While it's reasonable to suggest that small auction houses which don't specialize in watches are vulnerable to making mistakes in estimates, a 30 second search on this one would have put them somewhere in the ballpark: Geomatics sell for $5k and higher, and even though this one wasn't in mint condition, the original estimate was hilarious.
Even if they made a typo and forgot a zero it was WAY low. Too bad you couldn't send them the high estimate and get the watch. ps - A Geomatic is on my JLC list. Luv those big gold case back medallions.
Last week a '64 Rolex 5513 with 3-6-9 Explorer dial was listed in a small UK auction for 2-3k Gbp. It sold for 86k before commission!
Couldn't resist posting this one: These come up for sale so infrequently that when one is available the prices are sometime shocking. That estimate was not exactly what I had in mind. Well bought at about $5K. gatorcpa