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<p>[QUOTE=&quot;savitale, post: 7916033, member: 95284&quot;]1. The auction house never wants a sale to total up below estimate because that would be bad press.</p><p>2. People are enticed by the low estimate and start bidding, participating on lots they otherwise would have skipped if the bidding opened at the market value. </p><p>3. For higher priced items there is often some contractual obligation with the seller and/or a reserve. This obligation or reserve is usually very close to or equal to the estimate. If the estimate is near market value, some fraction of the coins will not sell and the auction house will make no money.</p><p><br /></p><p>The above makes sense for coins that sell for ~1.5x to 2.5x estimate, which is the vast majority. When a coin sells for 5x or 10x estimate, I think either the cataloguer just didn&#039;t quite understand the market for that coin or two people really wanted it.[/QUOTE]</p><p><br /></p>

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