From the flood of press releases that have crossed my desk so far, it seems likely that wine auction sales in Hong Kong will be setting records this year. Thankfully, we have a respite from the frenzy of the pounding gravel during the summer months, so it's time to reflect on our spur-of-the-moment purchases. To prepare us for the action-packed auction months ahead, I asked senior representatives of the top four auction houses for buying tips: John Kapon, president of the largest wine auction house in the world, Acker Merrall & Condit; Jeff Zacharia, president of one of the oldest, most highly regarded American wine auction houses, Zachys; Robert Sleigh, senior director and head of wine for Asia at Sotheby's Hong Kong, who recently hosted the hugely successful and historic Lafite auction in Hong Kong, and Charles Curtis MW, head of wine sales for Asia at Christie's, who played a major role in the successful ex-cellar auction from Latour.
What are the most common mistakes you see buyers making at auctions?
Jeff Zacharia: Not coming prepared. The auction goes very quickly. We sell, on average, two lots a minute, so you need to be prepared ahead of time with your bidding strategy.
Charles Curtis: The most common mistake is for buyers to arrive at the sale without having an idea of the appropriate prices for the wines that interest them, which can lead to indecision and lost lots. The best strategy is to decide on spending limits in advance and stick to them.
Robert Sleigh: Doing your homework before an auction will help avoid most issues. If you are building a drinking cellar, the most common mistake is buying lots of wine that all matures at the same time. Think ahead and work out what you want to drink now and then over the next five, 10 and 20 years. If you are buying as an investment, only time will tell if the purchases were wise.
What specific wines (including vintages) are undervalued at auction?