Quick Answer: How Do You Value A Silent Auction Item?

Do bidders see the reserve price?

A reserve price is the lowest price you’re willing to sell an item for.

Bidders can’t see the reserve price, but they’ll see whether it has been met..

Can I sell to highest bidder if reserve not met?

A reserve price is a minimum price a seller is willing to accept from a buyer. In an auction, the seller is not required to disclose the reserve price to potential buyers. If the reserve price is not met, the seller is not required to sell the item, even to the highest bidder.

What is a good auction item?

Live Auction ItemsTravel package. This is one of the most popular choices for auctions of all shapes and sizes. … Live artwork. Bidding on artwork at a charity auction is very common. … Pamper basket. … Signed memorabilia. … A personal chef for an evening. … Lottery ticket basket. … Homemade baked goods. … Season sports tickets.More items…•

How long should an online auction run?

between 7 and 14 daysYou need to engage your guests by giving them enough time to view all your items on display, and encourage pre-event bidding. However, if you leave it too long bidders will begin to lose interest. In our experience the optimal period for your auction to be open is between 7 and 14 days.

How many silent auction items should I have?

Here’s how many silent auction items we’d recommend you should have: Aim for a ratio of roughly one item to auction off for each guest that you’re planning to have. If you don’t get the ratio exactly right in your planning, you can adjust the presentation of your items to match this.

What are good silent auction items?

Outings and experiences can include a wide range of items, but some of our favorite include:Spa days.Local brewery tours.Sunset or harbor cruises.Museum tickets.Comedy nights.Hot air balloon rides.Outdoor activities (hiking, kayaking, bungee jumping)Theme park tickets.

How long should a silent auction last?

For most auctions that’s 90 minutes. But, many are going to wait until the last 5 minutes to really get down to the serious bidding. With that knowledge, plan on closing each silent bidding section in increments of 5 minutes.

Do raffles or silent auctions make more money?

That means more money for you and a free $20 ticket for them. Selling raffle tickets is a pretty traditional way to raise more money at a silent auction.

What does a silent auction mean?

A silent auction is an event at which items for sale are displayed for attendees to assess, place bids on, and purchase. However, unlike most auctions, there is no auctioneer present, and participants place their bids silently and anonymously on a bid sheet using a bidding number—hence the name silent auction.

How do you price silent auction items?

How to Price Silent Auction Items: 6 Rules to FollowResearch the Known Price of Tangible Items.Consult with Supporters to Estimate the Value of Intangible Items.Set a Minimum Bid at 30-50% of an Auction’s FMV.Set a Higher Minimum Bid for Unique Auction Items.Start by Increasing Bids by 10% of the Item’s FMV.Offer a “Buy-It-Now” Option at 150% of the Item’s FMV.

Should I tell bidders what my reserve is?

If the reserve price is not met, the only way of communicating what it is to buyers is to simply tell them what it is. … Alternatively, if you are a buyer interested in bidding on an auction with a reserve price, it would behoove you to simply ask the seller what the reserve price is.

Do you have to pay reserve fee if item doesn’t sell?

The reserve fee is part of the insertion fee and charged whether the item sells or not. To avoid paying the reserve fee, list your item with a stating price equalling your reserve price. Don’t start a listing at 99 cents with a reserve.

How do you win a silent auction?

Silent auctionsFirst, make your choice(s). Many items might tempt you, but force yourself to choose only a few that you really want to win. … Consider enlisting a buddy. No one wants to help a competitor, so pick someone who is bidding on different items. … Decide on a strategy. … Go in for the kill.

What are good items to raffle?

Top 5 Raffle Prizes That Will Get Attention:Electronic Devices. Electronics are the number one choice for a raffle! … Gift Baskets. Gift baskets are very popular prizes. … Exercise Equipment. With our New Normal, people are staying in more. … Seasonal Products. Seasonal products make a great raffle prize idea. … Television.

Do you put value on silent auction items?

Silent auctions These items are more likely to be tangible goods, and less likely to have a priceless, one-of-a-kind component (though many certainly do). Should you still omit the price? Our take: In most cases, skip the retail values and pre-populate bid sheets with good, reasonable minimum bid amounts instead.

What sells well at auction?

Small collectibles have big value That includes dishes and jewelry. Even costume jewelry does very well at auction and estate sales. Here are some other examples of items that move at a sale of estate property. Collectibles, such as stamps and coins, are making a comeback because of their rarity.

What are the rules for a silent auction?

Rules For Silent AuctionsBy bidding in Your Organization’s silent auctions, each bidder agrees to these auction rules.All sales are final. … The auction item value listed is an estimate of fair market value. … Restaurant certificates do not include alcohol, tax, or gratuities unless specified.More items…

Do you need a license for a silent auction?

Silent auctions are not considered a gambling event therefore you do not need a license for these.