Adam's IMPORTANT IRISH ART Auction Wednesday 24th March 2021 Important Irish Art | 24 th March 2021 11 This auction is automated and takes place solely online through our website During the period of open bidding you will be able to see the current winning bid on each lot. You may place a higher maximum bid of your choice and the bidding will automatically increase by the next increment. If your maximum bid is several increments higher than the current bid, the bidding will still only increase by one increment until there is a competing bid in which case the system will move up one increment higher in your favour. This process will continue until your maximum amount is outbid. **The system is designed to give the buyer the best chance of winning their desired lot at the most competitive price, i.e. it will not jump to the maximum bid entered unless there is a competing bid just below it** EXAMPLE: Bidder A leaves a maximum bid of €100, bidder B leaves a maximum bid of €200 on the same lot. Bidder A is now knocked out of the lead and bidder B holds the current winning bid that auto adjusts to €110 (NB not their maximum bid). The system auto adjusts the bid to the next winning increment. User B’s bid will only be further executed if another user bids above their current bid of €110 up to their maximum of €200, after which they will be knocked out and an e-mail issued advising them to increase their bid. Bidders are automatically informed by email if they are the current winning bidder, or if they have been outbid by another competing bidder. If you have been outbid and the auction is still open, you are free to leave a higher bid. At the end of the defined bidding period, 11am on Wednesday 2nd December, if the highest bid offered meets the minimum price designated by the Auctioneer (i.e. the seller’s reserve price), the lot is sold. In a timed auction, the closing time is staggered, with bidding for lot 1 ending at 11am and each subsequent lot closing one minute after the previous. If there is a flurry of bidding on a lot just as it reaches its closing time, the lot is kept open for an extended period to enable everybody to fairly get their bids in. All winning bidders will be notified by email once the auction has fully ended. TIMED ONLINE AUCTION EXPLAINED