UBS On-Air: Market Moves Art Advisory: Before the Hammer - How Estimates, Guarantees, and Strategy Shape the Auction Room
Apr 1, 2026
Emily Kaplan, Senior VP and specialist in Postwar and Contemporary Art at Christie’s, shares auction-room strategy and valuation expertise. She explores how estimates and reserves are set and used, bidder psychology and examples where bold estimates drove results. Highlights include Agnes Gund’s Rothko, a rare Twombly, and a notable minimalism collection entering the spring sales.
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Estimates Are Strategic Positioning
- Auction estimates are a strategic positioning tool, not just a valuation number.
- Emily Kaplan says conservative estimates attract more bidders early and often yield higher final prices by creating initial interest.
Use Reserves To Kickstart Bidding
- Set the reserve at or below the low estimate and consider a conservative reserve to stimulate bidding.
- Kaplan notes reserves are confidential, commonly set at 70–100% of the low estimate, and often finalized within 24–48 hours to reflect interest.
Bold No Reserve Hockney Set Record
- Christie's once offered a major Hockney at no reserve as a bold strategy.
- Kaplan recalls that move led to a record $90 million sale and demonstrated how no-reserve can generate extraordinary interest.