CONDITIONS OF SALE
The following Conditions of Sale are Sotheby’s, Inc.'s ("Sotheby's"), RM Auctions, Inc. d.b.a. RM Sotheby's ("RM Sotheby's" and together with Sotheby's, "we," "us" or "our") and the Consignor’s entire agreement with the purchaser and any bidders relative to the property listed in this catalogue. The Conditions of Sale, the glossary, if any, and all other contents of this catalogue are subject to amendment by us by the posting of notices or by oral announcements made during the sale. The property will be offered by us as agents for the Consignor, unless the catalogue indicates otherwise. By participating in any sale, you acknowledge that you are bound by these terms and conditions.
1. Registration Fee. In order to register to bid onsite at auction, bidders must pay a $200.00 (USD) bidder registration fee.
2. 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.
3. All automobiles sold in this sale will be sold under a New York Retail Motor Vehicle Dealer held by RM Sotheby’s and pursuant to all applicable laws, including the New York Used Car Lemon Law, N.Y. GBL. § 198. Buyers will be provided with relevant disclosures, including the New York Used Car Lemon Law Consumer Bill of Rights. Except as limited by the foregoing, all property is sold “AS IS” without any representations or warranties by us or the Consignor as to merchantability, fitness for a particular purpose, the correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. We and the Consignor make no representations and warranties, express or implied, as to the authenticity, authorship, period or origin of any lot of property and completeness of any automobiles in this catalogue. We and the Consignor make no representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property. We and the Consignor are not responsible for errors and omissions in the catalogue, glossary, or any supplemental material.
4. Inspection. Prospective bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored. Buyers understand that the automobiles offered for sale may have been repaired or altered and any mileage provided in the catalogue or elsewhere is based on the odometer reading provided to us by the Consignor and we make no representations or warranties to you as to the accuracy of such "mileage" or odometer readings.
5. Buyer’s Premium. A buyer’s premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer’s premium is 10% of the hammer price for all motor vehicles, including for the avoidance of doubt any motorcycles and 15% of the hammer price for any other lot, including for the avoidance of doubt all automotive and non-automotive memorabilia and similar items and the Ferrari 250 Testa Rossa Children’s Car by Michele Conti.
6. Withdrawal. We reserve the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal.
7. Per Lot. Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue.
8. Bidding. We reserve the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser. 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 item in dispute. If any dispute arises after the sale, our sale record is conclusive. In our discretion we 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; We are not responsible for any errors or omissions in connection therewith. Prospective bidders should also consult rmsothebys.com for the most up to date cataloguing of the property in this catalogue.
By participating in the sale, you represent and warrant that any bids placed by you, or on your behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law. We may require such necessary financial references, guarantees, deposits and/or such other security, in their absolute discretion, as security for your bid(s). Please bear in mind that we are unable to obtain financial references over weekends or public holidays.
9. Online Bids via rmsothebys.com: Sotheby’s and RM Sotheby's may offer clients the opportunity to bid online via rmsothebys.com for selected sales. By participating in a sale via rmsothebys.com, you acknowledge that you are bound by these Conditions of Sale as well as any Additional Terms and Conditions for Live Online Bidding via rmsothebys.com (“Online Terms”). The Online Terms can be viewed at rmsothebys.com and bidders utilizing rmsothebys.com's live bidding applet will be required to accept the Online Terms, as well as the relevant Conditions of Sale, prior to participating in the sale.
10. Bids Below Reserve. If the auctioneer determines that any opening bid is below the reserve of the article offered, he may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he determines that any advance thereafter is insufficient, he may reject the advance.
11. Purchaser’s Responsibility. Subject to fulfillment of all of the conditions set forth herein, on the fall of the auctioneer’s hammer, the contract between the consignor and the purchaser is concluded, and the winning bidder thereupon will immediately pay the full purchase price or such part as we may require. Title in a purchased lot will not pass until we have received the full purchase price in cleared funds. Neither RM Sotheby's nor Sotheby's is obligated to release a lot to the purchaser until title to the lot has passed and any earlier release does not affect the passing of title or the Purchaser’s unconditional obligation to pay the full purchase price. In addition to other remedies available to us by law, we reserve the right to impose from the date of sale a late charge of the annual percentage rate of Prime + 6% of the total purchase price if payment is not made in accordance with the conditions set forth herein. Please note that we reserve the right to refuse to accept payment from a source other than the buyer of record.
Unless we otherwise agree, all automobiles and all of the property sold in this sale will be removed from Sotheby's premises the day following the sale to a public warehouse for the account, and at the risk and expense of the buyer and sold property must be removed by the purchaser within seven calendar days. Buyers are reminded that we do not maintain any coverage for loss or damage to sold property and buyer is responsible for all risk of loss or damage to purchased property immediately after the sale. To ensure any coverage for liability for loss or damage buyers shall purchase insurance immediately following the auction.
If any applicable conditions herein are not complied with by the purchaser, the purchaser will be in default and in addition to any and all other remedies available to us and the Consignor by law, including, without limitation, the right to hold the purchaser liable for the total purchase price, including all fees, charges and expenses more fully set forth herein, we, at our option, may (x) cancel the sale of that, or any other lot or lots sold to the defaulting purchaser at the same or any other auction, retaining as liquidated damages all payments made by the purchaser, or (y) resell the purchased property, whether at public auction or by private sale, or (z) effect any combination thereof. In any case, the purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses of both sales, our commissions on both sales at our regular rates, legal fees and expenses, collection fees and incidental damages. We may, in our sole discretion, apply any proceeds of sale then due or thereafter becoming due to the purchaser from us or any of our respective affiliated company, or any payment made by the purchaser to us or any of our respective affiliated company, whether or not intended to reduce the purchaser’s obligations with respect to the unpaid lot or lots, to the deficiency and any other amounts due to us or any of our respective affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to us and our respective affiliated companies, a continuing security interest of first priority in any property or money of or owing to such purchaser in our possession, custody or control or in the possession, custody or control of any of our respective affiliated companies, in each case whether at the time of the auction, the default or if acquired at any time thereafter, and we may retain and apply such property or money as collateral security for the obligations due to us or to any of our respective affiliated companies. We shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. You hereby agree that we may file financing statements under the New York Uniform Commercial Code without your signature. Payment will not be deemed to have been made in full until we have collected good funds. Any claims relating to any purchase, including any claims under the Conditions of Sale, must be presented directly to us. In the event the purchaser fails to pay any or all of the total purchase price for any lot and we nonetheless elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that we shall have all of the rights of the Consignor to pursue the purchaser for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Sale.
12. Vehicles. Subject to fulfillment of all of the conditions set forth herein, the Consignor represents that the purchaser acquires good legal title to the vehicle. Legal title for vehicles listed in this catalogue may be evidenced by a Certificate of Title or a transferable registration or, if neither is available, by a bill of sale that will be provided to the purchaser following the sale as may be required by applicable laws.
13. Reserve. All lots in this catalogue are offered subject to a reserve, which is the confidential minimum hammer price at which a lot will be sold. No reserve will exceed the low presale estimate stated in the catalogue, or as amended by oral or posted notices. We may implement such reserve by opening the bidding on behalf of the Consignor and may bid up to the amount of the reserve, by placing successive or consecutive bids for a lot, or bids in response to other bidders. In instances where we have an interest in the lot other than our commission, we may bid up to the reserve to protect such interest. In certain instances, the Consignor may pay us less than the standard commission rate where a lot is “bought-in” to protect its reserve.
14. Tax. Unless exempted by law, the purchaser of any automobile (for the avoidance of doubt, all automotive and non-automotive memorabilia and similar items and Ferrari 250 Testa Rossa Children’s Car by Michele Conti are not considered automobiles for sales tax purposes only) will be required to pay the combined New York State and local sales tax, and if applicable, any other tax, on the total purchase price. The rate of such combined state and local sales tax is 8.875% in New York City and ranges from 7% to 8.625% elsewhere in New York. New York sales tax will not be collected if the purchaser provides a valid Form ST-120, Resale Certificate, or a valid Form DTF-820, Certificate of Nonresidency of New York State and/or Local Taxing Jurisdiction.
For non-automobile property (for the avoidance of doubt, non-automobile property includes all automotive and non-automotive memorabilia and similar items and [the Ferrari Testa Rossa Child's Car] for sales tax purposes only) sales tax will be collected on the total purchase price as described in “Information on Sales and Use Tax Related to Purchases at Auction” in the back of the catalogue.
15. Export and Permits. It is the purchaser’s sole responsibility to identify and obtain any necessary export, import, endangered species or other permit for the lot. Any symbols or notices in the sale catalogue reflect Sotheby’s and RM Sotheby's reasonable opinion at the time of cataloguing and are for bidders’ general guidance only; Sotheby’s, RM Sotheby's and the Consignor make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes.
16. Governing Law and Jurisdiction. These Conditions of Sale, as well as bidders’, the purchaser’s and our respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of New York. By bidding at an auction, whether present in person or by agent, order bid, telephone, online or other means, all bidders including the purchaser, shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of New York. All parties agree, however, that we shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of New York.
17. Packing and Shipping. We are not responsible for the acts or omissions in our packing or shipping of purchased lots or of other carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots is at the entire risk of the purchaser.
18. Limitation of Liability. In no event will our liability to a purchaser exceed the purchase price actually paid.
19. Data Protection. We will use information provided by our clients (or which we otherwise obtain relating to our clients) for the provision of auction and other related services, loan services, client administration, marketing and otherwise to manage and operate our businesses, or as required by law. This will include information such as the client’s name and contact details, proof of identity, financial information, records of the client’s transactions, and preferences. Some gathering of information about our clients will take place using technical means to identify their preferences in order to provide a higher quality of service to them. We may also disclose the client information to other Sotheby’s or RM Sotheby's Companies and/or third parties acting on their behalf to provide services for these purposes.
Sometimes, we may also disclose this information to carefully selected third parties for their own marketing purposes. If you do not wish your details to be used for this purpose, please email email@example.com.
If the client provides us with information that is defined by European data protection laws as “sensitive”, the client agrees that it may be used for the purposes set out above.
In the course of these disclosures, personal data collected in the European Economic Area may be disclosed to countries outside the European Economic Area. Although such countries may not have legislation that protects a client’s personal information, we shall take great care to keep such information secure and in accordance with European data protection principles. By agreeing to these Conditions of Business, the client is agreeing to such disclosure.
Please be aware that we may film auctions or other activities on Sotheby’s premises and that such recordings may be transmitted over the Internet via rmsothebys.com and sothebys.com, telephone bids may be recorded.
Under European data protection laws, a client may object, by request and free of charge, to the processing of their information for certain purposes, including direct marketing, and may access and rectify personal data relating to them and may obtain more information about our data protection policies by writing to Sotheby’s, 34-35 New Bond Street, London W1A 2AA, or 1334 York Avenue, New York, NY 10021, Attn: Compliance, or emailing firstname.lastname@example.org and RM Sotheby's at One Classic Drive, Blenheim, ON, Canada, N0P 1A0 or emailing email@example.com.
BUYING AT AUCTION
The following will help in understanding the auction buying process as well as some of the terms and symbols commonly used in an auction catalogue. All bidders should read the Conditions of Sale in this catalogue, as well as the Glossary or any other notices.
By bidding at auction, bidders are bound by the Conditions of Sale , as amended by any oral announcement or posted notices, which together form the sale contract among Sotheby’s, the seller (consignor) of the lot and any bidders, including the successful bidder (purchaser).
1. SYMBOL KEY
Unless indicated by a box (□) or noted as “offered without reserve”, all lots in this catalogue are offered subject to a reserve. A reserve is the confidential minimum hammer price at which a lot will be sold. The reserve is generally set at a percentage of the low estimate and will not exceed the low estimate of the lot. If any lots in the catalogue are offered without reserve, such lots will be designated by a box (□). If every lot in a catalogue is offered without a reserve, the Conditions of Sale will so state and this symbol will not be used for each lot.
○ Guaranteed Property
The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Sotheby’s or RM Sotheby's or jointly by Sotheby’s or RM Sotheby's and a third party. Sotheby’s and any third parties providing a guarantee jointly with Sotheby’s benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful.
△ Property in which Sotheby’s and/or RM Sotheby's has an Ownership Interest
Lots with this symbol indicate that Sotheby’s and/or RM Sotheby's owns the lot in whole or in part or has an economic interest in the lot equivalent to an ownership interest.
⋑ Irrevocable Bids
Lots with this symbol indicate that a party has provided Sotheby’s with an irrevocable bid on the lot that will be executed during the sale at a value that ensures that the lot will sell. The irrevocable bidder, who may bid in excess of the irrevocable bid, will be compensated based on the final hammer price in the event he or she is not the successful bidder. If the irrevocable bidder is the successful bidder, he or she will be required to pay the full Buyer’s Premium and will not be otherwise compensated. If the irrevocable bid is not secured until after the printing of the auction catalogue, a pre-lot announcement will be made indicating that there is an irrevocable bid on the lot.
⊻ Interested Parties
Lots with this symbol indicate that parties with a direct or indirect interest in the lot may be bidding on the lot, including (i) the beneficiary of an estate selling the lot, or (ii) the joint owner of a lot. If the interested party is the successful bidder, they will be required to pay the full Buyer’s Premium. In certain instances, interested parties may have knowledge of the reserve. In the event the interested party’s possible participation in the sale is not known until after the printing of the auction catalogue, a pre-lot announcement will be made indicating that interested parties may be bidding on the lot.
◉ Restricted Materials
Lots with this symbol have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. The information is made available for the convenience of bidders and the absence of the symbol is not a warranty that there are no restrictions regarding import or export of the Lot; bidders should refer to Condition 13 of the Conditions of Sale. Please also refer to the section on Endangered Species in the information on Buying at Auction.
† Import Duty Applicable
This symbol signifies that, should the buyer be a resident of the United States, an additional duty of 2.5% is payable on the final sale price of the vehicle, including all applicable taxes and commissions.
2. BEFORE THE AUCTION
The Catalogue A catalogue prepared by Sotheby’s and RM Sotheby's is published for every the scheduled live auction and is available prior to the sale date. The catalogue will help familiarize you with property being offered at the designated auction. Catalogues may be purchased at rmsothebys.com and sothebys.com. For information, please call +1 519 352 4575 or visit rmsothebys.com. Prospective bidders should also consult rmsothebys.com for the most up to date cataloguing of the property in this catalogue.
Estimates Each lot in the catalogue is given a low and high estimate, indicating to a prospective buyer a range in which the lot might sell at auction. When possible, the estimate is based on previous auction records of comparable pieces. The estimates are determined several months before a sale and are therefore subject to change upon further research of the property, or to reflect market conditions or currency fluctuations. Estimates should not be relied upon as a representation or prediction of actual selling prices.
Specialist Advice Prospective bidders may be interested in specific information not included in the catalogue description of a lot. For additional information, please contact Lauren Udzbinac: tel +1 519 352 4575; fax: +1 734 661 1897; e-mail: firstname.lastname@example.org.
The Exhibition An exhibition of the auction property will be held the week prior to the auction on the days listed in the front of the catalogue. There you will have the opportunity to view, inspect and evaluate the property yourself.
Salesroom Notices Salesroom notices amend the catalogue description of a lot after our catalogue has gone to press. They are posted in the viewing galleries and salesroom or are announced by the auctioneer. Please take note of them.
Registration We may require such necessary financial references, guarantees, deposits and/or such other security, in our absolute discretion, as security for your bid. If you are not successful on any lot, we will arrange for a refund (subject to any right of set off) of the deposit amount paid by you without interest within 14 working days of the date of the sale. Any exchange losses or fees associated with the refund shall be borne by you.
3. DURING THE AUCTION
The Auction Auctions are open to the public without any admission fee or obligation to bid or may require pre-registration with us, which shall be in Sotheby’s and RM Sotheby's sole discretion. The auctioneer introduces the objects for sale — known as “lots” — in numerical order as listed in the catalogue. Unless otherwise noted in the catalogue or by an announcement at the auction, we act as agents on behalf of the seller and do not permit the seller to bid on his or her own property. It is important for all bidders to know that the auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve, by placing responsive or consecutive bids for a lot. The auctioneer will not place consecutive bids on behalf of the seller above the reserve.
Bidding in Person If you would like to bid, you must register for a paddle upon entering the salesroom. The paddle is numbered so as to identify you to the auctioneer. To register, you will need a form of identification such as a driver’s license, a passport or some other type of government issued identification. If you are a first-time bidder, you will also be asked for your address, phone number and signature in order to create your account. If you are bidding for someone else, you will need to provide a letter from that person authorizing you to bid on that person’s behalf. Issuance of a bid paddle is in Sotheby’s and RM Sotheby's sole discretion.
Once the first bid has been placed, the auctioneer asks for higher bids, in increments determined by the auctioneer. To place your bid, simply raise your paddle until the auctioneer acknowledges you. You will know when your bid has been acknowledged; the auctioneer will not mistake a random gesture for a bid.
All lots sold will be invoiced to the name and address in which the paddle has been registered and cannot be transferred to other names and addresses. We reserve the right to refuse to accept payment from a source other than the buyer of record.
Absentee Bidding If it is not possible for you to attend the auction in person, you may place your bid ahead of time. In the back of every catalogue there is an absentee bid form, which you can use to indicate the item you wish to bid on and the maximum bid you are willing to make. Return the completed absentee bid form to Lauren Udzbinac: tel +1 519 352 4575; fax: +1 734 661 1897; e-mail: email@example.com either by mail or fax. When the lot that you are interested in comes up for sale, one of our representative will execute the bid on your behalf, making every effort to purchase the item for as little as possible and never exceeding your limit. This service is free and confidential.
Telephone Bidding In some circumstances, we offer the ability to place bids by telephone live to a Sotheby’s or RM Sotheby's representative on the auction floor. Please contact Lauren Udzbinac: tel +1 519 352 4575; fax: +1 734 661 1897; e-mail: firstname.lastname@example.org prior to the sale to make arrangements or to answer any questions you may have. Telephone bids are accepted only at our discretion and at the caller’s risk. Calls may also be recorded. By bidding on the telephone, prospective buyers consent thereto.
Online Bidding via rmsothebys.com: If you cannot attend the auction, it may be possible to bid online via rmsothebys.com for selected sales. This service is free and confidential. For information about registering to bid via rmsothebys.com, please see Lauren Udzbinac or contact her at 519-352-4575 or via email at email@example.com. Bidders utilizing rmsothebys.com's service are subject to the Additional Terms and Conditions for Live Online Bidding via rmsothebys.com, which can be viewed at rmsothebys.com as well as the relevant Conditions of Sale.
Employee Bidding Sotheby’s and RM Sotheby's employees may bid in the auction only if the employee does not know the reserve and if the employee fully complies with Sotheby’s and RM Sotheby's internal rules governing employee bidding.
US Economic Sanctions The United States maintains economic and trade sanctions against targeted foreign countries, groups and organizations. There may be restrictions on the import into the United States of certain items originating in sanctioned countries, including Burma, Cuba, Iran, North Korea and Sudan. The purchaser’s inability to import any item into the US or any other country as a result of these or other restrictions shall not justify cancellation or rescission of the sale or any delay in payment. Please check Lauren Udzbinac: tel +1 519 352 4575; fax: +1 734 661 1897; e-mail: firstname.lastname@example.org if you are uncertain as to whether a lot is subject to these import restrictions, or any other restrictions on importation or exportation.
Hammer Price and the Buyer’s Premium For lots which are sold, the last price for a lot as announced by the auctioneer is the hammer price. A buyer’s premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer’s premium will be the amount stated in the Conditions of Sale.
Currency Board As a courtesy to bidders, a currency board is operated in many salesrooms. It displays the lot number and current bid in both U.S. dollars and foreign currencies. Exchange rates are approximations based on recent exchange rate information and should not be relied upon as a precise invoice amount. We assume no responsibility for any error or omission in foreign or United States currency amounts shown.
Results Successful absentee bidders will be notified after the sale. Absentee bidders will receive a list of sale results if they enclose a stamped self-addressed envelope with their absentee bid form. Printed lists of auction prices are available at our galleries approximately three weeks following each auction and are sent on request to catalogue purchasers and subscribers. Results may also be obtained online at sothebys.com and rmsothebys.com.
4. AFTER THE AUCTION
Payment If your bid is successful, you can go directly to the auction office to make payment arrangements. Otherwise, your invoice will be emailed or faxed to you. The final price is determined by adding the buyer’s premium to the hammer price on a per-lot basis. Sales tax, where applicable, will be charged on the entire amount. Payment is due in full immediately after the sale. However, under certain circumstances, we may, in our sole discretion, offer bidders an extended payment plan. Such a payment plan may provide an economic benefit to the bidder. Credit terms should be requested at least one business day before the sale. However, there is no assurance that an extended payment plan will be offered. Please contact Rebecca Johnson at 519-352-4575 or via email email@example.com for information on credit arrangements for a particular lot. Please note that we will not accept payments for purchased lots from any party other than the purchaser, unless otherwise agreed between the purchaser and us prior to the sale.
Payment by Cash It is against our general policy to accept single or multiple related payments in the form of cash or cash equivalents in excess of the local currency equivalent of US $10,000. It is our policy to request any new clients or purchasers preferring to make a cash payment to provide: verification of identity (by providing some form of government issued identification containing a photograph, such as a passport, identity card or driver’s license), confirmation of permanent address and identification of the source of the funds.
Payment by Credit Cards We do not accept payment by credit card for auction purchases.
Payment by Check To pay for a purchase by check, please see our cashier and fill out a Check Acceptance Account form. Until approved, you will not be permitted to remove purchases before the check has cleared. Check acceptance privileges are reviewed from time to time by us and may be granted or withdrawn at our sole discretion. Checks should be made payable to RM Sotheby's /Sotheby’s. Certified checks, banker’s drafts and cashier’s checks are accepted at our discretion and provided they are issued by a reputable financial institution governed by anti-money laundering laws. Instruments not meeting these requirements will be treated as “cash equivalents” and subject to the constraints noted in the prior paragraph titled “Payment By Cash”.
Payment by Wire Transfer
To pay for a purchase by wire transfer, please refer to the payment instructions on the invoice provided by us or contact Rebecca Johnson at 519-352-4575 or via email at firstname.lastname@example.org to request instructions.
Sales and Use Tax New York sales tax is charged on the hammer price, buyer’s premium and any other applicable charges on any property picked up or delivered in New York State, regardless of the state or country in which the purchaser resides or does business. Please refer to “Information on Sales and Use Tax Related to Purchases at Auction” in the back of the catalogue.
Collection and Delivery
Once your payment has been received and cleared, property may be released. Unless otherwise agreed by us, all purchases must be removed from the warehouse seven-calendar day following the sale. Please contact Rebecca Johnson or Mark Santavy for collection information at 519-352-4575 or email@example.com or firstname.lastname@example.org.
Collecting your Property Prior to your collection of any item of property from the warehouse where the property will be located immediately after the sale, please provide a letter of authorization and kindly instruct your shipper that they must provide a Bill of Lading prior to collection. Both documents must be sent to Rebecca Johnson at email@example.com prior to collection.
The Bill of Lading must include: the purchaser’s full name, the full delivery address including the street name and number, city and state or city and country, the sale and lot number.
We will contact your shipper within 24 hours of receipt of the Bill of Lading to confirm the date and time that your property can be collected. Property will not be released without this confirmation and your shipper must bring the same Bill of Lading that was faxed to us when collecting. All property releases are subject to the receipt of cleared funds.
Please see the Conditions of Sale for further details.
Endangered Species Certain property sold at auction, for example, items made of or incorporating plant or animal materials such as coral, crocodile, ivory, whalebone, tortoiseshell, rhinoceros horn etc., irrespective of age or value, may require a license or certificate prior to exportation and additional licenses or certificates upon importation to another country. We suggest that buyers check on their government wildlife import requirements prior to placing a bid. Please note that the ability to obtain an export license or certificate does not ensure the ability to obtain an import license or certificate in another country, and vice versa. It is the purchaser’s responsibility to obtain any export or import licenses and/or certificates as well as any other required documentation. In the case of denial of any export or import license or of delay in the obtaining of such licenses, the purchaser is still responsible for making on-time payment of the total purchase price for the lot.
Although licenses can be obtained to export some types of endangered species, other types may not be exported at all, and other types may not be resold in the United States. Upon request, we are willing to assist the purchaser in attempting to obtain the appropriate licenses and/or certificates. However, there is no assurance that an export license or certificate can be obtained. Please check with Rebecca Johnson at 519-352-4575 or firstname.lastname@example.org if you are uncertain as to whether a lot is subject to these export/import license and certificate requirements, or any other restrictions on exportation.
INFORMATION ON SALES AND USE TAX RELATED TO PURCHASES AT AUCTION
To better assist our clients, we have prepared the following information on Sales and Use Tax related to non-automobile property purchased at auction (for the avoidance of doubt, non-automobile property includes all automotive and non-automotive memorabilia and similar items, the Ferrari 250 Testarossa Children’s Car by Michle Conti for sales tax purposes only). Please see Condition 12 of the Conditions of Sale for sales tax applicable to automobile property purchased at auction.
Why We Collect Sales Tax Virtually all State Sales Tax Laws require a corporation to register with the State’s Tax Authorities and collect and remit sales tax if the corporation maintains a presence within the state, such as offices. In the states that impose sales tax, Tax Laws require an auction house, with a presence in the state, to register as a sales tax collector, and remit sales tax collected to the state. New York sales tax is charged on the hammer price, buyer’s premium and any other applicable charges on any property picked up or delivered in New York, regardless of the state or country in which the purchaser resides or does business.
Where We Collect Sales Tax Sotheby’s is currently registered to collect sales tax in the following states: California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, Pennsylvania, Michigan, South Carolina, Indiana, Arizona, and Texas. For any property collected or received by the purchaser in New York City, such property is subject to sales tax at the existing New York State and City rate of 8.875%.
If the property is delivered into any of the states in which we are registered, we are required by law to collect and remit the appropriate sales tax in effect in the state where the property is delivered. Property collected from Sotheby’s New York premises by common carriers on behalf of the purchaser for delivery to the purchaser at his address outside of New York is not subject to New York Sales Tax. If it is delivered by the common carrier to any of the states where we are required to collect sales tax, applicable tax will be added to the purchase price.
Where We are Not Required to Collect Sales Tax We are not required to collect sales tax on property delivered to states other than those listed above. If the property is delivered to a state where we are not required to collect sales tax, it is the responsibility of the purchaser to self-assess any sales or use tax and remit it to taxing authorities in that state. We are not required to collect sales tax for property delivered to the purchaser outside of the United States.
Restoration and Other Services Regardless of where the property is subsequently transported, if any restoration services are performed on the property in New York, it is considered to be a delivery of the property to the purchaser in New York, and we will be required to collect the applicable New York sales tax.
Certain Exemptions Most states that impose sales taxes allow for specified exemptions to the tax.
Local Tax Advisors As sales tax laws vary from state to state, we recommend that clients with questions regarding the application of sales or use taxes to property purchased at auction seek tax advice from their local tax advisors.