Estimate

An approximate price range printed in the catalogue that reflects the price expected at auction, excluding buyer's premium and taxes. These estimates are based on the property's condition, quality, rarity, provenance and recent auction prices of comparable property.

The estimate provides prospective buyers with an important preliminary guide to value and is generally the basis for establishing the reserve price.

An estimate is not to be confused with an appraisal, which is a formal written document used for insurance, estate and tax purposes.