# Estimate (low and high)

> 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.

- URL: https://www.selloff.auction/glossary/estimate
- Language: English
- Also known as: Low estimate, High estimate, Pre-sale estimate, Estimate range
- Last updated: 2026-10-07
- Français: https://www.selloff.auction/fr/glossaire/estimation.md

## 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](https://www.selloff.auction/glossary/reserve-price.md) 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.

## Related features

- [Estimates & reserves](https://www.selloff.auction/features/estimates-reserves.md): Record starting price, low and high estimates, reserve and printed estimate for every lot, adjust them in bulk, and keep the values used in each sale.
- [Appraisals](https://www.selloff.auction/features/appraisals.md): Record appraisals at the counter or on site, describe and photograph lots, bill a fixed or hourly fee and move accepted lots into inventory.

## Related terms

- [Reserve price](https://www.selloff.auction/glossary/reserve-price.md): The confidential minimum price agreed between the consignor and the auction house, below which a lot will not be sold. If bidding does not reach the reserve, the lot is unsold (bought in).
- [Starting price](https://www.selloff.auction/glossary/starting-price.md): The amount at which the auctioneer opens the bidding on a lot, or the minimum first bid accepted online. It is often set below the low estimate to encourage bidding.
- [Appraisal](https://www.selloff.auction/glossary/appraisal.md): A professional opinion of an object's value, given by a specialist for a specific purpose: sale at auction, insurance, division of an estate or tax. Auction estimates are one kind of appraisal.
- [Prices realised](https://www.selloff.auction/glossary/prices-realised.md): The published list of results of a sale, giving the hammer price, or the price including premium, achieved for each lot. Unsold lots are usually left out or marked as such.