LAMA BLOG

Auction Day: Sunday, February 16th

February 13, 2020

Helpful tips to prepare you for the February 16, 2020 auction:

Auction Date:
Sunday, February 16, 2020

Live Auction (Lots 1-149):
Begins at 12pm (PST)

Online Only Auction (Lots 1000-1035):
Will start to close at 11am
FAQ about the Online Only Auction

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

Doors open to auction attendees at:
11am (PST)

Phone & Absentee bids were due by:
5pm (PST) on Saturday, February 15th
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.

We will be starting at Lot 1 at 12pm (PST) in Sunday’s auction.

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 February 26, 2020:

  • 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 February 26, 2020:

  • 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 long will the auction go? When do you close on auction day?
Auction pace is typically about 60 to 70 lots per hour, so we expect the February 16, 2020 auction to finish by 2:45pm (PST).

Can I watch the auction live online?
Yes, you can. Please click here to watch the live bidding. You must create an account in order to view the live stream. Also, you may download the LAMA App and 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.

What do I do if I am a successful bidder?
A LAMA representative will be calling you no later than Tuesday, February 18th 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, February 16, 2020. After this time, property may be collected during LAMA’s regular business hours of Monday – Friday, 9am– 5pm.

Good luck to all bidders!

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