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Is an Auction Result Determinant of an Items Value?

If at first you don’t succeed, try try again. This Grif Teller painting failed to bring even the minimum bid of $15,000 a few months ago at William Bunch Auctions. June 22nd it brought $61,000. This may put questions into the minds of consignors. Is the hammer price an actual estimate of an items value? Should consignors put reserves on items? All the questions can’t be answered for this case, however in this case the clear answers are most likely not and no.

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Comment by Saco River Auction Co on June 29, 2010 at 9:48pm
It's true that this type of scenario is a very common event. I often have items that do not attract a single bid one night and then will sell for a few hundred dollars another night. I think a lot of it comes down to the right people seeing the item at the right time; it only takes 2 interested parties to make the bidding get exciting.
Comment by Sumaya on June 25, 2010 at 6:46pm
It is only worth what someone is willing to pay for it in one day or another.
Very intersting things like this happen all the time.

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