Introduction part:

Acquiring rare collectibles is a pursuit that bestows upon owners the joys of beauty, a connection to history, and deep personal satisfaction. At Giftex, we offer collectors an opportunity to bid across an array of captivating categories, including Art, Jewelry, Watches, and Textiles to Memorabilia, Silver, Furniture, Decorative items, Writing Instruments, Books, Artefacts, Natural History, Stamps, and Numismatics. Our commitment to providing the ultimate client experience is reflected in our meticulous curation process. We strive to present unique limited edition niche treasures that stand alone in their uniqueness. At Giftex, we understand that acquiring these extraordinary items is not just an acquisition; it's an investment in the exceptional, a chance to own objects that are truly one-of-a-kind.

Why Giftex

• With year-round auctions, Giftex offers you multiple opportunities to acquire limited edition objects spanning our extensive array of categories.
• Each of the categories is helmed by a dedicated team of specialists equipped with extensive market knowledge and years of valuable experience.
• A research driven curation process to ensure each of the items offered is an exceptional and rare find.
• A user-friendly bidding process, ensuring a seamless and hassle-free experience.

Margin

• In addition to the hammer price, the buyer agrees to pay Giftex a margin. This Margin shall be 30%, up to the winning bid of RS. 25,000. It will be 25% for a winning bid between Rs. 25,000 - Rs. 75,000. For a winning bid above Rs. 75,000, the margin will be 15%.
• For all lots, taxes are payable on the final price which includes the Auction House Margin at the applicable rate, included in the invoice.

Our Process:

Authentication: Our team of specialists conducts a comprehensive examination of each object to guarantee its authenticity before it's made available for auction.

Ownership Validation: We meticulously review ownership history, supporting documentation, and pertinent databases to facilitate a seamless transfer of ownership.

Expert Valuation: Leveraging our expertise, we assess the market value of each item and establish an estimate range. This valuation process offers valuable insights to guide you during live bidding.

FAQs

How to bid in Giftex Auction?

You can get started with Giftex auctions in just a few simple steps. All you need to do is to create an account and complete the registration process to start bidding.

How soon before the auction can a prospective buyer register for bidding?

If you haven't registered with us for bidding previously, it is advised to initiate the registration process at least four business days before the auction for a seamless experience.

What steps does the registration process entails?

You can complete the registration process in few simple steps:

Registration Form: Fill the registration form.

Verification: Complete your KYC. You may reach us for the same to receive a link or can login to your account and complete the process via your dashboard.

Deposit: Make the deposit. You may reach us for the same to receive a link or can login to your account and complete the process via your dashboard.

Bidding Access: Upon successful deposit, you will receive your bidding access, Login ID, and Password. The process may entail one of our representatives calling you.

Which documents do I need to submit?

For verification purposes, Giftex requires potential bidders to submit the following documents:

(i) Any government issued proof of identity;
(ii) Any government issued proof of residence;
(iii) PAN and Aadhar details (proof of the prospective bidder’s tax residency status);
(iv) If the prospective bidder is not an individual, Giftex may require additional information and documentation with respect to the entity (i.e Board resolution and memorandum of association)

Can I change my contact details after registering?

Once registered, bidders are unable to modify their email address or phone number. However, you have the flexibility to update all other details within your profile. In case of residence or contact information change, kindly reach out to our customer care team for assistance.

What does the bidding process entail?

Here's how to place your bids once the auction goes live on our website:

a) Visit the Giftex website and select the live auction you're interested in.

b) Identify the specific lot you wish to bid on and click the "Bid" button to confirm your bid amount, which can be in either INR or USD. It's important to note that once a bid is placed, it cannot be cancelled.

c) If you're outbid during the live bidding, you can place another bid with a 10% increment over the current bid.

d) Continue bidding on lots until they reach their scheduled closing time. To stay updated, remember to click the "Refresh" button at regular intervals.

e) The closing bid will be considered the winning bid only if it surpasses the reserve price set for that lot.

f) In the event that a bid is placed within the last three minutes before a lot's scheduled closing time, the closing time for that lot will be extended by three minutes. This process will repeat until no further bids are placed within the final three minutes of the auction.

What is the value of the opening bid?

The opening bid is 10% lower than the lower estimate of a particular item. In case it is a no-reserve auction, it will be XXXX. However, the opening bid is generally held by the house, and subsequent bids are made over that.

Is there a limit on the number of bids?

There is no restriction to the number of bids as long as it is within the bid limits assigned.
Giftex may establish restrictions on the maximum number of bids that a bidder can place.

Is there a bidding limit?

Bidders will be notified of their bidding limits, if applicable. It can also be seen on your dashboard. You may wish to increase your bid limit, by depositing more.

Once these limits are reached, the bidder will be unable to submit additional bids. However, Giftex retains the discretion to permit an increase in bidding limits upon request.

BIDDING LIMITS ARE LINKED TO THE SECURITY DEPOSIT AMOUNT

Security Deposit	Bid Limit
30,000	2,00,000
75,000	5,00,000
1,50,000	10,00,000
2,25,000	15,00,000

Alternatively you can also set up the bid limits via a bank transfer. Details of your bank account are mentioned below.

Mode of Transfer: DD/RTGS/NEFT
Giftex Bank Details:
Name of the Beneficiary: GIFTEX.IN (DIV OF TRADE & TECHNOLOGY EXPOSITION CO INDIA PRIVATE LTD)
Bank Name: ICICI Bank,
Branch: 240 Navsari Building, D. N. Road, Fort, Mumbai - 400001. India.
Account No: 623505394545
IFS CODE : ICIC0006235
Swift Code: ICICINBBCTS

What is an absentee/proxy bid?

a) Absentee or Proxy Bids refer to bids made by a Registered Bidder in an auction, whether submitted prior to the auction's commencement or during a live auction. In this scenario, the system autonomously executes the bids on behalf of the Registered Bidder, adhering to the predetermined bid amounts specified by the bidder.

b) A Proxy Bid made in advance of an auction (referred to as a pre-auction Proxy Bid) may be submitted a minimum of 24 hours before the auction's commencement. It is possible to revoke a pre-auction Proxy Bid more than 24 hours before the auction begins.

c) A Proxy Bid placed during a live auction cannot be cancelled once placed.

Can I cancel my live or proxy bid?

Once a Bidder has submitted a bid and/or a proxy bid, they are unable to retract or cancel the bid.

Will there be a phone bidding?

a) Phone bidding is a complimentary service provided for the convenience of all Registered Bidders by Giftex.

b) Requests for Phone Bids must be submitted at least 24 hours prior to the auction.

c) In the case of telephone bids, when the Lot is about to be auctioned, our team at Giftex will make every effort to reach out to the Bidder by phone. If successful, the Bidder can then participate in the auction with the assistance of Giftex staff.

d) The Bidder will be required to share their Login credentials, including the account password, with a representative from Giftex. This representative will then place the Bid on the Bidder's behalf.

How do I pay for my purchase?

Upon a successful bid, you will promptly receive an email containing an invoice detailing the total purchase price, encompassing the hammer price, applicable margin, and other buyer-related expenses. It is important to note that all sales within India will be subject to GST, with rates varying from 3% to 28% based on different categories.

You are kindly requested to settle the payment within seven business days of receiving the invoice. Please be aware that any delay in payment will incur a monthly interest charge of 2%.

Alternatively you can also set up the bid limits via a bank transfer. Details of your bank account are mentioned below.

Mode of Transfer: DD/RTGS/NEFT
Giftex Bank Details:
Name of the Beneficiary: GIFTEX.IN (DIV OF TRADE & TECHNOLOGY EXPOSITION CO INDIA PRIVATE LTD)
Bank Name: ICICI Bank,
Branch: 240 Navsari Building, D. N. Road, Fort, Mumbai - 400001. India.
Account No: 623505394545
IFS CODE : ICIC0006235
Swift Code: ICICINBBCTS