They don’t get it.

Many years ago, I worked for an auction company and frequently I would visit the homes of potential customers and give them an appraisal.

Every now and then something like this would happen.

Me: Before I give you my figure what do you think the market value is?

Client: No clue. I have absolutely no idea what it could sell for.

Me: To my best knowledge I would say that it will probably go for between $1,500 and $2,000.

Client: That's all? I thought it would be at least $3,000.

Me: Wait a minute. You just told me that you have absolutely no idea of its market value.

Client: Well, I don't. But I do know that it should be more than what you are saying.

Or how about this one?

Me: I estimate it will sell for between $2,500 and $3,500.

Client: So, we can get $3,500 of it you think?

Me: Like I said, I estimate it is between $2,500 and & 3,500.

Client: But there’s a good chance it will be $3,500.

Me: There is also a chance it will be $2,500.

Client: How big is the chance that it will be $3,500.

Me: There is no answer to that question. Auction prices depend on a number of factors, some of which we have no control over. We know the item, the current market and we have years of experience. Based on those we make an appraisal which is not an exact science. Sometimes an item sells for way more than the appraised value, simply because there are two, or more, bidders who want it.

And it also happens that the interest in an item is lackluster, and it goes for less than we expected.

Client: So, can it also be more than $3,500?

Me: Yes, but that would be an exception, don’t count on it.

Client: If we can get $4,000 for I’ll be happy.

Me: I think your expectations are too high. May be you should just keep it. I like to do business, but there is a 85% chance that you will be a dissatisfied customer.