Aug 13 2008
The Secrets to Playing the Wine Auction Game
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 have already forecasted that over the coming year, there will be a quiet, but steadily expanding market for wine auctions. Wine auctions and online wine sales have become the perfect method for people to purchase otherwise hard-to-find or impossible wine gems at a fraction of the cost they would normally pay.
Publicity abounds for the older, more expensive wines sold at auction, and as a result, most consumers tend to believe that these auctions are limited to experts, wine connoisseurs, and the very rich. This could not be farther from the truth. While the best-publicized wine auctions are either for charity or for the extremely wealthy, there is a plethora of auctions where the average consumer can make a killing, while making a donation to a charity. In return, they will take home a delectable bottle of wine.
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 cozy 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.
While there are a number of well-heeled patrons bidding in the thousands for a single bottle of a specialty offering, wine auctions are mainly made up of donations made to local charities in exchange for a bottle of wine. With online auctions, research can be done prior to bidding. After an auction has concluded, a would-be bidder can use the prices of that auction to get a good idea of the going rate for various bottles of wine. This way, you will be very prepared when the next auction starts. Online wine sales allow prospective visitors the time to do great background searches of the databases to ascertain what to bid.
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.
Auctions provide a convenient way to dispose of them so that they do not just go bad. The well-informed buyer will get a deal. Many auctions are set up around lunches, which make sense because most of the heavy bidding goes on in the middle of the day. What a way to enjoy your purchase than over lunch.
Leave a Reply
You must be logged in to post a comment.
