What is an auction estimate?
An auction estimate is the price range a specialist expects a lot to achieve at auction. Usually shown as a low and high figure, it gives buyers an indication of value before bidding begins and helps sellers understand how their artwork or object is currently positioned in the market.
What is a low estimate?
The low estimate is the lowest figure within the given price range. It represents the lower end of the value specialists expect a lot to achieve under normal market conditions.
It can also influence the reserve price, which is the confidential minimum amount a consignor is willing to accept for a lot. The reserve will not be higher than the low estimate.
Collector demand means lots can often sell for more than the low estimate — across all Christie’s sales in the first half of 2026, the hammer price (the final price a lot sold for) was on average 24% higher than the low estimate.
How is an auction estimate calculated?
Auction house specialists draw on their expertise and extensive market research to set estimates in consultation with consignors. Factors including the artist or maker, rarity, condition, provenance, exhibition history, current demand and prices achieved by comparable objects all help determine the estimate range.
Should the auction estimate impact my bid?
An estimate is a guide to a lot’s expected selling price, but it is not a guarantee of the final price. Lots can sell above or below their estimate depending on the level of interest and bidding on the day.
If you have your eye on a particular lot, you may wish to decide your maximum bid before the auction starts. Placing a maximum or absentee bid up to this amount can help you stay competitive while remaining within the range you feel confident bidding at. Christie's will bid on your behalf in increments until your maximum amount is reached.
It’s also important to consider that estimates exclude the buyer’s premium and any additional fees, such as shipping or VAT where applicable. At Christie’s, fees are outlined in advance wherever possible, and the cost calculator on each lot page can offer a quick estimate of what the total cost of a lot would be based on your bid. This can be used to inform your bid, alongside the auction estimate and your own interest within a lot.
In summary
An auction estimate is a specialist’s guide to what a lot may achieve at auction. It is a useful starting point for assessing value and planning a bidding strategy, though competitive bidding can drive the price above or below the estimate.
For more auction terms, visit our full auction glossary.