Why might an auctioneer consider an item a sleeper?

An auctioneer might consider an item a sleeper because it has the potential for higher bids despite an initial low valuation. This term refers to lots that may not initially attract significant attention or bids due to their perceived value or condition but could unexpectedly generate interest and competition in the bidding process. The key aspect of a sleeper is that savvy bidders might recognize the true worth or unique characteristics of the item that have not been fully appreciated by the broader audience. This can lead to a bidding situation where the final price exceeds initial expectations, benefiting both the seller and the auction house.

In contrast, while an item predicted to attract few bidders might be perceived as less desirable, it doesn’t hold the same potential to surprise in terms of value. Heavy advertising may draw attention to an item, but it doesn't indicate that it will perform better in terms of bidding dynamics. Conversely, a damaged item that requires repairs may reduce its desirability and, thus, its potential for a sleeper situation; needing repairs often negatively affects perceived value rather than enhancing it.