I've never understood the purpose for either the auction house, consignors, or buyers in the practice of volunteering estimates of any kind. I have had this explained to me by several auction house honchos, something about "guidance for the buyers," but I've never thought it made much sense. Are you trying to establish a floor for the items, or a ceiling? And why is it the auction houses business either way? I just don't see an upside for anybody. And the estimates are so wildly wrong for so many items in any given auction, you'd think that would have eliminated the practice long ago. I'd love to hear some reasons why this is helpful, and to whom.
Hank Thomas
|