Thank you for submitting your item for appraisal. This appears to be an early 20th century chinese lacquered bar cabinet. Bar cabinets are an invention of the 20th century. Your observation regarding the screw is correct as far as the description is concerned. But you have to take into account that manufacturing techniques in China a hundred years ago were far below western standards.
The estimate is based on similar items sold at auction. "Asking prices" in the trade can be higher and vary.