Hi all,
Have not been active in this market for some time however recent experience was interesting. Bidding on a silent auction I bid at or a dollar above lowest of stated price range resulting in 100% success. Some crazy low prices including 2001 Jacobs Creek Limited Release (serious upmarket version) Chardonny @$11.00 and Yaulmba Galway Pipe Tawny @ $9.00 and many more.
Seems this market is being affected by the general wine market. Anyone else had similar experiences/views?
Chuck
State of the Wine Auction Market
Chuck, did you get any real wines too? 
I haven't ever bought much at auction (I send my rejects to auction), but recent offerings/prices have seen me dip a toe in the water. If it wasn't for doubts on cellaring I'd possibly buy more older wines, there are quite a few on offer that would come out cheaper than current release prices or even original prices, even after exhorbitant commission/freight/insurance.
My best buy has been Gibson Old Vine Collection Shiraz 1999 @ $25 ++ (may be an abberation, that was the Langtons server crash auction), last retail offering I saw was in the high $60's, it's a very good wine for $30.
I saw a graph of price realisations at auction as part of an article on the Heritage crash, the graph has been flat/trending down for the past year or two, it's only the scarce/cult wines that make a profit at auction these days and that seems to be decreasing as well. I sold some Noons 98 Shiraz from my Thai friend's cellar (to help fund his recent trip to Oz), there was a $100 drop in realised price from the first 2x3 lots to the second 2x3 lots which didn't sell until 2 auctions later.
I just saw a segment on morning TV about the significant drop in Cellar Door sales, focussing on the Hunter in particular, looks like the pressure is continues to mount on small producers too.
I haven't ever bought much at auction (I send my rejects to auction), but recent offerings/prices have seen me dip a toe in the water. If it wasn't for doubts on cellaring I'd possibly buy more older wines, there are quite a few on offer that would come out cheaper than current release prices or even original prices, even after exhorbitant commission/freight/insurance.
My best buy has been Gibson Old Vine Collection Shiraz 1999 @ $25 ++ (may be an abberation, that was the Langtons server crash auction), last retail offering I saw was in the high $60's, it's a very good wine for $30.
I saw a graph of price realisations at auction as part of an article on the Heritage crash, the graph has been flat/trending down for the past year or two, it's only the scarce/cult wines that make a profit at auction these days and that seems to be decreasing as well. I sold some Noons 98 Shiraz from my Thai friend's cellar (to help fund his recent trip to Oz), there was a $100 drop in realised price from the first 2x3 lots to the second 2x3 lots which didn't sell until 2 auctions later.
I just saw a segment on morning TV about the significant drop in Cellar Door sales, focussing on the Hunter in particular, looks like the pressure is continues to mount on small producers too.
Cheers
Brian
Life's too short to drink white wine and red wine is better for you too! :-)
Brian
Life's too short to drink white wine and red wine is better for you too! :-)
.Red Bigot wrote:Chuck, did you get any real wines too?
They don't call you and TORB the RB's for nothing.
Also yesterday's Australian wrote about the Heritage wine collapse. The photo showed 3 bottles of old Grange with very low levels and were probably bought unseen from auction. I agree buying at auction is fraught with danger as I too send rejects there. But sometimes you can strike it rich with more recent vintages although I do recall opening 11 bottles (always a danger sign) of current release chards (yes Chards again!!) and pouring them down the sink. Weeping corks suggested extended storage in someone's boot during summer.
Chuck
More probably they were stored standing up in a wholesalers back shed with no temperature control.
This is the biggest problem with auctions. You have no idea about the storage of the wine and the price you are prepared to pay should be tempered by this.
However, if you have an auctioneer who provides accuarate descriptions of the bottles and is cautious in what he allows into the auction then it may be a gamble worth taking.
This is the biggest problem with auctions. You have no idea about the storage of the wine and the price you are prepared to pay should be tempered by this.
However, if you have an auctioneer who provides accuarate descriptions of the bottles and is cautious in what he allows into the auction then it may be a gamble worth taking.
No question that there's been a marked softening of auction prices over the past 6 or more months. Not everything is affected equally, however - the top wines (such as those in the Langtons classification) haven't suffered too much.
Weeping bottles, encrusted capsules, & similar should be fully & accurately described in the catalogue - if they're not, the buyer has the right to return for a refund (which I've done with no problems from time to time)
If you're prepared to put in the time and do some research, there's some bloody great bargains around - eg Classic McLaren Wines La Testa range - CD/retail is $35 - $45, in a few recent auctions they've been $10 - $15.
Sure there's some duds - I adopt a hard-nosed approach, if the first of a multiple bottle lot is not to my taste, the rest go straight back to auction; couldn't cope with the heartbreak of opening bottle after bottle of unsatisfactory wine.
Weeping bottles, encrusted capsules, & similar should be fully & accurately described in the catalogue - if they're not, the buyer has the right to return for a refund (which I've done with no problems from time to time)
If you're prepared to put in the time and do some research, there's some bloody great bargains around - eg Classic McLaren Wines La Testa range - CD/retail is $35 - $45, in a few recent auctions they've been $10 - $15.
Sure there's some duds - I adopt a hard-nosed approach, if the first of a multiple bottle lot is not to my taste, the rest go straight back to auction; couldn't cope with the heartbreak of opening bottle after bottle of unsatisfactory wine.
I can't speak for the larger auction houses who have catalogues running into the thousands of lots but I know Mark Wickman of Wickman's Auctions is very particular about the provenance of lots he accepts for auction and every lot I've bought in the last two years has been as expected of a well stored wine.
Mark, you may care to to comment?
Mark, you may care to to comment?
Cheers - Steve
If you can see through it, it's not worth drinking!
If you can see through it, it's not worth drinking!
There are quite a few bargains to be had at auction at the moment. There are a lack of buyers in the market for many of the wines that were (only recently) commanding large premiums.
I think there are a number of related factors for the downward trend in price and it is a simple supply/demand equation, we have a rising supply of available wines while at the same time the demand for them is 'effectively' declining.
At present the drinkers and genuine collectors rule the market, while the flippers are laying low, some "investors" are having financial second thoughts and the more prudent are cherry picking the bargains, waiting for the prices to trend upward again.
Most auctions will check the provenence of a wine before listing it and many of them will make note of anything dubious about a wine. I am a keen auction buyer and have been buying from Langtons, ER and Sterling for many years. Out of hundreds of wines that I have personally purchased and consumed in the last few years there was only one bottle of wine in all those years that was obviously cooked, the rest have given me many hours of enjoyment and good memories.
I think there are a number of related factors for the downward trend in price and it is a simple supply/demand equation, we have a rising supply of available wines while at the same time the demand for them is 'effectively' declining.
At present the drinkers and genuine collectors rule the market, while the flippers are laying low, some "investors" are having financial second thoughts and the more prudent are cherry picking the bargains, waiting for the prices to trend upward again.
Most auctions will check the provenence of a wine before listing it and many of them will make note of anything dubious about a wine. I am a keen auction buyer and have been buying from Langtons, ER and Sterling for many years. Out of hundreds of wines that I have personally purchased and consumed in the last few years there was only one bottle of wine in all those years that was obviously cooked, the rest have given me many hours of enjoyment and good memories.
Cheers
-Mark Wickman
WICKMAN'S FINE WINE AUCTIONS
FREE membership, LOWEST auction commissions in Australia.
Now accepting wine for our next auction.
http://www.wickman.net.au
Twitter: @WickWine
YouTube: WickWineAuction
-Mark Wickman
WICKMAN'S FINE WINE AUCTIONS
FREE membership, LOWEST auction commissions in Australia.
Now accepting wine for our next auction.
http://www.wickman.net.au
Twitter: @WickWine
YouTube: WickWineAuction
Hi all,
Tried 2 bottles from the auction. Orlando 2001 Limited Release Chardonnay was is excellent condition and a wonderful drink. Even the mother-in-law who hates wine liked it. Galway Pipe Tawny with "1963" written on the label and still in pint & fluid was fairly average first night but was stunning the second. Starting to slip on day 3. Morris Liqueur Muscat is being poured down the sink.
Chuck
Tried 2 bottles from the auction. Orlando 2001 Limited Release Chardonnay was is excellent condition and a wonderful drink. Even the mother-in-law who hates wine liked it. Galway Pipe Tawny with "1963" written on the label and still in pint & fluid was fairly average first night but was stunning the second. Starting to slip on day 3. Morris Liqueur Muscat is being poured down the sink.
Chuck