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What is the difference between an auction estimate and an appraisal or valuation?

April 26, 2017appraisal auction estimate valuation

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What is the difference between an auction estimate and an appraisal or valuation?

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An auction estimate is a range of prices (e.g. $1,500-2,000) that Sotheby’s specialists believe a piece might bring at auction. Appraisals and valuations are formal documents to be used for estate tax and planning, insurance, charitable contribution and collateral loan purposes.