Double Bass How is this possible?

I received an email announcing this auction of basses. I rarely see this much bass stuff, including cases, for auction. When I looked at the estimated value, I thought it was a joke. How does this makes sense? The cost of the auction exceeds the asking price of the materials. And these basses are more valuable as firewood. Are the basses THAT bad? Apologies if this is a silly question.
It’s All About The Bass (and the cello) - 29th May
 
And have the instrument shipped from England!

I did one of these auctions once for a bow that seemed a steal, until the last few hours of the last day when the prices on the good stuff (bow included) skyrocketed way above the reserve.
 
School bass sell-off, probably in need of a bunch of work but you just dont know.
The fiver looks interesting, but the rest are very plain jane. Make an offer only if you are prepared to sink some more money into it. You may be lucky!

I was hoping for the fiver, but somebody decided they wanted it more than me. So I got mean and guessed at how much they had put in for their maximum bid, and got the number dead on. Made them pay out well for it.

Those are "estimate" prices. This is a marketing ploy. They will go much higher.

Less "estimate" prices and more "this is one of our affordable sales, so we set everything with a reserve of 10 pounds and start the bidding there and they go wherever they go and we're not going to make any actual estimates about what they're worth". That fiver ended up going for only 500 pounds, most everything else I was looking at went under 200 except the silver-mounted Dragonetti bow that hit 275 by the time the auction ended.