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.
|