Wealth

Wine Auctions: How to Find the Best Deals

Attending a wine auction is a little bit like playing blackjack in Las Vegas, with a few important differences. One is that you never—well, rarely—walk away from the venue having spent money for nothing

By: Bruce Schoenfeld
[ Updated: Sep 12, 2008 - 12:48:40 PM ]

For a moment, I felt exultant. Four hours into his first wine auction, my friend Steve Woodward had finally won something. The lot was a 12-bottle case of good Bordeaux from the 2000 vintage -- Chateau Sociando-Mallet, in the Haut-Medoc -- and the bidding had played out just like in the movies. Woodward discreetly raised his numbered paddle, topping the previous bid by $20. The rapid-fire auctioneer gave the rest of the bidders a countdown, and then pronounced the lot "Sold!" in a voice that sounded like James Earl Jones's.

In truth, I believed I was responsible for Woodward's success. I had prodded him into attending the event, which was held a half-hour's drive from his home in suburban Chicago. I'd studied the detailed catalog published by the auction house, Hart Davis Hart, and chosen lots on which we should bid based on what we liked to drink and what he already had in our cellars. Then, in the heat of the moment, I'd called an audible and recommended he concentrate his efforts on the Sociando-Mallet, which typically offers some of the best value in all Bordeaux.

But now I panicked. Buyer's remorse is even worse, it turns out, when you're not actually the buyer. What if, at $420 plus 17 percent commission and Illinois state tax, Woodward had paid too much? Even worse, what if he didn't like the wine?

"I did well?" he asked.

"You did well," I said, adding a reassuring nod. He smiled, then began to pack up his belongings. "I'm going to head home," he said. "That's about all the action I can handle."


Attending a Wine Auction
Attending a wine auction is a little bit like playing blackjack in Las Vegas, with a few important differences. One is that you never -- well, rarely -- walk away from the venue having spent money for nothing. On the other hand, sometimes you don't know if you've really won until years after the event, when the wine you've purchased has rounded into form and is ready to drink.

In the Wine Spectator tasting note I hurriedly looked up after the auction, for example, the 2000 Sociando-Mallet is said not to be at its best until after 2007. Thinking about that made me feel better. I've known Steve 20 for years, so it was unlikely that he'd lose my telephone number by 2007. But it might be possible that he'd forget where he got the wine. (If he said he liked it, I could always remind him.)