Innovative auctions

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1. “Innovative Auctions”

1. Why was Buffett so successful with the auctions?
Buffet becomes successful by Auction. Auction is a valuable commodity, and it
provides greater access (larger potential customer pool). An online auction for the
chance to break bread with the Oracle of Omaha took in just over $1 million this
past week. That’s the lowest price since investor Mohnish Pabrai and two friends
won with a $650,100 bid in 2007, and an astonishing 71 percent discount below
the $3.45 million paid by last year’s winner for lunch at a Manhattan steakhouse.
This year’s winner—one of eight contenders—chose to remain anonymous.
Proceeds go to Glide, a San Francisco charity supported by Buffett’s first wife for
many years.
2.You can place your item for sale on EBay without a trading
assistant and save on the commission. Why do people use
Dan’s services?
He provides information and expertise that customers feel is worth the
price.
you can and most people DO list their own items.
Open an account on eBay and go to eBays homepage, click on 'Sell' at the top of
the page. It will explain exactly what you have to do. You'll need a camera for
photos of your item, make an honest, thorough description of your item, calculate
your postage costs and follow the instructions.
3. What are the advantages of fundraising via auctions?
As sites like eBay have proven, online auctions are extremely popular. More and
more, people are including online auctions as a first choice for purchases. The

2. popularity of online auctions has not been lost on the fundraising crowd. In fact,
entire companies and websites have been built purely to serve the needs of
online fundraising auctions. Many organizations are coming to realize some real
advantages of choosing online fundraising auctions to raise money for their
groups. A few of the reasons why online fundraiser auctions have grown in
popularity are
• Fresh ideas – many traditional fundraising options might be viewed as boring
and stale; online fundraising auctions offer something fresh and new for
volunteers and supporters
• Cost effectiveness – products aside, the costs of hosting an online fundraising
auction are very low; most groups search for in-kind donations from group
members and business supporters, though, so even with the product included,
there is still very little expense involved in running an online auction fundraiser
• Profit potential – with a good product mix, online auctions can profit very
handsomely. Since there is no pre-set price for items, the potential sale price can
grow continually in response to consumer demand
• Product variety – a variety of products can easily be auctioned to suit the tastes
of many different kinds of bidders: signed sports memorabilia, event tickets, art,
etc.
• Outreach – there is no geographical limit to the consumer base for online
auction fundraisers; supporters can be across the room or across the world
• Expansion – options like advertising and sponsorships increase the profitability
of online fundraising auctions
• Availability – the internet is open 24 hours a day, 7 days a week; that means
that online auctions are open 24/7, too.