One of the Holt's personnel explained that they set estimation of bid ranges low sometimes to encourage bidding, but also to give you some hope of finding a rare gem, at a good price. Sometimes a gun gets bid up multiples of the high estimation and sometimes not. When you win, with a bid in the estimate spread you feel you found your gem and when you watch one go for big money you think I recognized the gem, but would not meet the high price it realized. And sometimes the market just goes crazy. Like the gun I bid on that had a high estimation of 3,000 that went for 20,000+. One of the staff told me they were thunderstruck on that item. Both the seller and they thought it might go for 5-6,000. I dropped put at 14,000 which was really 5,000 above my pre-sale self imposed limit. In the four years since I have never seen another example of that gun and doubt there will be another as they claimed only three were ever made. Ah, the one who got away.
Quality always has a way of rising to the top and you can see that with boxlocks right now. Really good ones bring good money and decent ones can be bought for a good value price.