1. All fundraising events should have a live auction.
Myth: Live auctions work best at events where the guests are passionate about the cause and A-list donors are in attendance.
2. The more silent auction items the event has, the more money made.
Myth: Most organizations like to believe that the more silent auction items, the more money they will make. Our suggestion is to consolidate like items into theme baskets. For example, you have a restaurant gift certificate for $50. The most you will ever get for the gift certificate is the face value. Make a theme basket and throw in candles and a couples massage for a theme NIGHT ON THE TOWN. The entire basket is now worth $150. The bidding begins and sells for $250. The idea is to limit silent auction items to a ratio of one item to every four guests. Having too many silent auction items can be distracting for guest.
3. Charity auctions are boring.
Myth: Charity Auctions are exciting because they encourage both generosity and participation of people who typically do not directly gain anything for their contribution. Charity auctions work by challenging the competitive spirit of people and are more fun than simply asking for monetary donations.
4. Organizing a live auction event is too much work.
Myth: Hiring Impact Auctions makes this statement a myth. Impact Auctions will help you set your live auction goal, supply award winning trips to offset efforts you expend to solicit for live auction items, mentor how to use social media to advertise, train your live auction volunteers, and provide the professional auctioneering team.
* This can be “true” if you try to do a live auction without guidance from the experts.
5. Auctioning of the live auction items has no rhyme or reason for order.
Myth: This is one of the biggest mistakes that might happen if you don’t hire a professional. Professional auctioneers have a distinct order on how to make the most money: 1.) warm up item to teach the audience to bid. 2.) The next few items are popular or high interest items for the audience. Builds momentum! 3.) The most expensive item about 3/4 of the way. 4.) The last few items are less expensive, but the bidders who didn’t win the most expensive item, have a chance to bid again. Sometimes these items can top the most expensive item.
6. Live auctions should have unlimited items to auction to make the most money.
Myth: It’s all about attention span of the audience and limiting their choices on what to bid. Six to nine items will keep the audience’s attention, and by limiting the auction items, encourages serious bidding. The auctioneer loves bidding wars that builds excitement for auction participants and non bidders. Having less items will increase the organization’s profit. This saying is true, “less is more.”