LAMA BLOG

Getting Ready for the February 25, 2018 Auction!

February 24, 2018

Here are some helpful tips to prepare you for the February 25, 2018 auction.

Auction Date & Time:
Sunday, February 25, 2018, 12pm (noon)
Doors open at 11:00am

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

Auction location:
16145 Hart Street
Van Nuys, CA 91406

How can I participate in the auction? How do I register?
LAMA offers four types of bidding; live bidding in-person at the auction, phone bidding, absentee bidding, and bidding online via the LAMA App.

  1. Live Bidding at the Auction:  You must bring your driver’s license and a valid credit card. We ask for the credit card information as a formal agreement; we do not automatically charge your card for your purchase.
  2. Phone & Absentee Bidding:  Phone and absentee registration closed Saturday, February 24th at 5pm. At this time, we will try our best to accommodate absentee bids submitted either via the LAMA Bid Form or through accounts on www.lamodern.com
  3. Bidding with the LAMA App: Register to bid on the LAMA App.  You may submit bids in advance or live as the lots go on the block.  (See more details below).

What is the Buyer’s premium for in-person/phone/absentee/LAMA App bidders?
If payment is received by March 5, 2018:

  • 22.5% on the hammer price up to and including $500,000 if the bids are placed directly with Modern Auctions, Inc.
  • 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.
  • 12.5% on the portion of the hammer price in excess of $2,000,000 if bids are placed directly with Modern Auctions, Inc.

If payment is received after March 5, 2018:

  • 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.

Payment by Credit Card carries a 3% processing fee on the total invoice amount and requires completion of LAMA’s “Credit Card Authorization” form. 

What is the LAMA App?:
This is a new bidding platform to view the auctions on the go, follow artists, register and bid for the auction – all from your mobile device or your computer. Our newly developed mobile bidding platform allows you to watch and participate in the auctions directly with LAMA.  To register you must sign up directly by creating an account with the APP – this is independent of your LAMA account.

How many lots do you sell in one hour?
Approximately 60-70 lots per hour.

Can you watch the auction happening live online?
Yes, you can. Please click here to watch the live bidding. You do NOT need to register for a username to simply watch the live bidding online. Also, please download the LAMA App click here to follow the lots and results from your smart phone or tablet.

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

Will you be offering food and beverages during the auction?
Yes, Kogi Food Truck will be serving lunch, and beverages will be provided as well.

What do I do if I was a successful bidder?
A LAMA representative will be calling you no later than Tuesday, February 27th to go over your invoice, as well as payment and shipping details. If you are an international client, a LAMA representative may just email you an invoice first.

When can I pick up the lots I won if I am a successful bidder?
Auction attendees may pay for and collect their purchases on Sunday, February 25, 2018. After this time, property may be collected during LAMA’s regular business hours of Monday – Friday; 9 a.m. – 5 p.m.

Good luck to all bidders!

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