What is wine auction?
We heard this term many times, but most of the wine lovers in India may not have witnessed the real wine auction event and I assume many would not be familiar with concept also. Let me explain wine auction here.
Wine auctions are like any other auction event where you can bid for any wine, wines available for auction are rare and fine in nature. Highest bidder gets hold of some of the best wines ever produced in the world. Few examples are:
A Domaine de la Romanee-Conti bottle
A La Tache
A rare vintage of Domaine Dujac from Burgundy
A Chateau Latour from Bordeaux
A Kistler chardonnay from Sonoma
A Screaming Eagle Napa Valley Cabernet Sauvignon
There are three types of wine auctions
1. First-Hand Wine Auctions:
These are live auctions held by a winery or wine company. They’re usually held as charity auctions, for product promotions, or just to gauge the market response to new products.
2. Second-Hand Wine Auctions:
This is the domain of auction houses like Sotheby’s New York and Christie’s where you can find vintage and investment-grade wines. It could be a live auction or a silent auction where bids are simply written on paper and placed next to the item.
3. Online Wine Auctions:
Here, a sale is broadcasted virtually and a bid can be accepted online, allowing you to participate from anywhere in the globe.
In case of second hand wine auction there are many auction houses, doing it, but most credible and famous ones are:
1.Sotheby’s Wine: Holds over 20 wine auctions (live or online-only) each year in London, New York, and Hong Kong
2.Christie’s: Wine & Spirits department organises live auctions across Europe, USA and Asia, and online sales all year round.
3.Acker Merrall & Condit: Holds over 15 live auctions each year, and tons of online auctions every month.
So if you are a serious wine investor or connoisseur try one of these auctions, but be clear what you want and research well before investing in wine. Also you should be clear when to bid or sell.