Each lot will usually have a guide price or, more likely, a guide price range. For example, '£150,000 - £170,000'. This figure normally refers to what the auctioneer thinks the lot will sell for at the event but can occasionally refer to their perception of the property's current market value.
Fact is, the meaning of the auctioneer's 'guide price' can vary from one auctioneer to another A definition should be provided within the first one or two pages of the catalogue under 'Auction Notes', 'Procedures Explained' or similar. Alternatively, call for clarification.
Values & Prices
With some auctioneers, the guide price is their estimate of the value of the property. For others, it is the expected auction selling price, a minimum to maximum selling range or the lowest expectation of the selling price! All potentially different.
Gauging a probable selling price is tricky as there are very many variables. Looking at the auctioneer's previous guide prices and comparing these to their actual selling prices should reveal the auction house's skills at prediction and may enable you to guesstimate with a broad degree of accuracy.
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