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Live Auction Fundraisers

 

A "live auction", in the context of a school fundraiser, is as event during which audience members are presented with and (hopefully) bid upon a series of typically high-end items. The highest bid wins the auctioned item. The items are either donated to the school so there is a 100% profit margin, or they are sold to the school at a greatly reduced price. In this case, the school's profit is whatever is bid above and beyond the initial cost.

Since a live auction is often the most significant fundraiser a school will undertake each year, there is great pressure for it to be a huge success. And, because there are so many things that can go wrong in a live auction, only your best and most trusted people should be on your leadership team.

Live auctions are also difficult to administer due to the high number of volunteers required to pull the event off well. In the days leading up to the auction, there is a large time demand placed upon all volunteers.

Best Situation

A live auction is often best utilized in combination with another event, such as a silent auction, dinner, or sporting event (like a golf outing). The live auction should be the conclusion of the evening, the main event. Everything else should serve to get the audience in a happy and generous mood.

Income Potential

If you get everything right: good items, a good auctioneer, and a good crowd, the potential to generate significant revenue is very high. However, if any of these three factors is lacking, your profit potential can dramatically decrease.

Also, beware of procuring too many "purchased" items, as they substantially cut down on the amount of profit you make. It's tempting to load up on computers, cars, trips, and high-end electronics, but if you sink a lot of upfront money into them, you may realize very little return on your investment.

Keys to Success

Keep the auction moving along at a fun pace. If the crowd is tight and bidding is slow, the mood can turn sour and your auction will be in trouble. This is where you will depend on the skill and professionalism of your auctioneer. He should be able to get you any lulls or rough patches. Be sure to ask your auctioneer his strategy for such situations before you officially hire him.

 

Additional Resources

Silent Auctions - Add a silent auction to your live auction for greater fundraising success

Silent Auction Guide and Toolkit - ebook provides step by step instructions for planning a silent auction

Online Auctions - run an auction for your school online

cMarket online auction software - Designed especially for schools and non profits, this software makes running an online auction much easier.

School auction articles - from our School Fundraising Blog