Setting the minimum starting bid at a low, fair price can help your Nonprofit raise more money per item. Here are some guidelines for setting a minimum bid that will attract and encourage more donors to participate at your next charity auction.
1. Determine Fair Market Value (FMV)
In the auction industry, the fair market value (FMV) describes the estimated value of an item based on similar products in the market and what the buyer is willing to pay. In order to set a reasonable starting bid for each of your charity auction items, you first have to determine each item's FMV.