Lot 1 also provides auctioneers for organizations who have only a direct pledge, sometimes called a "fund-a-need" or "paddle raise." Like auctioneering, squeezing bids from a paddle raise requires a dedicated professional, and Lot 1 can ensure that there's no money left on the table.
We often hear from clients that they "don't have any good auction items." We disagree. The mission of your organization is often the most important "lot" and when effectively put into a gala setting can generate "bids" far more effectively than a standard lot.