high estimates in auctions

[Victor]

It's an all too common practice and I really don't like it...excessively high estimates in coin auctions.

below is an example in a current auction. It is an unexceptional VLPP from Siscia (RIC 84). The starting bid is $240 and it is estimated at $400.

Is this merely greed or lack of knowledge of a realistic value-- or maybe a combination of both.

On a really good day, I would be surprised if this coin sold in the $40-50 range. If it did not have the encrustations, maybe $100- 150.

[tjaart]

I agree with you, Victor. A couple of recent auctions had ridiculously high estimates and then they use the estimates as the starting price. This immediately puts me off. On the other hand, I also saw a couple of auctions recently where they have such low estimates that you wonder if they have knowledgeable people running it or whether they really don't know how much some coins go for.