Langton's Reserve & Estimate gone up during auction

[Alan Foo]

Can they bring up their prices of Reserve and Estimate during an auction? Their Sydney auction closing today the CHATEAU LAFITE-ROTHSCHILD 1979 Magnum, (reserve was at $425 and the Estimate was at about $500 - $600). I was the winning bit at $425 on the first day (knowing very well I will be out bid) but now bidding gone up to $756 and the estimate change to $800 - $1200.

[Michael McNally]

Looks like they can!

Caveat emptor!

[orpheus]

I don't see why they can't change the estimate, though it is an admission that they undervalued the price in the first place.

As for the Reserve, why would they change the reserve, if they have already passed it, and if they have passed it, what does it matter?

On the other hand, if they auto-bid up to a certain price, that would be misleading and deceptive conduct, which would be a serious matter.

[GRB]

Since the new regime took over, price estimates have pretty much been random numbers, not even vaguely representing what the wines had previously sold for. Not sure what is happening now with reserves but they used to auto-bid up to them.

Glen

[Hacker]

The starting price you see for each item is one dollar below the reserve. One bid and it is yours, unless someone outbids you. This is different to the old system when it bid against you until the reserve was met. At least with this method you know how high the reserves are (too high in many cases, with so many wines being passed in).

[orpheus]

I'm not surprised they stopped the previous practice. It is misleading and deceptive, because it persuades the unwary that there is a willing bidder who is prepared to pay a certain price, and gives them a false sense of the market price.

[TiggerK]

Yep, at the end of the day, it's up to the buyer to decide if they want to pay whatever price is set/bid for that wine. Buyers always have that choice!!

(Won a modest few tonight myself, quite happy that there's not much competition, but I'm in the little league of bidders, no Lafite action here.... but did score a John Riddoch 1988 for $65 inc premium amongst other smaller stuff)

Cheers
Tim

[Alan Foo]

1800hrs sold for $1301 and Estimate change to $1000 - $1300

[markg]

I reckon you may have dodged a bullet there anyway Alan. The 79 is supposed to be pretty ordinary if not faded by now. Any premium in this wine is its rarity in Australia rather than its quality drinking. (Since April 2009 only 12 bottles have come to market and they were all on the same date, and never a magnum of the 79).

[orpheus]

1800hrs sold for $1301 and Estimate change to $1000 - $1300

Estimate still wrong .

[Alan Foo]

I reckon you may have dodged a bullet there anyway Alan. The 79 is supposed to be pretty ordinary if not faded by now. Any premium in this wine is its rarity in Australia rather than its quality drinking. (Since April 2009 only 12 bottles have come to market and they were all on the same date, and never a magnum of the 79).

You are right Mark, the bullet just pass me by (some Chinese must be bidding very hard on it). Anyway I will not pay more than $550 for the 79 Magnum. Well I am happy with your auction house and will stick to it.

[markg]

I reckon you may have dodged a bullet there anyway Alan. The 79 is supposed to be pretty ordinary if not faded by now. Any premium in this wine is its rarity in Australia rather than its quality drinking. (Since April 2009 only 12 bottles have come to market and they were all on the same date, and never a magnum of the 79).

You are right Mark, the bullet just pass me by (some Chinese must be bidding very hard on it). Anyway I will not pay more than $550 for the 79 Magnum. Well I am happy with your auction house and will stick to it.

Maybye you should start grabbing Petrus and other right bank wines while they are still relatively cheap instead

[GraemeG]

Hi Mark,
Had a look at your August catalogue.
Thought this description very apt:
1 Set WOLF BLASS WINES Royal Wedding Vintage Port, Barossa Valley 1979 (2 x bottles in presentation case, Dianna weeping badly, Charles weeping, both BON, stained display case )
Tell me you didn't chuckle putting that together!
cheers,
GG

[n4sir]

Some funny things happened to me in this auction too.

I was initially bidding on a magnum and got an email to tell me it was in fact a 750ml bottle, and my bid was removed - fair enough.

In the dying moments I found the website froze up for about 30 seconds as I was putting in a counter bid on another item, so I didn't get it. Not happy - I thought they sorted that crap out years ago.

Cheers,
Ian

[markg]

Hi Mark,
Had a look at your August catalogue.
Thought this description very apt:
1 Set WOLF BLASS WINES Royal Wedding Vintage Port, Barossa Valley 1979 (2 x bottles in presentation case, Dianna weeping badly, Charles weeping, both BON, stained display case )
Tell me you didn't chuckle putting that together!
cheers,
GG

Thank you Graeme, I did wonder if anybody else would notice it - and yes, I was quietly giggling.. I mean chuckling

[thomashouseman]

Mark, typo on your front page:

The August wine auction has now closed, but you can download a catalouge to see what wines we had on offer.

[markg]

Thank you Thomas.. My eyes go a little square after a while in front of the computer