Sold! to the highest bidder. Looking to find older or rare vintage wines, but your local wine shop doesn’t carry such a selection? Wine auctions may be a great solution.

There are two wine auctions coming up this month (see below), but before you head to the auction, here are some pointers to get you started.

Wine auctions typically aggregate the contents of various collectors’ cellars (or in some cases, one very prolific collector) when the collector has decided that he or she would like to liquidate some or all of their wine inventory. The best buys are frequently on mixed lots, which contain wines from several different producers and often in small quantities as these are less prized for their investment value as compared to full cases of a single wine.

** Register for the auction in advance, especially if it is being held at a restaurant, to ensure that there is space available. Registration will require you to provide credit card information.

** Peruse the catalog in advance to identify lots in which you have an interest and pay attention to when those lots come up. Lots will be listed with a low estimate and bidding will begin at that price.

** Decide how high you are willing to go and be willing to walk away from a lot that gets too expensive. Don’t get caught up in the moment amidst the frenzy of competitive bidding.

** Be aware that there is some risk involved when buying older wines. Reputable auction houses will spend time testing and tasting a selection of wines to ensure that they are in good condition and will check provenance as well. However, there is no guarantee that the wine will be okay. Accordingly, the catalog will usually indicate overall condition of the bottle — ullage (level of wine), label damage, and other aspects — to advise the buyer. For an extreme example, see my previous story.

** Expect to pay a Buyer’s Premium fee, which can be as high as 20%, above the actual hammer price of the lot.

** Expect to pay for lunch or dinner if you enjoy a meal as part of the auction. Some auctions may permit you to bring your own wine to accompany the meal and will waive the corkage fee.

Upcoming NYC auctions: 
Morrell & Company Fine Wine Auction
June 24, 2009
11:00 AM
Internet only – online bidding
Absentee bidding now open Zachy’s Wine Auction

June 25, 2009
9:00 AM
Restaurant Daniel