Auction estimates

[Snapolit1]

Originally Posted by nsaddict

I feel the reason is for future consignments. "Hey sis, this card auction had a 3K estimated but sold for over 20K. Gramps collection he left us had that same card. Let's consign with them"

Very likely that's it. "Look, we hit it out of the park!" But lately I am seeing ranges like "$8,000 - $20,000" and item is selling for $9,000.

[Leon]

Originally Posted by Snapolit1

Very likely that's it. "Look, we hit it out of the park!" But lately I am seeing ranges like "$8,000 - $20,000" and item is selling for $9,000.

So they were accurate. BTW, when I did an auction and did estimates to consignors, I hoped the auction would end at 10% over the high estimate. In other words if I estimated 800-1000 my hope is it would get 1100......just the way I did it.

[iowadoc77]

Interesting strategy. Good for sellers when an item eclipses the estimate. Not necessarily good for buyers.

[Hankphenom]

Originally Posted by iowadoc77

Interesting strategy. Good for sellers when an item eclipses the estimate. Not necessarily good for buyers.

The auction price is the auction price, what difference does it make what the estimate was, and how is it good for the seller or not good for the buyer? You really think sellers are going to think how great it is that the price beat the estimate? If that's true, AH estimates shouldn't be more than about ten dollars.

[Leon]

Originally Posted by Hankphenom

The auction price is the auction price, what difference does it make what the estimate was, and how is it good for the seller or not good for the buyer? You really think sellers are going to think how great it is that the price beat the estimate? If that's true, AH estimates shouldn't be more than about ten dollars.

Yeap, I never worried about buyers. I always worried about keeping my consignors happy. If I told them 1000 and they got 1100, I was king. If I told them 1000 and they got 750, I sucked.
The backend, and a fair and clean auction, is all the buyers should care about. (to me)

And David, right above, they set them to give some expectations, that is all. Nothing firm and they are often wrong. But they probably, at least, help the consignor know what the AH thinks. Again, many estimates are way off but they are what they are...

[perezfan]

Just a few observations over the years....

REA tends to estimate very low

Heritage and SCP tend to be high

Hunts is usually right on the mark.... although their Superbowl auction 2 days ago exceeded estimates by quite a bit (mainly on the stuff I wanted).

[drcy]

My opinion is if it's called a spade, it should be a spade. While estimates are just that, and often have ranges to them ($800-$1200) and are not expected to be pinpoint numbers, they should be honest estimates or not be used at all. I find it very problematic, to the point of being unethical and scam-like, when auction houses use them as something else, such as PR stunt (ala using super low so they can be broken). If you are posting auction estimates that are obviously WAY off, the only question is if you're ignorant or dishonest.

[Aquarian Sports Cards]

Originally Posted by iowadoc77

Interesting strategy. Good for sellers when an item eclipses the estimate. Not necessarily good for buyers.

One of the eternal conundrums of auctioneering. How do you please both buyers and sellers?

[drcy]

I don't know why there are or should be auction estimates, but the only reasonable reason I can think of why they would exist would be to be a general value guide for potential bidders. In the old days it was common for card auctions to list the Beckett price guide price just as a convenience for bidders.

If someone in the know at an auction house wants to explain why they are used, I'm all ears.