Dingman Collection - Automobilia - Saturday

Bidders' Conditions of Business Please ensure that you have read and understand these Conditions of Business prior to bidding at this or any other RM Auctions, Inc. “RM” sale. Please note that the winning Bidder becomes a Buyer who is also bound by these Conditions of Business. BIDDER(S)’ CONDITIONS OF BUSINESS 1. Introduction. 1.1 Please ensure that you read and understand these Conditions of Business prior to bidding on a motor car(s) or any other lot(s) at this or any other RM Auctions, Inc. (“RM”) sale. Please note that the winning Bidder(s) becomes the Buyer(s) who is also bound by these Conditions of Business. 1.2 RM’s contractual relationship with the Bidder(s)’ are governed by: 1.2.1 These Bidder(s)’ Conditions of Business; 1.2.2 The Conditions of Business displayed in the auction salesroom; 1.2.3 The Conditions of Business displayed on RM’s website; and 1.2.4 In each case as amended by any salesroom notice or auctioneer’s announcement at the auction. (clauses 1.2 to 1.2.4 together “Contractual Obligations”) 1.3 As auctioneer, RM acts as agent for the Consignor(s), and a sale contract is made directly between the Consignor(s) and Buyer(s). 1.3.1 Occasionally, RM may own a motor car(s) or any other lot(s) (and, in such circumstances, acts in a principal capacity as the Seller(s)) and/or may have a legal, beneficial, or financial interest in a motor car(s) or any other lot(s) as a secured creditor or otherwise. 2. Services. RM agrees to act as an agent for the Bidder(s) and provide auction services including, but not limited to, a sale facility, clerks, support staff, event advertising, and promotion. In connection with the auction, RM will have absolute discretion with regard to the motor car(s) and any other lot(s) or any RM auction as to (a) consulting any expert either before or after the sale, (b) researching the provenance, (c) grouping and providing catalogue and other descriptions as may be appropriate, (d) marketing and promotion of the sale, and (e) any other services required to conduct the sale. 3. Registration Fee. In order to register to bid onsite at auction, Bidder(s) must pay a $150.00 (USD) bidder registration fee. 4. Bidding.  4.1 To bid at an RM auction, a Bidder(s) must be at least 21 years of age. 4.2 At auction, there is no “cooling off period.” If you are awarded the final bid, ownership changes hands at the drop of the gavel. You own the motor car(s) or any other lot(s) and are responsible for payment in full. No Bidder(s) may retract a bid made during the sale for any reason. 4.3 The Bidder(s) is responsible for all risk of loss or damage and insurance immediately upon purchase of the motor car(s) or any other lot(s). 4.4 RM reserves the right to reject any bid(s). The highest Bidder(s) acknowledged by the auctioneer will be the Buyer(s). 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(s), to re-open the bidding, to cancel the sale, or to re-offer and re-sell the motor car(s) or any other lot(s) in dispute. If any dispute arises after the sale, RM’s sale record is conclusive. At RM’s discretion, RM will execute order or absentee bid(s) and accept telephone bid(s) and online bid(s) via rmsothebys.com as a convenience to clients who are not present at auctions; RM is not responsible for any errors or omissions in connection therewith. Prospective Bidder(s) should also consult rmsothebys.com for the most up-to-date cataloguing of the motor car(s) or any other lot(s). 4.5 By participating in the sale, the Bidder(s) represent and warrant that any bid(s) placed by them, or on their behalf, are not the product of any collusive or other anti-competitive agreement and are otherwise consistent with federal and state antitrust law. RM may require such necessary financial references, guarantees, deposits, and/or such other security, at their absolute discretion, as security for their bid(s). Please bear in mind that RM is unable to obtain financial references over weekends or public holidays. 5. Purchase Price. 5.1 The Purchase Price shall consist of the following: 5.1.1 the Hammer Price of the motor car(s) or any other lot(s); and 5.1.2 the applicable Buyers’ Premium. (clauses 5.1 to 5.1.2 together “Purchase Price”) 6. Buyers’ Premium. 6.1 In addition to the Hammer Price, the winning Bidder(s) is required to pay RM a percentage of the Hammer Price, which RM retains as the Buyers’ Premium for their purchase of each motor car(s) or any other lot(s) (“Buyers’ Premium”) in accordance with the following clauses: 6.1.1 In the event of a final Hammer Price of $250,000.00 (USD) and below on all motor car lot(s), RM will receive a Buyers’ Premium of twelve percent (12%). 6.1.2 In the event of a final Hammer Price above $250,000.00 (USD) on all motor car lot(s), RM will receive a Buyers’ Premium of twelve percent (12%) on the first $250,000.00 (USD), and receive a Buyers’ Premium of ten percent (10%) on the Hammer Price above $250,000.00 (USD). 6.1.3 Buyer(s) of all non-motor car lot(s), including but not limited to memorabilia, motorcycle(s), boat(s), trailer(s), jewelry, clothing, and diner are required to pay RM a Buyers’ Premium of twenty percent (20%) on the Hammer Price of that particular lot(s). 7. Tax.  7.1 The Buyer(s) is responsible to pay all city, state, federal, provincial, territorial, and any and all other taxes due for which the Buyer(s) does not qualify as exempt, subject to RM verification; proof of exemption is the Buyer(s)’ responsibility. The Buyer(s) is responsible for any applicable duty, import tariffs, charges, or any and all other required payments that are due upon the import of the motor car(s) or any other lot(s) to their final destination. 7.2 Although by no means an exhaustive list, please be aware of the tax scenarios below. 7.2.1 For auctions held in the United States, if the Buyer(s) of a motor car(s) or any other lot(s) resides in an American state in which RM is registered to collect/remit sales tax, RM is required to collect/remit sales tax on the purchase of that motor car(s) or any other lot(s). RM is registered to collect/remit sales tax in the following states: California, Florida, Indiana, Pennsylvania, Arizona, New York, and Michigan. RM reserves the right to collect/remit sales tax from residents from other jurisdictions if RMS deems the collection/remittance of tax necessary. 7.2.2 For auctions in the EU, according to the EU VAT Directive, motor car(s) that have been in use for no more than six (6) months or that have been driven for no more than 6,000 kilometers are considered new means of transport and will be subject to VAT. Payment of VAT is the responsibility of the Bidder(s). Where applicable, RM may take a deposit from the Bidder(s) equal to the amount of VAT due, which will be refunded upon receiving satisfactory evidence that the motor car(s) has been transported to and registered in another EU country. 8. No Legal or Tax Advice. This agreement is an important legal document. The Bidder(s) acknowledges that the Bidder(s) has had the opportunity to consult an attorney before signing this agreement and has signed this agreement after having the opportunity to consult with an attorney of their own choosing. Notwithstanding any references to any transactions or arrangements in this agreement, or any contemporaneous written, oral, or implied understandings of the Parties relating to the subject matter of this agreement, RM has not provided legal or tax advice or tax planning services to the Bidder(s) or for the Bidder(s)’ benefit in connection with the transactions contemplated by this agreement, and no one at RM has acted as the Bidder(s)’ attorney or tax advisor. It is the Bidder(s)’ responsibility to satisfy themselves and comply with all applicable tax, duty, or any and all other payments associated with the purchase of motor car(s) or any other lot(s) at an RM auction. 9. Payment. 9.1 Subject to fulfillment of the Contractual Obligations, on the fall of the auctioneer’s hammer or equivalent device or mechanism (“Hammer Price”), the contract between the Consignor(s) and the Bidder(s) is concluded and payment is due in full on or before 5:00 p.m. of the next business day (“Payment Deadline”), and payment is to be made to RM. 9.2 All payments must be in the form of cash or certified funds unless other arrangements have been approved in advance. Cash payments will be reported according to U.S. federal government requirements. 9.3 RM is not obligated to release the motor car(s) or any other lot(s) to the winning Bidder(s) until the winning Bidder(s) has met all of the Contractual Obligations and paid the Purchase Price plus applicable taxes. 9.4 In the event that the winning Bidder(s) does not pay any portion of the Purchase Price plus applicable taxes by the Payment Deadline, the Bidder(s) agrees to and acknowledges the following: If RM elects to pay the Consignor(s) any portion of the Purchase Price plus applicable taxes, RM shall have all of the rights of the Consignor(s) to pursue the Buyer(s) for any amounts paid to the Consignor(s), whether at law, in equity, or under these Conditions of Business. The Bidder(s) hereby authorizes RM to deduct the Purchase Price plus applicable taxes from the Bidder(s)’ cash deposit or to charge this amount to the credit card that the Bidder(s) has provided. If the Bidder(s)’ cash deposit and/or credit card payment does not cover the Purchase Price plus applicable taxes, in addition to other remedies available by law, RM reserves the right to impose, from the Payment Deadline until the full Purchase Price plus applicable taxes has been made by the Buyer(s), a late charge of ten percent (10%) interest per annum on the (1) Purchase Price plus applicable taxes; (2) maximum published Sellers’ Commission; (3) applicable expenses; (4) any collection costs, attorney fees, and court costs incurred to enforce payment; and (5) other damages. 10. All Sales are “As Is” and “Where Is.” The Bidder(s) is responsible for inspections and verification of the condition, authenticity, and completeness of any motor car(s) or any other lot(s) purchased. No warranties or representations of any type whatsoever are made by RM. Statements printed in catalogues, online content, pre-mailers, advertisements, brochures, signs, and window cards, as well as verbal statements made by auctioneers or auction staff, are representations made by the Consignor(s), and RM has no obligation to verify or authenticate any such claims or representations. Except as herein provided, all motor car(s) or any other lot(s) are sold as is, where is, with no representations or warranties, expressed or implied. THE CONSIGNOR(S) AND RM DISCLAIM ALL WARRANTIES, EXPRESSED OR IMPLIED, AS TO CONDITION, ORIGINALITY, OR AUTHENTICITY; ORIGIN OR PROVENANCE; PREVIOUS USE OR OWNERSHIP; MANUFACTURING OR RESTORATION PROCESSES; YEAR OR AGE; SERIAL NUMBER, MAKE, OR MODEL; OPTIONS AND TOOLS; ENGINE HOURS; AND MILEAGE OF ANY MOTOR CAR(S) OR ANY OTHER LOT(S) OR COMPONENT OF ANY MOTOR CAR(S) OR ANY OTHER LOT(S), AND THEY SPECIFICALLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. 11. Reserve(s). Motor Car(s) or any other lot(s) not marked as “no reserve” (or similar) are subject to a reserve bid set by the Consignor(s). When a motor car(s) or any other lot(s) is sold subject to such a reserve bid, the auctioneer may bid on the Consignor(s)’ behalf in an amount not to exceed the amount of the reserve bid. 12. Absentee and Telephone Bidding. Absentee and telephone bidding are services provided by RM for the Bidder(s)’ benefit, and RM cannot be held responsible for errors or omissions with respect to the bidding process, including failure to execute any bid. By submitting a bid(s), the Bidder(s) has entered into a binding contract to purchase each motor car(s) or any other lot(s) if the Bidder(s)’ bid is successful. If the Bidder(s)’ bid is successful, the Bidder(s) is to pay the Purchase Price plus applicable taxes, including the Buyers’ Premium and sales tax, if not otherwise exempt. It is the Bidder(s)’ responsibility to provide proof of exemption from sales tax. By participating in telephone bidding, the Bidder(s) acknowledges that RM has the right to record all telephone calls. 13. Cancellation/Rescission of Auction. 13.1 RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the auction and will not be liable to the Bidder(s) for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring: 13.1.1 Force Majeure events including, but not limited to: 13.1.1.1 Natural disaster, which despite reasonable efforts, restricts RM from holding the auction; 13.1.1.2 Structural damage to the auction venue prior to the auction, which despite reasonable efforts, restricts RM from holding the auction; and 13.1.1.3 Terrorist event, which despite reasonable efforts, restricts RM from holding the auction. 13.1.2 Government/Court action, order, injunction, regulation, or law that necessitates a cancellation. 14. Cancellation/Rescission of Motor Car(s) or Any Other Lot(s). 14.1 RM will use reasonable efforts to avoid cancellation/rescission; however, RM has the sole discretion to cancel/rescind the sale of the motor car(s) or any other lot(s) and will not be liable to the Bidder(s) for any losses or damages resulting from the cancellation/rescission if RM believes the following events have occurred or have a reasonable probability of occurring: 14.1.1 RM opines that the motor car(s) or any other lot(s) have been intentionally and materially misrepresented by the Consignor(s) or the Bidder(s); 14.1.2 RM opines that physical damage to the motor car(s) or any other lot(s), which cannot be sufficiently repaired prior to the auction, occurred after this agreement was signed; 14.1.3 RM is served with a lawsuit from a third party in relation to the motor car(s) or any other lot(s); 14.1.4 RM faces significant reputational damages, which would cause monetary damages for selling the motor car(s) or any other lot(s); 14.1.5 Material issues regarding Title(s), registration(s), or transfer of ownership that cannot be reasonably cured; 14.1.6 Material issues regarding the provenance, merchantability, or authenticity of the motor car(s) or any other lot(s) that cannot be reasonably cured; or 14.1.7 If there are legitimate claims, accusations, notices, or similar communications made by the Buyer(s) in regard to their purchase of a motor car(s) or any other lot(s) not being authentic, being misrepresented, having an encumbered title or registration, having undisclosed material issue, or having a similar claim, RM has the right to retain the Buyer(s)’ funds on account and be the arbitrator as to the merit of the Buyer(s)’ claims and to cancel the sale of the motor car(s) or any other lot(s) and reimburse the payment to the Buyer(s) if RM deems the Buyer(s)’ claims to be valid. 15. Online Services are “As Is” and “As Available.” 15.1 Bidder(s) may be able to bid via websites, telephone services, applications, and tools (collectively “Services”). 15.2 RM tries to keep the Services safe, secure, and functioning properly, but RM cannot guarantee the continuous operation of or access to the Services. Bid update and other notification functionality may not occur in real time. Such functionality is subject to delays beyond RM’s control. 15.3 Bidder(s) agree that they are making use of the Services at their own risk and that they are being provided to Bidder(s) on an “AS IS” and “AS AVAILABLE” basis. Accordingly, to the extent permitted by applicable law, RM excludes all expressed or implied warranties, terms, and conditions, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement. 16. Currency Display. RM may use a currency display in the saleroom for informational purposes only. The currencies listed on the currency converter are not real-time conversions pegged to market rates and are not to be relied on by anyone. Errors and inaccuracies may occur in the operation of the currency converter. To be clear, the bid price stated by the auctioneer is the prevailing and binding bid price. 17. Bank Letter. Please note that in order to register to bid at an RM sale, RM requires that all Bidder(s) provide a Bank Letter. All Bank Letters must be written on bank letterhead. Please note that RM may waive this requirement at its sole discretion. 18. Credit Card Hold and Pre-authorization. Please note that in order to register to bid at an RM sale, RM requires a $2,000.00 (USD) hold and pre-authorization to be placed on the Bidder(s)’ credit card. If the Bidder(s) fails to pay for a motor car(s) or any other lot(s) purchased on or before 5:00 p.m. of the next business day following the auction, the Bidder(s) acknowledges that their credit card will be charged $2,000.00 (USD) for the missed payment; please note that the Bidder(s) is still bound to pay their remaining balance. The $2,000.00 (USD) hold will not be charged to their credit card if the Bidder(s) makes full payment on or before 5:00 p.m. of the next business day following the auction. If the Bidder(s) does not purchase a motor car(s) or any other lot(s), their credit card will not be charged. If their credit card is not to be charged, the $2,000.00 (USD) hold should fall off their credit card within ten (10) business days depending on their credit card company. Please note that RM may waive this requirement at its sole discretion. 19. Title Transfer. In an effort to ensure all titles are free and clear of liens or encumbrances, RM manages the process of title reassignment on behalf of the Buyer(s). Buyer(s) will receive titles in the mail up to twenty (20) business days following the auction. A $75.00 (USD) administration fee or its equivalent in local currency of the auction location ($65.00 (USD) in the State of California) will be assessed per motor car(s) purchased by an individual Buyer, however this fee will not apply to nostalgia lot(s). 20. Removal of Purchased Motor Car(s) or Any Other Lot(s). 20.1 All purchased motor car(s), including motorcycle(s), boat(s), and trailer(s), must be removed from the auction site by the next business day by five PM (5:00 p.m. EST) in the jurisdiction where the auction was held (“Removal Deadline”). 20.2 If the motor car(s), including motorcycle(s), boat(s), and trailer(s), are not removed by the Removal Deadline, the Buyer(s) will be charged a removal fee of up to $500.00 (USD) and a daily storage fee of up to $30.00 (USD) until the motor car(s), including motorcycle(s), boat(s), and trailer(s), is removed. 20.3 For the collection of any non-motor car lot(s), including but not limited to memorabilia, jewelry, and clothing, from the auction site, once the Buyer(s) has made payment by the Payment Deadline, a direct shipping company will contact the Buyer(s). Please note that a reasonable memorabilia removal and storage fee will apply. 20.4 Please note that the Buyer(s) is required to insure their motor car(s) or any other lot(s) while it is being stored on their behalf. 21. Legal Action. In the event that either party brings action against the other, arising from or relating to this auction, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees and costs. Jurisdiction for any action brought shall lie exclusively in a court of competent jurisdiction in the judicial district in which the auction is located. 22. Packing and Shipping. RM is not responsible for the acts or omissions in our packing or shipping of purchased motor car(s) or any other lot(s) or of other carriers or packers of purchased motor car(s) or any other lot(s), whether or not recommended by RM. Packing and handling of purchased motor car(s) or any other lot(s) is at the entire risk of the Buyer(s). 23. Data Protection. RM will use information provided by our client(s) (or which RM otherwise obtains relating to our client(s)) 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 client(s) will take place using technical means to identify their preferences in order to provide a higher quality of service to them. RM may also disclose the client information to other Sotheby’s or RM Sotheby’s Companies and/or third parties acting on their behalf to provide services for these purposes. 24. Money Laundering. The Bidder(s) agrees to provide all information and assistance reasonably requested by RM to comply with RM’s internal Anti-Money Laundering process and to comply with any and all Money Laundering Laws and Regulations in force in the jurisdiction in which the auction is held.

Although every effort is made to ensure the accuracy of the information contained in the online auction website, such information is provided by the seller and may not be verified by RM Auctions, Inc. prior to the sale time. Any additional information or corrections known at sale time will be announced by the auctioneer. RM Auctions, Inc. accepts no responsibility for the condition of any items offered.

RM Auctions usually auctions automobiles at the rate of 20 lots per hour. On some occasions LiveAuctioneers bid software or the Internet may not be able to keep up with the pace of the auction. RM recommends placing a realistic absentee bid now as insurance to help avoid disappointment. Occasionally the auctioneer may eliminate or reject a LiveAuctioneers bid, and the auctioneer may also re-open a lot after the close of the LiveAuctioneers bidding (usually because of a missed audience bid), and may reject your bid even if it shows you as the winning bidder. By bidding via LiveAuctioneers, you agree that RM Auctions may award the lot to another bidder at its sole discretion under the circumstances described above or any other reasonable circumstances. Since LiveAuctioneers bids are not shown to us until we open the lot on the floor, we treat those bids just like floor bids. In most cases the floor responds before the LiveAuctioneers bid is presented to us, due to Internet lag time, so for consistency we have made it a policy that floor bids are always considered first over tie LiveAuctioneers bids. Please make sure you read the Terms and Conditions before you bid. This lot is being auctioned in conjunction with a live floor auction by RM Auctions, Inc. All final auction and invoice information will be supplied by RM Auctions, Inc., and all other information should be considered preliminary. Winning Notification and Billing: After the FINAL session in this auction is complete RM Auctions will send e-mail invoices. This process normally takes up to two days. All final auction and invoice information will be supplied by RM Auctions, Inc., and all other information should be considered preliminary. This auction will be conducted on a live auction floor and over the Internet through LiveAuctioneers.