Wine and whiskey auction events are popping up everywhere, with rare bottles of whisky fetching five-figure prices and more and more collectors joining the ranks. Late last year, Sotheby’s launched a series of auctions featuring what could be the most valuable assemblage of wine ever assembled on the auction block: a collection called “The Epicurean’s Atlas” that is expected to sell for $50 million when all is said and done.
Most of these auctions are held by fine wine auction wine houses that employ a staff of experts who spend considerable time inspecting and writing fulsome descriptions about each lot before it goes to market. Those detailed listings, which include the history and condition of each bottle, provide valuable information that can help buyers determine whether they’re getting their money’s worth.
Many live auctions offer a chance to preview the wines before the bidding starts, and the catalogs are available online for those who can’t attend in person. If you’re planning to bid, read the entire catalog, particularly the lots that are of particular interest, and consider how much you can comfortably afford to spend on a lot.
Auctions are generally noisy, and you’ll likely be seated at a table with strangers (that’s OK) as you compete against other bidders. If you’re going to bid on multiple lots, don’t wait until the end to place yours; each lot ratchets up in pre-determined price increments based on its opening bid. You’ll also have to factor in the buyer’s premium and sales tax, and if you don’t pick up your purchase, shipping fees as well.
