Your 2021 Ultimate Guide for everything you need to know

Procurement of items is one of the challenging parts of planning an auction. It is the attraction or highlight of the event, and making sure you get the right items on board will make your auction a success. 

Creating your procurement list early can give you plenty of time to brainstorm and discuss the items that will perfectly fit into the event. Once you are able to come up with exciting packages, it will create enough buzz and anticipation for everyone to participate.

Items you should include in your live auction

Here are live auction ideas you can try to include in your list:

Travel Packages

One of the top choices and popular among guests during auctions are travel packages. It can be a highlight of the auction. People love to go on a vacation and enjoy the scenery as a way to unwind and relax. 70% of well-to-do adults willing to spend their money on traveling and travel packages will definitely be the highlight of the fundraising night.

It is important to note that travel packages should offer flexible travel time so they can fit into the winner’s schedule. 

Dining Experience 

Aside from travel, many people like to have an enjoyable dining experience. With the growth of diverse restaurants, you can offer of kind dining for the winners. The VIP dining experience is appealing, especially when this involves a well-known and hard-to-get restaurant in town. 

Wine Tasting or Bar Hopping

Another dining-related wine tasting is another way to add to the diversity of items on your list. This will be an interesting experience from winemaking to tasting, and many would want to try and explore. 

On the other hand, bar hopping gives the guests a chance to experience the city’s nightlife. Provide a description and map of the bars and clubs they will visit and include in your package transportation so they will be able to return safely.

Rare Memento

Any item that has a significant value, such as a signature from a public figure, limited edition items, is considered a rare memento. Sports items that athletes have signed can also be included. Rare memento can stir bid wars, especially when it is hard to get items. Any item with limited supply always drives up the demand. Find rare items that appeal to your guests. Elizabeth Taylor’s rare jewelry set was one of the expensive item sold in the history of auction in the past decade. (1)

Artwork

Artwork, especially that ones that are unique, can also cause potential bid wars. This artwork can either be paintings, jewelry, or sculptures. Get items that are not easily found and are within your guests’ interest. Paintings and artwork can trigger personal emotions, and when they feel the connection, they will want it. 

Gadget Packages

Gadgets such as phones and laptops will attract a lot of attention since it is hard to ignore that technology is part of our lives. Offer high-quality gadgets or latest edition tech tools. It never fails to get a bid. Popular gadgets you can include are professional cameras, drones, tablets, or a projector.

Concert or Event Tickets

If you plan to include event tickets, choose something that is an interest to many. There are plenty of events to choose from, such as concerts, sports, entertainment shows, and stage plays. When you plan your procurement early, you can check for possible events coming up in the next few months. 

Behind the scene tour

Another experience worth exploring is the behind the scene tour. It will generate excitement because not all get to experience and have a look at how things are working. This can be in a movie set, sports teams, or celebrity access. Because this is considered a rare opportunity, it will create some competitive bidding. Many people are willing to spend on experience, especially when it involves family participation. 

How many auction items should you have?

In general, you need at least seven to twelve items for your live auction. This also depends on the time you have during the fundraising event. If the time is short, then keep things easy and brief by presenting items that are of high value. It is necessary to keep the guests from feeling restless, tired, or bored. 

An item usually takes an average of 3 minutes to be an auction. Since most auctions only last to a maximum of an hour, you need to make sure nothing exceeds more than an hour. 

It is important to note the number of guests that will be coming to the fundraising event. The bigger the crowd, the less item you’ll need. It is because you cannot contain the attention of the bigger crowd, and they tend to have a shorter attention span.

Live Auction Tips

  • When doing a live auction, always make it a goal to present every item well. Make sure proper lightings are available and the item is in very good condition. 
  • Get a professional auctioneer to make it a success. They are skillful in handling the crowd in a buy and sell transaction without making them feel bored. 
  • Plan early so any changes can be made without ruining the whole auction event.
  • Make a program flow no matter how small the auction is. The flow will help both you and the guests from feeling lost or confused.

When choosing auction items, take these into consideration:

Affordability: make sure the bidding falls into an affordable range so people can participate in the bidding process. They will not get involved if they feel it is something they couldn’t afford. An auction won’t be successful if it is not within their financial capacity to participate.

Interesting: Your items should be something that catches the interests of the bidders. You need to make them want it so they can place their bids. 

Rare and Unique: A rare item is valuable and can drive the bid because people would want to get something that is rare or unique. 

A live auction can be an effective tool to raise enough funds for your organization. Procuring the right items can make a big difference in the success of your event.

 

https://www.insider.com/most-expensive-items-sold-at-auction-in-the-past-decade-2019-11