Auction Formats & Bid Increments

Bidding Terms and Methods Explained

Timed Online Auction with Extended Close allows buyers to use Schmitt Horan Online, our own proprietary online bidding software to place bids in an online timed auction. In our new Extended Close format, if a bid is placed on an individual lot or item during the final minute of the timed auction, the close of that auction will be extended five additional minutes from the moment that bid is placed. This can happen more than once. Any bid placed during the extended final minute will also result in an additional minute extension until there are no longer any competing bids placed during the final minute of the timed auction.

All bids must be placed on https://bids.schmitthoran.com . No phone bids or live on-site bidding is allowed.

Online Auction with Live Close allows buyers to use Schmitt Horan Online, Bidsquare.com, Invaluable.com and LiveAuctioneers.com to place bids online during the four week auction period as well as to bid "live" through the internet in real time on the final day of the auction. At the publicly announced end date and time, 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 and processed by the auctioneer until fair warning is provided and the item is sold.

All bids must be placed on either https://bids.schmitthoran.com or www.invaluable.com or www.liveauctioneers.com or www.bidsquare.com. No phone bids or live on-site bidding is 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 any specific item to be known. Your maximum bid will not be exercised unless it is required due to 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 75 - 100 lots per hour.

Similar in format to Online Auction with Live Close (see above) with the addition of phone bidding and bidding agents if available. Bids can be placed on either https://bids.schmitthoran.com or www.invaluable.com or www.liveauctioneers.com or www.bidsquare.com. No live on-site bidding is allowed.

For all auction formats, Schmitt Horan & Co. charges a Buyer's Premium of 20%. Bidsquare, Invaluable, and Live Auctioneers charge an additional fee, so clients that employ Bidsquare, Invaluable or Live Auctioneers will pay a 25% buyer's premium.

We encourage you to go to our frequently asked questions section on our home page to learn more about our general bidding practices.