I'd like you to help us with the interpretation of "as much as" in the sentence below.
(1) The painting was expected to fetch as much as £5 million.
I know that "as much as" in (2) means "the surprisingly large number of" and is equivalent in meaning to "no less than."
(2) The painting fetched as much as £5 million.
But (1) is talking about a possibility and not about a fact. In this case, "as much as" refers to the largest possible amount, and we can instead use "up to" or "at most." That's what I think.
Do you think I'm on the right track?
Thank you in advance
Seiichi MYOGA