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just because you do, doesn't mean you should.
My trading feedback: https://www.thefretboard.co.uk/discussion/210335/yorkie
Im deffo looking into the online bidding process, with a view to be ready. The money for nothing les paul at est 10-15k, if it goes for that.. well.
My trading feedback: https://www.thefretboard.co.uk/discussion/210335/yorkie
https://www.thefretboard.co.uk/discussion/comment/3733794/#Comment_3733794
The estimates are low for good reasons. Here is an explanation of how estimates are calculated. Of particular interest are the following paragraphs:
"The first step in unpacking this process is the core dynamic between consignor and specialist, where the actual negotiation takes place. As it happens, many consignors manifest a pathology that can best be described as a paradoxical interest: They often feel the need to demand the highest estimate possible, on the superficially reasonable supposition that the higher the target range, the higher the sale price. This is a paradoxical interest in the sense that an artificially inflated estimate will often asphyxiate demand, and yield a hammer price that is in fact well below their expectations in the final analysis—or worse, the lot ends up being bought in. As such, it is often the specialist’s primary responsibility to cajole the consignor into accepting the lowest possible estimate, as truly in her self-interest.
That is premised on the imputed behavior of potential bidders, our third agent at this party, whose motivations the auction house specialist will know well. The imputed bidder is often compromised by a paradoxical interest of her own: The lower the estimate, the greater the bargain may seem, but they are often not alone in having the same intuition, and that is precisely how auction specialists generate demand. If you open an auction catalog and the estimate of $10,000–$15,000 seems so incredibly cheap for the Picasso woodcut you always coveted that you immediately call up to register to bid, it is very likely that 30 others responded similarly. Inculcating that demand is an essential part of the pressures to set estimates and, absent any other factors, auction house specialists would set them as low as reasonably possible to stimulate such demand."
Where can I find an english translation of this, please?