1. The Sealed Bid Process
GNMC operates a "Sealed Bid" (Closed Auction) system for all heritage acquisitions. Unlike open auctions, participants submit a single, absolute maximum bid. No participant knows the bids of others.
Integrity Statement: Bids are encrypted and only accessible to the Curator Panel after the auction window closes. Under no circumstances are bids shared with third parties or other bidders.
2. Eligibility
Participation is restricted to verified members who have completed the "Institutional" or "High-Net-Worth Individual" verification process. GNMC reserves the right to reject bids from entities with no proven track record of heritage stewardship.
3. The Reserve Price
Every lot has a confidential "Reserve Price". If the highest bid does not meet the reserve, the item remains with the museum. GNMC may choose to negotiate with the highest bidder if their bid is within 10% of the reserve.
4. Final Decision Factors
While price is a primary factor, GNMC uses a "Weighted Scoring System" for final allocation:
- Bid Amount (70% weight)
- Stewardship Plan (20% weight): How the bidder intends to preserve and display the item.
- Institutional Status (10% weight): Preference is given to public museums and research universities.
5. Payment & Settlement
Successful bidders must settle the full invoice within 14 working days of receiving the "Winner's Notification". Payments are accepted via Bank Transfer (SWIFT) or escrow services only.
6. Antiquities Compliance (Pre-1860 Classification)
In adherence to statutory heritage regulations, items catalogued as antiques are authentic historic objects manufactured prior to the year 1860. Bidders understand and acknowledge that all domestic acquisitions and curatorial transfers of pre-1860 antiquities comply fully with mandatory Archaeological Survey of India (ASI) registration and heritage preservation protocols.