Values
Estimates and reserves
An estimate is an opinion, offered honestly and explained. A reserve is a protection, agreed with the owner and never disclosed. Neither is a prediction, and neither is invented to flatter.
What an estimate is
A range within which VALÉORINE expects the hammer price to fall, formed from the object itself, comparable sales, rarity, condition and the strength of its provenance.
What it is not
It is not a valuation for insurance, probate, tax or export, and it is not a guarantee. A lot may sell below a low estimate, or well above a high one.
How it is reached
By VALÉORINE together with the independent specialist engaged for the field, from the evidence in hand. Where the evidence is thin, we say so rather than narrow the range artificially.
What a reserve is
The confidential minimum below which a lot will not be sold. It is agreed in writing with the owner before publication and is never set above the low estimate.
Why reserves are confidential
A disclosed reserve tells bidders where to stop. Reserves are never displayed, never revealed on enquiry, and are masked even within the platform's public data.
Bidding below a reserve
It is permitted, and the current bid is shown as it stands, but the lot cannot be sold until the reserve is met. A lot that closes below its reserve is unsold.
If a lot goes unsold
No fee arises for either side. The object is still with its owner, and it may be reoffered in a later sale, with a revised estimate or reserve if the evidence of the market warrants it.
Buying without an estimate
Occasionally a lot is offered without estimate, where the market is genuinely untested. That is stated plainly in the catalogue entry rather than concealed behind a wide range.
Estimates are given exclusive of the buyer's fee, tax and shipping. The total payable is shown on the lot before any bid is confirmed.