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<p>[QUOTE=&quot;Carausius, post: 4500925, member: 76440&quot;]In general, hammer prices nearly always exceed estimates in auctions.&nbsp; I can think of three reasons for this:</p><p>1. Auction houses want to encourage bidders to enter the fray, and keeping the estimates low (which reduces the opening bid) helps;</p><p>2. Auction houses love to report that their total hammer prices at a sale exceeded the total presale estimate because this entices collectors to consign material; and</p><p>3. Auction houses sometimes give advances to consignors based on a percentage of presale estimate - best to keep this number low to avoid potential problems if hammer prices are less than hoped.</p><p><br /></p><p>Estimates might give you a relative measure of quality or rarity within the same sale, but can never be depended on as true appraisals of market value.&nbsp; For market value, you need to do your homework by looking at recent sale prices of comparable coins.[/QUOTE]</p><p><br /></p>

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