3-Step Guide for Setting Minimum Starting Bids on Charity Auction Items

Posted by Jeff Cova on Jul 1, 2014 11:18:00 AM

Charity Auction Items - 3 Step Guide for setting starting bid prices

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.

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Topics: event-production, charity auction bidding, charity auction items, top3-event-fundraising, consignment

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Winston & Winnie love to help Nonprofits raise money for amazing causes. They also love to travel and have a bucket list of amazing Experiences they are determined to complete in their lifetime. Winspire News is the result of this shared passion, offering fundraising advice, industry news and insight into charity fundraising with travel.