LAMA BLOG

Getting Ready for the May 22, 2016 Auction

May 21, 2016

We’ve put together some helpful tips to prepare you for tomorrow’s auction.

LAMA_Preview_May_2016_324

Auction Date:
Sunday, May 22, 2016

Auction starts promptly at:
12:00 Noon (Pacific Time)

Auction is held at:
16145 Hart Street
Van Nuys, CA 91406

Although all phone/absentee bids were due by:
Saturday, May 21, 2016 at 5 p.m. (Pacific Time), we will try our best to accommodate your absentee bids.

Doors to the auction house open to last-minute previewers at:
11 a.m., Sunday, May 22, 2016 (16145 Hart Street Van Nuys, CA 91406)

Buyer’s premium for in-person/phone/absentee bidders:

  • 25% on the hammer price up to and including $500,000 if bids are placed directly with Modern Auctions, Inc.
  • 20% on the portion of the hammer price in excess of $500,000 up to $2,000,000 if bids are placed directly with Modern Auctions, Inc.
  • 15% on the portion of the hammer price in excess of $2,000,000 if bids are placed directly with Modern Auctions, Inc.

 

BUYER’S PREMIUM DISCOUNT**

  • 22.5% on the hammer price up to and including $500,000 if bids are placed directly with Modern Auctions, Inc. and if payment by cash, check, or bank wire is received in full by June 1, 2016.
  • 17.5% on the portion of the hammer price in excess of $500,000 up to $2,000,000 if bids are placed directly with Modern Auctions, Inc. and if payment by cash, check, or bank wire is received in full by June 1, 2016.
  • 12.5% on the portion of the hammer price in excess of $2,000,000 if bids are placed directly with Modern Auctions, Inc. and if payment by cash, check, or bank wire is received in full by June 1, 2016.

**The buyer’s premium will not be discounted for internet bidding (28%), payment by credit card, or if full payment is not received by June 1, 2016 (Please note: Credit card payments are accepted when presented in person and will not be accepted over the phone, fax, or e-mail)

Buyer’s premium for all online bids placed on Live Auctioneers:
28% and cannot be reduced.

Note regarding all online bids placed on Live Auctioneers:
LAMA on average auctions material at the rate of 60–80 lots per hour. On some occasions the internet bid software or the internet may not be able to keep up with the pace of the auction. We strongly recommend placing an absentee bid directly with LAMA to ensure the execution of your bid. Further, LAMA has sole discretion to accept or reject any Live Auctioneers bid. In some rare instances, the auctioneer may reopen a lot after the close of a Live Auctioneers live bid. By bidding via Live Auctioneers, you agree that LAMA may award the lot to another bidder at its sole discretion. Due to Internet lag time, the floor generally responds before the Live Auctioneers bid is presented to LAMA, so for consistency, we have made it a policy that floor bids are always considered first over tie Live Auctioneers live bids.

Registration for in-person bidding:
You must bring your driver’s license and a valid Visa or Mastercard. We ask for the credit card information as a formal agreement; we do not charge your card.

People ask, “How many lots do you get through in one hour?”
About 60–80 lots per hour.

Can you watch the auction happening live online?
Yes, you can. Please go to www.lamodern.com to watch the live bidding online through Live Auctioneers. You do NOT need to register for a username to simply watch the live bidding online.

How and where do I park at your auction?
We offer complimentary valet parking.

What do I do if I was a successful phone or absentee bidder?
A LAMA representative will be calling you no later than Tuesday, May 24, 2016 to go over your invoice, as well as payment and shipping details.

When can I pick up the lots I won if I am a successful bidder?
Monday–Friday; 9am–5pm

Good luck to all bidders!

Leave a Reply

BID AND FOLLOW ON THE LAMA APP