Silent auctions are an entertaining way to raise money for your cause and gives attendees opportunities to participate.
Here are some helpful tips to get you started:
- Start the minimum bid at half the perceived value. If the item is a gift card with a $100 value, start at $50 so you at least get the $50 and attendees think it’s a bargain.
- Check eBay for pricing ideas, paying attention to the ending prices of auctions.
- Start the bidding low to encourage participation.
- If you spent any money on an item, make sure you start the bidding at $10 more than what you spent.
- For big ticket items such as hotel stays, spa certificates and travel packages, start the bidding at 30 percent of the value.
- Be careful not to start your bidding so high that people won’t participate. The more people involved in the bidding, more energy it brings to your event and the more money it brings to your cause.
- Determine fair market value of the item. If the item was donated by an artist, ask how the artist would price it. If the item is a service, determine the cost of that service.
- Let attendees know on the bid sheet that bids should be made in whole dollars to avoid penny bids.
EventWax tip: Use online registration to organize your fund-raiser’s silent auction. It’s an easy way to sell tickets for your event and track your attendees. You also can email your attendees an auction item list prior to the event.
To read more about how to organize and run a silent auction click here.
