Learning what is a Chinese auction can help you learn more about fundraisings. Chinese auctions are similar to silent auctions. The only difference is that the bidding on items occurs by ticket instead of a written bid. Customers in a Chinese auction buy a certain number of tickets for a pre-established price. Next, they use those tickets to bid on the items there. They just have to place a ticket in a fishbowl right near the item.
However, you have to learn that there are different types of Chinese auctions. Hence, the rules depend for each of them. The standard way is the one described above. Nevertheless, another way to do this is to display all the items and ask every participant to drop their ticket in the central jar. In this way, they will have the chance to win any of the prizes displayed. Your guests might enjoy this method even more than the standard one.
What is a Chinese auction
If you want to turn your Chinese auction into an exciting event, you can develop it into an old-school auction format. There will be a central stage, and people would bid on each item as they are brought up front. Some of the most popular items can trigger bidding wars, and people might offer hundreds of tickets for every item. If people run out of tickets more quickly, this means that they will want to purchase even more tickets. If you decide to use this format, you should make sure you have ticket sellers walking through the crowd.
In order to maximize the profitability of your Chinese auction, you need to keep in mind a few tricks. The first thing to consider is pricing your tickets in bundles starting from 25 to 100. Remember that Chinese auctions do not have a minimum bid for each item. Hence, if participants buy a few tickets, you will not raise the funds you hoped for. Furthermore, you should also bundle together lower-price items. In this way, you will make an attractive price.
How to develop a Chinese auction
First, you should establish the items you are going to display for the auction. You could use consumer electronics items, vacation travel deals, personal spa packages, gardening supplies and gift certificates. These are some of the most popular items usually auctioned in a Chinese auction.
Make sure your ticket bundles are pre-packaged. Then, consider pricing them in even amounts to facilitate quick sales. By bundling items together, you will be able to raise more money than individual items would bring you. Therefore, you should group them in complementary packages or related categories. You should consider doing a Chinese auction on a theme like sports, vacations, fantasy packages, Christmas, Spring or many other popular categories.
All these tips and tricks for developing a Chinese auction can not only help you learn what is a Chinese auction but also how to raise big funds when using it. This type of auction looks similar to a silent auction. You can motivate your participants to buy more tickets if you put on display items that they may be interested in. Hence, you need to make sure you attract as many customers as possible.