How to price silent auction items?

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How to price silent auction items?

Postby molly419 » Sun Apr 09, 2006 10:11 pm

Question: For the silent auction items received for the walk, how should I determine the start price? Many of the items came with an attached value. Should I start bids at half the value amount, or say, a lower amount to attract bidders? Some items we have are valued close to $500.00...

Also, any suggestions for signed sport items? Should I start all items at $10??

Thanks in advance!
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Re : How to price silent auction items?

Postby darcynulph » Sun Apr 09, 2006 10:51 pm

If you send me a list of the items I will give you an idea on how to price them. I had a silent auction last year that brought in 20k so I should be able to give you a little insight.
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Re : How to price silent auction items?

Postby molly419 » Sun Apr 09, 2006 11:24 pm

Thanks D'Arcy! I have no problem putting you to work. :)
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Re : How to price silent auction items?

Postby timelessbeauty » Mon Apr 10, 2006 00:44 am

20k??? May we utilize you as well?? hehhee

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Re : How to price silent auction items?

Postby darcynulph » Mon Apr 10, 2006 10:01 am

Sue-

I did with only three weeks to plan at zero cost...The money went to benefit Hurricane Katrina victims...
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Re : How to price silent auction items?

Postby Dawn D » Mon Apr 10, 2006 04:15 pm

Hi Molly!

Sounds like D'Arcy will be a wonderful resource for helping you, but I thought I would chime in too since I have organized silent auctions for other non-profit events and reunions, etc.....

don't forget to list along with your starting bid an incriment in which all following bids must meet. You could alter this so that on items of lesser value the incriment could be $1 (Ex : if previous bid is $25 next bid must be $26 or more)

For your large value items, bids must increase at a faster rate, maybe $5 or $10 increments. So you could entice people with a lower starting bid, but the idea is that people will get close to the value in a matter just a few bids.
Just clearly print or announce this from the start so you have no complaints or confusion from the bidders.

P.S. it is my experience that there are usually items that don't reach their value. I have also seen items go to the first and only bidder who simply matched the starting bid. But if the items were donated, then any payment is profit for the cause.

GOOD LUCK - YOU HAVE SOME AWESOME THINGS LISTED FOR AUCTION!

Dawn (34) Pottsgrove, PA W-A-T Coordinator
Kirk (35)
Mya (4) delivered @30 wks/ emerg c-sec/ 3 lbs/ severe PreE/ remained severe after delivery
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