: Correct. Agree 100%.

For what it's worth, in the UK in a public auction, Christie's, Sotheby's etc etc, it is illegal to have reserves set higher than the published low estimate. For example for a guide price of £4,000-6,000 the reserve can never be higher than £4,000.
This came about in a court judgement about 20 years ago when a court found that if an auction house was guiding buyers by saying the lot was estimates/worth between £4,000-6,000 then the auctioneer has no right to prevent potential buyers from buying the item within that estimate.
Buyers were immediately in favour because it creates better transparency, vendors are thereby encouraged to allow more sensible estimates and the auctioneers like it because it helps keep the estimates at a more sensible level.