WITH THESE SIX TRIED-AND-TRUE TIPS, NEW AND EXPERIENCED COLLECTORS ALIKE CAN FEEL CONFIDENT BIDDING ON THEIR NEXT BOTTLE
By Frank Martell
First experiences in buying wine at auction can be daunting for neophyte and veteran collectors alike. Much of the news from auction rooms worldwide focuses on intimidating estimates, counterfeits and eye-popping prices. That said, auctions remain an essential and trustworthy source for collectors at every income level. Whether you’re shopping for daily drinkers with a little age or investment-grade wines, the core principles remain the same.
Heritage Auctions has a long history of offering exceptional wines and elite collections. In March 2023, for instance, the auction house introduced Part I of The Lawrence Collection, a single-owner collection featuring every esteemed growing region in the world, and followed up with Part II in February 2024. Highlights included two bottles of 1996 Romanee Conti that sold for $27,060.
1. Know the Auction House
Before placing any bids, take time to research the auction house. Don’t hesitate to contact the staff with questions about the provenance of the lots you’re eyeing. Many auction houses now provide detailed online descriptions and condition reports. With the rise of digital auctions, it’s crucial to know how the house sources its wines and the reputation of its consignors. Establishing a relationship with the team behind the scenes is just as valuable today as ever.
Heritage’s Fine & Rare Wine auctions, like the November 22 sale that features this bottle of 2000 Lafite-Rothschild, allow bidders to place a maximum bid in advance, which can help curb overspending.
2. Know Your Limits
Auctions can be exciting, but it’s important not to get carried away. The proliferation of online bidding platforms makes it easier than ever to overspend. If you tend to get caught up in the heat of competition, consider placing your maximum bids in advance via an absentee or “limit” bid feature. Most auction platforms now offer mobile apps that let you track bidding in real time, but remember there’s always more wine out there. Unless you’re hunting for particularly rare bottles, you’ll likely find the same or comparable wine at a future sale.
The only time you really want to stretch is when buying something of deep historical or personal significance. If you’re purchasing a 1961 Petrus, 1990 Roumier Musigny or an elite wine from your birth year, spending too little often means settling for a lesser example – and if a wine doesn’t drink well, then you haven’t really saved any money. When seeking a truly exceptional wine, it’s less about value and more about ensuring the bottle lives up to its pedigree. Cutting corners may leave you with a wine that doesn’t deliver the experience you’re after – so, in such cases, consider the price of admission rather than the bargain.
Provenance is among the factors that can indicate a wine’s condition. These bottles of 1985 Domaine Dujac Bonnes Mares available in Heritage’s November 22 Fine & Rare Wine Signature® Auction hail from a pristine cellar of First Growth Bordeaux from the 1980s and ’90s, which means collectors can bid with peak confidence.
3. Understand Your Calculated Risks
Wines in less-than-ideal condition carry higher risks, particularly when buying older vintages. Fill levels, color clarity and provenance are critical indicators of a wine’s condition. In my experience, the most important factor when buying back vintages is the color and clarity. As a consumer, I’m not overly concerned about fill levels unless there are signs of seepage or abuse. I’ve had excellent experiences with lower fills when the color is right. These are calculated risks, and the juice is often worth the squeeze if you are open to trying new things!
Every buyer should have a clear strategy regarding risk tolerance. Some of the most rewarding bottles can test your limits, but it’s important to make careful decisions that won’t diminish your enjoyment of the hobby. While auction houses typically stand by the wines they sell, most won’t refund flawed bottles unless mishandling is evident. Issues like cork taint or premature oxidation are natural faults, and not every prestigious wine was well-made. However, for storage-related problems – like heat damage or oxidation – the best houses will work with you to resolve the issue.
At HA.com, collectors can research past Heritage sales, like the $10,672 realized in March 2024 for six bottles of 2000 Sine Qua Non Heels over Head.
4. Do Your Research
One of the best things about wine auctions is the opportunity to acquire hard-to-find bottles, often at a bargain price. However, not every low price is a good value. If a wine that typically retails for more than $150 is selling for $40 to $50 at auction, there’s probably a reason. The wine could be out of favor or, worse, of inferior quality. Today’s online platforms offer tools to track past sales and pricing trends, so use these resources to gauge market demand and avoid potential disappointments.
In September 2024, Heritage offered the personal collection of Napa Valley legend Dick Grace. Among the standout lots was a vertical collection of the first 36 vintages of Grace Family Vineyards Cabernet, which realized $27,060.
5. Embrace the Value of Mixed Lots
While full cases of wine usually command a premium, mixed lots can offer tremendous value. These lots often feature a variety of labels and vintages, allowing you to sample a broader range of wines for less than the individual bottle cost. Many online platforms now let you filter for mixed lots, making it easier to spot value opportunities. Don’t hesitate to explore unfamiliar names. Discovering hidden gems is part of the joy of wine collecting.
Heritage’s November 22 Fine & Rare Wine Signature® Auction, which offers in-person and virtual bidding, features a variety of sought-after vintages, including this bottle of 1990 DRC Richebourg.
6. Explore Online and In-Person Auctions
The rise of online bidding has made it easier than ever to participate in wine auctions from anywhere in the world. Whether you attend in person or virtually, the variety of wines available is always impressive. Even if you’re not ready to bid, take time to explore the auction scene, as both the atmosphere and the selection are worth experiencing. Once you’ve familiarized yourself with the process, you’ll find that auctions are an excellent source for consumption, collection and investment-grade wines alike.
FRANK MARTELL is Senior Director of Fine & Rare Wine at Heritage Auctions. He can be reached at FrankM@ha.com or 310.492.8616.