Auction Estimates Without the Theatre
Estimate, reserve, hammer, premium, and result each describe a different number; mixing them produces false comparisons.
The published estimate is a pre-sale range, while the reserve is a confidential minimum agreed with the consignor. Neither is the final transaction total.
The hammer price is the accepted bid. The buyer's premium and applicable taxes can materially increase the amount paid, and auction houses differ in how public result pages present the total.
For comparison, retain the original currency, sale date, lot condition, laboratory reports, provenance claims, and whether the result includes premium.