Liquid Auctions Guidelines

 

1. Participation Requirements: To participate in the auction, you must have a verified Alt account. Click here to sign up! 

2. Timing: Auctions open on Mondays at 9pm EST and last for 10 days. Bidding ends between 9-11pm EST the following Thursday. Check out when the next Liquid Auctions open here.

3. Placing a bid:

  • Maximum bids: The starting price for a card is based on its Alt Value & 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. 
  • Extended bidding: In the event that more than one bidder places a bid on a card prior to its original closing time, bidding on the card will be extended for an additional six-minute period. Each time an additional bid is placed, bidding will be extended by another six minutes until there is no further bidding for a six-minute period. Extended bidding is restricted to bidders who placed a bid on the card prior to its initial closing. If you wish to watch a listing while it’s in extended bidding, place a bid or add it to your watchlist before the initial listing expires. Then access the listing from your Manage Bids / Watchlist screen.

Increments

Current price Bid increment
$0 - $499 $10
$500 - $999 $25
$1,000 - $2,499 $50
$2,500 - $4,999 $100
$5,000 - $9,999 $250
$10,000 - $19,999 $500
$20,000 - $29,999 $1,000
$30,000 - $49,999 $2,500
$50,000 - $99,999 $5,000
$100,000 - $199,999 $10,000
$200,000 - $299,999 $20,000
$300,000 - $599,999 $25,000
$600,000 - $999,999 $50,000
$1,000,000 - $1,499,999 $50,000
$1,500,000 and up $100,000

 

4. Updating a bid: Your bid can be updated from the auction listing page until the end of the auction. A bid cannot be canceled after it is placed.

5. 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.

6. 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 Liquid Auctions, 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 Liquid Auctions. The final sale price of a card refers to the hammer price plus the buyer’s premium. 

Seller's will receive a bonus on each auction sale based on the tiers below:

LiquidAuctionsSellerBonusChart.png

 

Customers have three days to initiate a deposit covering their remaining balance. If payment in full is not initiated, Alt reserves the right to suspend their account and freeze ownership of any assets purchased. 

If Alt has not received payment after seven days of incurred balance, a late fee of 1.5% of the total outstanding account balance will be applied to the user’s Alt account. Should an account be suspended due to non-payment, an additional reinstatement fee of 8.5% of the total outstanding account balance will be applied and due upon account reinstatement.

7. Compliance: Although alternative assets like sports 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 Liquid 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 with Liquid Auctions.

 

Upcoming Auction Dates:

Auction Dates.png

Information on how to submit to our Liquid Auctions is available here.

For any questions or feedback, please contact us through the messenger located in the corner of your browser or reach out to support@alt.xyz.

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