Originally Posted by Lordofthewings
Originally Posted by mph
It's only an estimate and it may go higher of course, also the reserve may be set above the estimate.

I struggle with that. In a recent (non-automotive) auction, the auctioneer told me ".....we cannot legally set an estimate that is below the reserve figure ". Does anyone who has more experience of auctions than I do, know for sure ?

Actually I've heard the same and I think it's usual to have the reserve below the estimate. However, my understanding is that the reserve can be set at up to 10% above the estimate.

In this specific case I find it very strange that a car recently advertised at a Morgan Main Dealer for £60k, would be allowed to sell for less than half of that amount.