I was just wondering what your auction experiences are. So I attented the Zachy's auction virtually and listened to most of the auction prices as the hammer came down. So much for a soft market. I don't have the data in front of me nor do I have the time to analyze the data. It seemed to me that there were just a handful of deals that were sold below the range. Most were sold within the range, and a surprising number were above.

What's perplexing to me were the high prices for recent Bordeaux releases (2002-2004) and past off vintages (1993, 1997, 1999). My reaction was mostly WTF?!

My other WTF moment was the starting bid prices from those who were there in person and who appeared to big against themselves since no one else placed any bids.

Any thoughts? Is this normal? Who are these buyers?
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quote:
Originally posted by DoubleD:
I was just wondering what your auction experiences are. So I attented the Zachy's auction virtually and listened to most of the auction prices as the hammer came down. So much for a soft market. I don't have the data in front of me nor do I have the time to analyze the data. It seemed to me that there were just a handful of deals that were sold below the range. Most were sold within the range, and a surprising number were above.

What's perplexing to me were the high prices for recent Bordeaux releases (2002-2004) and past off vintages (1993, 1997, 1999). My reaction was mostly WTF?!

My other WTF moment was the starting bid prices from those who were there in person and who appeared to big against themselves since no one else placed any bids.

Any thoughts? Is this normal? Who are these buyers?


you're probably hearing those on the phone bids too though.
Auction seems to be an early indicator as prices dropped off before the crash and starting coming back before many other industries. So we certainly have been seeing some pretty strong prices at auction even for off vintages.

In terms of where we start: It an auction estimate is $500-$800 and we have two bid that we received ahead of the auction for 600 and another for 950, we will usually start the bidding at 650 and if there is are other people bidding, either on the phone or in the room or over the web, we will bid against them up to the 950 mark. You were not seeing people bid against themselves but us bidding on behalf of people who gave us their bids ahead of time.

Jeff
actually a good friend of mine in hk just told me that someone came in and swept all of the available retail and auction blocks of lafite 82.

The reasoning isn't for collection either. It's a big business man that does alot of business in the mainland and apparently the government officials only want Lafite. (also a funny rumor that the reason why haut brion is cheap, is cuz no one can pronounce it).
I have no interest in buying expensive wines at auction, especially when there is increased demand reported.

Also, you must always be very careful about provenance when buying at auction. But buying $200/$300 bottles of Solaia, Ornellaia, Sassicaia, Lafite, or whatever, is for the new collector. I've been there, done that!
quote:
Originally posted by latour67:
I have no interest in buying expensive wines at auction, especially when there is increased demand reported.

Also, you must always be very careful about provenance when buying at auction. But buying $200/$300 bottles of Solaia, Ornellaia, Sassicaia, Lafite, or whatever, is for the new collector. I've been there, done that!

Or Cos Wink

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