How To Price Auction Items:
Knowing how to price risk-free items as well as donated items is critical for auction fundraising success. Sometimes organizations price items too low or too high and then do not generate very much revenue for their organization.
If for example an item is priced at $160 but worth $1200, the potential bidder is going to have a hard time paying closer to the retail price because it started out so low. Conversely, start it at $1000 and you will limit bidding activity.
When you add items from our Risk-Free Auction Item Shop, the Faithbid team loads these items to your auction portal and programs in our suggested starting bid which includes a margin of profit for the organization. You are welcome to change the pricing, however, do not change it below the cost-to-nonprofit price as you are liable for that cost when the item sells.
jewelry example - risk-free
cost-to-nonprofit price: $175
suggested starting bid: $270
auction retail value: $545
bid increment: $55
buy it now: $1,090
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gift basket example - donated
donated item: $0 Cost
suggested starting bid: $175
auction retail value: $350
bid increment: $25
buy it now: $650
