Silent Auctions: What Does It Mean?

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Silent Auctions: What Does It Mean?
Silent Auctions: What Does It Mean?

Classic auctions have a tendency to be noisy and relatively boisterous affairs.  They can also be quite intimidating – especially if it’s your first time in a crowded auction room. Right at the opposite end of the scale, silent auctions are an entirely different experience. It’s still the same case of selling something to the highest bidder, though the bidding process works in a much more discreet way.

What Is a Silent Auction?

As the name suggests, a silent auction is an auction that takes place quietly – i.e., the bids placed are not publicised. Silent auctions can be used to sell almost anything, though are most commonly used in a charity fundraising events.

In a typical silent auction, the ‘lot’ for sale will either be announced on the day, or presented to attendees ahead of time. A silent auction can be used to sell sporting memorabilia, hotel stays, weekend breaks, artworks, cars, fine art – pretty much anything deemed desirable to the widest possible audience.

Those in attendance will be invited to complete a short form, indicating their name and their offer for the item. At a predetermined point during the auction, bidding for the item is closed and the bids collected are checked by those running the event. The highest bid is then announced, and the bidder wins the lot, which must then be paid for.

In many instances, a business or charitable organisation will purchase or procure a desirable item, such as a signed photograph or important piece of memorabilia. This item will then be auctioned, and the total amount raised (paid for the item) will be donated to charity. This can be a great way of taking a relatively small budget and transforming it into a much larger donation for a good cause.

How Does a Silent Auction Work?

Silent auctions work in a different way to conventional auctions in that all bids are submitted silently and discreetly. This makes the auction very interesting for those involved, as you have no idea how much anyone else has bid on the lot.

For example, you may be determined to win the boxing glove signed by Mike Tyson, for which you’re willing to pay at least £500. Nevertheless, the second highest bidder in the room may only bid £150 for the same lot. This would mean that you’d still be the winning bidder if you had bid £151, which would have saved you £341. However, you’ll never know what the second highest bid was – nor can you predict what anyone else will bid.

This is precisely why silent auctions can be great for raising money for charity.  Rather than bidding as little as possible for the items and lots that come up, those taking part are motivated to bid as much as they can afford for the items they want to win.

Of course, it’s also possible to take home an absolute bargain at a silent auction. You could bid £40 on the latest smartphone and win, if it turns out nobody else wants it.

Putting on a Silent Auction

What’s also great about a silent auction is that it doesn’t have to be particularly complex or formal affair. In fact, it’s something that can be run in any workplace and at any time. Realistically, all you need is one or more lots that will attract the attention of the workforce, along with a couple of responsible individuals to take control of the auction.

In terms of lots that never fail to generate bids, try to think creatively and avoid anything generic. Examples of lots you really cannot go wrong with include:

  • One of a kind items and experiences
  • Sporting memorabilia
  • Sailing lessons
  • Hot air balloon rides
  • Cooking classes and dining experiences
  • Celebrity meet and greets
  • Hotel stays
  • Weekends away
  • A free on-demand day off work

Invite each employee to bid (if they wish to do so) silently and discreetly over the course of a day/week or so, after which the winner is announced.

Of course, you could also make your silent auction into a much more glamorous and high-profile event.  In which case, you’ll need a suitable venue, all the usual presentation/meeting equipment, refreshments for those in attendance and so on.  In either case, it’s a fantastic way of raising money for a good cause.

If in doubt, turn to an established agency like Superstars for help and support organising your silent auction. Nevertheless, you can rest assured that just as long as you have at least one desirable item for sale, you’ll be surprised how much interest it generates!

 

 

 

 

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