The type of auction lot that has seen the biggest growth and success in the past two years is the Buy-in Party. Also known as a Count Me In, Sign Up Party, or Buy a Spot: a buy-in auction lot offers bidders the opportunity to purchase tickets to attend an event on a per-unit basis. It could be per person, per pair, per table or even per team.
Buy-ins got their start at school events, where the community is tightly-knit and eager to get together and hang out with each other throughout the year. For many years, the perception was that buy-ins would only work if the majority of the crowd knew each other. Furthermore, many events believed that buy-ins could not generate significant income.
Bidders buying-in at the Boys and Girls Club of Sonoma Valley, 2023.
(Photo credit Melania Mahoney Photography)
But as larger auctions began to realize the versatility of the buy-in lot, they have evolved to become a staple of most every fundraising auction with which we work. Buy-ins give you the capacity to offer a lower level participation in your live auction while still raising the same as (or more than) you would with a single buyer lot.
In the process, buy-ins also offer bidders a “perceived bargain.” Consider a recent auction in Naples, Florida. The lowest any single lot sold for was $12,000 and the most was $52,000. We had a single buy-in for 20 couples that sold for $5,000 per couple. Bidders who otherwise wouldn’t have been able to participate in the live auction got to do so, and that one lot generated more than any other single lot in the auction.
This concept holds true for every auction. If your lowest selling lot goes for $1,000 that means there are people at your event who would love to pay $150 to be able to participate. Put together a party for 20 people at $150 each, and you have a successful lot and have engaged more bidders.
And where buy-ins were popular before the pandemic, they have seen a surge in popularity since. Auction attendees are thrilled to be back in-person, eager to do things together, and ready to get more social activities on their calendars.
If you don’t utilize Buy-In Parties as part of your live auction strategy, you are missing out on a valuable way to raise more money while enabling more people to participate in your auction. For more information on buy-ins, see our “how to” blog post, check out our list of great buy-in auction lot ideas, or contact us directly.
