Wine Auctions for Beginners
Thursday, March 27th, 2008You might not have given it a lot of thought, but wine auctions are now big business, both offline as you probably know but also online and they are becoming more and more popular; whether for private companies, getting rid of end of ranges, wine estates ends of production, charities and of course Joe public wanting a bargain! Auctioneers forecast a continued but subdued market for wine auctions this year. Wine auctions are the perfect way to find those hard-to-find wine gems, if you know what you are looking for or just to pick up a bargain.
Because of the publicity given to the oldest and most expensive bottles of wine sold at auction, most consumers tend to think wine auctions are for the connoisseurs and the very rich, well let me tell you they are most definitely NOT! Some of the best publicized wine auctions are for charity, where you can make a gift to the charity and receive a delectable bottle of wine in return. Live wine auctions are exactly as you have seen them in the movies, great fun! Apart from the high profile sales Like that of Andrew Lloyd Webber’s spectacular sale, most wine auctions are a cosy affair; 70% of winning bids come from the trade, so there is 30% up for grabs at bargain prices for the likes of you and I.
With well-heeled benefactors willing to bid thousands for a single bottle of a prized wine, wine auctions become an excellent source of donations for local charities. The beauty of online wine auctions however is the availability of the “hammer” prices after the auction is over and you can browse and search the databases to find the selling prices of all the wines sold. this will give you a great background if you go to a live wine auction either online or off.
The excitement of a wine auction could affect impulse buying, and a punter paying a higher price than normal even. So research is key to getting a bargain , don’t get carried away! Auctions also bring to the market fine old wines that might ordinarily go bad in a cellar, simply because there is no convenient way to dispose of them, wine auctions have become the preferred place to sell these wines, when you can often get a bargain. Auctions are typically set up around lunches for obvious reasons and most of the heavy bidding is done during the middle of the day. What a way to enjoy your purchase!
In the USA, surprisingly only Illinois and naturally California are the states that allow commercial wine auctions. In New York (the ideal place!) Bills to permit wine auctions are introduced regularly but they die just as often! In Chicago, people travel from all over just to get some bargains. In Britain where wine auctions are held anywhere throughout the country in the fall and winter, retail wine chains have flourished and one chain in particular has even taken over a wine retailer on the American West Coast! The British wine Trade sees the wine auctions as a way of stimulating interest in wines generally and increases sales for everybody. Of course in Australia you will find plenty of wine auctions, especially online. There are large online wine communities who share tasting notes and critiques amongst themselves, such as the Auswine discussion forum. You don’t even need to leave the comfort of your armchair to enjoy the benefits of an online wine auction.
Wine Auction Bidding and Tasting tips
Before you set out in the real world or online, plan out the items you want to bid on and the amount you are willing to pay. Research previous wine auctions to get a good idea of prices so your maximum bids will be fair and stand you in stead to win. Always try and attend the pre-auction tasting, sometimes end of line mixed cases can be a superb buy, keep an eye open for that. The trade bidders are not so interested in those.
Another good idea is to attend a wine warehouse tasting to get used to the brands available, then you will understand what you are bidding for. You can form a consortium with friends and or colleagues, so the costs are reduced and you can afford to bid for more variety. My preference is to do the online auctions on a paper basis fist to get acquainted with the procedure. Just write down your bid for your preferred lots and write down the final selling price and judge your own effort. Don’t bid until you are confident.If you are going to a tasting please ensure you get someone else to do the driving!
So you can see wine auctions aren’t about perceived social standing, they are the places to go to get bargains! A representative for a well known international auction house recently said “I think online wine auctions are still in their infancy”. A good opportunity not to be missed, make sure you research well and just do it!