Auctions are a very big part of society’s culture since time immemorial. This is the process of selling antiques, artworks, artifacts, wines, collectibles, vintage cars, and the like to the highest bidder. The nature of this system is the competitiveness of buyers, as they want to accrue the asset at hand more and more as others show interest. This social dynamic is called the auction theory. The most common form of auction is perhaps when an auctioneer announces prices, and bidders acknowledge to buy the object with that amount, often by themselves or through a representative, and the number increases from there. This is referred to as the open ascending price option. Another form of which, and quite a not very orthodox one, is the silent auction bid.
A silent auction still holds the competitive nature of conventional auctions, since bidders still grapple for an item through checks and cash. An auctioneer, however, is not present in silent auction bids, since the item at hand will just be put on display for attendees to observe, bid for, and ultimately purchase. Since there is no auctioneer, people obviously cannot publicly announce their desire for ownership through saying so during the program of price ascension. Bidders then place their bids anonymously on the silent auction bid sheet, and use a bidding number, hence the name. The silent auction bid sheet takes the spotlight in this nature of auctioning, since it holds the codes and promised value of the participants. Technically, this paper is where the actual auction takes place.
An auction is an event that needs to be organized considering that there will be a lot of attendees. A silent auction is relatively more orderly than a conventional one because its program consists of people looking around and writing their bids and numbers on papers, and the highest bidder at the end of everything then gets the item. They are a less hassle form of fundraising since everyone gets to participate in their own pace and discretion, and the silent aspect of this specific form of auction allows people to be more comfortable in placing their bids as well. Auctions are also a very good way to raise money for charities and non-profit organizations, as the collected amount from the sold items directly go to them. So what exactly makes up a silent auction?
Because of how overshadowed silent auctions are by the open ascending price auction, a lot of people may be unfamiliar as to how it works, more so how to use silent auction bid sheets. In order to have a smooth and orderly program, facilitators must first instruct attendees how the process works, a few rules and regulations, and the like. Here are the important steps to consider in participating in a silent auction
As a strategic bidder, you must look around and scout for the best items on sale. This is good in order for you to have different points of comparison, hence, knowing what item stands out the most among the rest.
Bid increments are the least amount of bid by which the next price offer should be based on. These are usually the number that the current bid is standing on, as opposed to the highest price that has already been promised. This does not give you, as a bidder, the explicit amount you should give to secure the item, but it is still worthy to calculate the bid increments in order for you to formulate a strategy.
Considering you have had your bidding number during registration or perhaps at entry level, you now have to enter the number in the bid sheet. In there, you should also write the name of the item as well as the price you are willing to give for it, after your calculations of the bid increment.
If you really want something, everyone else is a competition. For you to truly get the item, know that you can always repeat bidding, increasing the amount more and more in time. You can always check the event so you can make sure that no one is outbidding you. This is why it is important for you stay all throughout the event.
Waiting for the results is something you have to go through to find out if you have won. It is also a form of respect you give to the event as well as its creators. This is the part where you may claim your item if you won the bidding, and perhaps where you could declare your payment option.
Yes. Withdrawing your bid is something that is very much allowed during auctions. However, make sure to notify the facilitators about your decision since you have to make this action before they announce that the sale has been completed.
Mobile bidding is sometimes more preferred by people compared to traditional silent bidding. The trend of mobile bidding has also risen especially because of the change in landscape that COVID-19 has imposed on us as people. In mobile bidding apps, you are able to be more mobile in checking your bid standing since the writings do not come in paper but are only reflected in your phone. Mobile bidding apps also come with an outbid notification, so you can always have a heads up for when you have to repeat your bid. But most importantly, mobile bidding requires less contact, hence why it is very good for people to use as an alternative.
Because of the rise of COVID-19, along with the people’s need to go on with their lives, online silent auctions are on trend right now. These auctions may occur in eBay, for instance, and some even hold the event on Facebook. In the case of automated bidding which more often than not only occurs online, the first person who bids the amount gets the item if they have the winning bid. When the auction closes, it is the first bidder who primarily gets acknowledged by the system, hence the prioritized status.
Items that are on demand change with the times. But as of now, according to public opinion, the best items to sell at silent auctions are travel related items such as airline tickets, hotel stays, and all around trips because travelling has transcended from an occasional thing to a necessity for a happy life. Other than that, sports tickets or memorabilia are also really sought for. The rise of sports fans, and their attachment to player merchandise are a good thing to consider in deciding your set of items. Lastly, music related items are also worth a consideration such as concert tickets, signed instruments, or backstage passes. The hype for music never dies.
Silent auctions, and auctions in general are a really great way of making a fundraising event creative and fun. These bring light to specific causes and issues, and provides donations to charities or organizations that help make these things much more sustainable. To attract a lot of people into taking part of your cause, it truly is important to ensure the organization and smooth flow of your event, as well as picking the right items with respect to the target audience. Considering the new kind of normal we have in the status quo, silent bidding truly is a good way in retaining the nature of auctions as a form of fundraising.
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