RM Sotheby's celebrated its 18th year in Amelia Island by presenting a terrific series of best-of-category automobiles across the block on 12 March. The four-and-a-half-hour sale saw numerous cars from different segments of the market achieve record prices, including the 1962 Ferrari 400 Superamerica LWB Coupe Aerodinamico, which surpassed its pre-sale estimate of $2.7–3.3M to sell for $4,400,000 – a world-record price for a 400 Superamerica Coupe sold at auction.
Bidders' Conditions of Business
BIDDERS’ CONDITIONS OF BUSINESS
Please ensure that you have read and understand these Conditions of Business prior to bidding at this or any other RM Auctions, Inc. “RM” sale. Please note, that the winning Bidder becomes a Buyer who is also bound by these Conditions of Business.
1. Registration Fee. In order to register to bid onsite at auction, bidders must pay a $300.00 (USD) bidder registration fee.
2. All Bids are Final at Auction. 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 lot (“lot” meaning any item sold at auction) and are responsible for payment in full. No Bidder may retract a bid made during the sale for any reason.
3. Payment. In the event of a successful bid, our Administration Department will e-mail you a copy of your Bill of Sale and wire transfer instructions following the sale. Payment is due in full on or before 5:00 p.m. of the next business day following the auction (“payment deadline”), and payment is to be made to RM. 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. The title in a purchased lot will not pass until RM has received the full purchase price in cleared funds. RM is not obligated to release a lot to the Buyer until the title to the lot has passed, and any earlier release does not affect the passing of the title or the winning Bidder’s unconditional obligation to pay the full purchase price (the purchase price is comprised of the winning bid, the Buyer’s fee, and other approved costs). In the event that the winning Bidder does not pay any portion of the purchase price by the payment deadline, the Bidder agrees to and acknowledges the following: if RM elects to pay the consignor any portion of the sale proceeds, 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 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, in addition to other remedies available by law, RM reserves the right to impose from the payment deadline a late charge of ten percent (10%) interest per annum on the (1) purchase price; (2) maximum published seller’s commission; (3) maximum published Buyer’s fee; (4) expenses; (5) any collection costs, attorney fees, and court costs incurred to enforce payment; and (6) other damages.
4. All Sales are “As Is” and “Where Is.” The Bidder is responsible for inspections and verification of condition, authenticity, and completeness of any lot purchased. No warranties or representations of any type whatsoever are made by RM. Statements printed in catalogues, brochures, signs, and window cards, as well as verbal statements made by auctioneers or auction staff, are representations made by the consignor, and RM has no obligation to verify or authenticate any such claims or representations. Any announcements made at the time of sale supersede any earlier printed information. Except as herein provided, all lots are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNOR 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 OR COMPONENT OF ANY LOT, AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
5. Bidder Responsible for All Risk of Loss or Damage. The Bidder is responsible for all risk of loss or damage immediately upon purchase of the lot.
6. Sales Tax. If a Purchaser of a vehicle resides in a state in which RM is registered to collect Sales Tax, RM is required to collect sales tax on the purchase of that vehicle. Currently, RM is registered to collect sales tax in the following states: California, Florida, Indiana, South Carolina, Arizona, New York, Pennsylvania, Michigan, and Texas. RM reserves the right to collect sales tax from residents from other jurisdictions if RM deems the collection of tax necessary.
7. Additional Fees and Taxes. The final bid price does not include the Buyer’s premium or applicable taxes on each lot purchased. The bidder is responsible to pay all city, state, or other taxes due for which the bidder does not qualify as exempt. Proof of exemption is the bidder’s responsibility. Bidders are responsible for any duty costs noted or announced that are associated with their purchase. International bidders must pay any and all import duties that are due upon the import of the lot to its final destination.
8. Buyer’s Premium. Buyer’s premiums are as follows: a ten percent (10%) commission will be added to the final bid of each motor car lot purchased, and a fifteen percent (15%) commission will be added to the final bid of any other lot purchased.
9. Reserve. Lots not marked as “no reserve” (or similar) are subject to a reserve bid set by the consignor. When a 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.
10. Title Transfer. 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 Bidder. Buyers will receive titles in the mail up to fifteen (15) business days following the auction.
11. Legal Action. In the event that either party brings action against the other, arising from or relating to this auction, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees and costs. Jurisdiction for any action brought shall lie exclusively in a court of competent jurisdiction in the judicial district in which the auction is located.
12. Absentee and Telephone Bidding. Absentee and telephone bidding are services provided by RM for your 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 these bids, you have entered into a binding contract to purchase each lot if your bid is successful. If your bid is successful, you are to pay the purchase price, including the Buyer’s premium and sales tax, if not otherwise exempt. It is your responsibility to provide proof of exemption from sales tax at the time of registering to bid. By participating in telephone bidding, you acknowledge RM has the right to record all telephone calls.
13. Online Services are “As Is” and “As Available.”
Bidders may be able to bid via websites, telephone services, applications, and tools (collectively “Services”).
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.
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. In addition, to the extent permitted by applicable law, RM (including any parent, subsidiaries, affiliates, officers, directors, agents, and employees) are not liable, and Bidders agree not to hold RM responsible for any damages or losses (including but not limited to loss of money, goodwill or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:
• The inability to use RM’s Services
• Pricing, shipping, or other guidance provided by RM
• Delays or disruptions in RM’s Services
• Viruses or other malicious software obtained by accessing or linking to the Services
• Glitches, bugs, errors, or inaccuracies of any kind in the Services
• Damage to any hardware device from the use of any RM Services
• The content, actions, or inactions of third parties, including items listed using RM’s Services or the destruction of allegedly fake items
• The duration or manner in which the listings appear in search results
• The need to modify practices, content, or behavior or the loss of or inability to do business as a result of changes to this user agreement or RM policies.
14. Posted Terms. Any and all terms of sale posted on the auction premises, printed in sale brochures or forms, described in this catalogue, publicly announced, or otherwise published are incorporated herein by reference. It is the Bidder’s responsibility to familiarize themselves with these terms.
15. Responsibility of Bidder. You are responsible for all bids made with your assigned Bidder number, whether or not made by you and whether or not authorized by you. If your Bidder card is lost or stolen, immediately report it to RM, as all bids made with your Bidder number will be your responsibility.
16. Rescission of Bid. RM may, at RM’s sole discretion and without any obligation to do so, rescind a bid on or sale of a lot if RM believes the bid or sale could subject RM to liability. RM is not responsible for any damages or losses that are claimed to have resulted from the rescission of the bid or sale.
17. Currency Display. RM may use a currency display in the saleroom for informational purposes only. The currencies listed on the currency converter are not real-time conversions pegged to market rates and are not to be relied on by anyone. Errors and inaccuracies may occur in the operation of the currency converter. To be clear, the bid price stated by the auctioneer is the prevailing and binding bid price.
18. Bank Letter. Please note that in order to register to bid at an RM sale, RM requires that all bidders provide a Bank Letter of Guarantee. All Bank Letters of Guarantee must be written on bank letterhead.
19. Credit Card Hold. Please note that in order to register to bid at an RM sale, RM requires a $5,000.00 (USD) hold be placed on your credit card. If you fail to pay for a lot purchased on or before 5:00 p.m. of the next business day following the auction, you acknowledge that your credit card will be charged $5,000.00 (USD) for the missed payment; please note that you are still bound to pay your remaining balance. The $5,000.00 (USD) hold will not be charged to your credit card if you make full payment on or before 5:00 p.m. of the next business day following the auction. If you do not purchase a lot, your credit card will not be charged. If your credit card is not to be charged, the $5,000.00 (USD) hold will fall off your credit card within three to four business days depending on your credit card company.
20. Removal of Purchased Lots. All purchased lots must be removed from the auction site by 5:00 p.m. on the next business day following the auction. If the lot is not removed by the Buyer by 5:00 p.m. on the next business day following the sale, the Buyer will be charged a removal fee and a daily storage fee until the lot is removed. Please note that the Buyer is required to insure their lot while it is being stored on their behalf.
Consignors' Conditions of Business
CONSIGNORS’ CONDITIONS OF BUSINESS
Please ensure that you have read and understood these Conditions of Business prior to consigning a vehicle at this or any other RM Auctions, Inc. “RM” sale.
1. No-Sale of Vehicle. At the termination of this agreement due to a no-sale, RM shall return the vehicle (meaning multiple vehicles if the Consignor consigns multiple vehicles) to the Consignor or, at the option of both the Consignor and RM, enter into a new agreement.
2. RM Receiving Vehicles in Trust. The consigned vehicle or asset is delivered to RM in trust under the exact terms set forth in this agreement. RM agrees to receive this vehicle in trust and not to permit its use for any other purpose, other than those contained in this agreement, without the expressed written consent of the Consignor.
3. Services. RM agrees to provide auction services, a sale facility, clerks, support staff, and event advertising and promotion.
4. Commissions. In the event that the vehicle is sold, the Consignor agrees to pay the sales commission on the last accepted bid to RM, as indicated in the Commissions Section of the consignment package. Further, the Consignor acknowledges that RM will collect a Buyer’s Premium from the Buyer of the vehicle in question based on the last accepted bid on the vehicle.
5. Exclusivity. The Consignor grants to RM the exclusive right and authority to advertise and sell the vehicle for a period beginning with the date of this Agreement and ending sixty (60) business days following the auction.
6.1 The Consignor warrants that the Consignor is the sole and only owner of the vehicle and that the Consignor has full right and authority to sell the vehicle.
6.2 The Consignor agrees to provide RM with a good, clear, and transferable title to the vehicle in advance of the auction; to correct, at the Consignor’s expense, any title defects; and to pay any associated expenses.
6.3 In order to facilitate and transfer the title for the vehicle, the Consignor agrees to sign a Power of Attorney attached in this package.
6.4 If the vehicle is not sold, the title will be returned by courier within thirty (30) business days following the conclusion of the auction.
7. No-Sale Titles. Titles for vehicles that are not sold will be returned by mail within thirty (30) business days following the conclusion of the auction.
8.1 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 vehicle to the Buyer, and delivering the amounts due to the Consignor under this agreement. If the vehicle is sold by RM during the term of this agreement, the money due to the Consignor shall be disbursed within twenty (20) business days after the sale, in accordance with the terms of this agreement. As used in this agreement, a “sale” occurs when RM either (i) receives the purchase price or its equivalent or executes a conditional sales contract for the vehicle or (ii) when the Buyer takes delivery of the vehicle, whichever occurs first.
8.2 The Consignor authorizes RM to release the vehicle to the successful Buyer and agrees to rely solely upon the Buyer for payment.
8.3 If the Buyer does not pay RM, RM will endeavor to use best efforts to enforce payment from the Buyer; however, RM shall not be liable to the Consignor for payment.
8.4 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 vehicle to the Buyer.
9. Non-Payment by Buyer. In the event of non-payment by the Buyer, RM has no obligation to enforce payment on them. If the Buyer does not pay RM, then, at RM’s sole discretion, RM may cancel the sale and return the vehicle to the Consignor, enforce payment by the Buyer, or take other actions permitted by law. Notwithstanding the proceeding 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 vehicle, the Consignor hereby agrees, simultaneously with such payment, to assign to RM any and all rights that the Consignor may have against such Buyer to the extent of such payment, whether at law, in equity, or under the Conditions of Business. The Consignor agrees to execute any documents reasonably necessary to evidence this assignment, including, with respect to the Consignor’s representations, warranties and indemnities set forth in this Agreement. 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 Conditions of Business.
10. Representations. The Consignor acknowledges that it is impossible to accurately predict the selling price or the time of sale for the vehicle, and accordingly, no such representations are made by RM.
11. Vehicle Description.
11.1 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 vehicle and to indemnify, defend, and hold RM harmless from any claims that may be made with respect to any such representations.
11.2 The Consignor is required to review and approve all catalogue descriptions.
12. Vehicle Operation. The Consignor warrants that the vehicle is in a safe, operable condition to be driven by RM’s employees or representatives. The Consignor acknowledges that should RM, at RM’s sole discretion, determine that the vehicle is not safe to operate, the vehicle will not be allowed across the block under its own power.
13. Drivers. The Consignor acknowledges and grants permission for RM and its employees and agents to drive or move the vehicle 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, and the Consignor specifically agrees to indemnify, defend, and hold RM harmless, as provided in this agreement, from any liability that may result from such driving or movement of the vehicle.
14. Cancelation of Sale.
14.1 RM has the sole discretion to cancel an auction or the sale of the vehicle or vehicles and will not be liable to the Consignor for any losses or damages resulting from the cancellation if RM believes the following events have occurred:
14.1.1 Natural disaster;
14.1.2 Structural damage to auction venue prior to the auction;
14.1.3 Terrorist event;
14.1.4 Government/Court action, order, injunction, regulation, or law that necessitates a cancelation;
14.1.5 In RM’s opinion, the vehicle or vehicles have been misrepresented by the Consignor;
14.1.6 In RM’s opinion physical damage to the vehicle or vehicles, which cannot be sufficiently repaired prior to the auction, occurred after this agreement was signed; or
14.1.7 RM is threatened with a lawsuit from a third party.
15. Estimates and Catalogue Descriptions. Any presale estimates are intended as guides for prospective bidders. RM makes no representation or warranty of the anticipated selling price of the vehicle, and no estimate anywhere by RM of the selling price of the vehicle may be relied upon as a prediction of the actual selling price. Estimates included in receipts, catalogues, 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 the vehicle, and these descriptions make no guarantees, representations, or warranties whatsoever to the Consignor with respect to the vehicle, its attribution, legal title, condition, value, or other characteristics.
16. Odometer Statement. The Consignor agrees to provide a duly executed odometer statement on or before the first day of the sale and to accept sole responsibility for the accuracy or inaccuracy of such statement.
17. Reserve Price. The reserve price bid noted in the consignment package is the lowest bid acceptable to the Consignor. The reserve bid may be lowered at any time by the Consignor, either verbally or in writing, but it may not be raised. The reserve bid does not include commissions to RM. RM reserves the right to sell the vehicle at a price below the agreed verbal or written reserve price provided that the Consignor receives the same net proceeds as the Consignor would have received had the reserve bid been met.
18. Insurance. The Consignor will be responsible for maintaining adequate property insurance on the vehicle at all times, and this insurance must be at least equal to the aggregate low presale auction estimate for the vehicle, which in each case shall include insurance for damages to the vehicle and shall not be cancellable by the insurance company until after ownership and title has passed to the Buyer and the Buyer has taken possession of the vehicle from RM. RM does not maintain insurance with respect to the Consignor’s vehicle, but RM does carry Garage Keeper’s Insurance to cover RM employees’ acts of gross negligence while the vehicle is in the care, custody, and control of RM. With the exception of RM’s employees’ acts of gross negligence, the Consignor agrees that RM and their respective affiliates and agents will not be responsible for, and the Consignor releases RM and their respective affiliates, agents, and warehouses from, any and all liability for loss of, theft of, or damage to the vehicle.
19. Withdrawn Lots.
19.1 Consignor acknowledges that RM has incurred and will incur significant costs preparing, advertising, marketing, and promoting the vehicle for the auction.
19.2 If the Consignor withdraws a vehicle or vehicles from the auction after the signing of this agreement, the Consignor will pay RM the Buyer’s Premium and Seller’s Commission that would have been due under this agreement, had the vehicle met its reserve or low estimate, by five PM (5:00 pm) of the next business day following the auction.
20. Legal Action. In the event that either party brings action against the other arising from or relating to the provisions of this agreement, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees and costs. The law of the state in which the auction is held shall govern the provisions of this agreement.
21. Marketing Fee. The marketing fee is non-refundable and is not credited toward the sales commission.
22. Bidding Restrictions. The Consignor hereby agrees not to bid on the vehicle. 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 not instruct or permit any other person to bid on behalf of the Consignor for the vehicle. If, however, in violation of the foregoing, the Consignor (or his agent) bids on the vehicle and becomes the successful bidder, the expenses, Buyer’s Premium, and Seller’s Commission on the hammer price shall be payable by the Consignor, the vehicle may be sold without reserve, and the Consignor will not be entitled to the benefit of any warranties under the Conditions of Sale.
23. Advances. If an advance is given by RM, the Consignor grants a security interest to RM in the vehicles pledged in support of any and all advances provided by RM. The Consignor shall deliver (i) original titles of the vehicles, (ii) an executed power of attorney, granting RM authority to register a lien on the vehicles and/or sell the vehicles, and (iii) any related supporting documentation. In the event that the Consignor withdraws lots, terminates the Consignment Agreement, or defaults, or there occurs a dispute between the Consignor and RM, the Consignor shall return the full amount of all advances and costs to RM within ten (10) business days of demand, following which RM shall return the original titles of the vehicles to the Consignor within five (5) business days of receipt of the full amount of all advances and costs. If the advances are not returned to RM within ten (10) business days of demand, the Consignor shall deliver the vehicles to RM, and RM shall have the right to sell the vehicles to recover the full amount of the advances and costs, and any excess from such sales shall be delivered to the Consignor.
24. Anti-Freeze is the Responsibility of the Consignor.
24.1 As the Consignor’s vehicle 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 six (6) months they have winterized their vehicle for shipping in freezing temperatures. Winterizing a vehicle means that the Consignor has completely filled and properly mixed, at a minimum, negative thirty-four degrees Fahrenheit rated (-34 F) anti-freeze into their vehicle’s radiator.
24.2 If any damage occurs because the Consignor did not properly winterize their vehicle, it will be the Consignor’s responsibility to cover the damages, and RM may recap these damages from the Consignor’s settlement. If it is found that the Consignor did not properly winterize their vehicle, the associated costs with checking, filling, and disposing the anti-freeze will be recapped from the Consignor’s settlement; if the vehicle is not sold, the Consignor must pay RM before the Consignor can re-take possession of their vehicle.
25. Entire Agreement. This document contains the entire agreement between the parties and shall be binding upon them and their respective heirs, personal representatives, and assigns. Except as otherwise expressly provided herein, this agreement shall not be modified, except in writing. Whenever used in this agreement, 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.
26. No Legal or Tax Advice. This agreement is an important legal document. The Consignor acknowledges that the Consignor 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 to the Consignor or for the Consignor’s benefit in connection with the transactions contemplated by this agreement, and no one at RM has acted as the Consignor’s attorney or tax advisor.
27. Notice to Consignor. 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.