On The Block
The Henschke Winery in Australia (Dragan Radocaj photo/courtesy Henschke).
EVER HEARD OF NECROVINOPHILIA? IT MAY NOT BE AN ACTUAL WORD, BUT MY FRIENDS CALL IT THE LOVE OF OLD (SO OLD THAT THEY SHOULD BE DEAD) WINE. I SUFFER FROM IT; LOVING WINES THAT ARE AS OLD OR OLDER THAN ME.
If you share that passion or illness as it were, you probably cannot go to your local wine store and grab a bottle of old or ‘mature’ Burgundy, Bordeaux, Champagne, Napa Valley Cabernet, etc. If you have a cellar full of mature wines that your parents left you or you purchased when you were younger and were able to keep your hands off (and keep them properly stored) for a few decades, I truly envy you. But others like me must scour the internet and/or bid on those types of wines at auction.
An auction can be a wonderful place to find what you are looking for, but it does not come without risk. You will find old and rare wine, cult wine or wines that you might not even be able to acquire through any other channel. Auction houses are the flame that all wine collector moths are attracted to. Names like Zachys, Acker, HDH (Hard, Davis, Hart) are some heavy hitters that specialize in wine and spirits. Revered auctioneers like Sotheby’s and Christie’s are also heavily invested in the wine trade. There are also online auction platforms like K&L and winebid.com. All function in much the same manner: they acquire collections from individuals, establishments or producers and sell them. In the process they charge the seller as well as the buyer a certain percentage of the sale for their effort.
Sotheby’s holds the world-record price for a single 750ml bottle. It was a bottle 1945 Romanee-Conti and was sold back in October of 2015 for $558,000 (which was 17 times its original estimate)! No, it was not me—but if you know the person, do reach out if any service is needed. Through the years I have had great luck in acquiring wines for myself as well as clients. I remember specifically a magnum of 1945 Mouton-Rothschild, which I ended up getting under high estimate. There was also a 10-year vertical of Henschke ‘Hill of Grace’ Shiraz that was overlooked by others and I was able to get for even below low estimate. Yes, I have missed many lots as well. But, if you are going to drink the wine you are buying, you never talk about the ‘one that got away.’ There is always another auction. I started buying at auction in 1999 and here is my advice for those who are going to auction in hopes to find their own treasures.
1. BE AWARE OF ALL COSTS
Make sure you factor in any premiums, storage and shipping before you decide on how much you want to bid for any item. And how long it will take for you to take receipt of your wine.
2. DO YOUR RESEARCH
Check how much a wine is selling for on the open market or how much it sold in the most recent auction. You can find out the latter just after an auction closes as the auction house discloses how much each lot was sold for. Then you can make the best decision on how much to spend for that wine.
3. PAY ATTENTION TO PROVENANCE
It is rare that you know where any wine comes from with online auctioneers. Auction houses that print catalogues are usually quite proud of the collections that they are selling so they will not only mention their profession and how the wine was acquired and stored, they may even mention the name of the collector who is selling it. Good provenance will help you to steer clear of counterfeits as well making sure the wine was stored properly. Remember all auctions are caveat emptor or buyer beware. This means that any faulty (or even counterfeit) wine is not the responsibility of the auction house.
4. WHENEVER POSSIBLE, INSPECT THE BOTTLE
Auction houses will send you pictures if you request it, even if it is not already pictured in the catalogue. Especially if you’re going for something very rare and/ or expensive. You need to see the condition of the bottle and label. Use this to ascertain if you think it is genuine as well as how much you want to spend on it.
5. SET YOUR LIMITS
Research is hugely important here to set your limit. Do not get caught up in the moment, especially if you have already been drinking. That is when people overspend. Both ego (bidding against someone or trying to show off) and lack of self-discipline (inebriated) can put a dent in your wallet. In addition, it is very rare that that bottle you are bidding for will never be seen again. There are those unicorns that may never again see the light of day. However, for the other 99 percent of wines at auction, chances are good that you will be able to find that same wine again. The name of the game is not to overpay. If you do not trust yourself, then you can get someone else to bid for you. There are many consultants who do just that (i.e. me).
Whether you like your wine young or old, auctions will have something you are looking for. This advice will arm you with strategies to make sure your experience a good one. Now if they could only guarantee there are no counterfeits.
Follow Roberto Viernes on Instagram @filwines