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| Path: Main Street : Resources & Library : Research Articles : Feature Article |
Chinese auctions can add spice to your eventsApril 17, 1996; Canadian FundRaiser
If you are looking to put a new spin on an old event like a lottery or auction, why not try combining them into a Chinese Auction? No, it's not an auction targetted at a specific community, but rather an event which includes elements of a raffle and an auction, where participants buy chances to win auction prizes.
Auction items are assigned a value and that value is then divided into a set number of "chances" which are sold to participants. A $500 bed-and-breakfast weekend might be divided into 10 chances of $50 each, while each chance for a $5,000 cruise might cost $500. Participants can increase their odds of winning by buying several chances on a item. as chances are purchased, the buyer receives a number with a corresponding place on the prize wheel. When all the chances are sold, the prize wheel is spun to reveal the winner of the item.
A recent Chinese Auction in Michigan raised $75,000 for a local seniors centre. According to event organizer Heather Asiala, the event is a refreshing change from ordinary auctions or raffles. Placing a value on the prizes and then selling chances on them also helps to set a definite financial goal because each prize has an assigned value and is not simply bid on that evening.
Although some prizes may sell for less than they might have been auctioned for in a live auction, or traditional silent auction, Asiala notes that Chinese auctions often allow a broader base of participation. She explains, "Some people who can't afford $500 for a weekend away may pay $200 for four chances. Others will just buy a chance or two on everything. With this set-up, there's something for everyone."
Operated in conjunction with a dinner or reception, Chinese auctions offer a lively and interesting new twist to two established methods of fundraising and are sure to add spice to your present events.
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