An estimate is a range of prices given next to the starting price of a work of art, which suggests the final price that a work of art may reach at an auction. The estimate price is established by the auction house based on professional opinion. In Artbidy, the estimate price (available in several currencies) is displayed on our website in the section of an auction, just under the starting price.
What factors do experts take into account when calculating the estimated price?
- qualities of the artwork (uniqueness, value, aesthetics);
- technical aspects of the work (size, technique);
- the "good" provenance of the work (history of the origin of the object, confirming its authenticity);
- artistic achievements of the artist (individual and group exhibitions, cooperation with renowned art galleries, collections containing the works of the artist, awards and distinctions in competitions, publications);
- auction ratings of the artist's works (the sums for which the works of a given artist have been sold so far, "popularity" and/or prestige of the artist on the art market)
- situation on the art market (e.g., prices of similar works).
What does estimation mean for the purchaser?
Art collectors can be guided by the estimate of an artwork when deciding to buy it. Depending on the estimated price, the transaction may be a "bargain" (when the final bid price is lower than the lower estimation limit), or purely an investment (when the amount exceeds the upper estimation limit).