As a prospective bidder at a Gooding & Company auction, particularly one featuring lots from the esteemed Mullin Automotive Museum, it’s crucial to thoroughly understand the Conditions of Sale. These conditions govern every aspect of the auction process, from registration to payment and lot removal. This guide will clarify the key terms and procedures outlined in the official Conditions of Sale, ensuring you are well-prepared to bid with confidence.
Registering to Bid at the Mullin Museum Auction
To participate in the bidding, you must first register with Gooding & Company. Several convenient methods are available for bidder registration. You can submit a Bidder Registration Application or a Telephone and Absentee Bidder Registration Application through mail, email to [email protected], fax to 310.526.6594, or in person at a Gooding auction event. Online registration is also available via bid.goodingco.com and Gooding’s mobile apps for iOS and Android. After submitting your application, a Gooding representative will reach out to finalize your registration process.
The registration process requires completion and execution of application forms, provision of identification (like a Driver’s License or Passport for individuals, and corporate documents for companies), and importantly, a Bank Letter of Guarantee or other proof of funds. This Guarantee, in a form and amount acceptable to Gooding, demonstrates your ability to pay for potential purchases. Gooding requires authorization to verify your financial information to ensure payment capability. To avoid any delays, it’s recommended to complete your bidder registration and provide the Guarantee at least 24 hours before the auction session you wish to participate in commences. For detailed information regarding bidding and registration, please visit goodingco.com/register or contact [email protected].
Inspecting Mullin Museum Lots Prior to Auction
A significant advantage for bidders is the opportunity to personally inspect the Lots before the auction begins. Gooding & Company strongly encourages prospective buyers to take full advantage of this preview period. Conducting your own independent inspection and examination of any Lot, especially vehicles from the Mullin Automotive Museum which may have been in static storage, is paramount before placing any bid. This due diligence allows you to assess the condition and suitability of the vehicle to your specific requirements. For assistance with inspections, including moving a Lot or raising a vehicle for underside examination, please contact [email protected].
It is particularly important to note that all Lots in this auction originating from the Mullin Automotive Museum have been in long-term static storage and may not be in operational condition. These vehicles will likely require mechanical attention and, in some instances, substantial restoration work before they can be used on the road. Therefore, thorough inspection is not just recommended, but essential.
Bidding at the Auction Venue
While pre-auction registration is possible and viewing hours offer registration opportunities, completing your registration well in advance is highly advisable. Once your registration is accepted by Gooding, bidder paddles can be collected at the Registration Desk within the auction venue during viewing hours and throughout the Auction. Remember, each bidder is personally accountable for the use of their assigned paddle for identification purposes. Crucially, you are personally liable for the full Purchase Price if your paddle is used to bid on any lot, regardless of whether you or another person uses the paddle.
By entering the auction site, every bidder, Buyer, attendee, or participant agrees to adhere to all policies and procedures communicated by Gooding. This includes any posted signage relating to safety, health, or other necessary regulations.
Understanding Additional Fees: Buyer’s Premium and Taxes
Beyond the final bid price, purchasers are responsible for additional fees. A Buyer’s Premium is added to the final bid price, payable to Gooding. For Vehicle Lots, the premium structure is as follows: 12% of the final bid price for amounts up to $250,000, and 12% on the first $250,000 plus 10% on the remaining balance for final bid prices exceeding $250,000. For Automobilia Lots, a Buyer’s Premium of 25% of the final bid price applies.
Furthermore, the Buyer is responsible for all applicable state and local sales and/or use taxes, duties, tariffs, and license fees associated with any purchased lot. Gooding will outline any sales tax they are required to collect on the invoice. However, if Gooding is not obligated to collect sales tax, the Buyer may be required to remit these taxes directly to the relevant state or local tax authority. Consulting with a tax advisor is recommended for detailed tax information related to your purchase.
Payment and Lot Removal Procedures
Full payment of the Purchase Price is required by Gooding by 5:00pm Pacific Time on Wednesday, May 1, 2024. Buyers must make immediate arrangements for the collection and transportation of purchased lots. All lots must be removed from the Mullin Automotive Museum auction site at the Buyer’s risk and expense by 5:00pm Pacific Time on Friday, May 3, 2024. For assistance with removal arrangements, please contact [email protected].
While the Buyer is ultimately responsible for transport arrangements, Gooding & Company provides referrals for domestic and international vehicle transportation. For Domestic Transportation, Intercity Lines, Inc. (Jim Bergeron 800.221.3936, [email protected]) is recommended. For International Transportation, Cosdel International Transportation (Jenny Rixford 415.777.2000, [email protected]) is suggested. Any lot not removed by the deadline will incur a storage fee of up to $50 per day, along with a removal fee from the auction site. The Buyer grants Gooding irrevocable power of attorney to remove and store purchased lots at a third-party warehouse at the Buyer’s risk and expense if necessary.
For further clarification, please refer to the FAQ page on the Gooding & Company website.
Photography Restrictions
Please note that Gooding & Company has a strict policy regarding photography and recording within the bidding tent. No photography, audio, video, or other recordings or broadcasts are permitted inside the bidding tent without official press credentials issued by Gooding and an executed photography and video agreement. Photography and recording outside the bidding tent are allowed for personal use only and cannot be redistributed, rebroadcasted, or used for any commercial purposes.
