The E-Sylum:  Volume 5, Number 22, May 27, 2002, Article 12

AUCTION LOT ESTIMATES

  Steve Pellegrini writes:  "On the question of estimates, opening
  bids, reserves, etc., I have always thought Paul Bosco's
  'advice' in the Terms of Sale section of his catalogue of the
  Kallir Sale of  German Airship Medals was instructive.  Bosco
  used a high - low estimate system.  His admonition..... "Lot
  estimates tend to show a possible wholesale price as the low
  estimate and the TOP retail as the high. If you bid over the high
  estimate, either you should know something or you should be
  rich ... If you are consistently using the Minimum Bids as a
  bidding guide, you are either ignorant, which is curable, or a
  horrible customer, which usually is not..."

  Wayne Homren, Editor

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