Do you want to know how silent auctions work and how to organize one? Here is a definitive guide that will help you understand in detail what it is, how it works, and the best way to organize one.
What is a silent auction?
Like the regular auction, it is a gathering where items are displayed for sale for attendees to bid on. However, what makes it different is that these bids are made anonymously, if not almost secretly.
In silent auctions, there is no auctioneer present to yell out bids on auctioned items, and the bidders are not required to raise a placard indicating their bids.
But rather, bidders are to place bids silently on the bid sheet using a bidding number given to them as they go around evaluating the items displayed.
How Do Silent Auctions Work?
Regardless of the reason or cause for organizing them, silent auctions work much the same way. First, there have to be selected items that will be auctioned off.
It can be jewelry, art, destination packages, gift baskets, gift certificates, and any other items you deem fit to include. Each item must be accompanied by a written description and a bid sheet.
Next, there must be attendees at your silent auction who would most likely be the participants in the bid. Without them, there really would be no auction. Once the bidding is over, as usual, each item is awarded to the high bidder at the end of the auction.
So how does this all play out? Let’s start from the very top.
Organizing a successful silent auction depends on how well you can take care of the fundamentals necessary to host one.
This is the first thing on the list to handle if you want to host a successful silent auction. It is crucial for the auction to be promoted once the date is set. This, of course, would be after you have decided what type of guest you are expecting.
If the auction is open to the interested public, social media can be a helpful tool in promoting it. However, if you have restricted your prospective guests to a certain caliber of people, then consider using a personalized promotion tool like email.
2. Choosing a Location
Location is another basic factor that can ensure your auction event goes as planned. When scouting for a location, you should keep in mind the estimated number of attendees and settle for a place that will provide the most comfort and adequate space for your use.
You don’t want your guests to feel cramped and uncomfortable throughout the event.
3. Choosing the Auction Items
Again, this is another area where you consider your guest. Who are those you are inviting to attend and what would they want to buy?
It is essential to choose only those items you want to acquire when you see them displayed. If not, no one will be buying anything, and the event would be a waste of effort.
4. Display of Items
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During the auction, items should be displayed throughout the room in such a way that they are visible and draw attention. It is necessary to use stands, platforms, stages, and easels to make each item prominent.
5. Product Descriptions
A product description is essential when displaying items during a silent auction. It is the brief writeup accompanying each item, informing participants about the item, who donated it, why it’s valuable, and any other thing you think the buyer might be interested in.
Making provision for registration makes the whole bidding process much easier. Once they are registered, it is easy to assign each participant a bidding number, which they can use to place bids instead of their names.
This allows the bidder to remain anonymous, as that is the objective of organizing a silent auction in the first place.
Aside from that, it also helps you form a contact list that can be useful for similar events or in case you need to contact any of the guests after the event.
7. Bid Forms
They are required in silent auctions and are typically placed in front of each item. These bidding sheets are used to enforce anonymity. All bidding takes place on a bidding sheet since there will be no auctioneer to yell out bids.
When a participant wants to bid on an item, they simply write their bid number and amount on the bidding sheet in front of the item.
Bid forms can also be used as prompters. One way to use a bid form to prompt a sale is to include an attractive “Buy Now” price for attendees to consider purchasing the item, not just bid on it.
As simple as it may seem, organising and hosting a silent auction is no walk in the park. You need all the help you can get. If you don’t have a team or staff to help out with tasks, you should consider enlisting volunteers so you can get the needed assistance to make the auction event a success.
19. Auction Watchers
There are rules and guidelines attendees of silent auctions should follow for everything to go as planned. To achieve this, you can either set up monitors or get ushers to act as auction watchers and help direct the course of things throughout the event.
20. Checkout Zone
A silent auction is not complete without a checkout zone. The “check zone” is a designated area where winning bidders can collect their items and pay for them. This is all in a bid to keep the anonymity.
Silent Auction Guidelines You Should Know
Though silent auctions are unique because of the different purposes they may serve, there are guidelines that ensure they are successful.
- Determine a closing time
This is one of the rules to ensure a successful auction. Participants are not distracted when placing bids when the bidding session has a predetermined end time because they know there will be no more window for bidding after that session.
So, in addition to this, we can say it is advisable to have the bidding session separate from every other planned activity.
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- Have an adequate number of items on hand
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You should not have too many items on hand at a silent auction for a successful auction. If you have so many items, you should probably display them in batches after some are sold.
- Maintain traffic flow
The third rule to hosting a successful auction is to maintain traffic flow. This means that the tables and display platforms should be arranged so that items are visible and people can walk around freely.
- Strategically arranged items
The next thing to take note of is the arrangement of the items. It is recommended that items be arranged in descending order of cost. This is because, most often than not, if expensive items are placed first, bidders may only bid on one item rather than make multiple bids when the less expensive items are displayed first.
Where to Have Silent Auctions
Silent auctions can be held offline or online. Offline silent auctions are in-person auctions that are held in a physical location following the guidelines we listed earlier, while online silent auctions can be done using auction software or an auction site.
When auctions are held online, the bidding period is usually longer than when they’re held in a physical location. Bidding may go on for days or sometimes weeks. Participants in the auction go to the auction site to register, bid, and pay for the items online. Bid winners can have their items shipped to them after the event. Virtual silent auctions are fast becoming a thing because they are useful when in-person gatherings are not possible.
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Corporate organizations and non-profits use silent auctions to raise funds and champion good causes. With a little planning and careful attention to the guidelines, you can host your own silent auction to achieve your purpose.