Nearly every work of art offered for sale at a reputable auction house (e.g. Sotheby’s or Bonhams) is accompanied by a published auction estimate. The estimate is not a single value but a range, e.g. US$90,000 – US$165,000 or €4 – 9 million Euros

Auction Estimates have two important functions:

First: to indicate to potential bidders what the auction houses considers to be the value of the work based on their experience and knowledge of the market

Second: to protect the seller’s reserve, which is the minimum price the auctioneer will accept as a bid.