Buyer's Frequently Asked Questions

Auctions

How can I find selling prices?
Following a sale, prices are available verbally or by fax by calling our office at (416) 364-1864. Auction results are usually available on-line within 24 hours of the sale.

Bidding

Does it cost anything to make an absentee or telephone bid?
Ritchies provides absentee bidding services as a convenience to our clients who cannot attend the auction. There is no charge for this service and we endeavour to obtain the item(s) for you as reasonably as possible (as though you were bidding yourself). All bids must be accompanied by a signed 
Absentee Bid Form, or submitted on our website. Written absentee bids must be received no later than two hours before the commencement of an auction.

How will I know if I won anything I left bids on?
If you were successful with any of your absentee bids, you will receive an invoice by mail or fax from our accounts department. Arrangements can be made with them for payment and shipping. All accounts are payable immediately. See Payment for more details.

What happens if two people leave the same amount on an absentee bid?
When two or more absentee bidders leave the same amount on a lot, the earlier bid takes precedence. Occasionally a bid accepted from the floor will match your maximum bid. To prevent this, you can check off the box on the Bid Form that allows us to go one bid above your stated maximum. An instruction to buy with no upper limit cannot be accepted.

What are Bidding Increments?
Auctioneers increase the bids in standard regular amounts, usually by increments of 10%. It is helpful to use the following chart as a guide, especially when you are leaving an absentee bid. This pattern may be altered at the auctioneer’s discretion.

 

PriceBid Increment
$0 – $50 $5
$50 – $100 $10
$100 – $300 $20
$300 – $500 $25
$500 – $1000 $50
$1000 – $2000 $100
$2000 – $3000 $200
$3000 – $5000 $250
$5000 – $10000 $500

Is the hammer price the same as the amount of my final bill?
The hammer price is your final successful bid. When your bill is calculated, a Buyer’s Premium and applicable taxes are added to it. The Premium is calculated per lot and is payable at 20% of the first $50,000 of the hammer price, and 15% of the excess.

Payment

Methods of Payment

All payments are to be made in the currency of the auction location. We accept Visa, MasterCard, Direct debit, Cash, Canadian Bank Draft, or Wire Transfer. Credit card purchases may not exceed $25,000. Please make cheques payable to Ritchies Inc.

Funds may be wired in CANADIAN DOLLARS to:

A/C Name: 2282150 Ontario Inc.
Suite 1101
21 Dundas Sq
Toronto , ON M5B 1B7
Canada

A/C # : 05342 – 101 – 0412
Swift Code: ROYCCAT2
Bank: Royal Bank of Canada
972 Bloor St. West
Toronto , ON M6H 1L6
Canada

Funds may be wired in US DOLLARS to:

A/C Name: 2282150 Ontario Inc.
Suite 1101
21 Dundas Sq
Toronto , ON M5B 1B7
Canada

A/C # : 05342 – 400 – 1251
Swift Code: ROYCCAT2
ABA Code: 021-000-021
Bank : Royal Bank of Canada
972 Bloor St West
Toronto , ON M6H 1L6
Canada

Please add $20.00 for service charges if wiring funds.

For auctions in New York, Hong Kong or Dubai please refer to the auction catalogue for wiring instructions.

What taxes are applicable?
All local taxes are applicable based on the auction location. HST (13%) is applied to both the hammer price and premium of all lots purchased in Canada. Buyers from outside Canada are exempt from HST. Goods must be shipped outside of Canada to warrant exemption from HST.

For auctions in New York, Hong Kong or Dubai please refer to the auction catalogue for tax rates.

When can I collect my purchases?
Payment and collection of goods can be made during regular business hours, Monday through Friday, 9:30 am – 5:30 pm. Items should be picked up within one week of the end of the auction. In the event that this is not possible, arrangements should be made with the Accounting Department. Items that require shipping must be paid in full and a signed shipping waiver must be faxed to our accounts receivable department before they can be released.

Shipping

Does Ritchies ship my purchases?
Shipping is the responsibility of the purchaser. You can visit our 
Shipping page for a list of independent shippers and to download a Shipping Waiver.

Are there restrictions on shipping certain goods?
Certain property may be subject to laws governing export from Canada (such as the provisions of the Cultural Export and Import Act and various endangered species) and import restrictions of foreign countries. The export of any lot from Canada, or import into any other country, may require an export or import license. It is the buyer’s responsibility to be aware of these restrictions and to obtain these licences. For details please contact your customs agent or an international shipper.

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