You 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.
Wine auctions are usually live events like those you have seen in the movies, but in reality, they are also a great deal of fun. With the exception of high-profile sales like the spectacular events with notables like Andrew Lloyd Webber, most auctions are actually quaint and lovely little gatherings that have a cozy, friendly quality surrounding them. After the trade bids which account for about 70% of the auction, the remaining 30% is made available at bargain prices for anyone who is interested.
Well-heeled benefactors are willing to bid in the thousands for a single, prized bottle of wine, but wine auctions are also an excellent source of local donations for various charities. When it comes to online wine auctions; there is the ability to “hammer” prices after the conclusion of auctions and anyone is allowed to browse the databases looking for selling prices of the wines sold. This gives you great background information for when you attend a live wine auction whether it is online or offline.
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, do not 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.
Knowing what the various wines are worth and what you are prepared to bid will go a long way towards offsetting the “getting caught in the moment” of an auction. For wine houses, it is a convenient way to open up their wine cellars and dispose of wine that would otherwise spoil. Auctions are also typically set to go through lunch hours for obvious reasons. The heaviest bidding occurs in the middle of the day, and thinks about it, what a lovely way to enjoy our purchase.