Knowledge centre
An estimate is a considered opinion, not a prediction. The answers below explain how we arrive at one, how a reserve relates to it, and which forms of valuation we provide.
An estimate is a range, expressed as a low and a high figure, within which the hammer price is expected to fall. It reflects recent comparable results, the condition and rarity of the object and the current appetite of the market. It is an informed opinion, not a guarantee.
Read the full answerBy examining the object, establishing its rarity and completeness, assessing condition against the standard for its type, researching its provenance, and comparing it with documented results for closely similar material. Where a comparison is imperfect, we say so rather than manufacture false precision.
Read the full answerAn attainable estimate attracts competition, and competition determines price. An inflated estimate suppresses bidding and often produces an unsold lot, which damages the future saleability of the object. We would rather be exceeded than unsold.
Read the full answerNo. The estimate refers to the hammer price only. Your total will include the buyer's premium and any applicable tax and shipping.
Read the full answerThe reserve is agreed with the consignor before the sale and never exceeds the low estimate. It is confidential and is not disclosed to bidders.
Read the full answerYes. An insurance valuation states the cost of replacing an object with a comparable example in the retail market and is therefore ordinarily higher than an auction estimate. It is supplied as a formal written schedule.
Read the full answerYes. Probate and family division valuations state open-market value at a specified date, prepared to the standard expected by executors, solicitors and the tax authorities, and are provided as a signed written report.
Read the full answerYes. An auction estimate given with a view to a possible sale is provided without charge and without obligation. Formal written valuations for insurance, probate or division are chargeable, and we quote the fee in advance.
Read the full answerClear overall photographs, images of the title page, signature, inscription or verso as appropriate, close images of any damage, the dimensions, and whatever you know of how the object came into your family or collection. Good photographs of the imperfections are as useful to us as the flattering ones.
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3 min read
An estimate is a specialist's considered opinion of the likely hammer range for a lot. This guide explains the evidence behind it, why it is a range, and how it differs from a reserve or a formal valuation.
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4 min read
How to obtain an opinion of value on a manuscript, book, autograph, photograph or work on paper: what to send, what a specialist looks for, and which kind of valuation you actually need.
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4 min read
Considered observations on how the market for paper-based material behaves, written without forecasts we cannot support, and intended to help collectors think about value over the long term.
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