AMERICAN CLASSICS LEAD $17.6M LIVE IN-PERSON AUCTION
RM | AUCTIONS
Auburn Fall
Auburn Auction Park, Auburn, Indiana
AMERICAN CLASSICS LEAD $17.6M LIVE IN-PERSON AUCTION
3 - 5 September 2020
Auburn Auction Park
5536 County Road 11A
Auburn, Indiana
United States 46706
AUBURN FALL
RM Auctions returned to the historic Auburn Auction Park (3-5 September) for its 50th annual Auburn Fall collector car auction. With more than 500 quality cars and 400 lots of memorabilia presented across the three-day sale, total sales achieved nearly $18 million with an impressive 91 percent of all lots finding new homes. Bidders at the Auburn Fall sale hailed from no less than 34 countries with more than 45 percent representing first-time RM clientele.
“This year’s Auburn Fall auction results bested those of the previous year and there was noted enthusiasm in the room for the wide-ranging offering of motor cars and automobilia. We were thrilled to see our clients participating in the auction across all of the available channels, whether via phone, internet, absentee and of course in person,” said Donnie Gould, Car Specialist, RM Sotheby’s Group. “Given the staggering amount of those who registered to bid in advance as we requested, it was reassuring to see the appetite for great American collector cars such as those highlighted in Auburn this year.”
The Auburn Fall auction was, fittingly, led by a pair of American classics —a 1935 Auburn Eight Supercharged Speedster at $770,000 and a 1936 Duesenberg Model J Tourster at $632,500. Offered publicly for the first time in over two decades, the genuine and fully restored Auburn Eight Speedster presented in the striking, period-correct Nassau Orange finish, having been properly sorted for use, and was appropriately complimented at auction by the 1936 Duesenberg. One of only ten “JN” cars produced for Duesenberg by Rollston, the Model J retains its original engine, drivetrain, frame, and firewall. Having recently undergone a detailed mechanical and cosmetic preparation, the Duesenberg presented beautifully in an elegant and unusual chocolate hue finish.
RM Auctions also saw several significant, single-owner collections bring strong prices across the three-day auction, including The Bill Akin Collection, assembled by noted enthusiast, historian, and Indianapolis race car restorer Mr. Bill Akin. Comprising 11 automobiles and over 250 pieces of memorabilia, all offered without reserve, the collection achieved a total of $1,998,544 in sales during the Saturday sale session. Leading the collection was a trio of notable Indianapolis 500 race cars—a 1960 Epperly Indianapolis, restored by Mr. Akin twice since the late 1980s and contested in the 1961 Indy 500 with Lloyd Ruby behind the wheel, taking 8th place, at $385,000; a 1961 Epperly Indianapolis, piloted by Bobby Marshman during the 1962 Indianapolis 500 and finished 5th overall, at $407,000; and a 1953 Kurtis 500 B Indianapolis, driven by Jimmy Davies in the 1953 and 1955 Indy 500 races, where he finished 10th and 3rd respectively, at $550,000.
Additional private collections offered at the 50th annual Auburn Fall auction include The David Leimbach Collection, comprising 65 diverse automobiles, spanning the spectrum from big-block muscle cars to late-model AMG Mercedes-Benzes, which achieved $1,414,936 in sales, led by a 1964 Chevrolet Impala SS Convertible at $60,500; The Roadmaster Collection, chronicling the evolution of Buick, with the diverse lineup made up of Brass Era motor cars, racers, low-production convertibles, and muscle cars, and which brought $1,314,486; The Duane Sell Collection, comprising 61 pre- and post-war American classics, which brought an overall $2,225,743, led by a Sunlit Gold 1968 Shelby GT500 Fastback desirably equipped with four-speed manual transmission, at $115,500; 22 cars offered from the bankruptcy estate of entities previously controlled by Bikram Choudhury, which achieved a collective $1,044,473; and The Walter Miller Estate, featuring 39 undeniably eclectic cars, which generated a total $582,530.
“While this year’s sale looked a little different than previous years at the Auburn Auction Park, we were pleased to be able to return to the Classic Car Capital of America to celebrate our 50th anniversary Auburn Fall sale with our clients,” said Gord Duff, Global Head of Auctions, RM Sotheby’s Group. “With an overall sell-through rate of 91 percent, this year’s sale has demonstrated that there is still a robust demand for quality collector cars despite the current state of the world, particularly American-made motor cars, which achieved strong prices and filled our top ten sale slots. We look forward to returning to Auburn again next year to continue this great Labor Day weekend tradition.”
Blog Posts
Sale Produced By
RM Auctions, Inc.
5536 CR 11A
Auburn
United States (US)
46706
Bidders' Conditions of Business
BIDDERS’ CONDITIONS OF BUSINESS
1. Introduction.
1.1. Please ensure that you read and understand these Bidders’ Conditions of Business (“Conditions of Business”) prior to bidding on a motor car or any other lot (“Lot(s)”) at this or any other RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) auction (RMA and RMS together are “RM”). Even though the RM Conditions of Business are generally standardized, there are unique jurisdictional requirements and terms that may not apply to every auction, and it is each bidder in the auction (“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 Conditions of Business are subject to change from time to time and it will be posted on RM’s website and catalogue, as the case may be. It is each Bidder’s responsibility to apprise themselves of the Conditions of Business for each auction in which the Bidder wishes to participate. Bidders are encouraged to contact RM’s Client Service department at clientservices@rmsothebys.com with any questions or concerns regarding these Conditions of Business.
1.2. RM’s contractual relationship with the Bidders are governed by:
1.2.1. These Conditions of Business;
1.2.2. The Conditions of Business displayed on RM’s website;
1.2.3. The Conditions of Business announced and displayed in the auction salesroom;
1.2.4. The Key to Lot Symbols and/or Legend referenced in the auction catalogue; and
1.2.5. In each case as amended by any salesroom notice, auctioneer’s announcement at the auction, or website update.
(Clauses 1.2 to 1.2.5 together are “Contractual Obligations”)
1.3. As auctioneer, RM acts as the agent for the relevant Consignor of the Lot(s) (“Consignor”), and a sale contract is made directly between the Consignor and the winning Bidder (the “Buyer”).
1.3.1. Occasionally, RM may own a Lot(s) (and, in such circumstances, acts in a principal capacity as the seller) and/or may have a legal, beneficial, or financial interest in a Lot(s) 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 Lot(s) offered in an RM sale (“Bidder Due Diligence”).
3. Twenty Day Window for Rescission of Sale due to Buyer Concerns Regarding Lot(s) Description.
3.1. RM will on behalf of the relevant Consignor review concerns raised by the Buyer for 20 business days from the date of the auction regarding the Lot(s) description; meaning, any written statements (in any and all mediums) made by RM that accurately repeat the information supplied by the Consignor as to the originality, character, features, condition, correctness, authenticity, or history of the Lot(s); 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 written statement (that would not have been reasonably found through the Bidder Due Diligence) materially decreases the value or functionality of the Lot(s), RM will work with the Buyer on behalf of the relevant Consignor 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 are “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 or any Consignor to the Bidder regarding any Lot(s) 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 Consignors, 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 Lot(s) 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 LOT(S) OR COMPONENT OF ANY LOT(S), 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 Lot(s) 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$300.00 bidder registration fee for RMS American auctions;
6.1.2. Up to a US$200.00 bidder registration fee for RMA American auctions;
6.1.3. A €200.00 bidder registration fee for RMS Paris auctions;
6.1.4. A €200.00 bidder registration fee for RMS Monaco and Villa Erba auctions; and
6.1.5. A £150.00 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 the auction, a Bidder must satisfy any and all RM bidder registration requirements which include, but are not limited to (i) being at least 21 years of age; (ii) providing RM with a copy of a valid form of government-issued identification; (iii) providing RM with bank letter written on bank letterhead; RM may waive this requirement at its sole discretion; (iv) providing RM with a copy of a credit card; and (v) providing RM with copies of any and all required financial documents including, but not limited to, financial references, guarantees, deposits, and/or such other security, at RM’s absolute discretion, as security for any bid (together “Bidder Registration Requirements”).
7.2. Please note that even if a Bidder has satisfied and/or met some or all of the Bidder Registration Requirements for previous RM auctions, all Bidders will be required to satisfy and/or meet the Bidder Registration Requirements for the auction specifically prior to being accepted to bid.
7.3. If the Bidder does not satisfy and/or meet the Bidder Registration Requirements, RM, at its sole discretion, may not allow the Bidder to register to bid at the auction.
7.4. Once you have satisfied the Bidder Registration Requirements, you will be able to place bids against Lot(s) at the auction.
7.5. Once made, no Bidder may retract a bid made during the auction for any reason.
7.6. There is no “cooling-off period”, cancellation, or rescission of bids.
7.7. If at the end of the auction, you are awarded the final bid on a Lot, ownership automatically changes hands at the drop of the auctioneer’s hammer (or equivalent device or mechanism) or the close of the Lot (“Close of Lot”). At the Close of the Lot, you are now the legal owner of the applicable Lot(s) and are responsible for payment in full.
7.8. The Bidder is responsible for all risk of loss or damage and insurance immediately upon purchase of the Lot(s).
7.9. 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 Lot(s) 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.
7.10. By participating in the auction, 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 applicable competition law.
7.11. If a Bidder would like an RM representative to bid on their behalf, they need to complete the corresponding RM Car Specialist as Agent Form attached as Attachment #1 to these Conditions of Business.
7.12. For further details on requirements to bid, please contact a client services representative at clientservices@rmsothebys.com.
8. Purchase Price. The purchase price shall consist of the following:
8.1. the Hammer Price (defined below) of the Lot(s), and
8.2. the applicable Buyers’ Premium (defined below).
(Clauses 8 to 8.2 together are “Purchase Price”)
9. Buyers’ Premium.
9.1. In addition to the Hammer Price, the Buyer is required to pay RM a percentage of the Hammer Price, which RM retains as the Buyers’ Premium for the purchase of each Lot(s) (“Buyers’ Premium”).
9.2. RMS American auctions will have the following Buyers’ Premiums:
9.2.1. In the event of a final Hammer Price of US$250,000.00 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$250,000.00 on all motor car lots, RMS will receive a Buyers’ Premium of 12% on the first US$250,000.00 and will receive a Buyers’ Premium of 10% on the Hammer Price above US$250,000.00.
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 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 €200.000,00 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 €200.000,00 on all motor car lots, RM will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium) on the first €200.000,00 and will receive a Buyers’ Premium of 12.5% (plus VAT on the Buyers’ Premium) on the Hammer Price above €200.000,00.
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 £200,000.00 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 £200,000.00 on all motor car lots, RMS will receive a Buyers’ Premium of 15% (plus VAT on the Buyers’ Premium) on the first £200,000.00 and will receive a Buyers’ Premium of 12.5% (plus VAT on the Buyers’ Premium) on the Hammer Price above £200,000.00.
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 applicable, 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 Lot(s) to its final destination.
10.2. Although by no means an exhaustive list, please be aware of the tax scenarios below.
10.2.1. If the Buyer of a Lot(s) 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 Lot(s). 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. If the Buyer of Lot(s) resides in the EU, according to the EU VAT Directive, Lot(s) 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 Lot(s) 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 accepting this agreement and has entered into 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. As a condition of bidding at the auction, 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 Lot(s) at the auction. A further condition of bidding at the auction is that the Bidder holds RM harmless from any and all tax or regulatory issues that arise due to Tax and Ownership Information (defined below) that RM provides.
11.1. In order to assist Bidders with this process, RM may provide information about the tax status of each Lot(s), as well as any ownership or registration papers that will be supplied with the respective Lot(s) (“Tax and Ownership Information”); however, this information is being provided merely to assist Bidders in their determination of their own tax and regulatory responsibilities.
12. Payment.
12.1. Subject to fulfillment of the Contractual Obligations, at the Close of Lot, the contract between the Consignor and the Bidder is concluded.
12.2. The value of the last accepted bid upon the Close of Lot 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. RM American auctions will be conducted in United States Dollars and all payments are required to be made in United States Dollars. Further, 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. RM United Kingdom auctions will be conducted in Pound Sterling and all payments are required to be made in Pound Sterling. Further, all payments must be in the form of wire transfer unless other arrangements have been approved in advance.
12.6. RM European auctions will be conducted in Euro and all payments are required to be made in Euro. Further, all payments must be in the form of wire transfer unless other arrangements have been approved in advance.
12.7. RM is not obligated to release the Lot(s) to the winning Bidder until the Buyer has met all of the Contractual Obligations and paid the Purchase Price plus applicable taxes.
13. Non-Payment. In the event that the Buyer does not pay any portion of the Purchase Price and applicable taxes by the Payment Deadline, the Bidder agrees to and acknowledges that RM has the sole discretion to do any one or any combination of the following:
13.1. Cancel/rescind the sale of a Lot(s). If the sale is cancelled/rescinded due to non-payment, RM will not be liable to the Bidder for any losses or damages resulting from the cancellation/rescission.
13.2. Assume 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.
13.3. Deduct the Purchase Price plus applicable taxes from the Bidder’s cash deposit and/or charge the Purchase Price and applicable taxes 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 (1) the U.S. Prime Rate + 4.00% for up to the first 60 calendar days after the Payment Deadline and (2) the U.S. Prime Rate + 8.00% thereafter until the full Purchase Price plus applicable taxes has been made by the Buyer on the:
13.3.1. Purchase Price and applicable taxes;
13.3.2. Applicable expenses;
13.3.3. Any collection costs, attorneys’ fees, and court costs incurred to enforce payment; and
13.3.4. Other damages reasonably related to the Bidder’s non-payment.
14. Reserves. Lot(s) not marked as “no reserve” (or similar) are subject to a reserve set by the Consignor. When a Lot(s) is sold subject to such a reserve, the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve.
15. 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 Lot(s) 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.
16. 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:
16.1. Force Majeure events including but not limited to:
16.1.1. Any natural disaster, which despite reasonable efforts, restricts RM from holding the auction;
16.1.2. Structural damage to the auction venue prior to the auction, which despite reasonable efforts, restricts RM from holding the auction; and
16.1.3. Any terrorist event, pandemic, war, as well as any “guideline” or “recommendation” by government (local, state/province, federal/national) and/or accredited health organizations (including the World Health Organization) which despite reasonable efforts restricts RM from holding the auction.
16.2. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to hold an auction that necessitate a cancellation.
17. Cancellation/Rescission of Lot(s). RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a Lot(s) 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:
17.1. RM opines that the Lot(s) has been intentionally and materially misrepresented by the Consignor;
17.2. RM opines that physical damage to the Lot(s), which cannot be sufficiently repaired prior to the auction, occurred after this agreement was signed;
17.3. RM is served with a lawsuit from a third party in relation to the Lot(s);
17.4. RM faces significant reputational damages that would cause monetary damages for selling the Lot(s);
17.5. Material issues regarding title, registration, or transfer of ownership that cannot be reasonably cured;
17.6. Material issues regarding the provenance, merchantability, or authenticity of the Lot(s) that cannot be reasonably cured;
17.7. Government/court actions, orders, injunctions, regulations, laws, or non-compliance with applicable rules, regulations, or laws to sell the Lot(s) at the auction that necessitate a cancellation; or
17.8. If there are legitimate claims, accusations, notices, or similar communications made by the Buyer in regard to their purchase of a Lot(s) 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 Lot(s) and reimburse the payment to the Buyer if RM deems the Buyer’s claims to be valid.
18. Online Services Are “As Available” and “As Is.”
18.1. Bidders may be able to bid via websites, telephone services, applications, and tools (collectively “Services”).
18.2. Although RM endeavors to keep the Services safe, secure, and functioning properly, RM cannot guarantee the continuous operation of or access to the Services or a Bidder’s ability to connect and navigate the Services. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RM’s control.
18.3. Bidders agree that they are making use of the Services at their own risk and that the Services are being provided to Bidders on an “AS AVAILABLE ” and “AS IS” 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.
19. 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.
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”), from the date of registration until the close of the auction. If the Bidder fails to pay for a Lot(s) 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 is not the Buyer of the Lot(s), the CC Hold will be removed from the credit card in accordance with the Bidder’s specific credit card companies’ procedures. 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$5,000.00 CC Hold for RMS American auctions;
20.2.2. A US$2,000.00 CC Hold for RMA American auctions;
20.2.3. A €5.000,00 CC Hold for RM European auctions; and
20.2.4. A £5,000.00 CC Hold for RMS London, United Kingdom auctions.
21. Title Transfer.
21.1. If the Buyer of a Lot(s) resides in an American state, 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$75.00 administration fee or its equivalent in local currency of the auction location (US$85.00 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 Lot(s) 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. If the Buyer of a Lot(s) resides outside the United States, RM will use its best efforts to assist with the transfer of ownership; however, it is the responsibility of the Buyer to transfer ownership in compliance with their jurisdictional rules and regulations.
22. Removal of Purchased Lot(s).
22.1. For RM American and European auctions, all purchased Lot(s) must be removed by the Buyer from either the auction site or the secure storage facility 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 American auctions:
22.1.1.1. If a Lot(s) is not removed by the RM Removal Deadline, the Buyer will be charged a removal fee of up to US$600.00 and a daily storage fee of up to US$30.00 until the Lot(s) 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 Lot(s) will be moved by RM from the auction site immediately following the auction and taken to a secure storage facility and the Buyer will be required to pay RM a moving fee of up to €600,00 plus VAT per Lot(s).
22.1.2.2. If a Lot(s) is not removed by the RM Removal Deadline, the Buyer will be charged a daily storage fee of up to €40,00 plus VAT per Lot(s) until the Lot(s) is removed.
22.1.2.3. Specifically, if a boat lot is not removed by the RM Removal Deadline, RM will remove the boat lot, and the Buyer 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 Lot(s) will be moved by RMS from the auction site immediately following the auction and taken to a secure storage facility AND the Buyer will be required to pay RMS a moving fee of up to £600.00 plus VAT per Lot(s).
22.2.2. If the Lot(s) is not removed by noon on the next business day in the jurisdiction where the auction was held, the Buyer will be charged a daily storage fee of up to £40.00 plus VAT per Lot(s) until the Lot(s) is removed.
22.3. Please note that the Buyer is required to insure their Lot(s) while the Lot(s) is being stored on their behalf.
22.4. If the Lot(s) is not removed for one calendar year from the RM Removal Deadline and other arrangements have not been made, RM has the right to (i) auction the Lot(s), (ii) retain its standard Buyers’ Premium, storage fee, and other applicable expenses, and (iii) return the remaining payment to the Buyer.
23. Legal Action.
23.1. For RM 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 and London auctions:
23.2.1. These 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, interpreted, and construed in accordance with the laws of England.
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 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 England and Wales.
23.3. For RMS’ Paris auctions:
23.3.1. These 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 Conditions of Business or otherwise (including non-contractual claims). In the case of a dispute that is the subject of a claim by RMS, 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 Lot(s) or of other carriers or packers of purchased Lot(s), whether or not recommended by RM. Packing and handling of purchased Lot(s) 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, the auction, 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. Translations.
28.1. If there is a discrepancy, contradiction, or question of interpretation regarding enforceability between the English version of the Conditions of Business and a version of the Conditions of Business produced in a language other than English, the English version of RM’s Conditions of Business will supersede.
28.2. If there is a discrepancy, contradiction, or question of interpretation in a catalogue description for a Lot(s), in print, online, or otherwise between the English version of the catalogue description and a version of the catalogue description produced in a language other than English, the English version will supersede.
29. COVID-19 Assumption of Risk and Waiver of Liability. If attending the auction in person, the Bidder agrees to the following:
29.1. The Bidder and any guests in the Bidder’s party, acknowledge the potential risks associated with COVID-19 exposure and voluntarily assume all risks related to exposure to COVID-19.
29.2. The Bidder agrees not to hold RM or any of their affiliates, directors, officers, employees, agents, contractors, third parties, vendors, guests, or volunteers liable for any issues associated with COVID-19 exposure.
29.3. If the Bidder has recently tested positive for COVID-19 or are experiencing any symptoms of COVID-19 including, but not limited to, fever, dry-cough, tiredness, aches and pains, difficulty breathing, shortness of breath or, have been in contact with someone with COVID-19 or suspected COVID-19, the Bidder will not permitted to attend the auction.
29.4. By attending the auction, the Bidder agrees to submit to a temperature check and to wear a mask at all times. The Bidder will only be exempt from wearing a mask while eating or, if the Bidder has been diagnosed with a medical condition that prohibits the wearing of a mask.
29.5. If the Bidder refuses to submit to a temperature check and/or does not wear a mask as outlined, the Bidder must leave the auction premises immediately and/or the Bidder will be escorted from the auction premises by security and, no refunds will be provided.
29.6. Information provided during bidder registration may be used in accordance with governmental COVID-19 rules and regulations and in accordance with RM’s Privacy Policy.
FOR RM CALIFORNIA AUCTIONS SPECIFICALLY:
30. 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.
31. Contract Cancellation Agreement. In the event of a successful bid, if a Lot(s) 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 Lot(s), and the Lot(s) will be deemed to have not sold.
32. Lot(s) Exhaust Warning. Operating, servicing and maintaining a passenger vehicle or off-road vehicle can expose you to chemicals including engine exhaust, carbon monoxide, phthalates, and lead, which are known to the State of California to cause cancer and birth defects or other reproductive harm. To minimize exposure, avoid breathing exhaust, do not idle the engine except as necessary, service your vehicle in a well-ventilated area and wear gloves or wash your hands frequently when servicing your vehicle. For more information go to www.P65Warnings.ca.gov/passenger-vehicle.
FOR RM EUROPEAN AUCTIONS SPECIFICALLY:
33. Lot(s) Under Temporary Import.
33.1. A temporary import bond is used in all EU sales. If a Lot(s) is brought into the EU from a country outside of the EU, the Lot(s) 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 Lot(s).
33.2. Lot(s) 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.
33.3. Should the Buyer decide for the Lot(s) to remain in the EU when purchased, the Buyer is responsible to pay any and all import fees for the Lot(s).
34. Consumer Protection Rights. If the Consignor is a Business (defined below) AND the Buyer is a consumer AND the consumer has a right of withdrawal against the Consignor on the basis of EU consumer protection laws, the Buyer has the automatic statutory right for 14 calendar days after the Close of Lot (drop of hammer) to rescind the sale of the Lot(s). Nothing in this clause 34 shall affect any Buyer(s) legal rights that shall apply against the Consignor as a result of any applicable laws.
34.1. The definition of Business for these Conditions of Business is a natural person or legal entity in the business of selling automobiles and acting for purposes relating to such business (“Business”).
34.2. RM reserves the right to make the reasonable determination as to whether a Consignor meets the definition of Business.
34.3. Bidders who exercises this right is responsible for any and all expenses associated with the Lot(s) including, but not limited to, transportation, duty, storage, insurance, and taxes.
34.4. If the Bidder exercises this right they are advised to insure the Lot(s) until the Consignor re-takes possession of the Lot(s).
FOR RMS’ PARIS AUCTIONS SPECIFICALLY:
35. 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.
ATTACHMENT #1 TO BIDDERS’ CONDITIONS OF BUSINESS
RM CAR SPECIALIST AS AGENT FORM
The Bidder may choose to have an RM Auctions, Inc. (“RMA”) or RM Sotheby’s (“RMS”) (RMA and RMS together “RM”) Car Specialist place a bid on a Lot(s) on their behalf during the Auburn Fall auction (“Auction”). In order for a RM Car Specialist to bid on the Bidder’s behalf, the Bidder must (i) provide the following information, (ii) select and initial beside a bidding option as outlined below, and (iii) sign their name at the bottom of this form:
AUBURN FALL AUCTION
Client Name:
Lot Number:
Bidding Options: I acknowledge and agree that an RM Car Specialist may bid on my behalf on the above referenced lot number at the Auction in accordance with the following selected option:
A. Up to US$______________________________ Hammer Price (as outlined and defined in the Auction Bidders’ Conditions of Business).
**Please note that the applicable Buyers’ Premium will apply.
_____________
Bidders’ Initials
OR
B. As Instructed.
**Please note that the applicable Buyers’ Premium will apply.
**Please note that if this Option is chosen, the Bidder will be required to provide the RM Car Specialist with their bidding instructions either via email or text message. Verbal bidding instructions will not be accepted.
_____________
Bidders’ Initials
If any dispute arises after the sale wherein an RM Car Specialist bid on behalf of a Bidder during the Auction, the Bidder acknowledges that RM will not be held responsible for any errors or omissions in connection with the calling/displaying/accepting of bids.
________________________________
Date
____________________________________
Signature of Bidder
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 Lot(s) 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 Lot(s);
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 Lot(s) (and in such circumstances, acts in a principal capacity as the Seller) and/or may have a legal, beneficial, or financial interest in a Lot(s) as a secured creditor or otherwise.
2. RM Receiving Lot(s) in Trust: Any consigned Lot(s) is delivered to RM in trust under the exact terms set forth in these Conditions. RM agrees to receive the Lot(s) in trust and agrees 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 to 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 Lot(s) 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:
4.1. If the Lot(s) is sold, unless otherwise listed in the Specific Information or Specific Conditions of the consignment agreement package, the Consignor agrees to pay RM a Sellers’ Commission as outlined below on the Hammer Price (the last accepted bid is the Hammer Price (“Hammer Price”)) of the Lot(s) (“Sellers’ Commission”).
4.1.1. RM will retain a Sellers’ Commission of 10% on all motor car lots.
4.1.2. RM will retain a Sellers’ Commission of 20% on all non-motor car lots, including but not limited to memorabilia, motorcycles, boats, trailers, jewelry, and clothing.
4.2. Further, the Consignor acknowledges that RM will collect a standard Buyers’ Premium from the Buyer of the Lot(s) in question, based on the Hammer Price on the Lot(s). Please note that the standard Buyers’ Premium may change from time to time at the discretion of RM if the standard Buyers’ Premium for the auction changes. To be clear, the standard Buyers’ Premium will be clearly published as part of Bidders’ Conditions of Business in advance of the auction, and the applicable Buyers’ Premium will be applied consistently across all 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 Lot(s) to the Buyer, and delivering the amounts due to the Consignor under these Conditions. If the Lot(s) 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 Lot(s) to the highest Bidder, provided the Consignor is able to receive at least the net reserve price, defined as reserve price minus Sellers’ Commission as agreed in the Consignment Agreement package.
5.3. The Consignor authorizes RM to release the Lot(s) to the successful Buyer upon RM receiving full payment from the Buyer or financing terms are 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 (defined below) of the Lot(s) 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 raises concerns regarding the Lot(s) description 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 Lot(s) for a period beginning with the date of these Conditions and ending 90 business days following the auction.
6.1. If the Lot(s) is sold prior to the auction and RM has not agreed in writing to this sale, the Lot(s) will then be considered “withdrawn” from the auction by the Consignor, and the Consignor agrees to abide by clause 20, Withdrawn Lot(s), of these Conditions.
6.2. If the Lot(s) does not sell at auction, the Consignor grants RM the authority for up to 90 business days after the auction to (a) list the Lot(s) for sale on RM’s Private Sales website, (b) advertise, in other media at RM’s discretion, the Lot(s) for sale, and (c) if there was a reserve price agreed to between the parties, unilaterally sell the Lot(s) for an amount equal to or greater than the reserve price.
7. Title, Registration Documents, and/or Appropriate Documents Evidencing Chain of Ownership to Lot(s):
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 Lot(s) to RM prior to the auction of the Lot(s).
7.2. The Consignor warrants that the Consignor is the sole owner of the Lot(s), and that the Consignor has full right and authority to sell the Lot(s) (“Ownership”).
7.3. The Consignor agrees to provide RM with a good, clear, and transferable Title to the Lot(s) 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$500.00 and, if the Title defect costs more than US$500.00 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 Lot(s), the Consignor agrees to sign the Power of Attorney attached to the Consignment Agreement package.
7.5. The Consignor will indemnify and hold RM harmless from any claims, demands, losses, expenses, damages, costs, actions, and liabilities, including without limitation to court costs and attorney fees, of whatever kind or nature that may or may not occur, whether known or unknown, on the account of or arising out of all matters related to the Ownership and Titles.
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 Lot(s) 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 Lot(s), 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 written statements (in any and all mediums) made, 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. Lot(s) Description:
9.1. The Consignor agrees to accept sole responsibility and liability for any written statements (in any and all mediums) made by RM that accurately repeat the information supplied by the Consignor as to the originality, character, features, condition, correctness, authenticity, or history of the Lot(s), and also to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any such written statements (in any and all mediums).
9.2. The Consignor is required to review and approve any and all catalogue descriptions within 3 business days of receiving the catalogue description from RM.
9.3. If, for whatever reason, RM has not received an approval of the Lot(s) description from the Consignor at least 3 business days prior to the auction, RM may cancel the sale of the Lot(s).
9.4. If RM cancels the sale of the Lot(s) due to the obligations in clause 9.3 not being fulfilled, the Consignor will:
9.4.1. pay RM any and all expenses incurred by RM assigned to the Lot(s); and
9.4.2. will be responsible to pay RM a 10% commission on the Lot(s) had the Lot(s) (a) met its reserve; or (b) if offered without reserve, then the Lot’s published low estimate; or (c) if no reserve and no published low estimate, then the Lot’s fair market value as determined by RM.
10. Twenty Day Window for Rescission of Sale due to Buyer Concerns Regarding Lot(s) Description:
10.1. RM will review concerns raised by the Buyer for 20 business days from the date of the auction regarding the Lot(s) description; meaning, any written statements (in any and all mediums) made by RM that accurately repeat the information supplied by the Consignor as to the originality, character, features, condition, correctness, authenticity, or history of the Lot(s).
10.2. If it is found that the alleged written statement (that would not have been reasonably found through the Bidder’s due diligence) materially decreases the value or functionality of the Lot(s), 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. Lot(s) Operation:
11.1. The Consignor warrants that the Lot(s) 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 Lot(s) is not safe to operate or move, RM may rescind the consignment of the Lot(s) from the auction .
11.2. The Consignor authorizes RM to perform minor work on the Lot(s) to facilitate the Lot(s) 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 Lot(s).
12. Drivers: The Consignor acknowledges and grants permission for RM and its employees and agents to drive or move the Lot(s) 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 Lot(s).
13. No-Sale of Lot(s):
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 Lot(s) is released to the Consignor.
13.2. If there is a no-sale, the non-sold Lot(s) must be removed by the Consignor 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 Lot’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 the Removal Deadline is not met, the Consignor will be required to pay RM a daily storage fee of up to US$30.00 per Lot(s) until full payment and instructions for transport have been received. Please note it is the Consignor’s responsibility to insure their Lot(s) whilst in storage.
13.5. If the Consignor has not removed their Lot(s) from the storage facility within 6 months of the sale date, RM has the right to enter the Lot(s) into an auction at no reserve or to sell it via private sale for fair market value.
13.5.1. Once sold, RM will retain all reasonable expenses, auction fees if sold via auction, and if sold via private sale, a 20% commission; if there are any remaining funds, these will be returned to the Consignor within 30 business days of the sale.
13.6. RM shall have the right to exercise a charge or lien on the non-sold Lot(s) 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. Any terrorist event, pandemic, war, as well as any “guideline” or “recommendation” by government (local, state/province, federal/national) and/or accredited health organizations (including the World Health Organization) 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 Lot(s): RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of a Lot(s) 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 Lot(s) has been intentionally and materially misrepresented by the Consignor;
15.2. RM opines that physical damage to the Lot(s), 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 Lot(s);
15.4. RM faces significant reputational damages that would cause monetary damages for selling the Lot(s);
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 Lot(s) 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 Lot(s) 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 Lot(s) 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 Lot(s) 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 Lot(s), and no estimate anywhere by RM of the selling price of a Lot(s) 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 Lot(s), and these descriptions make no guarantees, representations, or warranties whatsoever to the Consignor with respect to a Lot(s), 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. If no reserve, indicate clearly by writing “NONE” in the space provided in the fillable section of the Auction Consignment Agreement
18.2. Reserve prices may be lowered at any time by the Consignor, either verbally or in writing, but they may not be raised.
18.3. The reserve does not include commissions to RM.
18.4. RM has the right to sell a Lot(s) 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.
18.5. When a Lot(s) is sold subject to a reserve, the auctioneer may bid on the Consignor’s behalf in an amount not to exceed the amount of the reserve.
18.6. If RM contributes to the Hammer Price to meet a reserve, the reserve for the respective Lot(s) 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 Lot(s) at all times, and this insurance must be at least equal to the aggregate low pre-sale auction estimate for the Lot(s), which in each case shall include insurance for damages to the Lot(s) 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 Lot(s) 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 Lot(s).
20. Withdrawn Lot(s):
20.1. The Consignor acknowledges that RM has incurred and will incur significant costs preparing, advertising, marketing, and promoting the Lot(s) for the auction.
20.2. If the Consignor withdraws one or more of the Lot(s) from the auction after the signing of these Conditions, the Consignor will pay RM the Buyers’ Premium that would have been due under these Conditions had the Lot(s) (a) met their reserve; (b) if offered without reserve, then the Lot’s published low estimate; or (c) if no published low estimate, then the Lot’s fair market value as determined by RM, by 5:00 p.m. of the next business day following the auction.
21. Online Auction Services are “As Available” and “As Is.”:
21.1. Bids on a Lot(s) may be placed via websites, telephone services, applications, tools, and RM’s online auction platform (collectively “Services”).
21.2. Although RM endeavors to keep the Services safe, secure, and functioning properly, RM cannot guarantee the continuous operation of or access to the Services or a Bidder’s ability to connect and navigate the Services.
21.3. Consignors agree that they are making use of the Services at their own risk and that the Services are being provided to the Consignors on an “AS AVAILABLE” and “AS IS” 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.
22. 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.
23. Marketing Fee: The marketing fee is non-refundable and is not credited toward the sales commission.
24. Bidding Restrictions: The Consignor hereby agrees not to bid on his/her/their Lot(s). 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 Lot(s). If, however, in violation of the foregoing, the Consignor (or his or her agent) bids on his/her/their Lot(s) and becomes the successful Bidder, the expenses, marketing fee, repair expenses, and Buyers’ Premium on the Hammer Price shall be payable by the Consignor. If the Consignor does not pay in accordance with this clause, his/her/their Lot(s) may be sold without reserve.
25. Lot’s Batteries: If RM receives a Lot(s) with a dead battery, or shows signs of a draining battery, RM will use commercially reasonable effort to install a new battery, and an automatic US$200.00 (or the local currency equivalent) replacement fee will be charged to the Consignor. In the event a new or replacement battery costs more than US$200.00 (or the local currency equivalent), RM will charge the actual cost of battery plus US$200.00 if the battery is replaceable by an RM employee.
26. Antifreeze Is the Responsibility of the Consignor:
26.1. As the Consignor’s Lot(s) 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 Lot(s) for shipping in freezing temperatures. Winterizing one or more of the Lot(s) means that the Consignor has completely filled and properly mixed, at a minimum, –20°F-rated antifreeze into their Lot’s radiator.
26.2. If any damage occurs because the Consignor did not properly winterize their Lot(s), 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 Lot(s), the associated costs with checking, filling, and disposing of the antifreeze will be recouped from the Consignor’s settlement; if the Lot(s) is not sold, the Consignor must pay RM before the Consignor can retake possession of their Lot(s). If already settled, the Consignor must pay RM directly.
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 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.
28. No Legal or Tax Advice: These Conditions are 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.
29. 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 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 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.
30. 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.
31. Photography, Videography, and Illustrations: All photographs, videography, and illustrations commissioned by RM for the Lot(s) are the absolute property of RM, and RM shall have the absolute right to use the photographs, videography, and illustrations as RM deems fit.
32. Consumer Protection Rights: If the Consignor is a Business (defined below) AND the winning Bidder is a consumer AND the consumer has a right of withdrawal against the Consignor on the basis of EU consumer protection laws, the Consignor agrees that the Buyer has the automatic statutory right for 14 calendar days after the Buyer is responsible to take possession of the Lot(s) to rescind the sale of the Lot(s) for any reason. Nothing in this clause shall affect any Buyer(s) legal rights that shall apply against the Consignor as a result of any applicable laws.
32.1. The definition of Business for these Conditions is a natural person or legal entity in the business of selling automobiles and acting for purposes relating to such business (“Business”).
32.2. RM reserves the right to make the reasonable determination as to whether a Consignor meets the definition of Business.