AUCTION FORMATS
Bidding Terms and Methods Explained


1. Timed Auction with Extended Close

Our new format, Timed Auction with
Extended Close, will allow 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 one additional minute 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.

2. Online Auction with Live Close

Our new format, Online Auction with
Live Close, will allow buyers to use Schmitt Horan Online, our own proprietary online bidding software, 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. 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 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.

3. Hybrid Live Auction

Our new format,
Hybrid Live auction allows buyers to use Schmitt Horan Online, our own proprietary online bidding software, 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 internet bidders, phone bidders, absentee bidders and several indepenent bidding agents. Bidders on the three live internet platforms (Schmitt Horan Online, Invaluable & Live Auctioneers) 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.

We strongly ecourage bids to be placed on one of the live internet platforms at either
https://bids.schmitthoran.com or www.invaluable.com or www.liveauctioneers.com. 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. In addition, phone bids, e-mailed bids, mailed bids or faxed bids will be offered on a limited basis.

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.

4. Traditional Live Auction

We hope to be able to offer our traditional live auction services again sometime in late 2021 or early 2022.

Notes on All Auction Formats

For all auction formats, Schmitt Horan & Co. charges a Buyer's Premium of 20%. Invaluable and Live Auctioneers charges an additional 5% fee, so clients that employ Invaluable or Live Auctioneers 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.

© Copyright 2021, Schmitt Horan & Co.
Windham, New Hampshire, USA