The Live Auction: Less is More
It may seem counter intuitive, but a smaller live auction is often more profitable than a larger one. Twelve is the new magic number of live auction items. There are several reasons why more and more non-profit organizations are reducing the size of their live auctions:
- Fewer items results in a shorter live auction thus maintaining the audience’s attention
- Having fewer items drives the selling price above the item’s value due to bidder competition to take home a treasure.
- Procurement is simplified because you are not trying to fill as many slots.
Schools: remember your most popular live auction items are kid artwork! Class artwork typically produces bidding wars and that is just what you want to happen. Student art projects are priceless and one-of-a-kind, it is always a good idea to have these winners in the live auction.
While it is tempting to load up a live auction, this is a great opportunity to take advantage of your auctioneer’s expertise. Let your auctioneer know how many guests you are expecting and ask how many items can be sold in an hour; the hour including the special appeal. Your auctioneer will decide on the optimal number of items for your audience and event.
Once your team has decided on a number of items for the live; focus on creating the most unique item packages. Don’t just repeat your catalog from last year. Mix it up, surprise your guests!
Less is more! Make every item count!