Auction glossary
Estimate (low and high)
Also known as · Low estimate · High estimate · Pre-sale estimate · Estimate range
- Definition
- The auction house's opinion of the likely hammer price of a lot, usually published as a range from a low to a high estimate. It is a guide for bidders, not a guaranteed price.
Estimates are based on the object's condition and rarity and on comparable results, and are agreed with the consignor. By common practice, the reserve is set at or below the low estimate. Some houses print a single figure rather than a range.
In Selloff, each lot has a low and a high estimate, plus a printed estimate that is generated automatically and can be edited when the catalogue needs a different presentation.
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