Page 61 - Wine Spectator (January 2020)

HOW TO BUY WINE
Auction Dos & Don’ts
Do: Consult the catalog
beforehand to learn about
the wines on offer. “Going to
an auction and not knowing
what you’re going to do is
not a good strategy,” says
John Kapon of Acker.
Do: Ask questions about
the wines on offer, the con-
signor and the nuts and bolts
of bidding. “We welcome in-
quiries,” says Julia Gilbert of
Sotheby’s. “We want people
to be engaged, and we want
house’s agreement with the consignor) is $1,000, your absentee bid is to be as transparent as we
$1,500 and there are no competing bids, you get the lot for $1,000. possibly can.”
Do: Remember the fees. In
How to bid addition to the hammer price,
The convenience of online bidding notwithstanding, most professionals bidders should consider the
agree that the best way to become involved in wine auctions is to attend buyer’s premium (roughly
20% to 25%) and applicable
one in person. “For the newbie, in the room is the way to go,” says Charles
sales tax, as well as costs for
Antin, senior wine specialist at Zachys. “You can take advantage of lots
insurance and shipping.
that may not have much interest, you can taste wines on offer in the
Don’t: Chase bids or get too
auction, and of course you can have a free lunch at Le Bernardin, Per
competitive. “Somebody who
Se, Smith & Wollensky, or wherever we’re doing our auction.”
needs to win is not going to
The value of in-person bidding is echoed by Julie Carpentier, deputy
director of Geneva-based Baghera Wines: “I would recommend attend-
ing the salesroom to feel the atmosphere of the sale, and in order to
observe and understand who are the major buyers that one will have to Auction Best Buys
compete with, especially if you are seated at the back of the room; it
Top Producers in Off
offers a great observation post while remaining discreet.”
Vintages: “There was a
Though specialists are typically available to answer questions about
time when 1988 through
the lots on offer during the sale, it is imperative to do your homework,
1993 Lignier Clos de la Roche
identify wines of interest in the catalog beforehand, and stay alert lest
were all $300, except for the
you miss your window to bid. Auctions move quickly, and decisiveness
1992, which you could have
and discipline are rewarded, especially in the face of the potential com- had for $70,” recalls Frank
petition—industry professionals, third parties bidding on behalf of Martell of Heritage. “And
absentee clients and deep-pocketed collectors. there was a time when that
“The most important rule of thumb for anybody buying at auction: ’92 was the best-drinking out
Learn to walk away,” says Frank Martell, senior director of fine and rare of that group of wines that
wine at Heritage. “And relatedly, you’re never going to see something wasn’t yet matured. So for
for the last time. Knowing that you can find this wine again is what’s $70 you’re drinking grand
cru Lignier Burgundy. Buying
going to keep you in the auction game for a long time.”
a vintage that isn’t terribly
Following a spate of high-profile counterfeiting cases, auction houses
well-represented in the media
now go to great lengths to assess the quality and authenticity of the col-
but is mature and ready to
lections under consignment. Specialists taste samples and pore over the
drink, that stuff is all really
bottles, noting the wine’s ullage, label condition, color, capsule and glass.
inexpensive for the quality
Establishing provenance—the chain of ownership of a wine—is also a you have on offer.”
priority. “I have stepped away from big, big deals because they couldn’t
prove where they bought wines,” says Martell. “It’s about the integrity Fine and Rare Categories
of the auction house.” Beyond Bordeaux and
But where there is risk, there is reward, and no other method of wine- Burgundy: Though the
CHRIS SORENSEN buying offers the rewards of bidding at auction, from the peerless selec- and, to a lesser degree, Napa
heavy-hitters from France
tion to the convivial atmosphere of the salesroom to the thrill of raising
command the lion’s share of
a paddle and winning it live.
JAN. 31 – FEB. 29, 2020 • WINE SPECTATOR
have a good time,” says Frank
Martell of Heritage. “It’s really
easy to overpay for wine, and
as an auction house, to be
honest, it doesn’t excite us,
because that’s someone who
won’t come back next time.”
Don’t: Buy on reputation
without doing your research.
“Interest and prices can be
driven by reviews and a
wine’s reputation,” says
Charles Antin of Zachys.
“And just because a wine
isn’t expensive doesn’t mean
it’s not an amazing bottle.”
Don’t: Get distracted and
miss your lot. Between the
bustle of the salesroom and
the food and wine on offer,
it’s easy to get distracted in
the midst of bidding. Keep
track of the auction’s prog-
ress and be ready to jump
in when the time is right.
the auction market on a dol-
lar basis, great values abound
from the rest of the wine
world: Italy, Spain, Germany,
the Rhône Valley and Cham-
pagne can deliver excellent
price-to-quality ratios.
Mixed Lots: It’s common to
see lots composed of full
and half cases of the same
wine, but many auctions also
offer packages made up of
multiple wines and produc-
ers, typically selected by the
specialist team. “Usually, it
will be wines we put together
for a reason,” says Julia Gil-
bert of Sotheby’s. “So maybe
three or four different grands
crus Burgundies from the
’90s that’s a mixed lot will sell
for a different price per bottle
than if it were a pure 12-bottle
case of any one wine.”
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