Really? They are not bicycle experts?
Quoting from their website :
https://www.copakeauction.com/bicycles-splash/bicycles/
"We’ve come a long way since our first bicycle auction back in 1991. We have never forgotten that it is you THE COLLECTOR that drives the market. We have enjoyed bringing you some of the rarest and most desirable bicycles and related items over these many years. Michael Fallon’s passion for bicycles has propelled the Copake Auction to being one of the most popular and well respected antique bicycle auctions in the world.
In addition to the auction itself we also host the pre-sale SWAP MEET right on the property in our spacious country fields. The swap meet has a sort of “Fair” quality to it and is a priority pit stop for all bicycle enthusiasts. We see people return year after year from every corner of the world for a day of shared admiration, deal hunting and riding stories, and of course Shopping and Trading! These two days are more than just about selling, we try to make it a fun and informative event with food, special presentations and a 10 mile ride through beautiful Columbia County New York on our bicycles!"
If that doesn't add up to being "experts", I don't know what "expert" means!
BTW, who does the pre-auction "estimates" for them?
Here is a very interesting read about auction law :
https://www.stimmel-law.com/en/articles/law-auctions