Guidelines

1. Participation Requirements: To participate in the auction, you must have a verified ALT account. Click here to sign up! Completing verification and linking a bank account is the only way to fund your account, and other forms of payments (PayPal, credit cards, etc.) are not accepted.

2. Timing: Auctions will open on Thursdays at 9 PM ET. Bidding ends between 9-11 PM ET the following Thursday. Check out when the next Liquid Auctions open here.

3. Placing a bid:

• Maximum bids: The starting price for an item 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 item. This bid amount is private and will only be visible to you.
• Bid amount: For items with an ALT Value under $50k, you can bid without depositing so long as you have a bank account linked on ALT.
  
  Items with an ALT Value of $50k or more cannot be bid upon without 10% of the bid amount first being available in your Cash Balance; meaning customers will have 10x their available Cash Balance. Note that bid amounts on items with an ALT Value of $50K or more will subtract from the 10x balance. For example: If a customer has $10K available in their Cash Balance, they have up to $100K available for bidding. If one bid is placed at $75k, this will leave $25K available to bid on other items.
  
  You can track your active bids here.
• 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. All non-winning bids will be automatically returned to your ALT balance after you are outbid.
• Extended bidding: In the event that more than one bidder places a bid on an item prior to its original closing time, bidding on the item 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 four minute period. Extended bidding is restricted to bidders who placed a bid on the item 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 expiration. Then access the listing from your Manage Bids / Watchlist screen.

Increments

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 item 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 auction winner will pay one bid increment above the second-highest bid amount or their maximum bid, whichever is lower. In the event of a tie, the winner will pay the effective price at which the auction closed. Winner payment will be automatically processed at the close of the auction.

As a precaution, between 9:00 - 11 PM ET while the auction is ending participants with active bid(s) will not be able to withdraw funds. This is to ensure they are able to cover their full amount due at the end of the auction. In the event that the winner of an auction is not able to pay in full for won item(s), they will not receive title to these item(s) or be able to withdraw funds.

Customers have 3 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 7 days of incurred balance, a late fee of 1.5% of the total outstanding account balance will be applied to the 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

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.