How does bidding on a silent auction work?
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.
Can you bid more than once on a silent auction?
This allows bidding to stay anonymous, and guests will feel comfortable bidding against others, even friends. Guests are allowed to bid on as many silent auction items as they want.
How do you buy things for a silent auction?
Silent Auction Item Collection
- Start With Friends and Family.
- Post to Social Media Accounts.
- Identify Potential Item Donors.
- Create an Outreach List.
- Begin Your Outreach.
- Leverage Your Committee, Staff, and Volunteers.
How do you end a silent auction?
At the end of your silent auction, collect the bid sheets, and declare the winning bid for each item. If you’re using mobile bidding software, it will often confirm the winning bids automatically.
How much can you raise from a silent auction?
A rule of thumb is that live auction items will produce 65-75% of their retail or fair market value, while silent auctions will result in 50-65% of their fair market value.
How long should the silent auction be open?
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.
How long should silent auction last?
around three hours
How long should a silent auction last? In-person auctions typically last around three hours. However, if your organization is taking the virtual route, it’s a good idea to allot more time for the event. This is because the bidding process can take longer than an in-person auction.
How many items should be in a silent auction?
How many items should I assign to each silent auction section? Aim for 35 items per silent section, and try not to exceed 50. With more than 50 items, it becomes cumbersome for your guests to peruse the full contents of a section and remember what interests them.
What sells best in silent auctions?
Top 20 Best Selling Silent Auction Items
| Auction Item Description | % Above Fair Market Value |
|---|---|
| Autographed music memorabilia | 720% |
| Autographed sports memorabilia | 370% – 630% |
| Popular home accessories | 480% |
| Fine dining restaurant certificates | 330% – 460% |
Should you put a value on silent auction items?
For minimum bids, we suggest starting at 20 to 30 percent of the retail value of the item – never more than 50 percent. Adjust higher or lower depending on the likely popularity and exclusivity of the item. It’s also essential to put bid increments on the bid sheets.