PLAIN-ENGLISH SUMMARY
Donors retain legal title to their items until the lot is sold and payment clears. Relic Bid holds items as a bailee, not as an owner.
Relic Bid bears the risk of loss or damage during storage and is in the process of securing bailee/inland marine insurance coverage to back this responsibility.
Buyers take title on payment. Risk of loss transfers to the buyer when the carrier takes possession of the shipment.
Every outbound shipment is insured at full declared value (1.75% of declared value, minimum $5.00).
1. Purpose of This Statement
Relic Bid operates as an auction marketplace and fulfillment operator. Donors (“Consignors”) ship items to our secure intake facility, where they are authenticated, stored, and ultimately auctioned. Buyers (“Winning Bidders”) pay for and receive those items through our insured shipping program.
This Statement clarifies the legal status of consigned items at each phase of that chain — specifically who holds title, who bears risk of loss or damage, and what insurance coverage applies — so that both Consignors and Buyers understand their rights and protections.
2. Title During Consignment
2.1 Title Remains with the Consignor
From the moment a Consignor ships an item to Relic Bid through the moment the lot is sold and payment has cleared, legal title to the item remains with the Consignor. Relic Bid does not acquire ownership of consigned items.
Relic Bid holds consigned items in the capacity of a bailee for hireunder Massachusetts law — a party that takes physical possession of another person's property for a defined purpose (authentication, storage, and auction) while the owner retains all ownership rights. This bailment relationship is not a sale, pledge, or transfer of any ownership interest.
2.2 No Pledge or Hypothecation
Relic Bid will not pledge, hypothecate, lend, sub-bail (except to necessary service providers such as authentication specialists under written agreement), or otherwise encumber a consigned item without the Consignor's prior written consent.
2.3 Unsold Items
If a lot does not sell (e.g., reserve not met, auction cancelled), title remains with the Consignor, and Relic Bid will contact the Consignor to arrange return of the item at the Consignor's cost, unless otherwise agreed.
3. Risk of Loss During Storage
3.1 Relic Bid Bears Risk During Custody
As bailee, Relic Bid is responsible for exercising reasonable carein the storage and handling of consigned items. Relic Bid bears the risk of loss or damage to consigned items arising from its own negligence or failure to exercise such care while the items are in Relic Bid's physical custody at its storage facility.
Relic Bid is not liable for loss or damage caused by circumstances beyond its reasonable control, including but not limited to: acts of God (fire, flood, earthquake, severe weather), acts of war or terrorism, or government seizure or confiscation of items subject to legal dispute.
3.2 Bailee / Inland Marine Insurance
Relic Bid is actively securing bailee liability and inland marine insurance coverage to protect consigned items while in our custody. This coverage is intended to cover the full declared value of items in storage against the risks described in Section 3.1.
COVERAGE STATUS NOTICE
As of the effective date of this Statement, bailee/inland marine insurance coverage is in the process of being bound. Until coverage is confirmed, Consignors should be aware that formal insurance protection for items in storage may not yet be in place. Relic Bid will update this Statement promptly once coverage is confirmed. Consignors with questions about current coverage status should contact relicbid@nanocorp.app.
3.3 Declared Value
At intake, Relic Bid will assign a working declared value to each item based on available information (donor-provided documentation, initial authentication assessment). Consignors may request a specific declared value in writing before shipment; Relic Bid may adjust the declared value if the initial assessment materially differs from the Consignor's stated value.
4. Chain of Custody
The complete chain of custody for a consigned item is as follows:
Intake Application
Consignor submits item for review via the Relic Bid intake form. Relic Bid evaluates provenance documentation and approves or declines the submission.
Consignor Ships to Relic Bid
Upon approval, Consignor receives secure intake shipping instructions. Consignor packs and ships the item, insured, to Relic Bid's facility at 53 Lyons Street, Worcester, MA. Title and risk remain with the Consignor during inbound transit.
Intake & Authentication
Item arrives at Relic Bid's facility and is logged into inventory. Relic Bid authenticates the item, photographs it, assigns a lot number, and notifies the Consignor of acceptance. Relic Bid assumes bailee custody. Risk of loss (per Section 3) shifts to Relic Bid.
Secure Storage
The item is stored securely at Relic Bid's facility pending auction. Relic Bid is responsible for the item's safekeeping during this period.
Auction
The lot is listed and auctioned. Bidding is conducted online through the Relic Bid marketplace.
Sale & Payment
The Winning Bidder pays the hammer price plus shipping and insurance via Stripe. On clearance of payment, title transfers from the Consignor directly to the Winning Bidder. Relic Bid remits proceeds to the mission per the applicable consignment terms.
Packing & Carrier Pickup
Relic Bid packs the item with appropriate protection and documentation. The item is tendered to the shipping carrier with full-value insurance (1.75% of declared value, minimum $5.00). Risk of loss transfers to the Buyer upon carrier pickup.
Delivery to Buyer
The carrier delivers the lot to the Winning Bidder's address. Tracking information and insurance documentation are provided to the Buyer. Chain of custody is complete.
5. Title Transfer to Buyer
The Winning Bidder acquires legal title to a lot at the moment full payment clears (hammer price + shipping + insurance). Title passes from the Consignor directly to the Winning Bidder; Relic Bid does not take intermediate title at any point.
Prior to payment clearance, the Winning Bidder has no ownership rights in the lot and may not direct its disposition or custody.
6. Risk Transfer to Buyer & Outbound Insurance
6.1 Risk Transfer on Carrier Pickup
Risk of loss or damage to a sold lot transfers from Relic Bid to the Winning Bidder at the moment the item is tendered to the shipping carrierat Relic Bid's facility. From that point, Relic Bid's bailee liability for the item ends.
6.2 Full-Value Outbound Insurance
Every outbound shipment is insured for the full declared value of the lot. The insurance fee is 1.75% of the declared insured value, with a minimum of $5.00 USD per shipment. This fee is included in the total amount due at checkout and is not optional.
The declared insured value defaults to the hammer price unless the Buyer requests a higher value before shipment (additional premium applies). Relic Bid recommends declaring at least the full replacement value of the item.
6.3 Claims in Transit
If a lot is lost or damaged in transit, Relic Bid will assist the Buyer in filing an insurance claim with the carrier or insurer. The Buyer must notify Relic Bid within 48 hours of delivery (or of expected delivery if the item is lost), retain all packing materials, and cooperate with the claims process. Insurance proceeds (net of any deductible) are the Buyer's sole remedy for loss or damage in transit.
7. Governing Law
This Statement and the rights and obligations it describes are governed by the laws of the Commonwealth of Massachusetts. Any disputes arising from the consignment relationship, including but not limited to title disputes, claims for loss or damage, or insurance matters, shall be resolved in accordance with Massachusetts law and the dispute resolution provisions of Relic Bid's Terms of Service.
8. Contact
Questions about title, risk, custody, or insurance coverage should be directed to: