Press Release: London, 19th June 2008 – A unique auction technology called Humraz (www.humraz.co.uk) was this week opened to charities.
The system will enable charities to generate significantly more funds than traditional auctions whilst making unaffordable lots available to everyone – regardless of an individual’s means.
For example, J. K. Rowling’s 800-word prequel to the Harry Potter series was recently sold at auction for £25,000, raising funds for Dyslexia Action and English Pen charities. Had the auction been conducted through Humraz, more than £310,000 could have been achieved (based on an upper limit lot value of £25,000).
Humraz’s lowest unique bid mechanism means the auction would have been accessible to the general public, as opposed to a handful of extremely wealthy Harry Potter fans.
Humraz sells lots for a fraction of their true worth whilst realising their full value. The system works on a lowest unique bid basis, which means the lowest unmatched bid at the auction close is successful. Recently a £300 Knightsbridge department store gift card sold for 92p in this way.
Humraz covers costs by selling seats to participate at the live online auctions. The seat price allows every bidder the same maximum number of bids and covers the value of each lot.
Charities are now invited to use Humraz’s system free of charge. The site’s founder Asmat Monaghan explains why the proposition is so exciting for charity auctions:
‘Charity auctions have traditionally sold unique or valuable lots to high net-worth individuals. Humraz opens these lots to people who would normally be priced-out of traditional charity auctions. Our auctions also enable charities to generate a much better revenue return.’
‘It’s extremely frustrating to hear about charity auctions like the Harry Potter one excluding the majority of the population and failing to maximise returns for a great cause,’ argues Monaghan.
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