“The selling price has nothing whatsoever to do with the work of art being good or not. It has to do with what people are willing to pay for it at any given time. The auction house sets much of the value when they put an estimate on the price. They set the estimates based on research of past selling price for similar objects. If they give a high estimate, then buyers will think the piece more important, perhaps than it is. But if they aim too high, the market won’t bid. If they undervalue, the piece loses its cachet, but chances are more people will bid, get the momentum going, and they’ll end up with a higher hammer price.”
Noah Carney “The Art Thief” Washington Square Press 2007
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