A Simple Formula for Silent Auction Bidding

Your Silent Auction is a Store that is open for 4 hours. ( Or less) Unlike Macy's or Dillard's you can't open again tomorrow and try and sell your items. But how to make sure you get the most value for your items?

The general rules of not to many items ( this is not a garage sale) a pleasing as aesthetic layout and a few "Concierge Bid Assistants" are all good rules that should not be ignored. 

But how about this Simple Formula opening and increment bids on your Silent Auction:

1) Set the opening bid at half of the fair market value. 

2) Move in increments that will get you back to FMV in 10 bids. Have your Bid sheets Pre filled out  in the Bid sheets  

3) Have room for 20 bids on your bid sheet. So a $100 item opens at $50, moves in $5 increments and has a final bid price of $150.
 
 It seems low when you look at it this way, but a $2,000 item opens at $1,000, moves in $100 increments and ends at $3,000 - which scales much better. 

Want more? Check out our Silent Auction Observations post from a few years ago for more ideas  

http://www.austinauctioneer.com/2012/11/silent-auction-observations-2012-146/


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