Langtons Auction - Any bargains had?

[Scoobinski]

It seems that the popularity, and hence the efficiency of the langtons online auctions have limited the opportunities for eye-opening bargains over the past 6 months.

I thought it would be an interesting thread to see which wines were everyone's stand-out bargain - and perhaps why.

Mine included:
1976 Bin 128 @ $36 - Curiosity
1978 Chateau Beychevelle - $51 - under-rated vintage
1986 Magill Estate - $46
1970 Chateau Montrose - $112

Can anyone can offer an explanation as to why the Melbourne auctions have such an obvious superiority in the diversity and quantity of aged wines to those in Sydney?

[Guest]

You bastard! That 1970 Montrose is worth at least three times what you're paying, it's absolutely stunning...good thing nobody knows. I picked up some 2000 Fox Creek Short Row and Greenock Creek Alices at under $20 inc premium; good value too. I agree that it's getting hard to find a bargain, though I must admit I've NEVER gotten a cooked or corked bottle from Langtons, and that's a big plus.

[Adair]

Hello Scoobinski,

I had a pretty good 1966 Bin 389 a few months back so I could not resist the 1971 Bin 389 for around $90 + comms. I bet you were thinking about that one as well.

Adair

[Scoobinski]

Adair,

It was me buying 3 of the '71 389's a couple of auctions ago for $70 +comm.

I was considering the '63 St.Henri, which went for $141, and the 1928 Climen @$599 - but then realised I could go for a trip to Thailand for those 4 bottles.

Plenty of exciting opportunities, not enough $$$!

[GraemeG]

Can anyone can offer an explanation as to why the Melbourne auctions have such an obvious superiority in the diversity and quantity of aged wines to those in Sydney?

Wish I knew the answer to this as well. I refuse to buy from Melbourne any more, as the freight and insurance costs are now extortionate, and clearly being treated as a profit centre in themselves.

I often feel ruled out of bargains, as I have a real mental block about paying more then $100 per 750ml...although once we've dicvested ourselves of some real estate I'll feel a little happier.

I bought some 3 x 71 Bin 389 way back at auction in 1998 and they were very lovely indeed - still have one of the empties high up on the kitchen cupboards (only $36 each back then - but even then were the bargain of the night).

cheers,
Graeme

[BenK]

I couldn't help myself and bought the Imperial of 1974 Redman Coonawarra Cab........ 220 plus.

Bit of a rip off but one of only 6 made, in good nick and birth year to boot.

Expensive vase for the missus if it is corked.....

[HenryL]

Hi,

What can you do if you did get a corked bottle? Is it possible to get a refund? I won 2 bottles of 91 John Riddoch (2 different lots) last Christmas and found both were corked. Wrote to Langtons twice but did not receive a reply from them. Since then I stopped buying from them.

Cheers

[Baby Chickpea]

Can anyone can offer an explanation as to why the Melbourne auctions have such an obvious superiority in the diversity and quantity of aged wines to those in Sydney?

Wish I knew the answer to this as well. I refuse to buy from Melbourne any more, as the freight and insurance costs are now extortionate, and clearly being treated as a profit centre in themselves.....

.......

cheers,
Graeme

I think Melbourne has a superiority owing to its proximity the SA and the west coast. Many wineries sell their excess inventories through Langton's and Melbourne is the obvious choice (saves on transport and freight). I see Andrew caillard often, so will ask him next time.

The downside is I agree with Graeme. I rarely if ever purchase from melbourne - my "studies" show that prices are typically 5-10% higher for the same bottle in Sydney on the stuff I am usually after, and the freight and insurance is a rip off, adding an extra $3-8 per bottle on the amounts I buy.

Still, it is the ONLY place where they offer arrities I am after like Musar, Madeira and the 96 Bollinger VVF (who's the B%$#@d who outbid me on this? ). Sydney rarely if ever gets the rare stuff.

Most of the stuff i wanted to bid on had gone over my limits.

[Scoobinski]

By purely looking at the age of the wine, and the grape variety, you can assess the likelihood of getting a bad bottle. I have had a few corked over the past couple of years, but would probably be in the ballpark of 5% of all bottles bought. When you compare the price of these bottles at auction to other alternatives (if there are any when trying to find aged bottles), a 5 or even 10% risk is worth the gamble in my book.

Henry, it would seem that you simply had bad luck with your experiences.
When buying aged bottles, I suppose its a risk you have to take; if you ventured into your cellar, found a bottle of 1900 Margaux, and it ended up being corked, I'm sure you'd be - no different to if you took the risk @ langtons.

[Guest]

If the bottles were corked, rather than simply being in poor condition, then the responsibility is not Langtons, it is the producers (ie. it's not Langtons who put the corks into the bottles, so it's none of their business). If the bottles were in poor condition then the responsibility shifts, though from Langtons perspective all they need in that case do is warn you of their poor condition before you bid.

Re: better catalogue at Melbourne, there is another reason for this. Melbourne people are canny tight-fisted hoarders (I'm a melbourne person) while sydney people are more live-for-the-day flashy types: Melbourne people keep their wine long term, sydney people get stuck into it. This is obviously a gross generalisation and does not apply (at all) to those posting here, but is true as a broad statement.

Also: there is a widely held view that wines kept for long periods in Melbourne will be in better condition than those kept for long periods in (the warmer climate) sydney. A lot of sydney and brisbane people therefore buy out of melbourne rather than sydney (pushing prices up). Those who can afford it take this thinking a step further and buy out of London. The irony, or the flaw, in this thinking is that a lot of Brisbane people sell their wines through melbourne because the prices are better (there is no langtons in brisbane) so just because you're buying out of melbourne doesn't mean you're buying wines that have lived their life in melbourne. Wine companies themselves, I'm told, who have run low on stocks of a particular wine and are seeking to replace those stocks out of auction, generally avoid Sydney for this reason.

c.

[FatBoy]

I've noticed the price difference as well, and estimate on average to be in othe order of 5-10% higher in Melbourne.

I'm from Melbourne, but will happily buy from Sydney because the lower rates mean that freight and insurance are covered by the lower prices. For Sydney people, buying from a Melbourne auction would become particularly expensive, so please don't (and maybe our prices will fall ...)

[n4sir]

I didn't renew my Langtons membership earlier this year, as I thought the increase in the buyer's premium to 15% was a bit rich, and their delivery service (McPhees Transport), particularly from Melbourne was less than satisfactory. It's not much of a bargain when the spoils are ruined by incompetent transport and storage.

Cheers
Ian

[GraemeG]

Yes, they're not shy about coming forward for a bigger share of the cash. The first few auctions I attended in 1997 there was a buyers premium of 5%. Within months, the NSW liquour excise of 13% was declared unconstititional and scrapped. For two or three auctions the buyers premium remained at 5% before leaping to 10%. Then we got GST, which pushed the cost to 11%. Now it's 15% incl GST, which is pretty steep. (Lawsons in Sydney is worse - 15% + GST)

Sellers commission at Langtons is the same, so they take 30% of the hammer price. Kinda makes me wonder why any drinkable wine ever shows up for sale!

cheers,
Graeme

[Adam]

If you sell through someone like liquid assets you get a much lower rate, eg 5% odd...also if you sell large or expensive lots you can negotiate lower rates.