If you're running a silent auction, setting the proper starting bid, bid steps and buy-it-now price will result in higher bids and bigger donations.
Here are some rules of thumb:
- For TravelPledge items, use the TravelPledge-provided starting bid, available within the experience details. Learn more.
- For non-TravelPledge donated items, start the bidding at 30% of the fair market value (FMV).
- For fixed-price consignment items, add 10% to your cost if the item sells.
- Your bid steps should be about 10% of the retail value of your item. You can view the retail value of TravelPledge items within the experience details.
- You should have 10 to 14 bid steps, with the 1st step being the starting bid and the 14th step being the “Buy-it-now price”.
Example: Suppose you select a vacation on TravelPledge with a retail value of $1000 and a starting bid of $300. The following bids should be $400, $500, etc... all the way until your buy-it-now price of $1,600.
For more information about running your silent auction, check out The Definitive Guide to Silent Auction Fundraisers.