Your acquisition committee comes to you all excited as a local jewelry store is willing to provided jewelry to your fundraising auction at “the stores cost” in exchange for being the featured jeweler at your event! Should you be excited or politely decline this offer? This is up to you and your committee but all that glitters is not gold and all “opportunities” are not good deals for your organizations.
While there are many reputable jewelry stores in every community there are also some self-serving ones. The goal of the “self-serving” jewelry store is to make money on their “donation” and reap the benefits of the positive PR provided by your school or not for profit organization. Be wary. Below are some additional tips regarding jewelry in your live auction.
- Jewelry can be a highly subjective item at a fundraising auction. People’s jewelry taste vary and “one size does not fit all”. Select jewelry that will have universal appeal but is also unique to generate interested among your bidders.
- Jewelry stores tend to inflate the price of their “donation” to your fundraising auction to a price higher than they would price the item at 5 minutes before closing time on Christmas Eve. Again proceed with caution
- Jewelry consignments can take money out of your crowd with little to no actual donation from the jewelry store. If the consignment price is $4,000 and you sell it for $4,000 your net profit is less than $0.
- Any more than two jewelry items in your live auction is simply too many. Keep your items interesting and unique in order for maximum profitability.
Ok, if you are still reading, then you really do want to know my suggestions on selling jewelry at auction. Stay tuned for next blog entitled “How to best display jewelry at your fundraising auction”.