Bringing high-value items to an auction is a great way to boost ticket sales and attract more bidders. It also increases the likelihood of a higher average winning bid—and, as the number of available items grows, so does potential revenue for your organization.
Using consignment auction services provides your nonprofit with quick access to unique items, trip packages and experiences that are not easily acquired through traditional donations alone. In addition, these types of items often sell well above their true value or fair market value, which provides a generous margin to allow your donors to contribute more funds to your cause.
Consignment auction services items perform differently at auctions and consignment events. The type and value of your item, as well as the amount of time you have before the event, will determine the right approach. An experienced auction service provider can help you choose the best option for your needs.
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The Perceived Value of Your Item
The perceived value of a consignment item can dramatically affect its bidding behavior. By labeling high-end consignment items as Priceless or describing them as “one of a kind” in your promotional materials, you can highlight their exclusivity and inspire attendees to increase their bidding amounts.
A consignment auction involves selling goods to a third party (known as the consignee) that is a shop, consignment provider or another type of business. Typically, the consignee will store the items until they are ready to be sold and will handle all marketing and sales for the seller. They will then divide the proceeds with the seller after a successful sale.