Winning something at an auction is not just about toppling all your opponents and emerging as the highest bidder. It's also about bidding wisely and making the most out of every cent you pay. Sadly, not all bidders make correct decisions and fail miserably due to their own negligence. The reasons? Read on :
1. Bidding without planning. Participants without a plan on what to do and how to do things right will likely fail at any auction they go to. The auction process is a bit tricky and confusing so come prepared. Identify the auction goods you want to buy by looking at auction brochures provided before the auction date. Do some research on the items you are interested in. Know their current market value and set your budget. Not only will it set your priorities straight, it also gives you better chances of bringing home the items you really need.
2. Buying an item blindfolded. Not literally, of course. The point is, when you are trying to buy at an auction make sure that you have carefully inspected the particular item you are interested in. Doing this will ensure that you know what you are up to and what to expect in case you win the item. It also allows you to have a set budget.
3. Going to an auction with a vague goal. People go to an auction hoping to bring home something for a bargain. But if you ask some of these people what item they want to buy, they might just say "I have no idea" or "I just bid on everything and hope to win something". When you go to an auction, you should know what you want beforehand. Have a good idea on what's on sale and prepare for it.
4. Wrong perception on how the auction process goes. An auction house can become a battle ground and participants can transform into warriors fighting to win something. But that does not mean you have to fight in any way you can. Bidding is about strategy; knowing how and when to bid is essential. Do not engage in a bidding war if you are not prepared. Remember: even if you win an item, the final price is what matters.
5. Letting emotions take over. Emotions can run pretty high during the sale especially if two or more individuals battle over one item. Do not get carried away with the intensity of the moment or else, planning and strategizing will just become useless.
5/6/09
An Effective Fundraising Tool
Charity auction are widely used as a tool to effectively raise funds for a cause. A charity auction works the same as other types of auctions. The main difference is that this auction is a non-profit event and the proceeds of all the items that are sold goes to a common cause.
There are two types of auctions used on a fundraising event: Silent auction and regular auction.
Silent auctions are conducted by setting up a table or a display where all the auction goods will be shown for people to bid on. A minimum bid may or may not be set. A piece of paper is located near the items where participants can write the amount of their bid together with their name. At the end of the auction, the bid is calculated and the person who casts the highest bid wins the item. This is often a better choice for fundraising organizers as it does not detract people from the entertainment.
Bids can be kept privately throughout the auction or can be displayed through a bidding sheet. In a 'private silent auction', all the previous bids are not revealed in public. The good thing about 'private silent auction' is that, it keeps the bidders clueless on other bids. In theory, if a person does not know how much the bids of others are, the tendency is to give the highest amount he or she is willing spend on a particular item. And since it is for a cause, money will definitely come easy.
On a 'displayed-bid silent auction' a sheet of paper reveals all the previous bids made by other people. This allows bidders to watch a particular item or items they like and place higher bids, to write down the amount higher than the previous bid, or to write down the highest bid before the auction closes. This method is currently being used by almost all internet auction sites including eBay.
A regular auction on the other hand requires an auctioneer who will call the price from people who raise their hands or numbers to bid. A regular auction takes advantage of impulse buying as bidders only have a few seconds to outbid each other. If the auctioneer is good and the competition is present, items can be sold higher that their original value.
When executed properly, both silent auction and regular auction effectively yield a good result.
There are two types of auctions used on a fundraising event: Silent auction and regular auction.
Silent auctions are conducted by setting up a table or a display where all the auction goods will be shown for people to bid on. A minimum bid may or may not be set. A piece of paper is located near the items where participants can write the amount of their bid together with their name. At the end of the auction, the bid is calculated and the person who casts the highest bid wins the item. This is often a better choice for fundraising organizers as it does not detract people from the entertainment.
Bids can be kept privately throughout the auction or can be displayed through a bidding sheet. In a 'private silent auction', all the previous bids are not revealed in public. The good thing about 'private silent auction' is that, it keeps the bidders clueless on other bids. In theory, if a person does not know how much the bids of others are, the tendency is to give the highest amount he or she is willing spend on a particular item. And since it is for a cause, money will definitely come easy.
On a 'displayed-bid silent auction' a sheet of paper reveals all the previous bids made by other people. This allows bidders to watch a particular item or items they like and place higher bids, to write down the amount higher than the previous bid, or to write down the highest bid before the auction closes. This method is currently being used by almost all internet auction sites including eBay.
A regular auction on the other hand requires an auctioneer who will call the price from people who raise their hands or numbers to bid. A regular auction takes advantage of impulse buying as bidders only have a few seconds to outbid each other. If the auctioneer is good and the competition is present, items can be sold higher that their original value.
When executed properly, both silent auction and regular auction effectively yield a good result.
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