Auction Houses - Showing Estimates

[baseball tourist]

It's an interesting subject and one that I have been debating in my mind for a week now, as I have a few items listed with Heritage for the first time.

I believe the posted estimate can be a good benchmark for the prospective purchasher....providing that it is based on past sale prices of like items (an apples to apples comparison).

Market and collector influences will no doubt dictate if an item falls short, meets or exceeds advertised estimates, in each particular case; but I do believe that the posted estimate will have a price altering effect more often than not.

As a seller, I am kicking myself for not suggesting to the auction house that they might look look at an estimate descriptor utilized for one of my items, more closely.

To explain - I have consigned a item that is very uncommon and it, nor others like it, have not been publicly auctioned before; yet the estimate has defined low price and high price demarcation points advertised (i.e. $xxxx - $xxxx)

The estimate in this case is no doubt an honest benchmark but has to be based upon sales of somewhat similar but still distinctly different items; coupled perhaps with the purchase price(s) of similar item(s) that sold privately (if this info is indeed known).

My point being - private sale prices are not necessarily subject to the effects of true market price correction and may be drastically over or under inflated due to the motivation of the two parties involved.

As my item is the first one of it's type to be "fought over" in a fair market setting I might have been wise to suggest that an open high estimate range be considered (i.e. $xxxx + instead of $xxxx - $xxxx) as there is no way to know exactly what the item will truly bring at auction.

While bidding activity could certainly drive pricing of my item well beyond the high estimate, it would be naive to believe that the estimate will not give some prospective buyers reason to pause and perhaps limit bidding.

I do want to state that I am quite pleased with Heritage's efforts on my behalf and I am positive about the potential auction outcome being satisfying to the purchaser, Heritage and to myself.