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Auction Glossary

Appraisals and estimates

Appraisal

An appraisal is a specialist valuation of the worth of an item. Appraisals might be carried out for various reasons aside from for an auction – insurance, probate, etc.

Estimate

This is a prediction of the price a lot will fetch at auction. A lot is typically given a low and a high estimate, indicating the price range in which the lot is most likely to fall.

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