Auction FAQ
How do I register to bid?
A buyer needs to fill in the Register for auction. The buyer will be required to pay an amount of Rs. 99 to get access to bidding.
What is Buyer’s Premium?
In respect of each sale at the auction, Form shall charge a Buyer's Premium calculated at 20% of the winning bid value on each artwork. Unless mentioned otherwise
Why is there a 20% buyer premium, can this be lower ?
The Buyer premium is the fees levied by TheFormart.com for sourcing artworks, getting the right images, checking availability and condition of artwork, running the technology platform to power the auction, paying for credit card commission charges and then shipping charges to your home. The buyer premium covers all expenses for us to be running this entire operation. Every auction house globally or in India charges a buyer premium and then charges shipping fees in addition to that. Our buyer premium includes all these services and we do not charge for shipping. Please note that the buyer premium cannot be reduced lower than 20% plus taxes. Please bid for artworks keeping that in mind.
What is a Reserve Price?
A Reserve price is the minimum price that the lot may be sold for. All lots have a reserve price which is confidential. Lots which are below reserve price will not be sold.
How do I view artworks available for auction?
All artworks for the auction have been showcased on the auction page; one can click on the auction tab on home page menu bar to get details.
What is Estimated Price?
The Estimated price is the indicative selling price of the work if bought from the gallery. This helps the bidder understand the actual market value of the artwork, they are bidding on.
How to bid?
Once you have identified the artwork that you would like to bid on, click on "My Bid" and enter the bid amount. Bid amount entered should be equal to or higher than the “Next Bid” amount mentioned for respective artworks.
Can a bid be cancelled?
Post the auction has started; bids can not be cancelled by a bidder. However, Form reserves the rights to allow or disallow cancellation at its own discretion.
What is the winning bid?
The highest/closing bid at the time of the end of the auction is the winning bid. No further bids can be made after the auction time is over.
Winner bids name will be displayed on the auction page at the end of the auction.
What happens if I bid at 8.59 PM and the auction is closing at 9 PM ?
The artwork closure time gets extended by 3 minutes for the other person to bid, if you make a counter bid, it gets extended by another 3 minutes. This process keeps on repeating till someone drops out of the auction and then the winning bidder takes the work. A lot of bids will come in dying minutes and there is a lot of load in the last 3 minutes. It is advised that you place your bids before 8.55 pm to avoid the last minute frenzy on the bids.
Please note that if someone bids on the lot that you are winning till 8.55 within 3 minutes of closure, the auction closing time for the specific time will be extended.
How will I be invoiced?
If you win a bid, you will be sent an email after the close of the auction, containing an invoice for the winning bid plus the buyer’s premium. The invoicing details provided at the time of registration will be used to raise the invoice, and no changes will be accepted after the sale.
What are the Duties and Taxes applicable on my purchase?
We levy 12% GST on all sales within India and an IGST of 12% on all International sales.
How do I make payment?
The buyer who wins has to pay the full closing bid amount within 24 hours of closing of bidding. This payment has to be made online.
When will I get my painting?
The painting will be dispatched within 3 days of receiving the final payment. Buyers within India will get the painting within 10 days, whereas International buyers will get it within 15 days.
Any communication in case the deliveries are delayed due to a lockdown situation in an area would be shared with the buyer.
Will I be getting any documents along with my painting?
The buyer will get an authenticity certificate signed by the artist and an Invoice from TheFormArt .
Will I get my artwork stretched and framed?
We do not stretch or frame the artworks and deliver them as a roll, unstretched and unframed works are safer to move.
If you like us to frame the artwork and then ship it, there will be an additional cost depending on the size of the artwork and quality of frame used, cost of which needs to be borne by the buyer. TheFormArt will not be able to take the responsibility in-case there is any damage during the movement as stretched and framed works are more prone to damage.
How can I return my artwork and get a refund?
Artworks once sold will not be taken back or refunded. A buyer may receive a refund only in case the artwork is received in damaged condition and buyer informs TheFormArt within 2 days of receipt of the art work via an email to sales@theformart.com with the photographs of the damaged artwork. Please note that the shipping and handling charges for returning the artwork will be paid by buyer.
What if I do not pay after being the highest bidder?
There is a legally binding irrevocable offer to purchase the artwork resulting in an enforceable contract of sale between the highest bidder and the TheFormArt.
TheFormArt has right to initiate a legal action in the court of law if the highest bidder does not pay within 72 hours from the closing time of the auction.
The bidding access of all individuals who fail to pay after winning an artwork will be unconditionally revoked.
How do I participate in the next auction?
If you are a registered user, you can bid for all upcoming auctions.
New buyers have to create their profile once, pay Rs 99 to get bidding access to participate.
Is shipping Chargeable?
Shipping within India is FREE.
Shipping outside India is charged on 'actuals'.
What are Benefits for American Express Cardmembers ?
* Offer applicable only from 20th November, 2023Enjoy 10X Rewards when you shop using your American Express Centurion® and Platinum Cards For example,
Centurion Cardmembers : You will earn 30000 Amex points for spend of Rs 1 lac.
Platinum Cardmembers : You will earn 25000 Amex points for spend of Rs 1 lac.
*This is a sample calculation only, the points earned will be calculated as per the transaction amount.What is KrisFlyer Membership Benefit ?
Earn 3000 KrisFlyer miles for a winning bid of INR 1,00,000 and above.
What is Eazydiner Prime Member Benefit ?
Eazydiner Prime member will avail 10000 discount on purchase of 1 lac and above.
