What is the purpose of estimates at art auctions? Just in cased you haven’t noticed: the price range that you find under every lot aka piece listed for an auction.Well, basically those estimates are used to give potential buyers a basic range of the value of each work. Kind of a compass. if on the lower end, they might trigger clients interest as they feel they might hunt for a bargain, if on the upper end, it might provide a feeling of trust to spend a higher amount, yet the line is thin to not seem overrated. Think of shopping: you love getting your hands on a sought after designer piece for a good price but if a vintage dress is 10 bucks, you might also not feel really confident in going for it, while you are also out of the game at a price tag of 10k.
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