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On the fall of the auctioneer’s hammer, title to the property immediately transfers to the successful bidder.
Rago’s sends all winning bidders invoices and information about shipping options, by e-mail or post, within 48 hours of an auction. Buyer payment (purchase price plus the buyer’s premium and applicable taxes) is due immediately upon receipt of invoice.
If you have a question about your invoice, please call us immediately. We will explain or, if there is a problem, correct it immediately. If payment is not received within thirty (30) days of sale, the Auction House reserves the right to impose from the date of sale a late charge of 1 1/2% a month of the total purchase price and deny all future credit.
Rago’s accepts cash (in-house bidding/pick-up only), wire transfers, checks, money orders, Visa, MasterCard, Discover and PayPal. We reserve the right to hold all goods paid for by check until payment has cleared.
Buyer’s Premium: The buyer's premium for each lot purchased is 25% on the first $75,000 of the hammer price, 20% on the portion from $75,001 through $1,500,000, and 12% on that portion of the hammer price exceeding $1,500,000.
A cash discount of 3% off the 25% buyer’s premium will be applied for property purchased by cash, check, wire transfer or money order if payment is received within 15 days of sale. This effectively lowers the 25% buyer’s premium to 22%. No discount will be taken off the lower buyer’s premium apportioned for lots that sell at $75,001 and above.
On Live Auctioneers, a buyer’s premium in the amount of 28% of the successful high bid will be levied. A cash discount of 3% off the 28% buyer’s premium will be applied for property purchased by cash, check, wire transfer or money order if payment is received within 15 days of sale. This effectively lowers the 28% buyer’s premium to 25%. No discount will be taken off the lower buyer’s premium apportioned for lots that sell at $75,001 and above.
Taxes: If you are shipping to a New Jersey address or if you pick up the lots you have won at our New Jersey location, you must pay the State’s 7% sales tax. The only exception is for those who hold a valid resale license and file the completed New Jersey State Sales Tax Form (New Jersey Seller’s Certificate Form ST3 or Non New Jersey Seller’s Certificate Form ST-3NR) with Rago’s at or before time of payment. No New Jersey sales tax is charged for purchases shipped out of state.
For more information, see the Terms of Sale.