LAMA BLOG

How to Bid & FAQ: October 18, 2020 Modern Art & Design LIVE Auction

October 5, 2020

Due to Covid-19 health and safety restrictions imposed by the State of California, the October 18, 2020 Modern Art & Design Auction will take place with no live audience. A livestream of the auction will be available to view online and bidding will take place via absentee, telephone, and online bidding. All lots will be available for inspection in-person during the auction preview. Please see below for further information about this auction and preview:

Auction:
Sunday, October 18, 2020 beginning at 12pm (PST)

Preview:
Friday, October 9 through Saturday, October 17, DAILY, 10am-6pm by appointment only.
Please call +1 323 904 1950 to schedule a viewing appointment.

Phone & Absentee Bidding:
Bid forms for phone and absentee bidding are due by 5pm (PST) on Saturday, October 17th.
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.

Online Bidding:
Bidders may register with our online bidding platform to bid on lots starting Monday, October 5th, through the completion of the livestreamed auction on Sunday, October 18th. Please note that your account with lamodern.com is separate from your account on this platform.

How do I watch the auction live online?
Please click here to watch the livestreamed auction. Also, you may download the LAMA app and follow the lots and results from your smart phone or tablet.

How long will the auction go?
Auction pace is typically about 60 to 70 lots per hour, so we expect the October 18, 2020 auction to finish by 4pm (PST).

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.

Buyer’s Premium for all LAMA bidders:

If payment is received by October 28, 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 October 28, 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. 

What do I do if I am a successful bidder?
A LAMA representative will be calling you no later than Tuesday, October 20, 2020 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 buyers must pay for and collect their purchases by appointment. Property may be collected during LAMA’s regular business hours of Monday – Friday, 9am– 5pm.

Good luck to all bidders!

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