CONDITIONS OF SALE
The following Conditions of Sale are Sotheby’s, Inc.'s ("Sotheby's"), RM Auctions, Inc. ("RM" and together with Sotheby's, "we," "us" or "our") and the Consignor’s entire agreement with the purchaser and any bidders relative to the property listed in this catalogue. The Conditions of Sale, the glossary, if any, and all other contents of this catalogue are subject to amendment by us by the posting of notices or by oral announcements made during the sale. The property will be offered by us as agents for the Consignor, unless the catalogue indicates otherwise. By participating in any sale, you acknowledge that you are bound by these terms and conditions.
1. All automobiles sold in this sale are sold under New York Retail Motor Vehicle Dealer number 7116519 held by Sotheby’s and pursuant to all applicable laws, including the New York Used Car Lemon Law, N.Y. GBL. § 198. Buyers will be provided with relevant disclosures, including the New York Used Car Lemon Law Consumer Bill of Rights. Except as limited by the foregoing, all property is sold “AS IS” without any representations or warranties by us or the Consignor as to merchantability, fitness for a particular purpose, the correctness of the catalogue or other description of the physical condition, size, quality, rarity, importance, medium, provenance, exhibitions, literature or historical relevance of any property and no statement anywhere, whether oral or written, whether made in the catalogue, an advertisement, a bill of sale, a salesroom posting or announcement, or elsewhere, shall be deemed such a warranty, representation or assumption of liability. We and the Consignor make no representations and warranties, express or implied, as to the authenticity, authorship, period or origin of any lot of property and completeness of any automobiles in this catalogue. We and the Consignor make no representations and warranties, express or implied, as to whether the purchaser acquires any copyrights, including but not limited to, any reproduction rights in any property. We and the Consignor are not responsible for errors and omissions in the catalogue, glossary, or any supplemental material.
2. Inspection Prospective bidders should inspect the property before bidding to determine its condition, size, and whether or not it has been repaired or restored. Buyers understand that the automobiles offered for sale may have been repaired or altered and any mileage provided in the catalogue or elsewhere is based on the odometer reading provided to us by the Consignor and we make no representations or warranties to you as to the accuracy of such "mileage" or odometer readings.
3. Buyer’s Premium A buyer’s premium will be added to the hammer price and is payable by the purchaser as part of the total purchase price. The buyer’s premium is 10% of the hammer price for all motor vehicles, including for the avoidance of doubt any motorcycles and the 1997 Ferrari F310 B Formula 1 Race Car and 15% of the hammer price for any other lot, including for the avoidance of doubt all automotive and non-automotive memorabilia and similar items, the circa 1892 Brewster Carriage and the Ferrari Testarossa Child's Car.
4. Withdrawal We reserve the right to withdraw any property before the sale and shall have no liability whatsoever for such withdrawal.
5. Per Lot Unless otherwise announced by the auctioneer, all bids are per lot as numbered in the catalogue.
6. Bidding We reserve the right to reject any bid. The highest bidder acknowledged by the auctioneer will be the purchaser. The auctioneer has absolute and sole discretion in the case of error or dispute with respect to bidding, and whether during or after the sale, to determine the successful bidder, to re-open the bidding, to cancel the sale or to re-offer and re-sell the item in dispute. If any dispute arises after the sale, our sale record is conclusive. In our discretion we will execute order or absentee bids and accept telephone bids and online bids via rmauctions.com as a convenience to clients who are not present at auctions; We are not responsible for any errors or omissions in connection therewith. Prospective bidders should also consult rmauctions.com for the most up to date cataloguing of the property in this catalogue.
By participating in the sale, you represent and warrant that any bids placed by you, or on your behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law. We may require such necessary financial references, guarantees, deposits and/or such other security, in their absolute discretion, as security for your bid(s). Please bear in mind that we are unable to obtain financial references over weekends or public holidays.
7. Online Bids via rmauctions.com: Sotheby’s and RM may offer clients the opportunity to bid online via rmauctions.com for selected sales. By participating in a sale via rmauctions.com , you acknowledge that you are bound by these Conditions of Sale as well as any Additional Terms and Conditions for Live Online Bidding via rmauctions.com (“Online Terms”). The Online Terms can be viewed at rmauctions.com and bidders utilizing rmauctions.com's live bidding applet will be required to accept the Online Terms, as well as the relevant Conditions of Sale, prior to participating in the sale.
8. Bids Below Reserve If the auctioneer determines that any opening bid is below the reserve of the article offered, he may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he determines that any advance thereafter is insufficient, he may reject the advance.
9. Purchaser’s Responsibility Subject to fulfillment of all of the conditions set forth herein, on the fall of the auctioneer’s hammer, the contract between the consignor and the purchaser is concluded, and the winning bidder thereupon will immediately pay the full purchase price or such part as we may require. Title in a purchased lot will not pass until we have received the full purchase price in cleared funds. Neither RM nor Sotheby's is obligated to release a lot to the purchaser until title to the lot has passed and any earlier release does not affect the passing of title or the Purchaser’s unconditional obligation to pay the full purchase price. In addition to other remedies available to us by law, we reserve the right to impose from the date of sale a late charge of the annual percentage rate of Prime + 6% of the total purchase price if payment is not made in accordance with the conditions set forth herein. Please note that we reserve the right to refuse to accept payment from a source other than the buyer of record.
Unless we otherwise agree, all automobiles and all of the property sold in this sale will be removed from Sotheby's premises the day following the sale to a public warehouse for the account, and at the risk and expense of the buyer and sold property must be removed by the purchaser within seven calendar days. Buyers are reminded that we do not maintain any coverage for loss or damage to sold property and buyer is responsible for all risk of loss or damage to purchased property immediately after the sale. To ensure any coverage for liability for loss or damage buyers shall purchase insurance immediately following the auction.
If any applicable conditions herein are not complied with by the purchaser, the purchaser will be in default and in addition to any and all other remedies available to us and the Consignor by law, including, without limitation, the right to hold the purchaser liable for the total purchase price, including all fees, charges and expenses more fully set forth herein, we, at our option, may (x) cancel the sale of that, or any other lot or lots sold to the defaulting purchaser at the same or any other auction, retaining as liquidated damages all payments made by the purchaser, or (y) resell the purchased property, whether at public auction or by private sale, or (z) effect any combination thereof. In any case, the purchaser will be liable for any deficiency, any and all costs, handling charges, late charges, expenses of both sales, our commissions on both sales at our regular rates, legal fees and expenses, collection fees and incidental damages. We may, in our sole discretion, apply any proceeds of sale then due or thereafter becoming due to the purchaser from us or any of our respective affiliated company, or any payment made by the purchaser to us or any of our respective affiliated company, whether or not intended to reduce the purchaser’s obligations with respect to the unpaid lot or lots, to the deficiency and any other amounts due to us or any of our respective affiliated companies. In addition, a defaulting purchaser will be deemed to have granted and assigned to us and our respective affiliated companies, a continuing security interest of first priority in any property or money of or owing to such purchaser in our possession, custody or control or in the possession, custody or control of any of our respective affiliated companies, in each case whether at the time of the auction, the default or if acquired at any time thereafter, and we may retain and apply such property or money as collateral security for the obligations due to us or to any of our respective affiliated companies. We shall have all of the rights accorded a secured party under the New York Uniform Commercial Code. You hereby agree that we may file financing statements under the New York Uniform Commercial Code without your signature. Payment will not be deemed to have been made in full until we have collected good funds. Any claims relating to any purchase, including any claims under the Conditions of Sale, must be presented directly to us. In the event the purchaser fails to pay any or all of the total purchase price for any lot and we nonetheless elects to pay the Consignor any portion of the sale proceeds, the purchaser acknowledges that we shall have all of the rights of the Consignor to pursue the purchaser for any amounts paid to the Consignor, whether at law, in equity, or under these Conditions of Sale.
10. Vehicles Subject to fulfillment of all of the conditions set forth herein, the Consignor represents that the purchaser acquires good legal title to the vehicle. Legal title for vehicles listed in this catalogue may be evidenced by a Certificate of Title or a transferable registration or, if neither is available, by a bill of sale that will be provided to the purchaser following the sale as may be required by applicable laws.
11. Reserve All lots in this catalogue are offered subject to a reserve, which is the confidential minimum hammer price at which a lot will be sold. No reserve will exceed the low presale estimate stated in the catalogue, or as amended by oral or posted notices. We may implement such reserve by opening the bidding on behalf of the Consignor and may bid up to the amount of the reserve, by placing successive or consecutive bids for a lot, or bids in response to other bidders. In instances where we have an interest in the lot other than our commission, we may bid up to the reserve to protect such interest. In certain instances, the Consignor may pay us less than the standard commission rate where a lot is “bought-in” to protect its reserve.
12. Tax Unless exempted by law, the purchaser of any automobile (for the avoidance of doubt, all automotive and non-automotive memorabilia and similar items, the circa 1892 Brewster Carriage, the Ferrari Testarossa Child's Car and the 1997 Ferrari F310 B Formula 1 Race Car are not considered automobiles for sales tax purposes only) will be required to pay the combined New York State and local sales tax, and if applicable, any other tax, on the total purchase price. The rate of such combined state and local sales tax is 8.875% in New York City and ranges from 7% to 8.625% elsewhere in New York. New York sales tax will not be collected if the purchaser provides a valid Form ST-120, Resale Certificate, or a valid Form DTF-820, Certificate of Nonresidency of New York State and/or Local Taxing Jurisdiction.
For non-automobile property (for the avoidance of doubt, non-automobile property includes all automotive and non-automotive memorabilia and similar items, the circa 1892 Brewster Carriage, the Ferrari Testarossa Child's Car and the 1997 Ferrari F310 B Formula 1 Race Car for sales tax purposes only) sales tax will be collected on the total purchase price as described in “Information on Sales and Use Tax Related to Purchases at Auction” in the back of the catalogue.
13. Export and Permits It is the purchaser’s sole responsibility to identify and obtain any necessary export, import, endangered species or other permit for the lot. Any symbols or notices in the sale catalogue reflect Sotheby’s and RM's reasonable opinion at the time of cataloguing and are for bidders’ general guidance only; Sotheby’s, RM and the Consignor make no representations or warranties as to whether any lot is or is not subject to export or import restrictions or any embargoes.
14. Governing Law and Jurisdiction These Conditions of Sale, as well as bidders’, the purchaser’s and our respective rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of New York. By bidding at an auction, whether present in person or by agent, order bid, telephone, online or other means, all bidders including the purchaser, shall be deemed to have consented to the exclusive jurisdiction of the state courts of, and the federal courts sitting in, the State of New York. All parties agree, however, that we shall retain the right to bring proceedings in a court other than the state and federal courts sitting in the State of New York.
15. Packing and Shipping We are not responsible for the acts or omissions in our packing or shipping of purchased lots or of other carriers or packers of purchased lots, whether or not recommended by us. Packing and handling of purchased lots is at the entire risk of the purchaser.
16. Limitation of Liability In no event will our liability to a purchaser exceed the purchase price actually paid.
17. Data Protection We will use information provided by our clients (or which we otherwise obtain relating to our clients) for the provision of auction and other related services, loan services, client administration, marketing and otherwise to manage and operate our businesses, or as required by law. This will include information such as the client’s name and contact details, proof of identity, financial information, records of the client’s transactions, and preferences. Some gathering of information about our clients will take place using technical means to identify their preferences in order to provide a higher quality of service to them. We may also disclose the client information to other Sotheby’s or RM Companies and/or third parties acting on their behalf to provide services for these purposes.
Sometimes, we may also disclose this information to carefully selected third parties for their own marketing purposes. If you do not wish your details to be used for this purpose, please email opt-out@sothebyshelp.com.
If the client provides us with information that is defined by European data protection laws as “sensitive”, the client agrees that it may be used for the purposes set out above.
In the course of these disclosures, personal data collected in the European Economic Area may be disclosed to countries outside the European Economic Area. Although such countries may not have legislation that protects a client’s personal information, we shall take great care to keep such information secure and in accordance with European data protection principles. By agreeing to these Conditions of Business, the client is agreeing to such disclosure.
Please be aware that we may film auctions or other activities on Sotheby’s premises and that such recordings may be transmitted over the Internet via rmauctions.com and sothebys.com, telephone bids may be recorded.
Under European data protection laws, a client may object, by request and free of charge, to the processing of their information for certain purposes, including direct marketing, and may access and rectify personal data relating to them and may obtain more information about our data protection policies by writing to Sotheby’s, 34-35 New Bond Street, London W1A 2AA, or 1334 York Avenue, New York, NY 10021, Attn: Compliance, or emailing enquiries@sothebys.com and RM Auctions at One Classic Drive, Blenheim, ON, Canada, N0P 1A0.
