How to read an estimate

An estimate is an opinion, formed before the sale, of where competitive bidding is likely to settle. It is not a price tag and not a ceiling.

The low estimate usually sits near the confidential reserve — the minimum the consignor will accept. The high estimate reflects what a strong result would look like on the day. Exceptional pieces routinely exceed it; honest pieces sometimes sell below it.

Remember that published results include the buyer's premium, while estimates do not. When you plan a maximum bid, work backwards from the all-in figure you are comfortable paying.