Our contributing wine editor, David Harker, experiences the excitement of a wine auction. But will he capture that elusive bottle…
They’re off! There’s nothing like the thrill of a day’s racing. The pre-race butterflies as the horses settle on the starting line. The quick fire commentary building excitement as the race reaches its climax. The finishing line and the smug satisfaction of a winning gamble. Or the empty disappointment of a bet lost.
For a wine lover, attending a wine auction has something of the excitement of a horse race. Except at auction a losing bid isn’t a losing bet. Your unspent cash is safe, at least until the next lot.
Wine is a commodity. Supermarket wines are produced in bulk. They are of consistent quality and ready to drink immediately. If your favourite brand isn’t available today then chances are it will be tomorrow.
In contrast, fine wines are artisanal products. Crafted in limited quantities from the best sites. They are the ultimate, “WIGIG” product, when it’s gone it’s gone.
If you want to be sure to have access to such a wine then you can buy, “en primeur.” That is, snap up a case as soon as the wine comes onto the market and hold in storage until ready to drink or sell. Buying young wine in this way carries storage costs and the risk that the wine will not appreciate in value.
What if you don’t want to tie up cash buying young wine for future enjoyment? Auctions can provide the opportunity to acquire mature wines. Sometimes in small quantities and, if you are lucky, at a very good price.
There is risk in buying any wine. Wine is a perishable commodity and if not stored correctly can develop faults. Buy from a reputable merchant and you can always return the wine if you are unhappy with its condition.
No such safety net exists for wines purchased at auction. The auction house will give you the opportunity to view the wines. They will also give as much information as possible with regards to the wines history and storage. But until the time comes to pull the cork and taste the wine, you can never be sure of the wine’s condition.
There is an unpredictability to auctions. You never know what will come onto the market or if you will be successful with your bid. For me that is part of the fun. The competitive thrill. Will I get what I want or will I be out-bid? With all this in mind I attended the Anderson & Garland summer Wine & Whisky Auction. Established in 1840, auctioneers and valuers Anderson & Garland hold up to sixty auctions a year. In categories from comics to contemporary art, fine art to furniture and of course wine.
There are a handful of people attending the sale room in person. Since COVID remote bidding has increased significantly. Joseph O’Donnell, Marketing Manager at Anderson & Garland explains, “as more auction houses have moved online, business has opened up internationally. Now many clients and dealers prefer to bid from the comfort of their own homes and collect at a later date or arrange shipment of their purchases.”
James confirms that the bidders represent a cross section of the wine community. There is he says, “a mix between serious collectors looking for an investment. Dealers who supply restaurants looking for ‘drink now’ wines. As well as the regular consumer who is looking to pick up a bargain for their summer party.”
Of the 161 lots on offer there are a handful that appeal to me and my wine-loving mates. Like a consortium of race horse owners we have studied the form.
The wines have impeccable provenance. Sourced from the collection of a Northumberland wine loving couple. Following her husband’s death at the end of 2021 the seller decided to put their wine collection up for auction. A treasure trove of fine wines and happy memories to tempt any wine lover.
I have inspected the wines; the fill levels are high, the labels in excellent condition – no signs of damp. So far so good.
A Google search gives an insight into the latest prices. From this information I calculate a value relative to the estimated bid range. I can now pick my favourites and decide how much I am prepared to bid. Like all good gamblers, I know my limits.
But there is an intriguing outsider in the field. My unicorn wine. What would I bid for a single bottle of Château Latour, 1961? One of the world’s most sought after wines from the greatest vintage of the last century. A year that is of special significance to me, it’s my birth year.
The bottle condition is good, as for the wine inside – who knows. It is a wine built to age. Yet, with the first flush of youth long gone and interesting middle age but a memory, will the wine be drinkable? I can’t help but wonder.
The expected bidding for the Latour is estimated to be in the range of £600 to £900. If the wine’s age deters other bidders then I fancy a cheeky bid of a few hundred pounds. A punt, yes, but also a rare opportunity to own something very special.
Out of the corner of my eye I cast an anxious glance at the poker faced competition next to me. The auctioneer starts with temptingly low offers building momentum as the bids increase. He encourages bidders, “seems like a good price to me. The bids against you. Your last chance.” Then, “going, going, gone” and the gavel drops. Sold.
It is worth remembering that there is no cooling off period for auction purchases. Bidding is a legal contract and once you commit you are bound to pay for your goods. Under the auctioneer’s experienced eye there is little chance that I am one nervous gesture away from an expensive mistake.
By the end of the morning I have made a few purchases; Rhône wines from a renowned château in an exceptional year. Burgundy from a favourite producer. Classified claret and a South African icon. All in all a bit of fun and some winning wines to share with friends.
As for the 1961 Latour? The wine of my dreams remains a dream. Sold for £2,500. I imagine to a cold hearted collector with deep pockets and no emotional attachment to the wine. Maybe I’m just jealous that I never will taste the wine of my lifetime. Although I can always saddle up for the next auction…
