Auction whimper?

Stuart Chatfield · Post by **Stuart Chatfield** » Mon Sep 25, 2006 8:05 am

Had a quick and very unscientific scan at some early results. See below my very brief remarks on some highlights. Prices in GBP. They are mixed.

In summary I'd say:

1. 77s still affordable so get in before next year (if the 66 effect this year is repeated)

2. recent vintages (with perfect provenance) are still below the real-terms price of the opening offers

3. some mature vintages - 66, 70 are turning up in price now after a couple of steady years

4. 75s are definitely back on the market - more of them and up a third on prices one or two years ago.

5. mid-range wines from the 80s still make the recent vintages look bad value. (And OK, I know 97, 00 and 03 are better than 80, 83 etc,

but look at the price of that GC 83

! And someone has stored it for 20 years for you at no charge!

)

Taylor 45 (1 bottle) 380 - steady on last year

Graham 45 (4 botts) 3,300 - big increase...in fact mad :?

Dow 55 (3 mags) 1050 - continues to edge up, I would have bid if they'd been bottles or halves!

Fonseca 63 (case) - 1,400 - still edging up

Cockburn 63 (cases) - one case went for 850, the next for 620. Shows virtue of sitting on hands! (You can get at the higher price retail)

Taylor 70 (1 case) 680 - no change

Warre 70 (case) - 480 - glad I got some of my old favourite at about 380 last year - really on the up

Dow 75 (case) - 210 - 75s now back on the market again in big numbers - were almost absent in 2005, I thought they'd all been drunk. Slight increase as was as low as 160 in recent years.

Taylor 75 (case) 270 - really on the up - got some at 200 last year

Taylor 77 (various cases) 560 - 600 - steady/slight fall - a real surprise I paid more last year, but will this one take off for the 30th anniversary trade next year? I think so. Buy now.

Graham 77 (case) 510 - steady

Fonseca 77 - (case) 800 - still on gentle upward trend and diverging from less-favoured Taylor 77

Gould Campbell 83 - (lots of 2 cases) - at effectively 180 per case - what a bargain!

Taylor 97 (case) 380 - 97s at last starting to move out of the opening-offer price territory.

Dow 2000 (case) 200 - phew, an antidote to buying in bond. Some 2000s are definitely on the slide

Tom Archer · Post by **Tom Archer** » Mon Sep 25, 2006 11:10 am

The prices on the 45's are all over the place - last January I bought three good bottles of Graham for £650 + BP for all three.

In fact everything pre 1960 trades on a wide spectrum.

The T97 price was £100 up on last March - I'm not yet convinced there's a trend there though.

I'm a bit doubtful about 30th birthdays - it's an anniversary that many let slip. It didn't boost the 75's much - the prices have risen since.

Overall I think it's better to bid low and bid often rather than to target a specific lot - unless of course the item very rarely comes to auction..

Tom

Derek T. · Post by **Derek T.** » Tue Sep 26, 2006 1:00 am

Stuart/Tom,

The results on the GC83 interest me.

I have never actually taken part in an auction but have browsed many a catalogue and noted that there are quite often multiple Lots of the same wine listed together in quantities of either 1 or 2 cases per Lot. Is it usual for each of these to attract a different price, like the 2 cases of GC83 mentioned above? If this is what happens, how do you decide which individual Lot to bid on if you are not attending the auction? Do you bid low on every Lot and hope they don't all come in at your bid?

Derek

Tom Archer · Post by **Tom Archer** » Tue Sep 26, 2006 1:25 am

For the parcel lots, where a number of consecutive lots are the same, it is normal to bid on the first lot if you just want the one case, and the auctioneer will divert your bid to the subsequent ones, if you are unsuccessful.

If you want more than one case, then bid on more than one of the lots (or in the case of Sotheby's, the bid form asks you how many cases you want)

The rules on parcel lots allow someone who attends in person to win the first lot and then decide how many cases to take.

Years ago I once attended an agricultural auction in the Fens that took place at about 3am.

Stacks of several hundred sacks of carrots, onions etc. were sold in a similar way, with the auctioneer repeatedly going through his routine (at great speed!), - each buyer in turn indicating how many sacks they wanted until all were allocated.

Tom

Derek T. · Post by **Derek T.** » Tue Sep 26, 2006 2:10 am

Thanks' Tom - it all makes sense now - I might be brave enough to place a bid now that I know the rules. I have often wondered if you could innocently bid for one case in a parcel lot and ending up with an invoice for £20k for the whole parcel

Have you ever thought of writing a book about your life experiences? Working title could be "Port, Fireworks and Onions"

Derek

Stuart Chatfield · Post by **Stuart Chatfield** » Tue Sep 26, 2006 2:29 am

I agree with Tom re: "low and often". Trouble is I often fear that when I put in stacks of low bids on one auction (and I'm not there) I'll end up with the lot!

That said, do dip your toe in. I was hesitant at first, but bidding online is as easy as buying online from a shop (except cheaper and less predictable). I called Christies when I started and found them really helpful and not at all snooty that I knew nothing.

You also need to look carefully at whether it's passed bond yet to factor in the VAT etc. which you'll find one some lots but not others.

Finally, look carefully to check the provenance. There's none of that ebay rubbish where one bottle from someone's kitchen turns up. However, there are ways of spotting lots that you know have just come straight from a retailer's own cellar where they've been since release. On the older odd bottles you take a weighted chance - in fact just like retail!

Whenever there is a parcel lot that I want just one of I follow up with an email to the auctioneer, though, to be safe saying clearly what I want! Belts and Braces etc.