Payment
Eliane Talec, (609) 397-9374 ext. 118
Billing
On the fall of the auctioneer’s hammer, title to the property immediately transfers to the successful bidder who, in turn, becomes the buyer. Rago’s sends all winning bidders invoices and information about shipping options, by e-mail or post, within 48 hours on an auction. Buyer payment is due immediately upon receipt of invoice and all property must be paid for and removed from the Rago Arts & Auction Center within 14 business days of the auction. If you have a question about your invoice, please call us immediately. We will explain or correct immediately if there is a problem.
How To Read Our Invoice
Final Sale Price: The amount of your successful bid.
Buyer’s Premium: The buyer’s premium 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. (CASH DISCOUNT: 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, 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: Applicable taxes include New Jersey sales tax (7%), use tax, excise tax, and other taxes or levies. Only valid resale certificates are accepted as proof of exemption from New Jersey sales tax by U.S. dealers. No New Jersey sales tax is charged for purchases shipped out of state.
Payment Options
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.
Late Payment
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.