LAMA BLOG

Online Only Timed Auction: How to Bid & FAQ

April 27, 2020

The May 3-10, 2020 Online Only Auction is a timed auction that exclusively accommodates participating in LAMA’s remote bidding platform: bid.lamodern.com.

Q: How do I participate?
To participate from your mobile phone or tablet, you must download LAMA’s bidding app through the iTunes store or Google Play store by searching “LAModern” or “LAMA Auction.”

If you’d like to participate from your desktop, you may only visit the site via bid.lamodern.com.

If you are new to our timed auction bidding platform, you must first create an account with bid.lamodern.com before registering. If you are a returning timed auction bidder, you may log in to your bid.lamodern.com account and proceed with the registration for this particular auction.

Please note that your account with lamodern.com is separate from the remote bidding platform: bid.lamodern.com. You will need to create a new account if you haven’t previously used the timed auction bidding platform in the past.

Q: How do I register?
Once you have an account with bid.lamodern.com, you will need to register to participate in the May 3-10, 2020 Online Only Auction by selecting the “Register to Bid” button on the main page and following the prompts. 

Please note that even if you have already bid using the timed auction bidding platform in the past, you will still need to register for this specific auction.

Q: How do I learn more about the condition of a lot?
Condition Reports for each lot can be viewed at your convenience within the LAMA bidding platform bid.lamodern.com. To read the Condition Report, select the lot of interest and read the entry under the “Condition” field.

Q: Can I come view these lots in person?
The office is currently closed to the public therefore no lots can be viewed in person at this time. We are obligated to follow the imposed regulations under California’s “Stay at Home” order. However, we can provide condition reports and additional images if needed to assist you with bidding.

Q: How do I bid?
Once you log in and register for the auction, go to the lot for which you wish to place a bid. You can choose to leave either the next available bid from the dropdown menu, or to leave a maximum bid and the automated system will execute the bids on your behalf.

Please note that all bids placed in this timed auction, including maximum bids, are final. Once placed, bids cannot be changed or cancelled.

Q: Are there reserves on the lots?
Yes, most lots have a reserve. Bidding starts at half of the low estimate on all lots, but the reserve may be above that starting price. No reserves are higher than the low estimate of each lot.

Q: Will I be notified if I’m outbid?
Yes, you will receive an email notice if you are outbid. Additionally, if you are bidding via the mobile app and have notifications enabled, the mobile app will send you a “push” notification.

Q: Can I place absentee or telephone bids on these lots?
No, this auction only accommodates bidding through the LAMA bidding platform with bid.lamodern.com. However, you are welcome to leave a maximum bid on any lot in this timed auction — simply select the option to place your highest bid in advance, and the platform will execute bidding on your behalf.

Q: When will bidding for this auction end?
Bidding will begin to close at 12pm (PST) on Sunday, May 10, 2020, and each subsequent lot will be scheduled to end one minute later. However, if a bid is placed within 10 minutes of the projected closing time, an additional 10 minu­­­­tes is added to the close time. This does not affect the closing time of subsequent lots.

Q: What is the Buyer’s Premium for lots in this timed auction ending May 10, 2020?
The Buyer’s Premium is 25% on the Hammer Price. However, if you pay your invoice in full within 10 days of the auction (May 20, 2020), you may qualify for LAMA’s Reduced Buyer’s Premium of 22.5% on the Hammer Price. Please read the full Conditions of Sale/Notice to Buyers for complete details.

Q: Will sales and/or use tax apply to my invoice?
Due to the changing tax requirements in the U.S. as a result of the South Dakota v. Wayfair, Inc. ruling, purchases delivered outside California may be liable for the sales and use tax at the rate of the point of delivery. 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. Please refer to LAMA’s Conditions of Sale/Notice to Buyers for complete details.

Q: If I am a successful bidder, when can I collect my lots?
LAMA will reopen as soon as the “Stay at Home” order has been lifted; we believe this will occur on May 15, 2020. All purchased lots will be held in our storage facility free of charge until LAMA reopens and for a thirty (30) day period after reopening. All purchased lots must be removed from the auction showroom within the 30-day period.

Good luck to all bidders!

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