Auction glossaryAuction Estimate: What the Price Range on a Lot Means
An auction estimate is the auction house's opinion of what a lot is likely to sell for, usually shown as a range such as $200 to $300. It's based on condition and recent sales of similar items. An estimate isn't a guarantee or a minimum: the final price can land well above or below it.
How are auction estimates set?
The house looks at the item's condition, brand, age and demand, then at what comparable pieces have sold for recently. The low estimate is a cautious figure and the high estimate a strong result. Where a lot has a reserve price, it's conventionally set at or below the low estimate.
How should you use an estimate when bidding?
Treat it as a starting point, not a price tag. If a lamp is estimated at $200 to $300 and you'd pay $250 in total, remember a 15% premium and 8.25% tax come on top of the hammer price, so your max bid is closer to $200. Our guide to spotting an auction deal shows how to check prices yourself.
Questions people ask
Can an item sell below its estimate?
Yes, if it has no reserve or the reserve is below the low estimate. Quiet sales and no-reserve lots are where those bargains show up.
Who sets the auction estimate?
The auction house, which Auktia calls the seller. On Auktia, a seller can have AI suggest a starting estimate from photos, then check and edit it.