I think the problems that you are having are "good" problems. They are the little annoyances that pop-up when your event or auction grows, and just shows that you are on the right track!
I absolutely agree with Sherry, your Buy-It-Now prices are too low. For most of my auctions I will set my Buy-It-Now prices at 150% of value. So if an item is valued at $100, I will set the BIN price at $150. But you need to know your audience well to be able to make the determination of what percentage should be used. Since BIN's have to be carefully watched, I do not offer this opportunity on all items. I will place them on interesting packages, high valued items, all wine, trips and unique items.
I am always so thankful to have people volunteer, that I will often do anything to make them happy! But most of the time I will not allow them to bid prior to the event starting. This helps avoid all of the problems that can come with early bidding and BIN bids. Believe me, I have heard and been through it all! Once the event starts, it is fair game~and they are welcome to bid on any item and spend as much as they want! If you do allow your volunteers to bid on items prior to the event, you should not allow them to Buy-It-Now.
Hmmm. This situation reminds me of that old adage: There's a long distance between a good idea and proper implementation of it.
In a crowded silent auction, instant purchase is a good idea. I'm glad you're using it. Yet a modest 10% over value is atypical. It's exceptionally low, especially for an emotionally-based purchase, like this art piece.
I can see as where people would start lining up to buy it quickly, given the cheap price. That means that next year, auction organizers will say, "That buy-it-now thing didn't work in OUR auction. We lost all kinds of money."
In reality, the instant purchase didn't succeed because the percentages were way off. It WOULD work, but it needs proper implementation.
What would that drawing be in an art store? $350? Start pricing around. Base the instant purchase on a more realistic level. The value can be whatever the teacher says it is .. but your instant purchase should be whatever the heck you want it to be. And yes -- a live auction could be an option for it, too. Although generally, art is a poor choice for a live auction item.
Hi!
As with most things, it's a matter of balance. You can do the buy it now purchases as along there are still lots of great items for the main event. You just want to avoid creating any sort of negative vibe -- parents thinking you are playing favorites by letting volunteers buy "the good stuff.''
Hope that helps! Sounds like you are going to have a great event!
Hi!
As with most things, it's a matter of balance. You can do the buy it now purchases as along there are still lots of great items for the main event. You just want to avoid creating any sort of negative vibe -- parents thinking you are playing favorites by letting volunteers buy "the good stuff.''
Hope that helps! Sounds like you are going to have a great event!
Can you do live auction on either of these? If it sounds like they're willing to pay "full price plus", then maybe you could get even more? Start the price just a little less than their "estimated value". It wouldn't get you more space, but maybe you could put them somewhere else to view, and do the live auction mid-way through the event.
We're having our first ever auction and are implementing a Buy It Now feature, where items can sell for 10% over retail, no bidding necessary.
We had a very talented teacher create a watercolor painting of our school and she estimated that if she had been commissioned to create it, she would have charged $80. It's beautiful and I personally think it's way underpriced, but it isn't framed and we have been allowing other donors to suggest fair market value, so I think we have to go with that price. Same with the wreath another teacher created.... we doubled the actual money she had spent for the item to get FMV. Right or wrong, that's what we've been doing.
Here's the dilemma. Two volunteers involved with setting up the auction have fallen in love with two items and are willing to pay the Buy It Now premium to purchase these items.
Complicating things is the knowledge that we are completely out of space and need to clear out some things for the auction (it's this Friday), so selling some things now would accomplish that... and would be guaranteed funds in our pocket.
I don't mind rewarding our volunteers with a sneak peak of the items, but it sounds really selective if we're allowing our volunteers to buy things first... even if it's at a premium and the strategy to get to that pricing is fair.
Even though our auction is not until Friday, we were going to start pre-bids and Buy It Now as early as Wednesday, with the goal to generate enthusiasm for the event. It is part of our 40th birthday celebration and we're not sure if a lot of parents will come to the actual event, but are hoping they would bid or buy earlier in the week.
So, my question is: Do I allow any pre-event purchases? Does it matter if it's a volunteer or teacher? It is unreasonable to tell a volunteer that they have to come back on opening day (which may be Wednesday) and then have to risk losing the item because they can't be there then? (but they are a faithful PTO and auction committee volunteer)
Thoughts? Suggestions?
I'm seriously wishing I hadn't said anything about Buy It Now or taking offers/making the auction available to anyone prior to the event.
