How Does an Auction Appraisal Work? A Seller's Guide

A Process Often Misunderstood by First-Time Sellers

Many owners of valuable items hesitate to seek an appraisal, fearing a complex or costly process. In reality, the initial appraisal is straightforward and comes with no obligation to sell.

Initial Contact and Preliminary Information

The first step usually involves sending clear photographs of the object from several angles, making sure to capture any marks, signatures, or serial numbers. This initial information allows our specialists to form a preliminary opinion before any physical inspection.

The In-Person Examination

A physical examination is essential for items of significant value. It allows us to verify the object's true condition, look for restorations not visible in photos, and confirm elements of authenticity that cannot be judged remotely (such as weight, material, a watch's movement, or a ceramic's glaze).

The Estimate: A Range, Not a Single Number

An auction estimate is almost always presented as a low-to-high range. This reflects the inherent uncertainty of the auction market—the final hammer price depends on the bidding dynamics during the sale, not just the object's intrinsic value.

The Reserve Price

The seller can set a confidential reserve price, which is the minimum price at which the item will be sold. It is typically set at or near the low estimate. This is a standard protection for the seller and should be discussed openly with the auction house before the item is cataloged for sale.

Appraisal, Expert Opinion, and Certificate: Three Different Things

Appraisal: An estimate of the likely price range an item will achieve at auction.
Expert Opinion: A formal assessment of an object's authenticity, attribution, and condition.
Certificate: A written document that formally attests to a specific fact (e.g., authenticity, date, service history).

A complimentary appraisal does not replace an in-depth expert opinion or a formal certificate.

Factors That Can Influence an Appraisal

A restoration or flaw discovered during the physical examination.
Provenance documents that support the object's history or attribution.
A recent shift in market demand for that type of object.
The addition or removal of pieces within a lot.

After the Appraisal: Your Options

Consign the object for sale and agree on a reserve price with the auction house.
Request a second opinion if the attribution is uncertain.
Wait for a more favorable market if the timing isn't right for you.
Keep the object. An appraisal is non-binding.

Common Mistakes to Avoid

Cleaning or restoring the object before the appraisal.
Sending blurry or incomplete photographs.
Forgetting to mention a known defect.
Setting a reserve price that is too high relative to the estimate range.

To prepare your request, read our guide on how online appraisals work.

What to Prepare in Advance

Any documentation related to the object—such as purchase invoices, certificates of authenticity, previous appraisals, or correspondence with a former owner—can speed up and strengthen the appraisal process. Even documents that seem insignificant can provide crucial evidence of an item's history and value.

How the Appraisal Process Works Before an Auction