LAMA BLOG

Auction Day is Here: May 19, 2019

May 18, 2019

Helpful tips to prepare you for the May 19, 2019 auction!

Los Angeles Modern Auctions (LAMA)

Auction Date:
Sunday, May 19, 2019

Auction begins at:
12:00 p.m. (noon), Pacific Time

Auction is held at:
16145 Hart Street
Van Nuys, CA 91406
(cross street, Woodley and Sherman Way)

Doors open to auction attendees at:
11 a.m. (Pacific Time), Sunday, May 19, 2019
Location: 16145 Hart Street Van Nuys, CA 91406

Phone & Absentee bids were due by:
Saturday, May 18 at 5 p.m. (Pacific Time)
However, we will try our best to accommodate absentee bids received after this time. If you register to bid on the App, you may submit bids in advance or live as the lots go on the block.

VERY IMPORTANT NEW CHANGE REGARDING TAXES
Sales and Use Tax
Due to the changing tax requirements in the U.S. as a result of the Wayfair v. South Dakota ruling, purchases delivered outside California may be liable for the sales and use tax at the rate of the point of delivery. Please refer to LAMA’s Conditions of Sale/Notice to Buyers. This tax amount will be added to the total purchase price. We advise all clients to be prepared to pay their state and district taxes. LAMA will be accepting non-California Resale License towards the exemption of sales tax when applicable.

How do I register to bid in-person at the auction? Do I need a ticket or reservation?
LAMA’s auctions are free and open to the public. To receive a bidding paddle, you must register your details at the front desk, including your driver’s license and a valid credit card. We ask for the credit card information as a formal agreement; we do not charge your card automatically.

What is the LAMA App?
This is our bidding platform to view the auctions, follow artists, register for and bid in the auction – all from your mobile device or your computer. To register you must create an account with the App – this is independent of your LAMA account.

Buyer’s Premium for in-person/phone/absentee/LAMA App bidders:

If payment is received by May 29, 2019:

  • 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 May 29, 2019:

  • 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. 

How many lots do we sell in one hour?
About 60-70 lots per hour.

Can I watch the auction live online?
Yes, you can. Please click here to watch the live bidding. Also, you may 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 to all attendees.

Will you be offering food and beverages during the auction?
Yes, LAMA offers complimentary food and beverage service to all attendees. Falafel Factory will be serving lunch at the May 19th auction.

What do I do if I am a successful bidder?
A LAMA representative will be calling you no later than Tuesday, May 21st 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 collect the lots I won if I am a successful bidder?
Auction attendees may pay for and collect their purchases on Sunday, May 19, 2019. 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!

Leave a Reply

BID AND FOLLOW ON THE LAMA APP