An auction prize is anything given for sale or sold to raise money. For example, auction prizes can be cars, the use of holiday homes, artwork, or services such as the provision of a chef for an evening.
You must put a value on the prize so that you can decide if it counts as a donation. If it is a donation, you must check that you can accept it, record it and in certain cases, report it to us, the Electoral Commission, as a donation.
Auction prizes can be either:
tangible items, or
intangible benefits or services
The value of both tangible and intangible auction prizes may be easy to find out. For example, a prize may be an item such as a car which has a stated recommended retail price. The value of a prize such as a picture signed by a prominent political figure may be harder to determine.
Similar principles apply to the receipt of items or services that are later used as prizes at raffles.