How to Price a Custom Object for an Online Auction?

So firstly, what is a custom object? In this context we are talking about a non-traditional object that has been customised by an artist or designer. They’ve decorated or redesigned it in their iconic style. 

Putting a value on something this unique is hard. There is often no market precedent for the artist working in this format and the unique nature of the object could either enhance or devalue its appeal, particularly in the context of online auctions - as collectors prefer works for which the artist is better known.

Pricing custom objects for online auctions requires careful consideration to maximize your chances of a successful sale. Follow these tips to set the right price for your unique items:

Research Similar Items

Start by researching prices of similar custom objects that have sold recently. Look at completed auctions on major platforms to get an idea of the market value. Pay attention to items with comparable materials, craftsmanship, and uniqueness.

Consider Production Costs

Factor in your production costs, including materials, labour, and overhead. Add a reasonable profit margin to ensure you're not selling at a loss.

Assess Uniqueness and Demand

Evaluate how rare or unique your custom object is. Items with limited availability or high demand can often command higher prices. Consider seasonal factors that may affect buyers’ interest.

Pictured: The Doodle Bull

Set an inviting Starting Price

Set this slightly below your ideal price to encourage bidding while ensuring you would still be happy with the result if the starting price is the final price achieved. 

Start Low to Generate Interest

Begin with a low starting bid to attract initial interest. This can create a bidding war that drives up the final price. 

Offer Detailed Descriptions and Photos

Provide high-quality professional photos and comprehensive descriptions of your custom object. When relevant, you can add information on comparable items and their results to help build trust in interested bidders. 

Highlight unique features, materials, and craftsmanship. This builds trust with potential buyers and justifies your pricing.

Be Flexible

Monitor bidding activity and be prepared to adjust your pricing strategy for future listings based on results. If an item doesn't sell, consider lowering the price or starting price for the next auction.

By following these guidelines, you'll be well-equipped to price your custom objects competitively and attract serious buyers in online auctions. Remember that pricing is both an art and a science - don't be afraid to experiment to find what works best for your unique items.