Consigning or Purchasing Auction Lots

There is a trend in fundraising auctions to purchase lots for the live auction. Numerous companies exist that solely serve the fundraising world, and they have all made it incredibly easy for any charity to add wonderful looking auction items to an auction with “little or no risk” to the charity.

We’re not opposed to spending money to make money. However, we do believe that if you are going to take money out of your auction and give it to a third party, you better be able to realize a 300% profit.

In other words, if you are going to spend $1,000 on an auction item, you should be able to sell it for $3,000. If any of the lots you are looking to buy don’t meet this criteria, do you and your attendees a favor and skip it. You’ll be better off selling a donated experience with a member of your immediate support base for $1,000 than selling a trip to New York that cost you $3,000 for $4,000.

For more on this, read Greg’s blog post: “Don’t Resign Your Auction to Consignment Lots“.