RIAC has been authorized by the consignor to retain as part of RIAC's remuneration, the buyer’s premium payable by the purchaser. Generally, all items shipped out of state are tax free sales. Any purchaser claiming an exemption yet unable to provide proof at the time of payment will be required to pay the tax to RIAC and seek a refund from the State of Illinois. To establish a tax free sale, a copy of a valid reseller’s permit or other instrument or information must be provided to RIAC's satisfaction establishing a sales tax exemption. The tax is computed on the total purchase price (hereinafter the total purchase price and applicable sales tax will be referred to as the 'Total Amount Due'). Some items are exempt from Illinois sales tax and others may be subject to Illinois sales tax or local sales tax. The premium is added to the purchaser's successful bid and the two together equal the total purchase price. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate. If the account is settled by credit card, the buyer’s premium then shall be the standard 20.5%. The buyer’s premium shall be reduced to 18% provided the payment is paid by cash or the equivalent of cash (cashier’s check, wire transfer, or approved personal check). All bid prices “hammer prices” ('hammer prices' mean the price at which a lot is knocked down to the purchaser) will be subject to a buyer’s premium 20.5% payable by the purchaser. Cash Payment Discount: 2.5% Participation Requirements: Valid Credit Card required for bidding approval Payment Options: Visa, MasterCard, Discover, Check, Money Order, and Wire Transfer Visa MasterCard Discover Payment Instructions: Payment Information:īUYER’S PREMIUM AND SALES TAX.

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