Understanding prices in classic car auction brochures and published auction results

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Posted: 160111
The sale of a 1973 Factory MGBGTV8 last December at an H&H auction aroused Andy Goves' interest in its very low estimate of only £5,000-7,000 when the the published results showed a hammer price of £13,000 and a total of £14,560 including the buyer's premium. How is an "estimate" price determined and by whom and how is the total cost paid by a successful bidder calculated? Andy explains what he found and how it helps understand prices at classic car auctions in an article.