Wonks wrote:They should be if the integrity of the auction house means anything. At least they should match typical used values from sites like Reverb as the lowest estimated value, and not try to indicate that you'll get both a bargain and a piece of Gary Moore's kit if you put in a bid at the top of the guide price.
I've never been to an auction but I'm well aware how often items that were owned by famous people often go for way above estimated prices.
If I was interested I would want to know about reserve pricing as that does have a real impact on whether potential bargains are available.
Are auction houses compelled to list reserve prices?
I agree though that low estimated prices might impact the auction house but they have no bearing on the buyer ultimately unless they are naive.