Live Internet Auctions
Bidding Methods & Terms
Our new Live Internet Auction format will allow buyers to use Schmitt Horan Online, our own proprietary online bidding software, and Invaluable.com to place bids online during the four week auction period as well as to bid "live" online in real time on the final day. At the publicly announced end date and time (July 25, 2020 at 1pm), items shall start selling in order by lot number. As each lot is brought across the auction block on closing day, competition will be between live internet bidders and absentee bidders who have previously submitted bids. Bidders may place real time "live" online bids which shall be executed immediately until the auctioneer gives fair warning and sells the item.
All bids must be placed on either https://bids.schmitthoran.com
. No phone bids or live on-site bidding is presently allowed.
Online bids submitted before the "live" close of each lot shall be treated as typical online absentee bids, which the system will execute immediately and bid competitively against other absentee bids - thus, allowing the current demand on a specific item to be known. Your maximum bid will not be exercised unless it is required because of competing bids.
Bidding increments as described in our Terms and Conditions will be followed.
Schmitt Horan & Co. and their staff shall on the close of the auction day, accept and adjudicate live bids until the auctioneer declares the item sold.
Schmitt Horan & Co. shall not be held liable for a failure to transmit or accept bids placed over the internet.
Items shall be sold in a timely manner on the day of the close of the auction. We expect to average about 100 lots per hour.
Schmitt Horan & Co. charges a Buyer's Premium of 20%. Invaluable charges an additional 5% fee, so clients that employ Invaluable will pay a 25% premium.
We encourage you to go to our frequently asked questions section on our home page to learn more about our general bidding practices.