BIDDER(S)’ CONDITIONS OF BUSINESS
1. Introduction.
1.1 Please ensure that you read and understand these Conditions of Business prior to bidding on a motor car(s) or any other lot(s) at this or any other RM Auctions, Inc. d.b.a. RM Sotheby’s (“RMS”) sale. Please note that the winning Bidder(s) becomes the Buyer(s) who is also bound by these Conditions of Business.
1.2 RMS’ contractual relationship with the Bidder(s)’ are governed by:
1.2.1 these Bidder(s)’ Conditions of Business,
1.2.2 the Conditions of Business displayed in the auction salesroom,
1.2.3 the Conditions of Business displayed on RMS’ website, and
1.2.4 in each case as amended by any salesroom notice or auctioneer’s announcement at the auction.
(clauses 1.2 to 1.2.4 together “Contractual Obligations”)
1.3 As auctioneer, RMS acts as agent for the Consignor(s), and a sale contract is made directly between the Consignor(s) and Buyer(s).
1.3.1 Occasionally, RMS may own a motor car(s) or any other lot(s) (and, in such circumstances, acts in a principal capacity as the Seller(s)) and/or may have a legal, beneficial, or financial interest in a motor car(s) or any other lot(s) as a secured creditor or otherwise.
2. Registration Fee. In order to register to bid onsite at auction, Bidder(s) must pay a $200.00 (USD) bidder registration fee.
3. Bidding.
3.1 To bid at an RMS auction, a Bidder(s) must be at least 21 years of age.
3.2 At auction, there is no “cooling off period.” If you are awarded the final bid, ownership changes hands at the drop of the gavel. You own the motor car(s) or any other lot(s) and are responsible for payment in full. No Bidder(s) may retract a bid made during the sale for any reason.
3.3 The Bidder(s) is responsible for all risk of loss or damage and insurance immediately upon purchase of the motor car(s) or any other lot(s).
3.4 RMS reserves the right to reject any bid(s). The highest Bidder(s) acknowledged by the auctioneer will be the Buyer(s). The auctioneer has absolute and sole discretion in the case of error or dispute with respect to bidding and, whether during or after the sale, to determine the successful Bidder(s), to re-open the bidding, to cancel the sale, or to re-offer and re-sell the motor car(s) or any other lot(s) in dispute. If any dispute arises after the sale, RMS’ sale record is conclusive. At RMS’ discretion, RMS will execute order or absentee bid(s) and accept telephone bid(s) and online bid(s) via rmsothebys.com as a convenience to clients who are not present at auctions; RMS is not responsible for any errors or omissions in connection therewith. Prospective Bidder(s) should also consult rmsothebys.com for the most up-to-date cataloguing of the motor car(s) or any other lot(s).
3.5 By participating in the sale, the Bidder(s) represent and warrant that any bid(s) placed by them, or on their behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law. RMS may require such necessary financial references, guarantees, deposits, and/or such other security, at their absolute discretion, as security for their bid(s).Please bear in mind that RMS is unable to obtain financial references over weekends or public holidays.
4. Purchase Price.
4.1 The Purchase Price shall consist of the following:
4.1.1 the Hammer Price of the motor car(s) or any other lot(s), and
4.1.2 the applicable Buyers’ Premium.
(clauses 4.1 to 4.1.2 together “Purchase Price”)
5. Buyers’ Premium.
5.1 In addition to the Hammer Price, the winning Bidder(s) is required to pay RMS a percentage of the Hammer Price, which RMS retains as the Buyers' Premium for their purchase of each motor car(s) or any other lot(s) ("Buyers’ Premium") in accordance with the following clauses:
5.1.1 In the event of a final Hammer Price of $250,000.00 (USD) and below on all motor car lot(s), RMS will receive a Buyers’ Premium of twelve percent (12%).
5.1.2 In the event of a final Hammer Price above $250,000.00 (USD) on all motor car lot(s), RMS will receive a Buyers’ Premium of twelve percent (12%) on the first $250,000.00 (USD), and receive a Buyers’ Premium of ten percent (10%) on the Hammer Price above $250,000.00 (USD).
5.1.3 Buyer(s) of all non-motor car lot(s), including but not limited to memorabilia, motorcycle(s), boat(s), trailer(s), jewelry, and clothing, are required to pay RMS a Buyers’ Premium of twenty percent (20%) on the Hammer Price of that particular lot(s).
6. Tax.
6.1 Unless exempted by law, the Buyer(s) of any motor car(s), boat(s), motorcycle(s), and trailer(s), (for the avoidance of doubt, all memorabilia and similar item(s) are not considered motor car(s) for sales tax purposes) will be required to pay the combined New York State and local sales tax and, if applicable, any other tax on the total Purchase Price plus applicable taxes. The rate of such combined state and local sales tax is 8.875% in New York City and ranges from 7% to 8.625% elsewhere in New York. New York sales tax will not be collected if the Buyer(s) provides a valid Automotive Dealer’s License, Form ST-120, Resale Certificate or Export Bill of Lading and a valid Form DTF-820, Certificate of Nonresidency of New York State and/or Local Taxing Jurisdiction.
6.2 For non-motor car(s) property (for the avoidance of doubt, non-motor car(s) property includes all memorabilia and similar items for sales tax purposes), sales tax will be collected on the total Purchase Price plus applicable taxes. The rate of such combined state and local sales tax is 8.875% in New York City and ranges from 7% to 8.625% elsewhere in New York. New York sales tax will not be collected if the Buyer(s) provides a valid Form ST-120, Resale Certificate or Export Bill of Lading and a valid Form DTF-820, Certificate of Nonresidency of New York State and/or Local Taxing Jurisdiction.
6.3 If the Buyer(s) of a motor car(s) or any other lot(s) resides in a state in which RMS is registered to collect Sales Tax, RMS is required to collect sales tax on the purchase of that motor car(s) or any other lot(s). Currently, RMS is registered to collect sales tax in the following states: California, Florida, Indiana, South Carolina, Arizona, New York, and Michigan. RMS reserves the right to collect sales tax from residents from other jurisdictions if RMS deems the collection of tax necessary.
6.4 The Bidder(s) is responsible to pay all city, state, or other taxes due for which the Bidder(s) does not qualify as exempt. Proof of exemption is the Bidder(s)’ responsibility. Bidder(s) are responsible for any applicable duty on any motor car(s) or any other lot(s). International Bidder(s) must pay any and all import duties that are due upon the import of the motor car(s) or any other lot(s) to its final destination.
7. Payment.
7.1 Subject to fulfillment of the Contractual Obligations, on the fall of the auctioneer’s hammer or equivalent device or mechanism (“Hammer Price”), the contract between the Consignor(s) and the Bidder(s) is concluded and payment is due in full on or before 5:00 p.m. of the next business day (“Payment Deadline”), and payment is to be made to RMS.
7.2 All payments must be in the form of cash or certified funds unless other arrangements have been approved in advance. Cash payments will be reported according to U.S. federal government requirements.
7.3 RMS is not obligated to release the motor car(s) or any other lot(s) to the winning Bidder(s) until the winning Bidder(s) has met all of the Contractual Obligations and paid the Purchase Price plus applicable taxes.
7.4 In the event that the winning Bidder(s) does not pay any portion of the Purchase Price plus applicable taxes by the Payment Deadline, the Bidder(s) agrees to and acknowledges the following: if RMS elects to pay the Consignor(s) any portion of the Purchase Price plus applicable taxes, RMS shall have all of the rights of the Consignor(s) to pursue the Buyer(s) for any amounts paid to the Consignor(s), whether at law, in equity, or under these Conditions of Business. The Bidder(s) hereby authorizes RMS to deduct the Purchase Price plus applicable taxes from the Bidder(s)’ cash deposit or to charge this amount to the credit card that the Bidder(s) has provided. If the Bidder(s)’ cash deposit and/or credit card payment does not cover the Purchase Price plus applicable taxes, in addition to other remedies available by law, RMS reserves the right to impose, from the Payment Deadline until the full Purchase Price plus applicable taxes has been made by the Buyer(s), a late charge of ten percent (10%) interest per annum on the (1) Purchase Price plus applicable taxes; (2) maximum published Sellers’ Commission; (3) applicable expenses; (4) any collection costs, attorney fees, and court costs incurred to enforce payment; and (5) other damages.
8. All Sales are “As Is” and “Where Is.” The Bidder(s) is responsible for inspections and verification of the condition, authenticity, and completeness of any motor car(s) or any other lot(s) purchased. No warranties or representations of any type whatsoever are made by RMS. Statements printed in catalogues, online content, pre-mailers, advertisements, brochures, signs, and window cards, as well as verbal statements made by auctioneers or auction staff, are representations made by the Consignor(s), and RMS has no obligation to verify or authenticate any such claims or representations. Except as herein provided, all motor car(s) or any other lot(s) are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNOR(S) AND RMS DISCLAIM ALL WARRANTIES, EXPRESSED OR IMPLIED, AS TO CONDITION, ORIGINALITY, OR AUTHENTICITY; ORIGIN OR PROVENANCE; PREVIOUS USE OR OWNERSHIP; MANUFACTURING OR RESTORATION PROCESSES; YEAR OR AGE; SERIAL NUMBER, MAKE, OR MODEL; OPTIONS AND TOOLS; ENGINE HOURS; AND MILEAGE OF ANY MOTOR CAR(S) OR ANY OTHER LOT(S) OR COMPONENT OF ANY MOTOR CAR(S) OR ANY OTHER LOT(S), AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
9. Reserve(s). Motor Car(s) or any other lot(s) not marked as “no reserve” (or similar) are subject to a reserve bid set by the Consignor(s). When a motor car(s) or any other lot(s) is sold subject to such a reserve bid, the auctioneer may bid on the Consignor(s)’ behalf in an amount not to exceed the amount of the reserve bid.
10. Absentee and Telephone Bidding. Absentee and telephone bidding are services provided by RMS for the Bidder(s)’ benefit, and RMS cannot be held responsible for errors or omissions with respect to the bidding process, including failure to execute any bid. By submitting a bid(s), the Bidder(s) has entered into a binding contract to purchase each motor car(s) or any other lot(s) if the Bidder(s)’ bid is successful. If the Bidder(s)’ bid is successful, the Bidder(s) is to pay the Purchase Price plus applicable taxes, including the Buyers’ Premium and sales tax, if not otherwise exempt. It is the Bidder(s)’ responsibility to provide proof of exemption from sales tax. By participating in telephone bidding, the Bidder(s) acknowledges that RMS has the right to record all telephone calls.
11. Cancellation of Sale.
11.1 RMS has the sole discretion to cancel an auction or the sale of a motor car(s) or any other lot(s) and will not be liable to the Bidder(s) for any losses or damages resulting from the cancellation if RMS believes the following events have occurred or have a reasonable probability of occurring:
11.1.1 Force Majeure events including but not limited to:
11.1.1.1 natural disaster,
11.1.1.2 structural damage to auction venue prior to the auction, and
11.1.1.3 terrorist event;
11.1.2 Government/Court action, order, injunction, regulation, or law that necessitates a cancellation;
11.1.3 RMS opines that the motor car(s) or any other lot(s) have been misrepresented by the Consignor(s) or the Bidder(s);
11.1.4 RMS opines that physical damage to the motor car(s) or any other lot(s), which cannot be sufficiently repaired prior to the auction, occurred after the Conditions of Business are signed;
11.1.5 RMS is threatened with a lawsuit from a third party;
11.1.6 RMS faces reputational damages for selling the motor car(s) or any other lot(s); or
11.1.7 RMS faces liability or losses by selling the motor car(s) or any other lot(s).
12. Online Services are “As Is” and “As Available.”
12.1 Bidder(s) may be able to bid via websites, telephone services, applications, and tools (collectively “Services”).
12.2 RMS tries to keep the Services safe, secure, and functioning properly, but RMS cannot guarantee the continuous operation of or access to the Services. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RMS’ control.
12.3 Bidder(s) agree that they are making use of the Services at their own risk and that they are being provided to Bidder(s) on an “AS IS” and “AS AVAILABLE” basis. Accordingly, to the extent permitted by applicable law, RMS excludes all expressed or implied warranties, terms, and conditions, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
13. Currency Display. RMS may use a currency display in the saleroom for informational purposes only. The currencies listed on the currency converter are not real-time conversions pegged to market rates and are not to be relied on by anyone. Errors and inaccuracies may occur in the operation of the currency converter. To be clear, the bid price stated by the auctioneer is the prevailing and binding bid price.
14. Bank Letter. Please note that in order to register to bid at an RMS sale, RMS requires that all Bidder(s) provide a Bank Letter. All Bank Letters must be written on bank letterhead. Please note that RMS may waive this requirement at its sole discretion.
15. Credit Card Hold and Pre-authorization. Please note that in order to register to bid at an RMS sale, RMS requires a $5,000.00 (USD) hold and pre-authorization to be placed on the Bidder(s)’ credit card. If the Bidder(s) fails to pay for a motor car(s) or any other lot(s) purchased on or before 5:00 p.m. of the next business day following the auction, the Bidder(s) acknowledges that their credit card will be charged $5,000.00 (USD) for the missed payment; please note that the Bidder(s) is still bound to pay their remaining balance. The $5,000.00 (USD) hold will not be charged to their credit card if the Bidder(s) makes full payment on or before 5:00 p.m. of the next business day following the auction. If the Bidder(s) does not purchase a motor car(s) or any other lot(s), their credit card will not be charged. If their credit card is not to be charged, the $5,000.00 (USD) hold should fall off their credit card within three (3) to four (4) business days depending on their credit card company. Please note that RMS may waive this requirement at its sole discretion.
16. Removal of Purchased Motor Car(s) or Any Other Lot(s).
16.1 All purchased motor car(s), including motorcycle(s), boat(s), and trailer(s), must be removed from the storage facility located in New Jersey by the next business day by five PM (5:00 p.m. EST) (“Removal Deadline”).
16.2 The Buyer(s) will pay a removal fee of $450.00 (USD) per motor car(s), including motorcycle(s), boat(s), and trailer(s). If the motor car(s), including motorcycle(s), boat(s), and trailer(s), are not removed by the Removal Deadline, the Buyer(s) will be charged a daily storage fee of $30.00 (USD) until the motor car(s), including motorcycle(s), boat(s), and trailer(s), is removed.
16.3 For the collection of any non-motor car lot(s), including but not limited to memorabilia, jewelry, and clothing, from the storage facility, once the Buyer(s) has made payment by the Payment Deadline, a direct shipping company will contact the Buyer(s). Please note that a reasonable memorabilia removal and storage fee will apply.
16.4 Please note that the Buyer(s) is required to insure their motor car(s) or any other lot(s) while it is being stored on their behalf.
17. Legal Action. In the event that either party brings action against the other, arising from or relating to this auction, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees and costs. Jurisdiction for any action brought shall lie exclusively in a court of competent jurisdiction in the judicial district in which the auction is located.
18. Packing and Shipping. RMS is not responsible for the acts or omissions in our packing or shipping of purchased motor car(s) or any other lot(s) or of other carriers or packers of purchased motor car(s) or any other lot(s), whether or not recommended by RMS. Packing and handling of purchased motor car(s) or any other lot(s) is at the entire risk of the Buyer(s).
19. Data Protection. RMS will use information provided by our client(s) (or which RMS otherwise obtains relating to our client(s)) for the provision of auction and other related services, loan services, client administration, marketing, and otherwise to manage and operate our businesses, or as required by law. This will include information such as the client(s)’ name and contact details, proof of identity, financial information, records of the client(s)’ transactions, and preferences. Some gathering of information about our client(s) will take place using technical means to identify their preferences in order to provide a higher quality of service to them. RMS may also disclose the client information to other Sotheby’s or RM Sotheby's Companies and/or third parties acting on their behalf to provide services for these purposes.
20. All Motor Cars(s) sold in this sale will be sold under a New York Retail Motor Vehicle Dealer held by RM Sotheby’s and pursuant to all applicable laws, including the New York Used Car Lemon Law, N.Y. GBL. § 198.Buyer(s) will be provided with relevant disclosures, including the New York Used Car Lemon Law Consumer Bill of Rights. Except as limited by the foregoing, all motor car(s) are sold “AS IS” without any representations or warranties by RMS or the Consignor(s) as to merchantability, fitness for a particular purpose, the correctness of the catalogue, or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature, or historical relevance of any motor car(s), and no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a warranty, representation, or assumption of liability. RMS and the Consignor(s) make no representations and warranties, express or implied, as to the authenticity, authorship, period or origin of any motor car(s), and completeness of any motor car(s) in this catalogue. RMS and the Consignor(s) make no representations and warranties, express or implied, as to whether the Buyer(s) acquires any copyrights, including but not limited to, any reproduction rights in any motor car(s). RMS and the Consignor(s) are not responsible for errors and omissions in the catalogue, glossary, or any supplemental material.
