Auction Formats & Bidding Increments

Bidding Terms and Methods Explained

1. Timed Online Auction with Extended Close

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
Schmitt Horan Online. No phone bids or live on-site bidding allowed.

2. Online Auction with Live Close

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
Schmitt Horan Online or Invaluable or Live Auctioneers or Bid Square. No phone bids or live on-site bidding 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

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
Schmitt Horan Online or Invaluable or Live Auctioneers or Bid Square. No live on-site bidding allowed.

4. Traditional Live Auction

We are presently offering our traditional live auction services. Traditional live auctions include all of the bidding options as Hybrid Live Auction (see above) with the addition of live on-site bidding open to the public. Our auctions of June 12, 2022 and November 20, 2022 will include the option for live on-site bidding at our new location at
80 Raymond Rd, Candia, New Hampshire 03034.

5. Discovery Sale at Live Auction

We are presently offering Discovery Sales periodically, which are a variation of our Traditional Live Auction. A Discovery Sale will be an event for live attendees only, with no phone bidding, absentee bidding nor internet bidding. MUST BE IN ATTENDANCE TO BID.

Our auctions of June 11, 2022 and November 19, 2022 will be Discovery Sale special events where only live on-site bidding shall be allowed at our new location at
80 Raymond Rd, Candia, New Hampshire 03034. If you cannot personally attend, we offer a list of qualified agents below that will be in attendance and can execute bids for you at the Discovery Sale for a small fee.

Agents available for our Live Auctions in 2022 are listed below
:
Watches, Clocks & Antiques
John Kovacik at
jkovacik@verizon.net or (315) 823-1205

Clocks & Antiques
Rick Merritt at
rmerritt@ptd.net or (610) 780-5979

Clocks
Russel Junck at
russjunck@gmail.com or (515) 249-3911


Notes on All Auction Formats

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.

BIDDING INCREMENTS

We will make every effort to use the following increments for bidding purposes:
$0 - $500: $25 increments
$501 - $1000: $50 increments
$1000 and above: Auctioneer's Discretion
Typically...
$1001 - $2000: $100 increments
$2001 - $4000: $200 increments
$4001 - $10000: $500 increments
$10001 and above: $1000 increments

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Schmitt Horan & Co., Candia, NH