What is the purpose of a preview in an auction?

The purpose of a preview in an auction is fundamentally centered around giving bidders the opportunity to inspect the items before the auction begins. This aspect is crucial because it allows potential buyers to evaluate the condition, quality, and authenticity of the items being offered. By examining the items physically, bidders can make informed decisions about their bidding strategies, which can enhance their confidence in the auction process. This hands-on experience can also help them determine their maximum bid, ensuring that they are fully prepared when the auction commences.

Other options do not align with the primary goal of a preview. Finalizing bids is typically done during the auction itself, not beforehand. Estimating the total auction value may take place after the auction based on the final bids received, while providing refreshments, although a nice touch for participants, is ancillary to the actual auction proceedings and does not serve the core purpose of the preview.