Auctions Fine $ rare Wines - 1Earth Antiques

HOW TO BID (AND HOPEFULLY BUY) AT AUCTION

Placing bids at a wine auction isn't really as daunting a task as you might think. Believe me, I have been doing it for years, and if I can be successful, then you can as well. For those of you for which this is a new experience, here are some hints.

Buying wines at auction takes preparation. I have seen auction regulars sit down at an auction without a prior view of the catalog for the auction and bid comfortably. These are individuals who know exactly what they want, and what price they are willing to pay (and can figure the buyer's commission in their head!) Most of us need to review the contents of the auction and determine which lots are most attractive and decide what price we are willing to pay. In my opinion, the great evolution in the auction scene is the bounty of information that is now available to bidders. With so many books, newsletters, tasting notes, and of course the Internet, there are few, if any, secrets left.
You will see all types of lots within an auction. There will be full cases, multiple cases, partial cases, single rare bottles, and both large and small mixed lots. Within each lot you will see the following information:
Appearance of the capsule
Condition, which encompasses fill levels, damage to labels, condition of the cork, and color of the wine dollar estimate.
The estimates reflect what the appraiser believes the lots should sell for at auction. This is based on past sales, current trends, and even the future drink ability of the wine. Wine from vintages such as red Bordeaux 1967should have been fully mature for over 30 years. Many are now fading. With this in mind the wines do not have much potential for future enjoyment. This will be factored into the estimate.
Even though there are estimates, there are not absolute parameters as to what price the lots will fetch. If the demand for a wine is very strong, the final bid can be in excess of the high estimate or lots can sell a bit below the estimate range. Supply and demand always determine the price. Just because the wine is old and rare, does not always follow it will sell in the estimate range.
Be mindful of the condition of the bottles as indicated in the description. This isn't an issue for younger wines, but with wines more than ten years old the fluid level may fall. This is termed the "ullage" of the bottle. Ullages can naturally occur because of the cork and extended age of the bottle. It can also mean that the wine was stored under less than ideal conditions. Occasionally the Wine Department must reject wine because it exhibits symptoms of improper storage. However, perfectly stored older bottles, from excellent cellars, can still exhibit ullage. The extent of the ullage will affect (lower) the estimate for the bottle. But remember, I have had so many mature wines with ullaged bottles I can say without hesitation, do not be put off just because there is ullage.
I believe it is more important to know the quality of the cellar. How many times have we opened cases from perfect storage and found twelve different fill levels in the twelve bottles. Yes, this will change the estimate for the case, but sometimes it can work to the bidders benefit. I recall with great relish a case of Chateau Latour 1952 that had very ullaged bottles. The case came from a perfect cellar. Most of the bottles from the cellar looked brand new, but many did not. Still, since I knew the storage was perfect, I bid with confidence on the ullaged bottles and won them for a discount of 35% lower than another case that did not have ullage bottles. Guess what, every bottle in the case was fantastic.
The "Hot" wineries and vintages are always the wines in most demand. Therefore, I believe there are two types of bargains to be had at wine auctions.
First is the "relative" bargain. This is a wine you can find at $100, which can be had at $80 at the auction. Perhaps this is more than most will spend on a bottle, but it is a great price relative to what you would normally find. This type of bargain occurs in all price ranges.
Second there are wines which I term "absolute" bargains. You can always tell when a bidder scores on of these. Big smiles, backslapping, and hugs occur after the hammer. An example of this is the case of Chateau Brainaire Ducru 1985 I bid on and won for under $300 with the buyers premium. This delicious wine was ready to drink, and it was just a steal. All of this wine is now gone.
A bid can be made "absentee." Most bidders do not attend the auction, although this is a wonderful way to bid on wines you may not have initially been interested in, but because of the price are now motivated to bid. Absentee bids can be communicated to the auction house by fax, phone, or mail.
Live bidding can take place at either our San Francisco and Los Angeles galleries, or now on the Internet! WHY? The why to bid is quite simply put. The auctions offer you the opportunity to purchase wines directly from the owners' cellars, (with a brief stop at Butterfields for inspection.) For those bidders searching for mature wines from proper storage, the auctions have been an invaluable resource. You might also bid because there are wines that you simply cannot find anywhere else. When was the last time you saw a La Tache 1949 in 3.0liter format (Jan. 2001 at Butterfields!) The most important reason for me is simply the reasonable price you pay for a wide variety of wines form nearly all the great producing regions. Many is the time my neighbors have split multiple case lots of current release Domaine Verget (Burgundy), Zind-Humbrecht (Alsace), or mid-priced Central California Merlots, all at astonishing prices. If an incredible array of all types of wines in all price ranges seems appealing, the auctions are for you!

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