The Auction
Monday, October 26, 2020, 1:00 PM
Friday, October 30, 2020, 12:00 PM
Bidding Opens October 26 at 9am PDT
Lots Begin Closing October 30 at 12pm PDT
Santa Monica CA US
Pre-Auction Viewing:
All Geared Online lots are available for viewing and inspection, by appointment only, at Gooding & Company’s Southern California facility. Appointments are available weekdays 9am to 5pm from Monday, October 19 through Friday, October 30. Please email clientservices@goodingco.com or call 310.899.1960 to make arrangements.
Please note that due to COVID-19 safety measures, all Gooding & Company visitors will be required to comply with all posted guidelines and directives received from Gooding & Company staff during their visit.
Important Notices for Bidders and Buyers
Please read the Conditions of Sale for the full terms and conditions of sale. Each capitalized term used but not defined below will have the meaning assigned in the Conditions of Sale.
Bidder Registration and Bidding
HOW TO REGISTER
Online bidder registration is available through Gooding & Company’s website and through Gooding & Company’s mobile apps for iOS and Android. After the submission of your application, a Gooding & Company representative will contact you to finalize your registration.
Bidding via telephone and absentee bids is also available for Geared Online. Please see here for more information and to register to bid via telephone or an absentee bid.
REGISTRATION REQUIREMENTS
Prospective bidders will be required to complete and execute the applicable registration application forms; provide identification (Driver’s License or Passport for individuals and corporate documentation for companies); and provide an original Bank Letter of Guarantee or other form of proof of ability to pay for purchases, in either case, in an amount and in a form acceptable to Gooding in its sole discretion (the “Guarantee”).
Prospective bidders authorize the release of financial information to Gooding for the purposes of verifying ability to pay for purchases.
Please ensure that Gooding & Company receives your completed bidder registration form and Guarantee no later than 24 hours before the close of the Geared Online Auction in which you wish to bid.
WAYS TO BID
Registered bidders may participate in the Geared Online Auction as follows:
- Online bidding via Gooding & Company’s mobile app. Please first download Gooding & Company’s bidding app through the iTunes store or Google Play store by searching “Gooding & Company.”
- Telephone and absentee bidding. Please first submit an application. A Gooding & Company representative will then contact you to assist with your bidding arrangements.
BIDDING
For lots offered “without reserve,” bidding will start at $50. For lots with a reserve, bidding will start with at half (50%) of the published low estimate. Bidding will then proceed according to the increment table below.
| From | To | Increment |
|---|---|---|
| $0 | $999 | $25 |
| $1,000 | $2,499 | $50 |
| $2,500 | $4,999 | $100 |
| $5,000 | $9,999 | $250 |
| $10,000 | $24,999 | $500 |
| $25,000 | $99,999 | $1,000 |
| $100,000 | $499,999 | $5,000 |
| $500,000 | $999,999 | $10,000 |
| $1,000,000 | And Up | $20,000 |
Each bid is final, binding, and irrevocable, and bidders may not change, retract or rescind any bid once made.
Additional Fees
BUYER'S PREMIUM
In addition to the final bid price (which is the amount displayed after "Purchased For"), the Buyer is required to pay Gooding a percentage of the final bid price, the Buyer’s Premium. This Geared Online Auction will have the following Buyer’s Premiums:
- 10% of the final bid price for vehicle lots
- 25% of the final bid price for automobilia lots
TAXES AND LICENSE FEES
The Buyer is responsible for all applicable state and local sales and/or use tax and license fees on any lot purchased. Exemptions will only be allowed upon receipt of documentation acceptable to Gooding in its sole discretion.
Payment
Payment of the full Purchase Price (as defined in the Conditions of Sale) must be received by Gooding by 5:00 pm PDT on Wednesday, November 4, 2020.
Lot Removal and Storage
The Buyer must make immediate arrangements for the collection and transport of all purchased lots. All lots must be removed from Gooding & Company’s Southern California storage facility at Buyer’s risk and expense by 5:00 pm PDT on Friday, November 6, 2020. Please contact clientservices@goodingco.com for assistance in making removal arrangements.
The Buyer is solely responsible for making arrangements for the collection and transport of any purchased lot, but Gooding & Company offers Buyers the following referral for domestic vehicle transportation:
Intercity Lines
Jim Bergeron
(800) 221-3936
jim@intercitylines.com
Any lot not removed by Friday, November 6, 2020, will be assessed a storage fee of up to $50 per day. Buyer hereby grants Gooding an irrevocable power of attorney to remove and store purchased lots at a third-party warehouse at Buyer’s risk and expense.
Title and Registration Documents
For Vehicle purchases, Gooding & Company will manage the title transfer process on the Buyer’s behalf and send the Buyer the title by courier after the auction. Upon receipt, the Buyer can register the Vehicle at its final destination. A $80.00 documentation fee will be assessed per Vehicle lot. Please note that this fee will not apply to automobilia lots.
For additional answers to your questions regarding online bidding and Geared Online, please see the FAQ page - www.goodingco.com/faq.
