It's my observation that low estimates are pretty much the norm for a couple of good reasons.
First, a low estimate attracts potential bidders. "Oh man, the auction house doesn't see what a gem they have, and maybe I can sneak off with this inexpensively".
Second, this way they can attract potential consignees. "See, we routinely garner higher-than -estimates with our auctions, so consign with us and we can maximize the realized price for you too".
For this reason, I pretty much ignore obviously low estimates.
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