| The September/October 2009 issue of Arrive | | | | Bye bye clothes. |
| magazine from Amtrak has an article called Fashion's | | | | OK -- so how does this relate to you running a |
| Makeover (page 34) by Michele Meyer. The article is | | | | fundraising auction? There are two points. |
| about how the fashion industry has changed in light of | | | | 1. "Paring back" refers to scarcity, and charity auctions |
| the economic slump. Meyer proposes that to survive in | | | | should be based on scarcity. |
| this new climate, apparel designers and merchants | | | | If you have too many items at your auction fundraiser, |
| must rely on instinct, innovation, exclusivity, and the | | | | your prices will fall and certainly your ROI (return on |
| Internet. | | | | investment) will shrink. But if you have a lot of |
| Sounds like there's some advice in here that benefit | | | | competition for a few choice auction items, it will drive |
| auction committees would also be smart to follow. | | | | prices higher. You'll earn more money for less work... |
| Let's dig deeper. | | | | and doesn't that sound like a good idea? |
| In the "instinct' category, Meyer writes the following: | | | | 2. Hone in on items that make you the most money. |
| "Paring back not only helps stores but also helps | | | | What do your guests like when it comes to auction |
| shoppers. Scaled-down inventory offers a sharpened | | | | items? If your research shows that spa packages are |
| point of view and a sense of urgency: If there's just | | | | always the top sellers, target spa packages. And not |
| one fabulous blouse in your size, it may be gone if you | | | | all the *same* spa packages, mind you. Include a |
| wait for a sale." | | | | massage here, and a mani/pedi there. Maybe on that |
| Then, a bit later... | | | | table, include a day-long, "I've died and gone to heaven" |
| "Rather than risk closure, Manhattan's Henri Bendel | | | | spa package. Or if your bidders consistently snap up |
| dropped clothing and hones to accessories, cosmetics, | | | | restaurant packages, send your auction procurement |
| and gifts, its most lucrative items. "It was a smart | | | | committee to restaurant after restaurant to develop |
| move," says John Mincarelli, fashion merchandising | | | | great dining excursions. And if no one ever buys the |
| professor at New York's Fashion Institute of | | | | coffee basket, don't go seeking a donation like that. |
| Technology. "The American mentality of 'grow, grow, | | | | Remember: Fewer choice items that the guests crave |
| grow' failed." | | | | will be less work for your auction committee, but |
| At the time this article was published (Fall 2009), you'll | | | | greater yields when the cash is counted. |
| see the Henri Bendel site is ALL about accessories. | | | | |