Dear Lee,

 

There is an ongoing argument among auctioneers and online sellers: Is it best to list estimated prices that are very low or should the estimates be very close to the hoped-for final prices? Many sellers think a high estimate scares away some bidders. Many collectors think a low estimate suggests an unseen problem with the piece. The market can change, though, and prices of some things can go up and down in a short time. Shaker collectibles went down after 2007, but they’re up a bit now—and the best pieces with great form, quality and provenance bring very high prices.

We decided to study a few low estimate–high selling examples at a well-run, well-advertised sale by a well-known expert, Willis Henry. At his Shaker auction held Sept. 6, 2014, many lots sold for four or five times estimate, a result not often seen at a high-end auction. A 40-inch-high pine and poplar washstand covered in ochre stain and signed by the maker sold for $206,500 (est., $60,000-$80,000). Another very high-priced piece in the sale, a sister’s cupboard almost 6 feet high with drawers, a hidden key safe and a bonnet pegboard (est., $50,000-$70,000), sold for $177,000. And a pine and birch bench with original finish and an impressive line of ownership (est., $20,000-$40,000) sold for $118,000.

Size doesn’t necessarily determine price. A chrome-yellow finger-lapped oval box, 1 3/16 inches high (est., $4,000-$7,000), auctioned for $16,520. It came from a famous collection, which added to its value. A rare elder’s rocking chair (est., $4,000-$7,000) also brought $16,520. And even some pieces with estimates around $1,000 sold higher. A garden shovel stamped with the name of a Shaker elder from Mount Lebanon’s Shaker Village in New Lebanon, N.Y., (est., $700-$1,000) was $10,000, and a 6-inch-long red-painted ash dipper (est., $1,500-$2,500) sold for $17,700.

There is a lesson here for buyers. Look at the estimate, then do some research to see what similar pieces have sold for in the past year. Add 20 percent or more for great form or finish or a history of belonging to known collectors or celebrities. Decide what you will bid before the auction starts to avoid “auction fever.” Even if an estimate seems too low or too high, bid on the items that attract you at the price you think is right. Sometimes the high bidder doesn’t take the item and it is offered to the under-bidder at a lower price—often the price it would have sold for without the extra bids.