estimates as self-fulfilling prophesies?

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Posted by Yon Bard on April 14, 1999 at 07:24:00:

Marvin started this Salon by wondering why the Ushak fetched as much as it was estimated to bring. That raises the question of how much are bidders affected by the estimates? In other words, might not there be collectors who, not trusting their own feelings about how much a piece is worth, are guided by the estimates and assume that they are paying a fair price as long as they stay within that range?

Regards, Yon

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