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Traditional silent auctions have paper bid sheets where bidders write bids on items theyre interested in. With mobile bidding, silent auction attendees can bid from their smartphones anytime and anywhere.
Lets walk through the details of each step. Step 1: Estimate Your Items Fair Market Value (FMV). Step 2: Set a Minimum Bid at 30-50% of the Items FMV. Step 3: Set a Higher Minimum Bid for Big-Ticket Items. Step 4: Set Bidding Increments at 10% of the Items FMV.
Many auction houses, including Blue Box Auction Gallery, implement a three-minute rule or extended bidding to prevent last-second bids from unfairly determining the winner. Under these rules, when a bid is placed in the final moments, additional timetypically three minutesis added to the clock.
Here are some tips to make these important details stand out on your bid sheets: Come up with a catchy name for each prize. Put yourself in your supporters shoes as you brainstorm titles. List everything the winning bidder will receive. Include any restrictions on the items use. Write concisely.
10 steps to run a silent auction Create a planning committee. Choose a venue. Procure auction items. Select an auction platform. Provide additional ways to give. Build an auction website or webpage. Promote your event. Create a smooth checkout process.
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Silent Auctions Items To Avoid Items with Expiration Dates: Coupons, gift certificates, or event tickets that expire soon can turn off potential bidders. Items with Legal or Usage Restrictions: Think about things like certain types of alcohol or firearms.
Silent auction rules to stand by Bidding begins and ends at designated times ⏰ Auction items are priced based on their fair market value ⚖️ Bids must meet the minimum bidding increment requirement (or risk disqualification) 🚫 Bidding on an item multiple times is allowed 🏎️ All bids and sales are final 🏁

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