Auction estimates: why lots sell above or below them
An estimate is the auctioneer's expert guess at the range a lot is likely to sell for. It's a guide, not a price, and it doesn't include your fees.
What an estimate is
It's usually a range, such as £500 to £700, set by a specialist at the auction house. UK houses commonly describe estimates as a guide, saying that a bid within the range should have a reasonable chance of success, but that many lots sell for less or for more.
Estimates are for the hammer price
Estimates normally refer to the hammer price, so they leave out the buyer's premium, VAT and other charges. A lot estimated at £500 to £700 will cost noticeably more than that to buy.
| Estimate (hammer) | All-in at 20% + VAT |
| Low: £500 | £620.00 |
| High: £700 | £868.00 |
Why lots sell above or below
- Competition. Two determined bidders can take a lot well past the high estimate.
- Condition and provenance that matter more (or less) to the bidders in the room than to the specialist.
- Where the estimate was set. Some estimates are set conservatively to attract interest. Others are optimistic. Don't assume.
- Who's watching. A lot that's featured or heavily promoted can attract more bids.
How to use an estimate sensibly
- Convert the estimate to all-in cost, as above.
- Decide your own maximum before the sale, based on what the item is worth to you.
- Be ready to let it go if it passes your limit. See how to avoid overbidding.
How BidCalc helps
Put the high estimate into BidCalc to see the all-in cost at the top of the range, and use budget mode to find the highest hammer price your budget allows. If that's below the low estimate, the lot probably isn't for you at that price, and you'll know before you start.
Check the £700 high estimateGeneral information only, not tax or financial advice. Auction houses set their own fees and terms, so always check the conditions of sale and confirm the details with the auction house before you bid.