Estimate (Appraisal)

Auction appraisal is one of the most important processes in the art market. It allows setting the starting price of a lot before the sale, taking into account the history of the work, the artist's name, rarity, condition, and demand for such objects. Experts analyze previous sales, compare styles and attribution to justify the estimated price.

Interestingly, sometimes even a little-known work suddenly breaks records due to fashion or random collector interest — there is a known case of selling an ordinary study by a 19th-century artist for a sum comparable to masterpieces. Delving into the principles of auction appraisal helps understand why some lots sell for millions while others remain unnoticed.