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EnglishHow to Read Hart Davis Hart Auction Results and Estimates
Updated
Hart Davis Hart (HDH) publishes each auction's total sales, the relationship between hammer prices and pre-sale estimates, and record-setting individual lots. To judge market performance, compare the final total against the estimate range and note the percentage of lots sold. A result above the high estimate, or a 100% sold rate, signals strong demand for that category. The sections below explain where to find these figures and how to interpret them.
Where the numbers come from
HDH's site lists recent auction details alongside news posts that summarize each sale. The page evidence shows several concrete examples:
| Auction | Total sales | Estimate relationship |
|---|---|---|
| September auction | $13.24M | Described as "history made" |
| August auction | $3,892,330 | Hammered at 142% of the low estimate |
| June Finest and Rarest | $7M | Exceeded high estimate |
| Celebration of Burgundy | $14.6M | 100% sold |
These four data points illustrate the two main metrics HDH reports: total dollar volume and performance relative to estimates.
Reading the estimate comparison
The August result — 142% of the low estimate — is the clearest example of how HDH frames performance. The low estimate is the floor of the pre-sale range HDH sets for each lot. When the aggregate hammer total reaches 142% of that floor, it means bidding pushed well past the conservative end of expectations.
To interpret this yourself:
- At or near the low estimate: demand met the reserve but did not exceed expectations.
- Between low and high estimate: a normal, healthy sale.
- Above the high estimate: competitive bidding, often driven by rare producers or exceptional provenance.
- 100% sold: every lot found a buyer, which HDH highlighted for its Burgundy sale.
The June auction "exceeding high estimate" and the Burgundy sale reaching "100% sold" both point to the same conclusion: when a category is in demand, results cluster at the top of or above the estimate range.
Using record prices as signals
HDH reports individual record prices within its news posts. The evidence includes:
- A 2009 Rayas setting a record price in the April $5.84M auction.
- The most expensive bottle of Leroy ever auctioned selling for $95,600 in the Burgundy sale.
A single record price tells you about one lot, not the whole market. Read it alongside the total and the sold rate. A record price inside a 100%-sold auction carries more weight than the same price in a sale with many unsold lots.
Matching results to categories
HDH's news posts name the categories driving results — Burgundy, Bordeaux, and California appear in the September summary. To judge a specific region:
- Find the auction news post that mentions your category.
- Note whether the total exceeded the high estimate.
- Check whether the post cites record prices for producers you follow.
- Compare across several auctions rather than relying on one result.
The Burgundy sale at $14.6M with 100% sold is a stronger category signal than a single high lot in a mixed sale.
What the results do not tell you
Published totals and estimate comparisons describe past sales. They do not predict future prices, and a strong result in one auction does not guarantee the same for the next. Use the estimate relationship and sold rate as historical context, not as a forecast.
Practical checklist
- Locate the auction's news post on hdhauctions.com.
- Record the total sales figure.
- Note the stated relationship to the low or high estimate.
- Check the sold rate if given.
- List any record prices and the categories they belong to.
- Compare at least two or three auctions before drawing a conclusion about a category.