For collectors
Estimate, starting price and reserve price
Three different prices around a lot: what each one means, and what it does not.
The estimate
The estimate is a range given by the auction house: its view of the object's likely price. It is neither a guaranteed price nor a limit; the result can be lower or higher.
The starting price
This is the first bid accepted. It is often set below the low estimate to open the bidding.
The reserve price
The seller and the auction house may agree on a confidential minimum price: the reserve. On Dlala it is never shown publicly. If it is not reached, the lot may remain unsold; the conditions of sale say how this is handled.
The hammer price and fees
The last accepted bid is the hammer price. Fees may be added to it: they appear in the conditions published with the catalogue. Read them before bidding, to know the real cost of your bid.
These guides give general pointers; the conditions of each sale, published with its catalogue, are what apply.