Participation Requirements:
Participation Requirements:
To participate in an auction, you must have an Alt account with a valid stored payment method. When placing your first bid, you’ll be prompted to enter your preferred payment details, which will be securely stored for future transactions.
If your total bids within an auction cycle remain below $10,000, you can store a credit card as your primary payment method. However, if your total bids reach or exceed $10,000, you’ll be required to add a bank account on file to enable ACH transfers before being able to submit your bid.
Timing:
Timing:
All auctions run for a two-week cycle. A new auction begins every Friday morning, shortly following the close of the previous auction, and last for 14 days, with Extended Bidding beginning at 9:00PM ET on the 14th day, which falls on Thursday evening.
Placing a Bid:
Placing a Bid:
Maximum bids: The starting price for a card is based on its Alt Value and specified when the auction opens. All bids are placed using the "maximum bid" model; when you place a bid, you should enter the maximum amount you'd like to pay for the card. This bid amount is private and will only be visible to you.
Automatic bidding: We'll bid in increments on your behalf to keep you in the lead up to your maximum bid. These increments are based on the auction's current price. If you are outbid, you will be notified via email. If you are outbid immediately, another earlier bidder has a maximum limit equal to or higher than yours.
Automated Bidding Increments
Automated Bidding Increments
Current Price: $0 - $499
Bid increment: $10
Current Price: $500 - $999
Bid increment: $25
Current Price: $1,000 - $2,499
Bid increment: $50
Current Price: $2,500 - $4,999
Bid increment: $100
Current Price: $5,000 - $9,999
Bid increment: $250
Current Price: $10,000 - $19,999
Bid increment: $500
Current Price: $20,000 - $29,999
Bid increment: $1,000
Current Price: $30,000 - $49,999
Bid increment: $2,500
Current Price: $50,000 - $99,999
Bid increment: $5,000
Current Price: $100,000 - $199,999
Bid increment: $10,000
Current Price: $200,000 - $299,999
Bid increment: $20,000
Current Price: $300,000 - $599,999
Bid increment: $25,000
Current Price: $600,000 - $999,999
Bid increment: $50,000
Current Price: $1,000,000 - $1,499,999
Bid increment: $50,000
Current Price: $1,500,000 and up
Bid increment: $100,000
Extended bidding: At 9:00PM ET on the night of auction close, all cards within the auction catalog will enter into Extended Bidding. If any card receives a bid during the Extended Bidding window, the entire auction's end time will extend by a fixed amount. The duration of the extended bidding window will gradually decrease over time, in an effort to help prevent the auction from extending late into the night. Read more about our Extended Bidding session here.
Updating a Bid:
Updating a Bid:
Once a bid has been placed within any Alt auction, it is considered binding. Bid retractions are generally prohibited. We encourage bidders to exercise caution and review their decisions carefully prior to submitting bids. Reach out to our Collector Support team at Support@alt.xyz for further assistance.
Winner Selection:
Winner Selection:
The card will be sold to the highest bidder upon auction close. In the event of a tie, the first bidder who placed the winning bid amount will be selected as the winner of the card.
Payment:
Payment:
The winning bid (hammer price) will be one bid increment above the second-highest bid amount or the bidder’s maximum bid, whichever is lower. In the event of a tie, the winning bid will be the effective price at which the auction closed.
A 20% buyer’s premium is added to each sale in an auction, meaning all sales will have an additional 20% added to the winning bid (hammer price).
A buyer’s premium is a fee charged by Alt that auction winners will pay in addition to the hammer price, which is the winning bid in Alt Auctions. The final sale price of a card refers to the hammer price plus the buyer’s premium.
Customers have five days to initiate payment for their auction winnings. If payment has not made by the deadline, Alt will automatically charge the stored payment method aligned to the buyer's account. If all payment attempts fail, Alt may take disciplinary actions, which may include liquidating vaulted assets and/or suspending the account.
As a seller in our auctions, you'll receive a bonus on top of the hammer price for every card sold. Here's how it works:
Hammer Price: $1 - $999
Seller receives: 100% of the hammer price + 4% bonus
Hammer Price: $1,000 - $4,999
Seller receives: 100% of the hammer price + 6% bonus
Hammer Price: $5,000 - $9,999
Seller receives: 100% of the hammer price + 8% bonus
Hammer Price: $10,000 - $249,999
Seller receives: 100% of the hammer price + 10% bonus
Hammer Price: $250,000 and above
Seller receives: 100% of the hammer price + 12.5% bonus
Compliance:
Compliance:
Although alternative assets, such as collectible cards, are not a regulated security, our mission at Alt is to treat these assets as a true financial asset class which includes holding ourselves to a high standard of compliance. Alt's Auctions are meant to provide an auction experience that is transparent and that customers can trust. To achieve this, the product has been built with controls in place that disallow disingenuous bidders. We have also taken additional steps by laying out guidelines for employee engagement within our Auctions.
Detailed information regarding how to submit cards to our auctions is available here
For questions, please contact us through the messenger located in the bottom left corner of your browser, text us at (833)483-5949, or reach out to support@alt.xyz