Wine by auction is a great way to buy unique and quality wines. However, buying at auction is not without its challenges. Buying wine by auction requires you to study the lots in the catalog carefully to determine which ones are best suited for you. In addition, you may have to attend the auction in person to make the purchase. Besides, buying wine by auction often means waiting several weeks for your wine to arrive.
Whether you are planning to host a wine auction for a business or social event, you should be familiar with the terms used by wine auctioneers. These terms include provenance, ullage, and humidity controlled storage. Knowing how to use these terms can help you decide which wines to purchase. Listed below are a few tips to help you choose the best wines for your auction.
Ensure that the auction house is legitimate. It is important to check the reputation of the auction house, as a bad reputation can damage your reputation. Also, be aware of hidden fees in the auction house. This may affect the total amount you receive from your purchase. Be sure to ask lots of questions before signing any contracts. Most reputable auction houses are open to consignor input, and will use it to better market your wine.
Wine by auction is not a good idea for people with a poor credit history. Some wine auction websites require buyers to submit a credit card to purchase a bottle. This is not an ideal situation for many wine lovers. In addition, you may find yourself losing money on an item that you didn’t like.