online. It’s important to note that invoicing details provided during registration cannot be changed after the sale.
Bidding can be done through various methods
- Bidding Online: Bidders can click on the “Bid Now” button for their desired lot and enter their bid amount or maximum price for proxy bidding. Regular bidding involves actively participating in the process, entering the next valid bid each time one is outbid. Bid history can be viewed to ensure the bid is recorded correctly. Bidders may be contacted for bid verification during the auction to maintain the integrity of the process.
- Bidding on the Phone: Bidders can request phone bidding depending on availability. This service is provided at StoryLTD’s discretion, and interested bidders must be registered.
- Bidding on the Mobile: Bidders can download the StoryLTD software application on their eligible mobile devices to place bids during the auction. Registration as a bidder is required, and the app is available on iOS and Android devices.
Bid Increments and Cancellation
Bids must exceed the current highest bid by a minimum increment. The auctioneer may adjust the bid increments during the auction. Once the auction has begun, bids cannot be canceled, but proxy bids can be lowered if the maximum value has not been reached.
Currency of Bidding
Bids can be placed in either US Dollars (USD) or Indian Rupees (INR). Buyers in India can pay in INR, while buyers from other countries must pay in USD. Specific lots marked with a symbol (e.g., $) can only be bid and purchased in USD. Indian residents bidding in USD must comply with foreign exchange regulations for making overseas payments.
Closing and Winning Bids
The closing bid for a lot is the highest bid at the time of its scheduled closing. To be considered a winning bid, it must meet or exceed the reserve price. Lots with closing bids below the reserve price are deemed unsold, unless a proxy bidder’s maximum bid exceeds the reserve price, in which case the lot is sold to the proxy bidder at the reserve price. The winning bids for all sold lots will be posted on the website after the auction’s conclusion.
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