(Close Window)
Topic: Chinese Auction
Message: Posted by: Paul Budd (Feb 2, 2010 11:28AM)
IBM Ring 266 (Tyler, Texas) held our 2nd annual Chinese auction! Great fun and we raised over $100 to benefit the club!

I nett'd WAY TOO MANY old Linking Rings!!
Message: Posted by: Kent Wong (Feb 11, 2010 12:24PM)
Wait a minute ... you're auctioning off Chinese?!! I thought that stopped happening after the railroad was built! LOL.

Message: Posted by: tabman (Feb 11, 2010 02:21PM)
... sorry but I don't know what a Chinese auction is. How does it work???
Message: Posted by: Skip Way (Feb 11, 2010 02:39PM)
We used to call them Yankee Swaps down h'yar. It's sort of a cross between a silent auction and a raffle. Items are put on display with a cup or bucket in front of each item. Buyers purchase double tickets to place in the buckets for the items they want. They place half of the ticket in the bucket while retaining the other half for the drawing.

Theoretically, the more of your tickets placed in a bucket the greater the chance of your ticket being drawn...theoretically. It's also possible for a person who places a single ticket into each bucket to win items over someone who put in 50 ...theoretically. That's the fun and draw of a Chinese Auction.

Once the auction is closed, a ticket is pulled from each bucket and the person holding the corresponding stub wins the item. Tickets generally sell for a dime to a dollar with the average being a quarter.

The person who placed the item into the auction receives the cash value of all the tickets collected minus the club's percentage as the auction host. So, for the seller, the nicer and more "in demand" an item is the more tickets it may earn and the more money the seller stands to collect.

Items will also often be donated to the club with all proceeds going to the club or charity.

Personally, I prefer the knock-down, drag-out, Jump-on-yer-neighbor punch fest in the standard club auction.
Message: Posted by: tabman (Feb 11, 2010 03:57PM)
Thanks Skip. Great explaination.