Advertisement
Advertisement

Wine lovers, do your homework before an auction

Nellie Ming Lee

Going once … Thanks to its zero-duty status, Hong Kong has grown to be the Asian centre of the wine auction world, setting records every year, with prices for first growth and rare wines reaching stratospheric levels.

The blue-chip wines are, of course, the first growths – chateaux Mouton-Rothschild, Latour, Lafite-Rothschild, Margaux and Haut- Brion. These names come up so frequently it sometimes seems that auction houses are offering the same wines over and over.

Illustration: Bay Leung

What makes a collection unique is the person whose cellar it belonged to (although names are not always released) and, of course, how the wines have been stored and shipped. Current trends in the auction market are leaning towards the rare wines from Burgundy, in France.

But why buy wines at auction? For a buyer, it is an opportunity to access mature wines that are missing from their cellar.

For a selling collector, it is a way of clearing space for other wines they are now more interested in. To the novice, wine auctions can be intimidating, but once you’ve sat in on a few, you’ll realise that the proceedings are quite simple.

First off, do your homework. Look online at an auction house’s catalogue and mark the wines you’re interested in. It will tell you what’s available and the expected price range. Lots can be extremely varied, although they are usually a case, or a vertical (different years), of vintages from the same chateau/house, or a set of the same vintage but from different chateaux.

Then you need to register. This is free. You’ll be asked for your details and given a numbered paddle with which to bid.

Before things get started, set your price limits. Keep in mind that a buyer’s premium, which can range from 15 per cent to 23 per cent of a bid, is added afterwards.

Not all wines are priced at stratospheric levels.

Second wines from the first-growth chateaux can be a good deal: these are made by the same winemaker but from grapes that are not used for the top bottles – they’re usually from less mature vines.

Consider pairing up with a friend to share the cost of a case. Andrew Bigbee, of auction house Acker Merrall & Condit, advises bargain hunters that “the best deals to be had are early or late at auctions”.

It might seem obvious but remember to watch the auction! It is amazing how quickly lots are sold. At one auction I recently attended, there were almost 1,100 lots spread over two days. All in, there were just over 10 hours of auction time. Auctioneers are fast talkers.

When it comes to looking after clients, auction houses take different approaches. Some put everyone in a hall with rows of chairs and banks of monitors, so attendees can see what lots are up and what previous lots sold for. Others like to mollycoddle clients; some provide their guests with food and a few sips of wine from the collections on offer.

The most personable and able auctioneer I’ve had the pleasure of meeting is John Kapon. The owner of Acker Merrall & Condit, he takes up the gavel as auctioneer and works the room, pouring wines for his clients.

The most intimidating?

Years ago, I met Michael Broadbent, of Christie’s Wines, and was completely tongue-tied. Today, the head of Christie’s wine division in Asia is Simon Tam, who is very approachable. A memorable encounter with Tam in his office saw us sharing a bottle paired with gummy bears.

 

Post