Quote:
Originally Posted by barrysloate
Estimates could be a useful tool, but most of them do not reflect the actual value of the piece in question. Typically, the estimate is low, so that the auction house can far surpass it.
But for an auction house that allows reserves, the estimate may offer a clue with regard to that reserve. Maybe a lot with a $4000-6000 estimate can't sell for less than a $4000 bid. Not sure about this, but it might have some merit.
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As others have pointed out, experienced buyers are paying no attention to the estimates. So that leaves inexperienced buyers--but if they are supposed to be guided by the low end as a floor, that means they are also being guided by the high end as a ceiling. And that's exactly what concerns me as a consignor. And Leon, what kind of marketing is it to consistently demonstrate an inability to estimate the actual value of the items in your auctions? Maybe I'm just obtuse, but I'm still not understanding the value of this practice to anybody involved.