Looking for your opinion
Can I ask your opinion? I’m getting ready for my fundraiser where I’ll be auctioning off tons of MAC and other beauty goodies. I think the tally comes to maybe $1000 or $2000 worth of stuff (that’s a guesstimate). What do you think the max dollar amount of “retail value” should be for each basket? I’m nervous if the retail value is too high, it won’t get high bids, whereas if it seems lower, it will. Ie. A basket worth $300 might get higher bids than if it was worth $600. I’m going to break it down to 4 auctions (I think). Remember this is a fundraiser, so I need it to make the most money it can for the little girl I am raising the $ for.
Please lend your thoughts in the comments.
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5 opinions for Looking for your opinion
Quynh
Mar 30, 2008 at 12:07 am
How many items are we talking? Maybe do big baskets and then some mini baskets.
sumrgirl
Mar 30, 2008 at 9:36 pm
I agree do a variety some smaller and some bigger.
Great Blog!
HelloKitty
Mar 31, 2008 at 7:02 am
There are several strategies for pricing auction items, but one of the most important factors is the perceived “common” value, this is the price most people think something is worth, not what it actually cost.
Common value depends on who will be attending the auction. If the average person in the room spends $1 on a lipstick, the common value of a MAC lipstick will probably be perceived as lower — than — let’s say — someone who regularly spends $20 on a lipstick.
My advice on coordinating your baskets is this:
1) Find out as much information as you can about those attending the auction. This will help you get a sense of common value perceptions.
2) Describe the items in the basket and I really would include an estimated retail value. If you want to keep the packages lower, make smaller packages, maybe by themes — the eyes have it or perfect lips — bundle 3 or 4 items in a basket and keep retail value at around $100.
3) My last thought is this. Most individuals attending charity auctions expect to buy something. Most spend at least $100. Fewer spend $500 and up — again — this depends on your audience. The more packages you have in the lower price points, the more likely you’ll have lots of competition on the items.
Good luck and have lots of fun!
Mimi
Mar 31, 2008 at 9:19 am
Is this stuff in its carton? New? Maybe you can do it by cool tones, warm tones, or something where someone is more likely to want the whole bag
Pia
Apr 2, 2008 at 1:22 pm
This is my 2 cent: visit ebay, I saw some auction selling a LOT of MAC items. You could also preview historical lot sales for ideas how high people were willing to pay for personal purchase. IMO people are willing to pay extra for worthy causes. I agree on the importance of perceived value as buyers have different buying triggers. That’s why I’d rather you don’t let participants know the retail value of your basket. Keep that a mystery. However, what if the auction is won by someone whose bid is lower than retail value? You might let them know in advance that you’re not releasing the items if the winning bid is lower than retail. good luck! Let us know how much you raised!
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