Auction terms

Midwest Bitcoin Summit Bitcoin Art Auction

Registration is free and does not require you to bid or purchase anything.

Before bidding opens, CLCT will publish the complete Conditions of Sale. Every approved bidder must review and accept those terms before placing a bid. No binding bid may be placed until the applicable fees, auction rules and payment requirements are disclosed.

Bidding

Each bid is an offer to purchase a specific lot.

If your bid is the winning bid when the lot closes, any applicable reserve has been met, and CLCT confirms the result, you are required to complete the purchase under the Conditions of Sale.

Before submitting a bid, you will see a confirmation screen showing:

• Your bid amount
• The 5% buyer’s premium
• The resulting bid subtotal
• Notice that applicable sales tax, shipping and insurance charges are additional

A submitted bid should be treated as binding.

Requests involving an accidental, duplicate or unauthorized bid must be sent to support@clctibles.com immediately and before the lot closes. Any request will be handled under the final Conditions of Sale and applicable law.

Buyer’s Premium

A buyer’s premium of 5% is added to the winning bid.

For example:

• Winning bid: $1,000
• Buyer’s premium: $50
• Bid subtotal: $1,050

Applicable sales tax, shipping, packaging, insurance and any disclosed Bitcoin network fees are additional.

Auction Closing and Soft Close

Each lot has a scheduled closing time.

If a valid bid is received during the final two minutes of a lot’s bidding period, that lot’s closing time will be extended until two minutes remain.

Each additional valid bid received during an extension restarts the two-minute period.

The lot closes after two consecutive minutes pass without another valid bid.

Extensions apply independently to each lot.

CLCT’s system clock and bidding records determine when a bid was received, whether an extension occurred and which bidder is highest.

Reserve Prices

Some lots are offered without reserve. Other lots are subject to a confidential reserve price.

Each lot will display one of the following:

• No Reserve
• Reserve Not Met
• Reserve Met

A no-reserve lot will be sold to the highest valid bidder when the auction closes.

A lot subject to reserve will not be sold unless the reserve has been met.

The reserve amount may remain confidential.

Sellers, artists and persons acting on their behalf may not bid on their own lots.

Winning Bidders

A sale is complete when:

• The lot’s bidding period has closed
• Any applicable reserve has been met
• CLCT’s system identifies and confirms the winning bidder

CLCT may reject or invalidate a bid affected by fraud, unauthorized account use, a material technical error, a legal restriction or conduct that threatens the integrity of the auction.

CLCT will not cancel a completed sale merely because the seller later believes the winning price was too low.

Payment

All bids, fees, taxes and invoices are denominated in U.S. dollars.

All payments must be made in Bitcoin.

Bitcoin is the payment method and does not change the U.S.-dollar amount owed.

Winning bidders must complete payment within 48 hours after the invoice is issued.

No artwork will be released, shipped or made available for pickup until payment has fully settled.

Bitcoin Conversion and Settlement

The amount of Bitcoin due will be calculated when the buyer generates a Bitcoin payment request.

The Bitcoin amount will be based on the U.S.-dollar invoice total and the exchange rate provided by CLCT’s designated Bitcoin payment provider.

The quoted Bitcoin amount will remain valid for the period shown on the payment request. If the quote expires, a new Bitcoin amount will be calculated based on the remaining U.S.-dollar balance.

The final Conditions of Sale will identify:

• The Bitcoin payment provider
• Whether Lightning, on-chain Bitcoin or both are accepted
• The exchange-rate source
• The quote-validity period
• Required settlement or confirmation status
• Treatment of underpayments and overpayments
• Responsibility for network fees

The buyer is responsible for sending the complete Bitcoin amount shown on the active payment request and for any network fees charged by the buyer’s wallet.

Payment is not complete until CLCT’s payment provider confirms settlement.

Any approved refund will be calculated using the U.S.-dollar amount being refunded, not the number of bitcoin originally transmitted.

Failure to Pay

If full payment is not received within 48 hours, CLCT may:

• Cancel the sale
• Suspend or restrict the bidder’s account
• Offer the lot to another bidder
• Resell the lot
• Recover any reasonable resale shortfall and transaction or collection costs permitted by law

CLCT may extend the payment deadline only through written confirmation.

Custody and Fulfillment

All auction lots will be placed into the custody of CLCT or its designated event representative before buyer fulfillment.

Artists and sellers will not ship sold lots directly to buyers unless CLCT expressly authorizes an exception in writing.

CLCT or its designated fulfillment provider will coordinate pickup or shipping after payment has settled.

Summit Pickup

Paid lots may be collected during the designated pickup period at the Midwest Bitcoin Summit.

The person collecting a lot must present government-issued identification matching the buyer’s account.

A buyer may authorize another person to collect a lot only through advance written notice accepted by CLCT.

Title and risk of loss pass to the buyer when the artwork is physically released to the buyer or authorized representative and the pickup record is signed.

Lots not collected during the designated pickup period may be shipped or placed into storage at the buyer’s expense.

The final pickup location, dates and hours will be published before bidding opens.

Shipping

CLCT will offer insured shipping within the United States after payment has settled.

Shipping, packaging and insurance charges are paid by the buyer and will be shown on the invoice or collected before shipment.

Shipments will include tracking. Signature service may be required based on the value or nature of the artwork.

Unless applicable law requires otherwise, title and risk of loss pass to the buyer when the lot is properly delivered to the shipping carrier for transportation to the buyer’s approved address.

CLCT will arrange shipping insurance up to the applicable carrier or policy limit disclosed for the shipment.

Insurance coverage is subject to the insurer’s terms, exclusions, documentation requirements and claim determination. CLCT does not guarantee that a carrier or insurer will approve or pay a claim.

CLCT remains responsible for loss resulting from its own failure to package, address, insure or release the artwork in accordance with the Conditions of Sale.

Shipping Claims

Any loss, shortage or visible shipping damage must be reported to support@clctibles.com within 48 hours after delivery or the expected delivery date.

The buyer must preserve:

• The artwork
• The shipping box
• All packaging materials
• Shipping labels
• Photographs of the damage
• Any other evidence reasonably requested for the claim

Failure to provide timely notice or preserve claim evidence may prevent recovery.

CLCT will reasonably assist with submitting or administering a covered shipping claim.

CLCT is not responsible for loss or damage occurring after confirmed delivery, including theft from the delivery location, an incorrect address supplied by the buyer, unauthorized forwarding or failure to accept delivery.

Lot Descriptions and Condition

Buyers are responsible for reviewing the complete lot listing and available photographs before bidding.

Artwork may show age, wear, variations, restoration or other characteristics that may not be fully visible in photographs.

Descriptions, dimensions, condition statements, provenance and other listing information may be supplied by the artist or seller.

Buyers should submit questions before bidding to support@clctibles.com.

Except for a materially inaccurate listing, authenticity issue, shipping damage or another right that cannot legally be waived, completed sales are final.

The final Conditions of Sale will state the process and deadline for reporting a lot that is materially different from its listing.

Outbid Notifications

The lot page will show when you have been outbid and identify the next permitted bid amount.

Lots you bid on or watch will appear under My Bids.

Email and platform notifications are provided as a convenience. Delivery may be delayed or interrupted, and bidders remain responsible for monitoring auctions directly.

Final Terms Published Before Bidding

Before bidding opens, the complete Conditions of Sale will also identify:

• Sales-tax treatment
• Bitcoin payment provider and settlement rules
• Shipping carrier and insurance limits
• International-shipping availability
• Bid increments
• Maximum or proxy-bidding operation
• Treatment of identical bids
• The final bid-error and retraction procedure
• Default and nonpayment remedies
• Condition, authenticity and claim procedures
• Governing law and dispute-resolution terms

Questions about registration, bidding, payment, pickup or shipping may be sent to support@clctibles.com.

Common Questions