Estimate Range
An Estimate Range is a professional prediction of how much an item might sell for at auction. It consists of two numbers: a low estimate and a high estimate (for example, $1,000-$1,500). Auction house specialists create these ranges by looking at past sales of similar items, current market trends, and the item's condition. This helps both sellers understand what they might receive and buyers know what they might need to spend. Think of it like a price guide that helps everyone involved in the auction process have realistic expectations about an item's value.
Examples in Resumes
Developed Estimate Ranges for over 500 pieces of contemporary art annually
Achieved 90% accuracy rate in Estimate Range predictions for modern furniture sales
Trained junior specialists in creating accurate Estimate Ranges and Price Estimates for decorative arts
Typical job title: "Auction Specialists"
Also try searching for:
Where to Find Auction Specialists
Professional Organizations
Job Boards
Professional Networks
Example Interview Questions
Senior Level Questions
Q: How do you handle a situation where an item sells significantly outside its estimate range?
Expected Answer: A senior specialist should discuss analyzing the factors that led to the difference, adjusting future estimates accordingly, and communicating with both consignors and buyers about market dynamics.
Q: How do you train junior specialists in creating accurate estimate ranges?
Expected Answer: Should explain their methodology for teaching market analysis, research techniques, and the importance of considering factors like condition, provenance, and current market trends.
Mid Level Questions
Q: What factors do you consider when creating an estimate range?
Expected Answer: Should mention past auction results, current market conditions, item condition, provenance, rarity, and current collecting trends.
Q: How do you research comparable sales when creating estimate ranges?
Expected Answer: Should explain use of auction databases, market reports, and networking with other specialists to gather accurate pricing information.
Junior Level Questions
Q: What resources do you use to research past sales?
Expected Answer: Should be familiar with basic auction databases, company records, and how to find comparable sales information.
Q: How do you explain estimate ranges to clients?
Expected Answer: Should demonstrate ability to communicate clearly about how estimates are created and what they mean for buyers and sellers.
Experience Level Indicators
Junior (0-2 years)
- Basic research of past sales
- Understanding of market categories
- Ability to describe items accurately
- Knowledge of auction house procedures
Mid (2-5 years)
- Independent creation of estimate ranges
- Market trend analysis
- Client relationship management
- Detailed knowledge of specific collecting areas
Senior (5+ years)
- Advanced market analysis
- Training and supervision of junior staff
- High-value item estimation
- Expert knowledge in specific fields
Red Flags to Watch For
- Unable to explain how past sales influence estimates
- Lack of knowledge about major auction databases
- No understanding of market trends
- Poor communication skills when explaining values to clients
