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Three Minute Rule This increases the length of an auction by three minutes if someone places a bid in the last three minutes of an auction. This is designed to allow every bidder a fair chance to increase their bid, should they wish to do so, removing the chance of them missing out at the last second.

Canceling bids. Make it clear that all bids are final before the first bids are entered, and your silent auction software will enforce this by not allowing a bidder to remove their own bids.

Auction Item Rules All sales final: All sales are final, there are no exchanges or refunds, and all items are sold ?as is.? Limits may apply: Bidders are responsible for handling any restrictions that may come with items. For example, gift cards or certificates may be subject to availability and ?black-out? dates.

All bids must meet the minimum balance and be in the required increments, or they will be disqualified. All bids are final and may not be altered or withdrawn. Limits may apply to some items. Age restrictions may apply to items.

There is a simple four-step process to set item prices in a nonprofit silent auction: Determine the Item's Fair Market Value. Set a Starting Bid Amount. Decide on a Minimum Bid Increase.

Minimum bid increments are generally set at 10% of the item's FMV (e.g., an item with an FMV of $100 would have a minimum bid increment of $10). Bidding greater than one increment at a time is allowed?it just must follow the minimum bidding increment amount (e.g., bids could jump from $40 to $70 but not $70 to $72).

Throughout the event, silent bidders will browse items and anonymously make their bids, returning to some prizes to outbid their competitors. Once the auction is closed, the prize is awarded to the highest bidder. Winners can then check out and collect their items on-site or redeem experience-based prizes post-auction.

Here's 6 rules to keep in mind when pricing your items: Research the Known Price of Tangible Items. Consult with Supporters to Estimate the Value of Intangible Items. Set a Minimum Bid at 30-50% of an Auction's FMV. Set a Higher Minimum Bid for Unique Auction Items. Start by Increasing Bids by 10% of the Item's FMV.

structured timeline is the backbone of a successful online auction. Create a detailed plan that outlines crucial milestones such as: Item Collection: Specify a deadline for gathering all auction items or services. Promotion: Decide when and how you'll start marketing your event to build anticipation.