DIVERSE OFFERING OF COLLECTOR CARS LEADS RM AUCTIONS AUBURN SPRING SALE AUCTION TOTALS MORE THAN $6.8 MILLION
29 May - 1 June 2019
Auburn Spring
Auburn Auction Park, Auburn, Indiana
DIVERSE OFFERING OF COLLECTOR CARS LEADS RM AUCTIONS AUBURN SPRING SALE AUCTION TOTALS MORE THAN $6.8 MILLION
RM | AUCTIONS
RM Auctions returned to the historic Auburn Auction Park this past weekend (29 May – 1 June) for the company’s annual Auburn Spring collector car weekend. Total sales across the four-day auction reached $6,853,794, led by a diverse top ten sales list and two full days of exceptional memorabilia and collectibles on offer. Bidders at the Auburn Spring sale hailed from no less than 11 countries, with more than 40 percent representing first-time RM Auctions clientele.
The Auburn Spring auction sales were led by a diverse top three sales, including a marvelously restored and ACD Club Category One-certified 1930 Cord L-29 Convertible Phaeton Sedan at $157,300, a 2015 Rolls-Royce Wraith offered from single ownership at $156,750, and, rounding out the top three, a 1965 Shelby Cobra 289 “CSX 8001”, the first 8000-series 289 Cobra by Shelby American, at a final $104,500.
Additional highlights across various levels and segments of the market include a well-equipped 1971 Mercedes-Benz 280 SL ‘Pagoda’ offered from The European Luxury Collection, which exceeded expectations at a final $93,500 (est. $65/$75k), a beautifully restored 1969 Plymouth GTX, which sold for $57,000 on Friday, surpassing its estimate of $40,000-$45,000, and a 1979 AMC AMX, showing what is believed to be an original 8,400 miles on the odometer, which drew considerable pre-sale interest, selling for a final $24,500 to more than double its pre-sale high estimate (est. $6k/$10k).
Auburn Spring successfully kicked off on Wednesday and Thursday with more than 800 lots of memorabilia going under the hammer, led by the Strauss Collection, comprising the impressive signs and collectibles of the late Bob Strauss. The top seller of the collection was the Ford Jubilee Neon Sign, an 84 x 42-inch SSP multi-piece rolled edge neon, which achieved $63,250. Another stand-out memorabilia highlight was the Gas Flying A Chicken Wings Logo Neon Sign with excellent gloss and color, and working neon, which surpassed its pre-sale estimate of $10,000-$20,000, bringing in $27,730.
Once again, the Antique Automobile Club of America (AACA) held their Annual Grand National Meet at Auburn Spring, welcoming 400 cars in total, along with 200 judges and thousands of guests. The meet saw hundreds of incredible cars on display, including 16 finalists for the Zenith Award, bestowed upon the best restoration of the year. The 2019 award went to a stunning 1931 Buick 8-94 Sport Roadster owned by David M. Landow of Bethesda, Maryland. The seven-year restoration project “wowed” the public and other competitors alike.
Sale Produced By
RM Auctions, Inc. d.b.a. RM Auctions
5536 County Road 11A
Auburn
United States (US)
46706
Catalogue
Auburn Spring, 2019
Auburn Spring, 2019
Bidders' Conditions of Business
BIDDERS’ 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 or any other lot at this or any other RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) auction (RMA and RMS together “RM”). Even though the RM Bidders’ Conditions of Business are standardized, there are unique jurisdictional requirements and terms that may not apply to every auction, and it is each Bidder’s responsibility to understand and review these Conditions of Business as they apply. By agreeing to these Conditions of Business, you are agreeing to be bound by these Conditions of Business for both RMS and RMA auctions. Please note that the Bidders’ Conditions of Business are subject to change, and it is each Bidder’s responsibility to apprise themselves of any changes to the Bidders’ Conditions of Business. Bidders are encouraged to contact RM’s Client Service department at clientservices@rmsothebys.com with any questions or concerns regarding these Bidders’ Conditions of Business.
1.2. RM’s contractual relationship with the Bidders is governed by:
1.2.1. These Bidders’ Conditions of Business;
1.2.2. The Bidders’ Conditions of Business displayed in the auction salesroom;
1.2.3. The Bidders’ Conditions of Business displayed on RM’s website; and
1.2.4. In each case as amended by any salesroom notice, auctioneer’s announcement at the auction, or website update.
(Clauses 1.2 to 1.2.4 together “Contractual Obligations”.)
1.3. As auctioneer, RM acts as the agent for the Consignor, and a sale contract is made directly between the Consignor and the Buyer.
1.3.1. Occasionally, RM may own a motor car or any other lot (and, in such circumstances, acts in a principal capacity as the Seller) and/or may have a legal, beneficial, or financial interest in a motor car or any other lot as a secured creditor or otherwise.
2. Bidder Due Diligence Responsibilities. The Bidder is responsible for any and all due diligence including but not limited to inspections and verification of the (i) condition, (ii) authenticity, (iii) completeness, (iv) statements made in reference to, and (v) any and all other matters regarding any motor car or any other lot offered in an RM sale (“Bidder Due Diligence”).
3. Twenty Day Window for Rescission of Sale due to Material Misrepresentation.
3.1. RM will review concerns regarding material misrepresentations raised by the Buyer for 20 business days from the date of the auction; after which time, all sales are considered “As Is” and “Where Is” as outlined in clause 4 below. Please send all concerns to legal@rmsothebys.com.
3.2. If it is found that the alleged material misrepresentation (that would not have been reasonably found through the Bidder Due Diligence) materially decreases the value or functionality of the motor car or any other lot, RM will work with the Buyer to reach a solution.
3.2.1. The Buyer agrees to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any Buyer alleged damages or liability, including but not limited to, travel expenses, repair expenses, and inspection expenses in any way related to actions taken in accordance with clause 3.
(clause 3 to 3.2.1 together “Twenty Day Window”)
4. With the Exception of the Twenty Day Window, All Sales Are “As Is” and “Where Is.” No warranties or representations of any type whatsoever are made by RM regarding any motor car or any other lot offered in an RM sale. 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 based on statements and historical files, if any, collected from the Consignor and other third party sources, and RM has no obligation to verify or authenticate any such statements. All motor cars or any other lots are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNORS AND RM 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 OR ANY OTHER LOT OR COMPONENT OF ANY MOTOR CAR OR ANY OTHER LOT, AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
5. Services. RM agrees to act as an agent for the Bidders and provide auction services including, but not limited to, a sale facility, clerks, support staff, event advertising, and promotion. In connection with the auction, RM will have absolute discretion with regard to the motor car and any other lot or any RM auction as to (a) consulting any expert either before or after the sale, (b) researching provenance, (c) grouping and providing catalogue and other descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale.
6. Registration Fee.
6.1. In order to register to bid onsite at auction, Bidders must pay a bidder registration fee as outlined below:
6.1.1. Up to a US$300 bidder registration fee for RMS North American auctions;
6.1.2. Up to a US$200 bidder registration fee for RMA North American auctions;
6.1.3. A €200 bidder registration fee for RMS Paris auctions;
6.1.4. A €200 bidder registration fee for RMS Monaco and Villa Erba auctions; and
6.1.5. A £150 bidder registration fee for RMS London, United Kingdom, auctions.
6.2. Please note that the registration fees outlined in the clauses above are subject to change by any salesroom notice, auctioneer’s announcement at the auction, catalogue update, or website update, and it is each Bidder’s responsibility to apprise themselves of any changes to the registration fees.
7. Bidding.
7.1. To bid at an RM auction, a Bidder must be at least 21 years of age.
7.2. 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 or any other lot and are responsible for payment in full. No Bidder may retract a bid made during the sale for any reason.
7.3. The Bidder is responsible for all risk of loss or damage and insurance immediately upon purchase of the motor car or any other lot.
7.4. RM reserves the right to reject any bid. The highest Bidder acknowledged by the auctioneer will be the Buyer. 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, to re-open the bidding, to cancel the sale, or to re-offer and re-sell the motor car or any other lot in dispute. If any dispute arises after the sale, RM’s sale record is conclusive. At RM’s discretion, RM will execute order or absentee bids and accept telephone bids and online bids via rmsothebys.com as a convenience to clients who are not present at auctions; RM is not responsible for any errors or omissions in connection therewith. Prospective Bidders should also consult rmsothebys.com for the most up-to-date cataloguing of the motor cars or any other lots.
7.5. By participating in the sale, the Bidder represents and warrants that any bid placed by them, or on their behalf, is not the product of any collusive or other anti-competitive agreement and is otherwise consistent with federal and state antitrust law. RM may require such necessary financial references, guarantees, deposits, and/or such other security, at their absolute discretion, as security for any bid. Please bear in mind that RM is unable to obtain financial references over weekends or public holidays.
8. Purchase Price. The purchase price shall consist of the following:
8.1. the Hammer Price (defined below) of the motor car or any other lot, and
8.2. the applicable Buyers’ Premium (defined below).
(Clauses 8 to 8.2 together “Purchase Price”.)
9. Buyers’ Premium.
9.1. In addition to the Hammer Price, the winning Bidder is required to pay RM a percentage of the Hammer Price, which RM retains as the Buyers’ Premium for the purchase of each motor car or any other lot (“Buyers’ Premium”).
9.2. RMS North American auctions will have the following Buyers’ Premiums:
9.2.1. In the event of a final Hammer Price of US$250,000 and below on all motor car lots, RMS will receive a Buyers’ Premium of 12%.
9.2.2. In the event of a final Hammer Price above US$250,000 on all motor car lots, RMS will receive a Buyers’ Premium of 12% on the first US$250,000 and will receive a Buyers’ Premium of 10% on the Hammer Price above US$250,000.
9.2.3. Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMS a Buyers’ Premium of 20% on the Hammer Price of those particular lots.
9.3. RMA North American auctions will have the following Buyers’ Premiums:
9.3.1. RMA will receive a Buyers’ Premium of 10% on all motor car lots.
9.3.2. Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMA a Buyers’ Premium of 15% on the Hammer Price of those particular lots.
9.4. RM European auctions will have the following Buyers’ Premiums:
9.4.1. In the event of a final Hammer Price of €200.000 and below on all motor car lots, RM will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium).
9.4.2. In the event of a final Hammer Price above €200.000 on all motor car lots, RM will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium) on the first €200.000 and will receive a Buyers’ Premium of 12.5% (plus VAT on the Buyers’ Premium) on the Hammer Price above €200.000.
9.4.3. Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RM a Buyers’ Premium of 20% (plus VAT on the Buyers’ Premium) on the Hammer Price of those particular lots.
9.5. RMS London, United Kingdom, auctions will have the following Buyers’ Premiums:
9.5.1. In the event of a final Hammer Price of £200,000 and below on all motor car lots, RMS will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium).
9.5.2. In the event of a final Hammer Price above £200,000 on all motor car lots, RMS will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium) on the first £200,000 and will receive a Buyers’ Premium of 12.5% (plus VAT on the Buyers’ Premium) on the Hammer Price above £200,000.
9.5.3. Buyers of all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing, are required to pay RMS a Buyers’ Premium of 20% (plus VAT on the Buyers’ Premium) on the Hammer Price of those particular lots.
9.6. For those Bidders utilizing the online service Live Auctioneers for any RM auction, in addition to the applicable Buyers’ Premium, an additional 2% of the Hammer Price will be charged to the Buyer of a motor car lot, and an additional 3% of the Hammer Price will be charged to the Buyer of a non-motor car lot, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing.
10. Taxes.
10.1. The Buyer is responsible to pay all city, state, federal, provincial, territorial, and any and all other taxes due for which the Buyer does not qualify as exempt, subject to RM verification; proof of exemption is the Buyer’s responsibility. The Buyer is responsible for any applicable duty, import tariffs, charges, or any and all other required payments that are due upon the import of the motor car or any other lot to its final destination.
10.2. Although by no means an exhaustive list, please be aware of the tax scenarios below.
10.2.1. For auctions held in the United States, if the Buyer of a motor car or any other lot resides in an American state in which RM is registered to collect/remit sales tax, RM is required to collect/remit sales tax on the purchase of that motor car or any other lot. RM is registered to collect/remit sales tax in the following states: California, Florida, Indiana, Pennsylvania, Arizona, New York, and Michigan. RM reserves the right to collect/remit sales tax from residents from other jurisdictions if RM deems the collection/remittance of tax necessary.
10.2.2. For auctions in the EU, according to the EU VAT Directive, motor cars that have been in use for no more than 6 months or that have been driven for no more than 6,000 kilometers are considered new means of transport and will be subject to VAT. Payment of VAT is the responsibility of the Buyer. Where applicable, RM may take a deposit from the Buyer equal to the amount of VAT due, which will be refunded upon receiving satisfactory evidence that the motor car has been transported to and registered in another EU country.
11. No Legal or Tax Advice. This agreement is an important legal document. The Bidder acknowledges that the Bidder has had the opportunity to consult an attorney before signing this agreement and has signed this agreement after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in this agreement, or any contemporaneous written, oral, or implied understandings of the Parties relating to the subject matter of this agreement, RM has not provided legal or tax advice or tax planning services to the Bidder or for the Bidder’s benefit in connection with the transactions contemplated by this agreement, and no one at RM has acted as the Bidder’s attorney or tax advisor. It is the Bidder’s responsibility to satisfy themselves and comply with all applicable tax, duty, or any and all other payments associated with the purchase of a motor car or any other lot at an RM auction.
12. Payment.
12.1. Subject to fulfillment of the Contractual Obligations, on the fall of the auctioneer’s hammer (or equivalent device or mechanism), the contract between the Consignor and the Bidder is concluded.
12.2. The value of the last accepted bid upon the fall of the auctioneer’s hammer (or equivalent device or mechanism) is the Hammer Price (“Hammer Price”).
12.3. 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 RM.
12.4. For RM North American auctions, 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.
12.5. For RM United Kingdom and European auctions, all payments must be in the form of wire transfer unless other arrangements have been approved in advance.
12.6. RM is not obligated to release the motor car or any other lot to the winning Bidder until the winning Bidder has met all of the Contractual Obligations and paid the Purchase Price plus applicable taxes.
12.7. In the event that the winning Bidder does not pay any portion of the Purchase Price plus applicable taxes by the Payment Deadline, the Bidder agrees to and acknowledges the following: If RM elects to pay the Consignor any portion of the Purchase Price plus applicable taxes, RM shall have all of the rights of the Consignor to pursue the Buyer for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Business. The Bidder hereby authorizes RM 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 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, RM reserves the right to impose, from the Payment Deadline until the full Purchase Price plus applicable taxes has been made by the Buyer, a late charge of 10% interest per annum on the (1) Purchase Price plus applicable taxes, (2) maximum published Sellers’ Commission, (3) Buyers’ Premium, (4) applicable expenses, (5) any collection costs, attorneys’ fees, and court costs incurred to enforce payment, and (6) other damages.
13. Reserves. Motor cars or any other lots not marked as “no reserve” (or similar) are subject to a reserve bid set by the Consignor. When a motor car or any other lot 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.
14. Absentee and Telephone Bidding. Absentee and telephone bidding are services provided by RM for the Bidder’s benefit, and RM cannot be held responsible for errors or omissions with respect to the bidding process, including failure to execute any bid. By submitting one or more bids, the Bidder has entered into a binding contract to purchase each motor car or any other lot if the Bidder’s bid is successful. If the Bidder’s bid is successful, the Bidder 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 acknowledges that RM has the right to record all telephone calls.
15. Cancellation/Rescission of Auction. RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the auction and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
15.1. Force Majeure events including but not limited to:
15.1.1. Any natural disaster, which despite reasonable efforts, restricts RM from holding the auction;
15.1.2. Structural damage to the auction venue prior to the auction, which despite reasonable efforts, restricts RM from holding the auction; and
15.1.3. Any terrorist event, which despite reasonable efforts, restricts RM from holding the auction.
15.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold an auction that necessitate a cancellation.
16. Cancellation/Rescission of Motor Car or Any Other Lot. RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a motor car or any other lot and will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
16.1. RM opines that the motor car or any other lot has been intentionally and materially misrepresented by the Consignor;
16.2. RM opines that physical damage to the motor car or any other lot, which cannot be sufficiently repaired prior to the auction, occurred after this agreement was signed;
16.3. RM is served with a lawsuit from a third party in relation to the motor car or any other lot;
16.4. RM faces significant reputational damages that would cause monetary damages for selling the motor car or any other lot;
16.5. Material issues regarding title, registration, or transfer of ownership that cannot be reasonably cured;
16.6. Material issues regarding the provenance, merchantability, or authenticity of the motor car or any other lot that cannot be reasonably cured;
16.7. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the motor car or any other lot at auction that necessitate a cancellation; or
16.8. If there are legitimate claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a motor car or any other lot not being authentic, being misrepresented, having an encumbered title or registration, having undisclosed material issue, or having a similar claim, RM has the right to retain the Buyer’s funds on account and be the arbitrator as to the merit of the Buyer’s claims and to cancel the sale of the motor car or any other lot and reimburse the payment to the Buyer if RM deems the Buyer’s claims to be valid.
17. Online Services Are “As Is” and “As Available.”
17.1. Bidders may be able to bid via websites, telephone services, applications, and tools (collectively “Services”).
17.2. RM tries to keep the Services safe, secure, and functioning properly, but RM 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 RM’s control.
17.3. Bidders agree that they are making use of the Services at their own risk and that they are being provided to Bidders on an “AS IS” and “AS AVAILABLE” basis. Accordingly, to the extent permitted by applicable law, RM 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.
18. Currency Display. RM may use a currency display in the salesroom 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.
19. Bank Letter. Please note that in order to register to bid at an RM sale, RM requires that all Bidders provide a Bank Letter. All Bank Letters must be written on bank letterhead. Please note that RM may waive this requirement at its sole discretion.
20. Credit Card Hold and Pre-authorization.
20.1. Please note that in order to register to bid at an RM sale, RM requires a hold and pre-authorization to be placed on the Bidder’s credit card, which is dependent on the particular auction as listed in clause 20.2 (“CC Hold”). If the Bidder fails to pay for a motor car or any other lot purchased on or before 5:00 p.m. of the next business day following the auction, the Bidder acknowledges that their credit card will be charged the applicable CC Hold for the missed payment; please note that the Bidder is still bound to pay their remaining balance. The CC Hold will not be charged to their credit card if the Bidder makes full payment on or before 5:00 p.m. of the next business day following the auction. If the Bidder does not purchase a motor car or any other lot, their credit card will not be charged. If their credit card is not to be charged, the CC Hold should fall off their credit card within 10 business days, depending on their credit card company. Please note that RM may waive this requirement at its sole discretion.
20.2. A CC Hold as outlined below will be placed on the Bidder’s credit card:
20.2.1. A US$5,000 CC Hold for RMS North American auctions;
20.2.2. A US$2,000 CC Hold for RMA North American auctions;
20.2.3. A €5.000 CC Hold for RM European auctions; and
20.2.4. A £5,000 CC Hold for RMS London, United Kingdom, auctions.
21. Title Transfer.
21.1. For RM's North American auctions, in an effort to ensure all titles are free and clear of liens or encumbrances, RM manages the process of title reassignment on behalf of the Buyer. Buyers will receive titles in the mail as soon as possible following the auction with a target of a maximum of 20 business days following the auction; however, please note that for reasons beyond RM’s control, including any delays in lien releases by lien holder(s) and/or delays by Department of Motor Vehicles (or equivalent) in certain states, there are instances where the Buyer may not receive the title within 20 business days and, in those circumstances, RM will work to provide the titles to the Buyer as soon as possible. A US$75 administration fee or its equivalent in local currency of the auction location (US$85 in the State of California) will be assessed per motor car purchased, but this fee will not apply to nostalgia lots.
21.1.1. If a motor car or any other lot is rendered “Title in Transit”, it is unlikely that the Buyers will receive the title in the mail within 20 business days following the auction; however, RM will work to provide the titles to the Buyer as soon as possible.
21.1.2. The Buyer acknowledges that delays in transferring titles due to delays at government Motor Vehicle departments happen from time-to-time and, the Buyer will hold RM harmless from any allegations of damages arising out of government delays.
21.2. For RM European and London, United Kingdom auctions, RMS will use its best efforts to ensure that all titles are free and clear of liens and encumbrances. Where possible, RMS will also assist with the process of title reassignment on behalf of the Buyer. RMS cannot however be held responsible for the successful completion of this procedure due to the various regional rules and guidelines.
22. Removal of Purchased Motor Car or Any Other Lot.
22.1. For RM North American and European auctions, all purchased motor cars, including motorcycles, boats, and trailers, must be removed from the auction site by the next business day by 5:00 p.m. in the applicable time zone where the auction is held (“RM Removal Deadline”).
22.1.1. Specifically, for RM North American auctions:
22.1.1.1. If a motor car (including motorcycles, boats, and trailers) is not removed by the RM Removal Deadline, the Buyer will be charged a removal fee of up to US$600 and a daily storage fee of up to US$30 until the motor car (including motorcycles, boats, and trailers) is removed.
22.1.1.1.1. Please note that for RM auctions in Auburn, Indiana, no removal fee will apply.
22.1.2. Specifically, for RM European auctions:
22.1.2.1. The Buyer will be charged a removal fee of up to €600 plus VAT per motor car, and a daily storage fee of up to €40 plus VAT per motor car until the motor car (including motorcycles, boats, and trailers) is removed.
22.1.2.2. Specifically, if a boat lot is not removed by the RM Removal Deadline, RM will remove the boat lot, and the Consignor is required to pay RM a removal fee plus VAT per boat lot and a daily storage fee plus VAT per boat lot. The removal fee and daily storage fee for a boat lot will be determined based on the size of the boat lot and therefore cannot be confirmed until the boat lot is consigned.
22.2. For RMS London, United Kingdom, auctions:
22.2.1. All purchased motor cars, including motorcycles, boats, and trailers, will be removed and taken to the CARS Europe storage facility located in either Chedburgh, Suffolk, United Kingdom, or Fairoaks Chobham, United Kingdom, by the next business day by 12:00 p.m. in the applicable time zone where the auction is held.
22.2.2. The Buyer will be charged a removal fee of up to £600 plus VAT per motor car and a daily storage fee of up to £40 plus VAT per motor car until the motor car (including motorcycles, boats, and trailers) is removed.
22.3. Regarding the collection of any non-motor car lots, including but not limited to memorabilia, jewelry, and clothing, from the auction site: Once the Buyer has made payment by the Payment Deadline, a direct shipping company will contact the Buyer. Please note that a reasonable memorabilia removal and storage fee will apply.
22.4. Please note that the Buyer is required to insure their motor car or any other lot while the motor car or any other lot is being stored on their behalf.
23. Legal Action.
23.1. For RM North American auctions, 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.
23.2. For RM European auctions:
23.2.1. These Bidders’ Conditions of Business (and any dispute or claim relating to them, their subject matter, their enforceability, or their termination [including non-contractual claims]) are to be governed by and construed in accordance with English law.
23.2.2. The courts of England and Wales shall have jurisdiction to settle any claim, dispute, or issue, whether arising out of or in connection with these Bidders’ Conditions of Business or otherwise (including non-contractual claims). In the case of a dispute that is the subject of a claim by RM, such jurisdiction shall be non-exclusive. In any other case, such jurisdiction shall be exclusive, and the Buyer and Consignor agree that it will not institute proceedings in the courts of any country other than England and Wales.
23.3. For RMS’ Paris auctions:
23.3.1. These Bidders’ Conditions of Business (and any dispute or claim relating to them, their subject matter, their enforceability, or their termination [including non-contractual claims]) are to be governed by and construed in accordance with French law.
23.3.2. The courts of France shall have jurisdiction to settle any claim, dispute, or issue, whether arising out of or in connection with these Bidders’ Conditions of Business or otherwise (including non-contractual claims). In the case of a dispute that is the subject of a claim by RM, such jurisdiction shall be non-exclusive. In any other case, such jurisdiction shall be exclusive, and the Buyer and Consignor agree that they will not institute proceedings in the courts of any country other than France.
24. Packing and Shipping. RM is not responsible for the acts or omissions in our packing or shipping of purchased motor cars or any other lots or of other carriers or packers of purchased motor cars or any other lots, whether or not recommended by RM. Packing and handling of purchased motor cars or any other lots are at the entire risk of the Buyer.
25. Data Use. The Bidders agree to allow RM to use their personal information in accordance with RM’s Privacy Policy. RM uses your personal information to provide services specifically tailored toward your requirements and to treat you in a personal way; to fulfill your agreements regarding the consignment and purchase of items at RM auctions and private sales; to provide you with information on upcoming sales; to carry out analysis and market research; to undertake targeted online advertising; to send status updates and service communications; to improve our websites, products, and services; to provide payment services; and for management and administrative purposes. The full Privacy Policy can be found at the bottom of the RM website homepage under the Privacy & Terms tab. If you wish to ask any questions regarding the use of your personal information, to request a full accounting of what personal information is on file with RM, or to unsubscribe to any services or purge your personal information from RM’s systems, please email privacy@rmsothebys.com.
26. Anti-Money Laundering. The Bidder agrees to provide all information and assistance reasonably requested by RM to comply with RM’s internal Anti-Money Laundering process and to comply with any and all Anti-Money Laundering Laws and Regulations in force in the jurisdiction in which the auction is held.
27. Entire Agreement: This document shall be binding upon the parties and their respective heirs, personal representatives, and assigns. Except as otherwise expressly provided herein, these Conditions of Business shall not be modified, except in writing. Whenever used in these Conditions of Business, as the contract requires, the singular number shall include the plural, the plural number shall include the singular, the masculine gender shall include the feminine and neuter, the feminine gender shall include the masculine and neuter, and the neuter gender shall include the masculine and feminine.
28. The Authentication Company, LLC. Please note that The Authentication Company, LLC (“TAC”) is an independent company working in association with RM; any abbreviations, terms, rating system are strictly for informational purposes and are subject to change. RM does not represent or warrant any ratings or references made to TAC. No information provided by TAC overrides the RM Conditions of Business. RM strongly recommends that Bidder perform their own inspections and due diligence on motor car or any other lot for sale.
FOR RM CALIFORNIA AUCTIONS SPECIFICALLY:
29. Notice to Buyers as Required by the California Department of Motor Vehicles Code Section 11729. Failure of RM to comply with the terms of this agreement may be in violation of statute, which could result in criminal or administrative sanctions, or both. If you feel RM has not complied with the terms of this agreement, please contact an investigator of the Department of Motor Vehicles.
30. Contract Cancellation Agreement. In the event of a successful bid, if a motor car or any other lot has a combined hammer price and Buyers’ Premium equaling less than US$40,000, under the Car Buyer’s Bill of Rights (FFVR 35), RM is required to offer a 2-day contract cancellation option agreement to the successful Buyer. If the Buyer exercises this contract cancellation option, RM is obligated to return any funds paid by the Buyer and cancel the sale. If the sale is canceled, RM is under no obligation to pay the Consignor for the motor car or any other lot, and the motor car or any other lot will be deemed to have not sold.
FOR RM EUROPEAN AUCTIONS SPECIFICALLY:
31. Motor Car or Any Other Lot Under Temporary Import.
31.1. A temporary import bond is used in all EU sales. If a motor car or any other lot is brought into the EU from a country outside of the EU, the motor car or any other lot must be placed on either RM’s bond in the United Kingdom or one of RM’s nominated customs agencies for Paris, Monaco, or Italy. Fees and charges vary from sale to sale, and for some countries, this is also determined by the value of the motor car or any other lot.
31.2. Motor cars or any other lots subject to temporary importation restrictions cannot be discharged from RM’s custody without the completion of customs procedures and until full payment has been received. Customs charges will be levied appropriately depending on each individual scenario and will be payable directly to the relevant authorities, which RM will provide the details of as and when necessary.
31.3. Should the Buyer decide for the motor car or any other lots to remain in the EU when purchased, the Buyer is responsible to pay any and all import fees for the motor car or any other lots.
32. Translated Bidders’ Conditions of Business. If there is a contradiction due to translation in our Bidders’ Conditions of Business, please note that the English version of RM’s Bidders’ Conditions of Business will supersede.
FOR RMS’ PARIS AUCTIONS SPECIFICALLY:
33. Guarantee. Please note that RMS has placed a guarantee with QBE Insurance (Europe) Limited, a company incorporated in England with registered number 1761561 ("QBE"), Plantation Place, 30 Fenchurch Street, London, EC3M 3BD, to secure availability of sale proceeds as required by law.
Consignors' Conditions of Business
CONSIGNORS’ CONDITIONS OF BUSINESS
1. Introduction:
1.1 Please ensure that you read and understand these Conditions of Business (“Conditions”) prior to consigning a Motor Car or Any Other Lot at this or any other RM Auctions, Inc. (“RM”) sale.
1.2 RM’s contractual relationship with the Consignors is governed by:
1.2.1 These Conditions;
1.2.2 the Consignment Agreement package; for the avoidance of doubt, this is the fillable package containing the Consignor’s personal information and information regarding the Motor Car or Any Other Lot;
1.2.3 The Conditions of Business displayed in the auction salesroom;
1.2.4 The Conditions of Business displayed on RM’s website; and
1.2.5 In each case as amended by any salesroom notice or auctioneer’s announcement at the auction.
(clauses 1.2 to 1.2.5 together “Contractual Obligations”)
1.3 As auctioneer, RM acts as agent for the Consignor, and a sales contract is made directly between the Consignor and the Buyer.
1.3.1 Occasionally, RM may own a Motor Car or Any Other Lot (and in such circumstances, acts in a principal capacity as the Seller) and/or may have a legal, beneficial, or financial interest in a Motor Car or Any Other Lot as a secured creditor or otherwise.
2. RM Receiving Motor Car or Any Other Lot in Trust: Any consigned Motor Car or Any Other Lot is delivered to RM in trust under the exact terms set forth in these Conditions. RM agrees to receive the Motor Car or Any Other Lot in trust and not to permit its use for any other purposes, other than those contained in these Conditions, without the express written consent of the Consignor.
3. Services: RM agrees to act as an agent for the Consignor and provide auction services, including but not limited to, a sales facility, clerks, support staff, event advertising, and promotion. In connection with the auction, RM will have absolute discretion with regard to the Motor Car or Any Other Lot or any RM auction as to (a) consulting any expert either before or after the sale, (b) researching the provenance, (c) grouping and providing catalogue and other descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale.
4. Commissions: If the Motor Car or Any Other Lot is sold, the Consignor agrees to pay the Sellers’ Commission on the Hammer Price (the last accepted bid is the Hammer Price (“Hammer Price”)) of the Motor Car or Any Other Lot to RM, as indicated in the Commissions section of the consignment package. Further, the Consignor acknowledges that RM will collect a Buyers’ Premium from the Buyer of the Motor Car or Any Other Lot in question, based on the Hammer Price on the Motor Car or Any Other Lot. Please note that the Buyers’ Premium may be subject to change at the discretion of RM if the standard Buyers’ Premium for the auction changes. To be clear, the Buyers’ Premium on the Motor Car or Any Other Lot will not be different from the Buyers’ Premium for other motor car lots or any other lots in the auction.
5. Proceeds to Consignor:
5.1 As an accommodation to the Consignor, RM agrees to act as an intermediary between the Consignor and the Buyer by accepting the purchase price from the Buyer, transferring the Motor Car or Any Other Lot to the Buyer, and delivering the amounts due to the Consignor under these Conditions. If the Motor Car or Any Other Lot is sold by RM during the term of these Conditions, the money due to the Consignor shall be disbursed within 20 business days after the sale, provided that the purchase price, applicable commissions, and fees have been received by RM, in accordance with the terms of these Conditions.
5.2 As used in these Conditions, a “sale” occurs between the Consignor and the Buyer when the hammer or equivalent device or mechanism drops on the Hammer Price or when the auctioneer awards the Motor Car or Any Other Lot to the highest Bidder.
5.3 The Consignor authorizes RM to release the Motor Car or Any Other Lot to the successful Buyer upon RM receiving full payment from the Buyer or financing terms as agreed to with RM.
5.4 The Consignor agrees to rely solely upon the Buyer for payment.
5.5 Before payment of any money due to the Consignor is to be made, the Consignor agrees to provide RM with the documents necessary to transfer the ownership of the Motor Car or Any Other Lot to the Buyer.
5.6. If RM has reason to believe or is notified that the (i) Consignor’s breach of the Contractual Obligations, (ii) alleged breach of the Contractual Obligations, (iii) Consignor’s actions could potentially cause RM liability, and/or (iv) Buyer claims material misrepresentation within the Twenty Day Window (defined below) as outlined in clause 10 (“dispute”), RM, at its sole discretion, may withhold payment to the Consignor until the dispute has been resolved; further, RM may deduct any sums that are due to it from the sum held.
6. Exclusivity: The Consignor grants to RM the exclusive right and authority to advertise and sell the Motor Car or Any Other Lot for a period beginning with the date of these Conditions and ending 60 business days following the auction.
6.1. If the Motor Car or Any Other Lot is sold prior to the auction and RM has not agreed in writing to this sale, the Motor Car or Any Other Lot will then be considered “withdrawn” from the auction by the Consignor, and the Consignor agrees to abide by clause 20, Withdrawn Motor Car or Any Other Lot, of these Conditions.
6.2. If the Motor Car or Any Other Lot does not sell at auction, the Consignor grants RM the authority to list the Motor Car or Any Other Lot for sale on RM’s Private Sales website and advertise, in other media at RM’s discretion, the Motor Car or Any Other Lot for sale up to 60 days after the auction.
6.2.1 RM does not have the authority to unilaterally sell the Consignor’s Motor Car or Any Other Lot after the auction and must submit what RM believes to be commercially reasonable offers for sale to the Consignor.
6.2.2. If the Consignor agrees to the sale of the Motor Car or Any Other Lot, the Consignor will be required to pay RM a percentage of the sale price as an administrative fee, based on RM’s standard payment grid.
7. Title, Registration Documents, and/or Appropriate Documents Evidencing Chain of Ownership to Motor Car or Any Other Lot:
7.1 It is the absolute requirement of the Consignor that they provide any and all titles, registration documents, or appropriate documents evidencing ownership and/or government registrations (such as Purchase Agreements and Bills of Sale) (“Titles”) to the Motor Car or Any Other Lot to RM prior to the auction of the Motor Car or Any Other Lot.
7.2 The Consignor warrants that the Consignor is the sole owner of the Motor Car or Any Other Lot, and that the Consignor has full right and authority to sell the Motor Car or Any Other Lot.
7.3 The Consignor agrees to provide RM with a good, clear, and transferable Title to the Motor Car or Any Other Lot in advance of the auction.
7.3.1 If for whatever reason RM is forced to correct any Title defect, the Consignor agrees to first pay RM a minimum fee of US$500 and, if the Title defect costs more than US$500 to correct, the Consignor agrees to pay for any and all additional reasonable expenses related to correcting such defect (“Title Fees”). The Title Fees will be deducted from the Consignor’s proceeds of sale.
7.3.1.1 In cases where pre-existing Titles do not exist and insurance bonds are necessary, the Consignor will be charged Title Fees on a case-by-case basis.
7.4 In order to facilitate and transfer the Title for the Motor Car or Any Other Lot, the Consignor agrees to sign a Power of Attorney attached in this Consignment Agreement package.
8. Non-Payment by Buyer: In the event of non-payment by the Buyer, RM will endeavor to use reasonable efforts to enforce payment from the Buyer; however, RM shall not be liable to the Consignor for payment. If the Buyer does not pay RM, then at RM’s sole discretion, RM may cancel the sale and return the Motor Car or Any Other Lot to the Consignor, enforce payment by the Buyer, or take other actions permitted by law. Notwithstanding the preceding sentences, if RM has paid any portion of the purchase price to the Consignor, but the purchase price has not been collected from the Buyer of the Motor Car or Any Other Lot, the Consignor hereby agrees, simultaneously with such payment, to assign to RM any and all rights that the Consignor may have against such Buyers to the extent of such payment, whether at law, in equity, or under the Contractual Obligations. The Consignor agrees to execute any documents reasonably necessary to evidence this assignment, including with respect to the Consignor’s representations, warranties and indemnities as set forth in these Conditions. The Consignor authorizes RM, at RM’s sole discretion, to impose on any Buyer, and retain for RM’s account, a late charge if payment is not made in accordance with the Contractual Obligations.
9. Motor Car or Any Other Lot Description:
9.1 The Consignor agrees to accept sole responsibility and liability for any representations made by RM that accurately repeat the information supplied by the Consignor as to the character, features, condition, correctness, authenticity, or history of the Motor Car or Any Other Lot and to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any such representations.
9.2 The Consignor is required to review and approve any and all catalogue descriptions within 2 business days of receiving the catalogue descriptions from RM’s Research department; if RM does not receive a response to its request to review within 2 business days, RM will consider this an approval of the catalogue description and a representation that RM can rely upon.
10. Twenty Day Window for Rescission of Sale due to Material Misrepresentation Claims:
10.1. RM will review concerns regarding material misrepresentations raised by the Buyer for 20 business days from the date of the auction.
10.2. If it is found that the alleged material misrepresentation (that would not have been reasonably found through the Bidder’s due diligence) materially decreases the value or functionality of the Motor Car or Any Other Lot, RM will work with the Buyer to reach a solution.
10.2.1. The Consignor agrees to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any Buyer alleged damages or liability, including but not limited to, travel expenses, repair expenses, and inspection expenses in any way related to actions taken in accordance with clause 10.
(clause 10 to 10.2.1 together “Twenty Day Window”)
11. Motor Car or Any Other Lot Operation:
11.1. The Consignor warrants that the Motor Car or Any Other Lot is in a safe, operable condition to be driven or moved by RM’s employees or representatives. The Consignor acknowledges that, should RM, at RM’s sole discretion, determine that the Motor Car or Any Other Lot is not safe to operate or move, the Motor Car or Any Other Lot will not be allowed across the block.
11.2. The Consignor authorizes RM to perform minor work on the Motor Car or Any Other Lot to facilitate the Motor Car or Any Other Lot starting and driving across the auction block or being presentable for sale. The Consignor will hold RM harmless and indemnify RM from any damage or liability caused by the minor work performed by RM’s staff on the Motor Car or Any Other Lot.
12. Drivers: The Consignor acknowledges and grants permission for RM and its employees and agents to drive or move the Motor Car or Any Other Lot from time to time before, during, or after the sale. The Consignor acknowledges that it is the Consignor’s responsibility to maintain sufficient insurance coverage to permit such driving or moving, and the Consignor specifically agrees to indemnify, defend, and hold RM harmless, as provided in these Conditions, from any liability that may result from such driving or movement of the Motor Car or Any Other Lot.
13. No-Sale of Motor Car or Any Other Lot:
13.1 If there is a no-sale, any and all fees owing, including but not limited to Title Fees, must be paid to RM before the Motor Car or Any Other Lot is released to the Consignor.
13.2 If there is a no-sale, the Consignor is required to remove their non-sold Motor Car, including motorcycles, boats, and trailers, from the auction site by 3:00 p.m. of the next business day in the jurisdiction where the auction was held (“Removal Deadline”).
13.3 Contingent upon clause 13.2 being satisfied, the Motor Car’s Title (as long as the Consignor does not owe RM any money) will be returned to the Consignor within 60 business days.
13.4 If any Motor Car, including motorcycles, boats, and trailers, is not removed by the Removal Deadline (or is not granted authority to be removed due to clause 13.1), RM will remove the Motor Car, including motorcycles, boats, and trailers, and the Consignor is required to pay RM a daily storage fee of US$30.
13.5 For the removal of a non-motor car lot, including but not limited to memorabilia, jewelry, and clothing, from the auction site, a direct shipping company will contact the Consignor after the sale; please note that a reasonable memorabilia removal and storage fee will apply.
13.6 If the Consignor has not removed their Motor Car or Any Other Lot from the storage facility within 6 months of the sale date, RM has the right to enter the Motor Car or Any Other Lot into an auction at no reserve or sell it via private treaty for fair market value.
13.6.1 Once sold, RM will retain all reasonable expenses, auction fees if sold via auction, and if sold via private treaty, a 20% commission; if there are any remaining funds, these will be returned to the Consignor within 30 business days of the sale.
13.7 RM shall have the right to exercise a charge or lien on the non-sold Motor Car or Any Other Lot or any other property belonging to the Consignor in the possession of RM if the Consignor owes RM money, and to apply any money due or to become due to the Consignor to the outstanding money the Consignor owes to RM.
14. Cancellation/Rescission of Auction: RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the auction and will not be liable to the Consignor for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
14.1. Force majeure events, including but not limited to:
14.1.1. Any natural disaster that, despite reasonable efforts, restricts RM from holding the auction;
14.1.2. Structural damage to the auction venue prior to the auction that, despite reasonable efforts, restricts RM from holding the auction; and
14.1.3. A terrorist event that, despite reasonable efforts, restricts RM from holding the auction.
14.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold an auction that necessitate a cancellation.
15. Cancellation/Rescission of Motor Car or Any Other Lot: RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a Motor Car or Any Other Lot and will not be liable to the Consignor for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring:
15.1. RM opines that the Motor Car or Any Other Lot has been intentionally and materially misrepresented by the Consignor;
15.2. RM opines that physical damage to the Motor Car or Any Other Lot, which cannot be sufficiently repaired prior to the auction, occurred after these Conditions were signed;
15.3. RM is served with a lawsuit from a third party in relation to the Motor Car or Any Other Lot;
15.4. RM faces significant reputational damages that would cause monetary damages for selling the Motor Car or Any Other Lot;
15.5. Material issues regarding the Title, registration, or transfer of ownership that cannot be reasonably cured;
15.6. Material issues regarding the provenance, merchantability, or authenticity of the Motor Car or Any Other Lot that cannot be reasonably cured;
15.7. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the Motor Car or Any Other Lot at auction that necessitate a cancellation; or
15.8. If there are legitimate claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a Motor Car or Any Other Lot not being authentic, being misrepresented, having an encumbered Title or registration, having an undisclosed material issue, or having a similar claim, RM has the right to retain the Buyer’s funds on account and be the arbitrator as to the merit of the Buyer’s claims and to cancel the sale of the Motor Car or Any Other Lot and reimburse the payment to the Buyer if RM deems the Buyer’s claims to be valid.
16. Estimates and Catalogue Descriptions: Any pre-sale estimates are intended as guides for prospective Bidders. RM makes no representation or warranty of the anticipated selling price of a Motor Car or Any Other Lot, and no estimate anywhere by RM of the selling price of a Motor Car or Any Other Lot may be relied upon as a prediction of the actual selling price. Estimates included in catalogues, online, in pre-mailers, in any advertisements, or elsewhere are preliminary only, and they are subject to revision by RM from time to time at its sole discretion. The Consignor acknowledges that RM will not be liable for any errors or omissions in the catalogue or other descriptions of a Motor Car or Any Other Lot, and these descriptions make no guarantees, representations, or warranties whatsoever to the Consignor with respect to a Motor Car or Any Other Lot, its attribution, legal title, condition, value, or other characteristics.
17. Odometer Statement: The Consignor will provide a duly executed odometer statement on or before the first day of the auction, and further accepts sole responsibility for the accuracy or inaccuracy of such statement.
18. Reserve:
18.1 A reserve price noted in the fillable section of the Auction Consignment Agreement is the lowest bid acceptable to the Consignor. Reserve prices may be lowered at any time by the Consignor, either verbally or in writing, but they may not be raised. The reserve does not include commissions to RM. RM has the right to sell the Motor Car or Any Other Lot at a price below the agreed verbal or written reserve, provided that the Consignor receives the same net proceeds as the Consignor would have received had the reserve been met. If no reserve, indicate clearly by writing “NONE” in the space provided in the fillable section of the Auction Consignment Agreement.
18.2 If RM contributes to the Hammer Price to meet a reserve, the reserve for the respective Motor Car or Any Other Lot becomes the Hammer Price plus RM’s contribution for purposes of commissions.
19. Insurance: The Consignor will be responsible for maintaining adequate property insurance on the Motor Car or Any Other Lot at all times, and this insurance must be at least equal to the aggregate low pre-sale auction estimate for the Motor Car or Any Other Lot, which in each case shall include insurance for damages to the Motor Car or Any Other Lot and shall not be cancellable by the insurance company until after ownership and Title have passed to the Buyer and the Buyer has taken possession of the Motor Car or Any Other Lot from RM. The Consignor agrees that RM and its respective affiliates and agents will not be responsible for, and the Consignor releases RM and its respective affiliates, agents, and warehouses from, any and all liability for loss of, theft of, or damage to the Motor Car or Any Other Lot.
20. Withdrawn Motor Car or Any Other Lot:
20.1 The Consignor acknowledges that RM has incurred and will incur significant costs preparing, advertising, marketing, and promoting the Motor Car or Any Other Lot for the auction.
20.2 If the Consignor withdraws one or more of the Motor Cars or Any Other Lots from the auction after the signing of these Conditions, the Consignor will pay RM the Buyers’ Premium and Sellers’ Commission that would have been due under these Conditions had the Motor Car or Any Other Lot met (a) their reserve; (b) if offered without reserve, then the Motor Car or Any Other Lot’s published low estimate; or (c) if no published low estimate, then the Motor Car or Any Other Lot’s fair market value as determined by RM, by 5:00 p.m. of the next business day following the auction.
21. Legal Action: If either Party brings action against the other arising from or relating to the provisions of these Conditions, the prevailing Party, as determined by the court, shall be entitled to recover its reasonable attorney fees and costs. The law of the jurisdiction in which the auction is held shall govern the provisions of these Conditions.
22. Marketing Fee: The marketing fee is non-refundable and is not credited toward the sales commission.
23. Bidding Restrictions: The Consignor hereby agrees not to bid on his/her/their Motor Car or Any Other Lot. Although the auctioneer shall be entitled to bid on the Consignor’s behalf up to the amount of the Reserve (if applicable), the Consignor shall neither instruct nor permit any other person to bid on behalf of the Consignor for his/her/their Motor Car or Any Other Lot. If, however, in violation of the foregoing, the Consignor (or his or her agent) bids on his/her/their Motor Car or Any Other Lot and becomes the successful Bidder, the expenses, marketing fee, repair expenses, Buyers’ Premium, and Sellers’ Commission on the Hammer Price shall be payable by the Consignor. If the Consignor does not pay in accordance with this clause, his/her/their Motor Car or Any Other Lot may be sold without reserve.
24. Motor Car or Any Other Lot’s Batteries: If a Motor Car or Any Other Lot arrives at the auction with a dead battery, or shows signs of a draining battery, an automatic US$200 (or the local currency equivalent) replacement fee will be charged to the Consignor.
25. Antifreeze Is the Responsibility of the Consignor:
25.1 As the Consignor’s Motor Car or Any Other Lot could be shipped to a location where below-freezing temperatures are a possibility, it is the Consignor’s responsibility to ensure that, within the last 6 months, they have winterized their Motor Car or Any Other Lot for shipping in freezing temperatures. Winterizing one or more of the Motor Cars or Any Other Lots means that the Consignor has completely filled and properly mixed, at a minimum, –20°F-rated antifreeze into their Motor Car or Any Other Lot’s radiator.
25.2 If any damage occurs because the Consignor did not properly winterize their Motor Car or Any Other Lot, it will be the Consignor’s responsibility to cover the damages, and RM may recoup these damages from the Consignor’s settlement. If it is found that the Consignor did not properly winterize their Motor Car or Any Other Lot, the associated costs with checking, filling, and disposing of the antifreeze will be recouped from the Consignor’s settlement; if the Motor Car or Any Other Lot is not sold, the Consignor must pay RM before the Consignor can retake possession of their Motor Car or Any Other Lot. If already settled, the Consignor must pay RM directly.
26. Entire Agreement: This document shall be binding upon the Parties and their respective heirs, personal representatives, and assigns. Except as otherwise expressly provided herein, these Conditions shall not be modified, except in writing. Whenever used in these Conditions, as the contract requires, the singular number shall include the plural, the plural number shall include the singular, the masculine gender shall include the feminine and neuter, the feminine gender shall include the masculine and neuter, and the neuter gender shall include the masculine and feminine.
27. No Legal or Tax Advice: These Conditions is an important legal document. The Consignor acknowledges that the Consignor has had the opportunity to consult an attorney before signing these Conditions and has signed these Conditions after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in these Conditions, or any contemporaneous written, oral, or implied understandings of the Parties relating to the subject matter of these Conditions, RM has not provided legal or tax advice or tax planning services to the Consignor or for the Consignor’s benefit in connection with the transactions contemplated by these Conditions, and no one at RM has acted as the Consignor’s attorney or tax advisor.
28. Data Use: The Consignor agrees to allow RM to use their personal information in accordance with RM’s privacy policy. RM uses your personal information to provide services specifically tailored toward your requirements and to treat you in a personal way; to fulfill your agreements regarding the consignment and purchases of items at RM auctions and private sales; to provide you with information on upcoming sales; to carry out analysis and market research; to undertake targeted online advertising; to send status updates and service communications; to improve our websites, products, and services; to provide payment services; and for management and administrative purposes. The full Privacy Policy can be found at the bottom of RM’s website homepage under the Privacy and Terms tab. If you wish to ask any questions regarding the use of your personal information, request a full accounting of what personal information is on file with RM, unsubscribe to any services, or purge your personal information from RM’s systems, please email privacy@rmsothebys.com.
29. Anti-Money Laundering: The Consignor agrees to provide all information and assistance reasonably requested by RM to comply with RM’s internal anti-money laundering process and to comply with any and all anti-money laundering laws and regulations in force in the jurisdiction in which the auction is held.
30. Photography, Videography, and Illustrations: All photographs, videography, and illustrations commissioned by RM for the Motor Car or Any Other Lot are the absolute property of RM, and RM shall have the absolute right to use the photographs, videography, and illustrations as RM deems fit.