Auction Hammer
BY MELANIE YOUNG
September 18, 2018
Whether you want to downsize a prized collection or can finally procure an elusive bottle, here are expert tips on how to do it.
Global wine auction sales are on the upswing, according to specialists. Jamie Ritchie, head of Sotheby's global wine program, projects $90 million in sales by year's end, which would top the existing record of $88 million in 2010.
Though nothing has topped the Jeroboam of 1945 Château Mouton Rothschild that sold for $310,700 in February 2007 at Sotheby's.
If time is of the essence and you're comfortable with settling on a firm price, a direct sale may be the best choice. However, with an auction, the sky is the limit.
Like any major transaction, it's wise to comparison shop. The reputation and success rate of an auction house is paramount, along with the size and reach of its customer base.
Many houses have minimums based on the value of the wine lot, which can be one item or an entire collection. Also, the lot's size and value can affect the seller's fee, which ranges from zero to 18%.
It's the auction house's responsibility to appraise the wine and set a price. Munro stresses that sellers should submit important documentation well in advance, especially those with large collections.
Most auctions take place between September and May.
Bordeaux and Burgundy are more in demand but scotch and Japanese whiskies are both growing.
One example is the current offerings slated for t e coming 13th Oct. 2018 auction at Sotheby's New York. A bottle of 1926 Macallan Scotch is priced at $700,000 to $1.2 million, a new lot estimate record for Sotheby's.
Join auction house mailing lists, and review past online sales and recent catalogs to compare what's selling.
Another consideration is the buyer's premium to the auction house, which can range from 19.5-24%.
