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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\u2014hence the name silent auction.

What should starting bid be on ebay?

The other thing is Ebay almost always recommends a $0.99 starting bid. This obviously has to serve in their best interest financially based on their own research data. Yes, one reason is so the item sells at all, but they make more money the higher it sells.

Should you put a value on silent auction items?

Each item of a Silent Auction should be valued at the Fair Market Value. This value must be listed on the Bid Sheet at the auction table, as well as in any printed list of the auction items.

What is a good number of items for 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 are the rules for a silent auction?

Auction Items Rules Right to change items: Items may be added or withdrawn, without notice. All sales final: All sales are final, there are no exchanges, and all items are sold \u201cas is.\u201d No refunds: No refunds after purchase. ... Limits may apply: Gift cards or certificates are subject to availability and \u201cblack-out\u201d dates.

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What should my starting bid be?

Determine the fair market value You should set the starting price below fair market value to show your guests the potential for a great deal. Setting the starting bid around 25-30% of the fair market value gives bidders the chance to win the item well below market value.

Can you see other bids in a silent auction?

In other types of bidding each user can bid an amount exact or more than the incremental price. Thus, there isn't any concept of proxy bidding when the silent auction setting is enabled. Users cannot see other bid amounts. The highest bidder will win in the end.

What are the rules for a silent auction?

Auction Items Rules Right to change items: Items may be added or withdrawn, without notice. All sales final: All sales are final, there are no exchanges, and all items are sold \u201cas is.\u201d No refunds: No refunds after purchase. ... Limits may apply: Gift cards or certificates are subject to availability and \u201cblack-out\u201d dates.

What are the rules for a silent auction?

Auction Items Rules Right to change items: Items may be added or withdrawn, without notice. All sales final: All sales are final, there are no exchanges, and all items are sold \u201cas is.\u201d No refunds: No refunds after purchase. ... Limits may apply: Gift cards or certificates are subject to availability and \u201cblack-out\u201d dates.

How do you set up an opening bid for a silent auction?

Set sensible bid increments The general rule of thumb for silent auctions is to make the bid increment 10% of the fair market value. If you've set the starting bid at 30%, you can reach 70% in as few as four additional bids. Anything above those four bids earns you an above average return on the item.

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