A successful charity auction relies on your ability to procure exciting and appealing auction items for your donors to bid on. Even with a dedicated and knowledgeable auction committee, this can be a daunting task.
One way to simplify your procurement efforts and boost the overall revenue of your event is by presenting your guests with a generous offering of both donated and consignment auction items.
What is consignment? These are items offered by a third party vendor that cost nothing for a nonprofit to reserve and sell at their auction. These items typically have an established cost the nonprofit is aware of prior to placing it in their event, and any money that is raised above the item cost goes directly to the charity. If the final bid doesn reach high enough to cover the item cost, then no transaction takes place - so you only purchase items that actually raise money.
Consignment auction items are typically high in value and difficult for the average auction committee to procure. Types of consignment items include:
- Vacation Travel
- Sporting Events
- Entertainment (Concerts, Award Shows, etc.)
- Autographed Memoribilia
(Sports, Music or Celebrity)
One of the most common reasons organizations turn to consignment auction items is because they can be reserved last-minute and zero cost, but committees can use consignment items much earlier in the process to avoid this panicked scramble altogether.
Try reserving a few consignment items first, then wait to see what kind of donations come in. This will reduce your stress level and give you resources to leverage while you wait for your procurement team to bring in donated items.
Consignment items can have a positive impact on your workload, donor relationships and the overall revenue of your event. Below you will find 7 reasons consignment auction items are an increasingly popular tool that many Nonprofits are turning to in the early stages of event planning.