Usually, there are online bids with maximum prices they are willing to offer and these are matched against the people at the live auction on the day of the sale. The buyers bid up the price to whatever level they choose until the sale closes. Christies and Hart Davis Hart are two of the larger firms that do auction style. In the auction model, the bottles are usually consigned to the seller and they promote the wines in regular sales, attracting lots of buyers. If you want the bottle, you pay the price and it is yours. There is a secondary market for most wines, so they can’t get too crazy as you can check more than one site to ensure the price is fair. In the retail model, they buy the wines and mark them up to appropriate levels for the age and condition of the wines. There are two basic business models that are used in this space, retail and auction. If there has been deterioration of the wine level or the label, they will usually note that in the description. They usually know the collector and sometimes check the storage conditions to make sure that the wines have been properly cared for during their aging process. They can’t certify the wine isn’t corked, that is the buyer’s risk – but that’s always the case. The good news is that part of the value provided by the retailer is a careful inspection of the bottles to ensure they are not fakes and that they are in reasonable condition.
In either case, you are the beneficiary of these amazing collections, lovingly gathered and carefully aged. I’ll talk about selling some of your collection in a future article. Sometimes this happens when a collector shifts their tastes over time or sometimes it happens after they pass on and their estate is liquidating a very large liquid asset.
Usually, these vendors specialize in buying larger cellars from big collectors of wine. Now, they don’t buy young wines and lay them down for many years, waiting for the peak of drinkability either. There are several online retailers that specialize in these older gems which have a great selection of ready-to-drink age-worthy wines for you to grab today and enjoy at your next special dinner. In a separate post, I wrote before about buying your wines aged and ready to drink rather than heading to your local retailer and buying some “fresh” stuff.
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