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Auction Estimates, Reserves and Hammer Prices

Collecting & ValuationDate Published
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An estimate is the auction house's guide to likely bidding, not a valuation guarantee. The reserve is the confidential minimum agreed with the seller, while the hammer price is the winning bid before additions.

What to do

Read the sale terms for buyer's premium, tax, online bidding fees, artist resale royalty where applicable, currency and collection charges.

Before you commit

Set an all-in ceiling before bidding. A low estimate can still produce a high final price, and an unsold lot may remain available afterward.

Keep the record

Record the lot number, condition information and total cost, not only the hammer figure.

Trusted references

  • [BADA: Buying antiques](https://www.bada.org/advice/buying-and-selling-antiques/buying-antiques)
  • [CINOA: Code of Ethics and Charter](https://www.cinoa.org/about/code-of-ethics/)

This guide is general information, not legal, financial, insurance or valuation advice. Terms and consumer rights vary by location and sale method.

Continue learning

Watch practical examinations and restoration work on the [Antique Repair Shop YouTube channel](https://www.youtube.com/@AntiqueRepairShop).