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Gathering auction lots

The key to a successful auction is offering items bidders truly want at the right price. Here are some tips to achieve this.

 

1. Keep it commercial

Whether a fundraising or commercial auction, it might feel awkward but it is ok to say no to donations or consignments. Auctions run for a finite time, every lot needs to be commercial for it to succeed.

If an artist donates a work that is 10 years old and 4m x 5m, there is probably a reason why they still have it. If they can’t sell it then it is also unlikely that you will be able to.

So thank them, but ask if they have a smaller, newer more commercial piece. You don’t want to have your time taken up with lots that aren’t going to sell.

2. Keep it curated

Try to avoid items that are exactly the same. It is much better to concentrate the bidding on fewer items, achieve a great result with them and then sell the others to the underbidders after the auction.

If you have been donated something but it doesn’t fit with the theme or aesthetic of this particular auction, then save it for another auction, even run it as a separate single-lot auction before or after this one. Your auction will have a far more professional feel, and therefore incentivise more bidders, if it is curated.

Top tip: Fewer, better-curated lots look more professional and drive stronger bidding.

3. Bidder research

This is the easiest way to include things that are going to sell.

Before you start gathering auction lots, why not ask your audience what they would like to bid on? Then go and source it. You can use surveys or social media polls for this type of research.

If someone says they love a particular brand, why not approach that brand explaining you have someone very keen to bid for their product so this could be great marketing for them to a like-minded audience.

Example: If bidders say they love a particular fashion brand, approach that brand and highlight the built-in demand. This makes it attractive for them to contribute and market themselves at the same time.

4. Source lots creatively

When sourcing lots, there are many auction consignment companies available, but start by exploring what you already have access to and tapping into your networks for potential contributions. Be creative, consider items from partners, clients, and supporters, and involve them in sourcing to boost both engagement and sales.

Example: We’ve worked with a well known Ballet group that every year in their auction sells a chance to conduct their orchestra at a rehearsal. This goes down a storm with their audience and costs them relatively little.

5. One last tip

If you are running a fundraising auction, do consider giving your donors the choice between a full or partial donation of their auction lot.

Top tip: People are more likely to donate higher-quality items if they can retain a portion of the sale. They’ll also be more motivated to help promote it.