A Burberry trench coat once owned by Audrey Hepburn will go to auction on Sept. 27 at Christie’s London with an estimate of 6,000 pounds to 8,000 pounds ($7,683- $10,244). At the Real Real, an online consignment site, the asking price for a similar used women’s Burberry trench coat is currently $645. Christie’s, then, is guessing that its coat’s association with Hepburn gives it a $7,000 to $10,000 premium.
Why $7,000 to $10,000, though? Why not $70,000? $100,000?