What to look for when buying wine at auction
Fine wines are now firmly part of what is known as the ‘passion investment’ class – which means assets that could appreciate in value while providing great pleasure to their owners.
Six bottles of 2016 Chateauneuf du Pape, Le Grand Pin, Chapelle St Theodoric – £220 at Dreweatts in July 2022.
But whether buying with an eye to a future profit or purchasing wine for a big occasion, auctions have become an increasingly good place to shop.
Why buy wine at auction?
There are two reasons for buying wine at auction. Firstly, the breadth of fine and rare wines on offer typically exceeds the stock available at the local high street retailer or supermarket. Secondly, as a general rule, the prices are lower.
Wine at auction is typically bought and sold by the case – it is common in auction catalogues to see the abbreviation ‘OWC’, meaning the bottles come stored in their ‘original wooden case’. But many auction houses will also sell good vintages by the bottle or in mixed lots.
The market has broadened in recent times to include wines from much further afield than a mere select few French chateaux.
Six bottles of Hermitage, La Chapelle, Paul Jaboulet Aine, 1994 – £400 at Sworders in June 2022.
What to know
Whatever your budget, you will want to know that the wine has been stored correctly. Bottles ‘laid down’ in controlled storage are more preferable to those housed in ‘passive’ cellars.
Ullage levels – the air spaces in a wine bottle – are also commonly referenced in catalogues. Although older wines will naturally evaporate very slowly through a permeable cork and this is not a concern, a notably large airspace between wine and cork could suggest that air has seeped into the bottle and affected the quality.
Rare and collectable wines abound at auction. This bottle of Chateau Petrus Pomerol 1978, a vintage Bordeaux red wine, sold for £370 at Special Auction Services.
Once the preserve of dealers and restauranteurs, the necessary information to buy wine at auction is far more accessible than it was in the past. There are all sorts of statistics and indices to draw on and the auction room is a great place to learn about the merchandise with specialists on hand to offer advice on what you could buy based on your needs and budget.
Many historic wines are bought at auction for investment. These four bottles of 1959 Chateau Haut Brion, 1er Cru Classe Pessac Leognan, were stored in a fine Norfolk cellar since first release. They sold for £3500 at Dreweatts in April 2022.
Enjoying your hobby
And just in case your appetite is not sated by the many drinkable lots on offer, you could also reach for the ‘tools of the trade’ that are of particular appeal to wine lovers (or oenophiles as they are sometimes known).
Cocktail shakers, antique claret jugs, corkscrews, coasters, wine tasters, funnels, posters and labels can be found at good prices in many auctions of antiques and collectables.
They are fun to find and buy and make an interesting talking point alongside that special bottle.
Three bottles of Chateau de Citeaux Puligny-Montrachet, Premier Cru ‘Les Champs Gains’, Domaine Philippe Bouzereau 2017 – £130 at Wilson 55 in May 2022.
What to do next
Decide how much you’d like to spend and use the search facility on thesaleroom.com to find wine coming up for sale. You can filter your search by, among other things, price and by location of the auction house to narrow down your selection.
To research recent prices at auction so you can see how much different vintages of wine sold for you can also try out the Price Guide.
If you are new to bidding check out our guides to buying at auction – it’s easy once you know how.
