The minimum price is the amount set by the auction organizer as the lowest acceptable price for which the lot can be sold. It is therefore a threshold below which the item will not be sold, even if a bid is placed.

The minimum price is often based on the estimated market value of the item. The auction organizer may set this price based on an analysis of historical sale prices of similar items, their condition, the artist’s popularity, the period, production or acquisition costs, and other relevant factors.

The minimum price may also reflect the auction organizer’s expectations and the planned sales targets.

What purpose does the minimum price serve?

The minimum price protects the seller by ensuring that the item will not be sold for an amount that is too low – below its cost or below the seller’s financial expectations.

What happens if the minimum price has not been reached?

1. No sale: If the minimum price is not reached during the bidding, the lot may remain unsold. This information is communicated immediately.

2. Conditional sale: The auction organizer may contact the participants and offer the opportunity to submit a slightly higher bid. If the offer is accepted, the lot may be sold.

Is the minimum price public?

Sometimes the minimum price may be disclosed publicly in the lot description or within the estimates. However, in many cases, the minimum price is kept confidential and is visible only to the auction organizer, so as not to influence bidders’ decisions.