Planning a nonprofit auction can be exhilarating, but it often comes with a common challenge: securing high-value, exciting items to attract bidders and maximize revenue. This is where consignment items come in. But what exactly are consignment items, and how can they help your fundraising efforts? Let’s break it down.
What Are Consignment Items?
Consignment items--sometimes also called No-Risk items, are auction packages provided by companies or vendors that nonprofits can offer at their events without upfront costs. Instead of purchasing the items outright, your organization agrees to pay a pre-determined cost only if the item sells. Any amount raised above that cost goes directly to your nonprofit, making consignment a low-risk way to include desirable items in your auction lineup.
Common consignment items include:
- Luxury vacation packages
- Exclusive experiences (e.g., meet-and-greets with celebrities or behind-the-scenes tours)
- Sports tickets and memorabilia
- Concert or theatre tickets and memorabilia
- Fine art or high-end jewelry
How to Use Consignment Items in Your Event
- Silent Auctions: Consignment items can create buzz and increase participation in silent auctions. Featuring unique and aspirational packages encourages guests to bid competitively, driving up the final sale price.
- Live Auctions: High-value items such as exotic trips or exclusive experiences are perfect for live auctions, where the energy and excitement can push bids higher.
- Raffles or Opportunity Drawings: Use consignment packages as grand prizes for raffles. This can be especially effective for smaller events where an auction might not be feasible or the prize is highly desirable, has a fixed value, and is likely to raise more through drawing ticket sales than a high bid.
- Online Auctions: If your organization hosts virtual or hybrid events, consignment items can attract a broader audience of bidders, ensuring engagement even beyond your immediate community.
Benefits of Partnering With Consignment Companies
- Access to Exclusive Items: Many consignment companies offer access to one-of-a-kind experiences and packages that would be difficult to secure through donations alone.
- Low Financial Risk: Since you only pay for the item if it sells, your organization avoids upfront costs and unsold inventory.
- Saves Time and Effort: Procuring auction items can be time-consuming. Consignment companies simplify this process by providing ready-to-use packages.
- Increased Event Appeal: Unique and high-value items draw more attention to your event, increase bidder participation, and can ultimately raise more funds for your cause.
It is important to note that companies offering consignment items may operate differently and have unique policies regarding what is included or not. It is always encouraged to review contracts carefully before committing to a specific supplier. Common questions to ask include:
-
Is shipping & handling included, both to you and from you if items need to be returned?
-
Is insurance included or offered at additional cost if anything is lost, damaged, or stolen?
-
Are travel agency/concierge services included?
-
What are all possible fees and costs to the nonprofit?
-
Are there additional purchases, costs, or fees required by winners to fulfill this prize?
Maximize Your Fundraising Potential
Consignment items are a valuable tool to elevate your auction and ensure its success. By leveraging the expertise of consignment companies, you can offer standout packages that captivate your audience, all while keeping your financial risk low.
If you’re looking for ways to enhance your next fundraising auction, explore the many options consignment companies provide. With the right strategy, these unique items can help you achieve—and exceed—your fundraising goals.