Q: How can my auction event raise more money?
At the Elevate Conference attendees submitted their most pressing questions and in our series here on Substack we'll be answering new questions daily. Today's answers come from Artisan Auctions.
Q: How can I maximize live auction earnings at my event?
A: To boost live auction sales, prioritize relationships and direct engagement with your donors. Start months in advance by asking them about their desired purchases, such as travel destinations or bucket-list experiences. Procuring these specific items is likely to ignite generosity.
For new events or if you have experienced donor turnover, consider hosting a brainstorming party (not a “procurement work session”). Gather individuals with valuable connections and ask them about meaningful experiences they, their spouses, or children would appreciate. List these ideas on easel size Post-Its and then identify who might be able to donate them.
Lastly, explore consignment packages you can secure for a price point that will ensure you make the lion’s share of the profit. These packages can be sold multiple times and should make higher-value items more accessible for your live auction offerings. Remember, asking donors directly about their interests is beneficial to maximizing your earnings on your live auction.
Q: How many auction items should I have at my event? Is there a magic formula?
A: When determining the number of live auction items, consider your event's timeline and your audience's attention span for a live auction. The sweet spot is zero to eight. Yes, ZERO is an option. You don’t have to have a live auction. There are many organizations that host an appeal only event—but you still need a professional fundraising auctioneer.
Consult with your professional benefit auctioneer to understand how many items they can effectively sell within your allotted time. Selling eight items can take some auctioneers an hour, while others may only need 24 minutes. Discuss this in the interview before hiring your auctioneer.
A comfortable pace is often 3-5 minutes per item in your run of show (ROS), allowing time for introduction and the auction itself. If it goes faster, you get done a little early and no one will be upset about that.
