The Barnswallow Annual Quilt/Craft Show is coming up this weekend and I have taken on the task of getting donations for our Rainbow Auction Table this year. It always amazes me how willingly people/businesses donate each year. I have over 20 items so far that are all so very nice…I for one will be buying tickets for sure. Each year the proceeds are donated to a local charitable organization and each year our quilt guild makes another beautiful quilt to be a part of the auction table.
A system where potential buyers place competitive bids on assets and services. The asset or service in question will sell to the party that places the highest bid. In most cases, sellers will pay a listing fee to the auctioneer, regardless of whether the item actually sells for the desired price.
For those of you who have never heard of a Rainbow Auction…you might remember it to be called a…Chinese Auction…until that was no longer politically correct. I am not sure why it is called an auction at all as there is no bidding. Auctions usually involve bidding…right so where this name come from …who knows??? But …I think it will sell lots of tickets and hopefully raise lots of money.
In a Chinese auction, bidders are not prospective buyers. Instead, they buy tickets, which are chances to win items. The tickets themselves are often as inexpensive as a penny, and bidders may buy hundreds of these tickets. Bidders buy as many tickets as they like, and bid them on any item(s) they want by placing one or more ticket in the “hat” beside the item(s) they are trying to win. At the conclusion of bidding, one winning ticket is drawn from the “hat” beside each item, and the item is given to the owner of that ticket.A bidder may increase the chance of winning by buying and bidding more tickets on a specific item. Although there is generally no limit to the number of tickets a given individual may bid on a specific item, the chance of winning depends on the total number of tickets bid by all individuals.
Tomorrow I have to go and collect some of the items and buy a few things for the table. This year our theme is teddy bears and we will have a collection of them throughout the hall with the quilts. I have a suitcase full to bring. I have to remember to put my name on teach so they don’t get lost in the shuffle of show take down on Sunday.
I was not able to find any definition or explanation for this type of auction. Maybe it only exists here in Morden????
It has been a very busy week…sold lots of books…talked to what feels like a zillion people…organized my book table for selling at the show this weekend…and inbetween I was able to put away all my winter clothing and take out the summer. Now if I can only find a few hours to clean the house I would be feeling a bit more relaxed.