LAMA BLOG

Timed Online Only Auction: How to Bid & FAQ

July 8, 2020

The July 30 – August 9 Modern Art & Design Timed Online Only Auction exclusively accommodates participation using LAMA’s remote bidding platform: bid.lamodern.com.

PREVIEW

Due to Covid-19 safety measures, previewing is accommodated by appointment only. Preview appointments are available 9am to 5pm on Friday, July 31st and Monday, August 3rd through Friday, August 7th. To schedule your appointment, please call Client Services Coordinator Kim Megowan at 323 904 1950 or email kimberly@lamodern.com.

-All visitors must wear a mask to enter the showroom.
-All visitors must adhere to social distancing guidelines by maintaining a space of six feet from other visitors and LAMA staff. The showroom will be arranged to accommodate safe distancing.
-Stay at home if you are feeling unwell and/or exhibiting symptoms of Covid-19.

BIDDING

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 July 30-August 9 Modern Art & Design Timed 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: 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 typically 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 (PT) on Sunday, August 9, 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 will be added to the closing time. This does not affect the closing time of subsequent lots.

BUYING

Q: What is the Buyer’s Premium for lots in this timed auction ending August 9, 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 (August 19, 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 is currently open by appointment only due to Covid-19. Successful bidders will be guided through making an appointment to collect their purchased lot(s). All purchased lots must be removed from the auction showroom within the 30-day period.

Good luck to all bidders!

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