Frequently Asked Questions (FAQ)
+ Are consignments insured? - Are consignments insured?
Some clients would like to or are required to cancel or remove insurance coverage under their home owner’s or other personal policy for their valuables. In this case, we offer coverage under our specifically designed fine arts policy provided by Lloyd’s of London. We offer full coverage of your collection while it is in our possession at a cost of an additional 1% commission. This 1% fee is assessed on the total hammer price of the collection. If you elect to be included under our policy, coverage takes effect once the item is in our possession, which begins the moment it is loaded into one of our vehicles or arrives by shipment to our office and is unpacked. In the unlikely event of a claim that occurs before the item is sold, evaluation for the insurance claim will be based on pre-auction estimate.
+ How are consignors paid? - How are consignors paid?
Consignors are paid by check made out to the entity requested by the consignor, unless otherwise requested. Payment by wire transfer or other arrangements is possible by request, usually at a small additional fee. Payments are issued 45 days after the final day of the auction.
+ Where do you advertise or promote your auctions? - Where do you advertise or promote your auctions?
We are front runners in our field for having a strong emphasis on marketing and have a very active social media presence while spending heavily on advertising through Facebook, Instagram, Google and YouTube. In traditional media, we advertise in the National Association of Watch and Clock Collectors (NAWCC) MART, the Antiquarian Horological Journal, major trade publications including the Maine Antique Digest (MAD), the Arts and Antiques Weekly (The Bee), etc. We also have an e-mail newsletter with a subscriber base of over 4000 clients and do several direct mailings a year, both domestically and internationally.
+ What are the advantages to selling at auction? - What are the advantages to selling at auction?
Auctions expose your item or collection to a larger audience where free market forces and competitive bidding can enhance the value of items and increase your financial return. Auctioneers working on a commission basis have a cooperative relationship with the consignor, where incentives are aligned and both parties want to maximize the hammer price of every item or lot. This maximizes the return for both the auctioneer, who is working on commission, and the consignor. An individual or entity making a private purchase has a competitive relationship with the buyer or consignor. Someone making a private offer has an incentive to buy low, meaning the seller or consignor receives as little as possible and sell high so that the buyer may maximize his or her profit. Would you prefer someone working with you and for you or someone working against you when your bottom line is at stake?
+ Can I set a minimum price or reserve? - Can I set a minimum price or reserve?
In auction parlance this is referred to as a reserve. A reserve is the minimum price a consignor is willing to accept and below which the consignor’s property shall not be sold. At Schmitt Horan & Co we generally discourage reserves as our long established and well tested market and our conservative approach to auction estimates are a good indication on how items will perform. However, we do understand that there are circumstances where a reserve is appropriate. Under these circumstances, the auctioneer and the consignor shall agree to a reasonable reserve, executed by the auction house on behalf of the consignor.
+ Who arranges pickup or shipping of the property to be sold? - Who arranges pickup or shipping of the property to be sold?
Once a consignment agreement is reached and you have signed a contract designating Schmitt Horan & Co. to help you dispose of your collection, you may choose to drop off or arrange shipping to our Windham, New Hampshire location. If this is not possible and the size or extent of the collection does not make this practical, Schmitt Horan & Co. travels nationwide and internationally to pick up consignments. Deciding on whether you need our pick up service depends upon many factors and your needs, which we are happy to discuss with you. There is typically a conservative fee charged for this service so that we may cover expenses associated with truck rental, supplies, staffing, hotels, meals and other travel expenses, etc. Do not let transport of your collection deter you from consigning. We are excellent at securely and safely moving large collections with a personal touch.
+ Who are your buyers? - Who are your buyers?
As a well-respected auction house with an international reputation we attract buyers from all over the world with a strong following in the United States, Canada, Europe and China. We offer our own proprietary online bidding platform for the convenience of our bidders, which is unique in the industry for an auction house of our size. We also participate in Invaluable.com, which provides bidding services to thousands of auction houses and millions of bidders from dozens of different countries scattered across the globe.
+ May I attend the auction? - May I attend the auction?
You may attend the auction, but it is not necessary. Consignors are always welcome to attend, however we understand that scheduling and other commitments may make this impossible. We provide a detailed report on your items after the auction. If you cannot attend, but would still like to participate during the day of the auction you may watch the auction live on our YouTube Channel
, follow Prices Realized Live
or follow the bidding on our own in-house online bidding platform at Schmitt Horan LIVE.