Part of organizing a silent auction includes setting the minimum bid on the items displayed to prospective bidders. Whenever you place a bid, you need various basic pricing info about the item so you may discover a fair amount for the minimum bid. If you set a fair bidding amount, it will likely encourage additional auction attendees to participate, which will help the auction be successful.
Directions
Things You'll Need
Fair market worth regarding auction items
Calculator
1 Determine the carnival market value (FMV) of the piece. With instance, if the item yous donated via exclusive artist, inquire what price he would inquire for the item. If a restaurant or retailer gives a gift certificate, the FMV would be the encounter value regarding the certificate.
2 Fixed the minimum bid by a price that is yous anywhere away from 25 percent to 50 percent of the FMV. For illustration, if you maintain some diamond bracelet that retails to $1,000, fixed the minimum bid between $250 also $500.
3 Round the minimum bid to the nearest whole dollar volume when calculating. For instance, if an item's FMV is $125, 25 percent of that figure would equal $31.25. Round it to $31.00.
Suggestions & Cautions
Post any discover on the bid sheet that you will allow bid increments in total dollar amounts only. This will deter people from making penny bids.
References
Rainforest Actions Network: How to Coordinate a Raffle or Silent Auction
Lerios: Christine's Quiet Auction Tips
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