In the catalogues I’ve read, the auction house typically gives a range of estimates as to what the wine will sell for (a high and low estimate). Is there a rule of thumb to deduce what the reserve would be?
No. It is set by the seller in my experience without regard to estimates.
The default is usually 80% of the low estimate, but it can be adjusted. Legally, it can be no higher than the low estimate.
Depending on the auction house, the seller may have some input regarding the reserve, but it isn’t set by the seller. Reserves are typically 80-90 percent of the low estimate with rare instances when it is 100%.
Agreed.
Thanks for the input. I’ve been curious.