Archive for November, 2008

A game of 2 halves.

Posted in Uncategorized on November 27, 2008 by AB

Yesterday saw the close of Bid for Wine’s feature auction ‘Superlative Syrahs’. This included some stellar wines – La Chapelle 1990, La Chapelle 1978, Grange, Chave. At the same time, another major auction house was running a big sale. Digging through results this morning a clear difference was apparent:

Carnage in London with many lots not selling, whilst Bid for Wine acheived some excellent prices for sellers.

So, you’ll say, ‘surely I should be buying in London’? – well not necessarily!

  • Bid for Wine charges very low commissions compared with a normal auctioneer meaning that sellers will often accept lower prices because they’ll still end up with more money in their pocket overall- and the buyer gains from the pricing too.
  • There are no charges for buyers on Bid for Wine meaning that the price you see is the price you pay. Contrast that with the saleroom where a bargain often becomes expensive once you’ve paid buyer’s premiums, VAT charges et al. Because there’s no buyer’s premium going into the auctioneer’s pocket this also means a good deal for the seller who doesn’t see buyers building a discount into their bids to offset the extra costs.
  • Furthermore Bid for Wine allows you to be in attendance at any sale without leaving your desk. This means there’s no more missing that bargain or special bottle because you were stuck in the office or couldn’t place a telephone bid.

The following gives an indication of prices we achieved yesterday:

  • Hermitage La Chapelle 1990, Jaboulet (1 bottle) – £355
  • Hermitage La Chapelle 1978, Jaboulet (1 bottle) – £445
  • Chave Hermitage 1995 (3 bottles) – £350

In addition, an excellent price was acheived for the ‘star lot’ of Cote Rotie 2005, ‘Hommage a Etienne Guigal’. This attracted bids upto £1100 and just failed to reach its reserve. However, an offer post-auction saw the magnum sell for £1250 – money which will go directly to The Pebbles Project which helps underprivileged children in South Africa.


New features!

Posted in Uncategorized on November 21, 2008 by AB

We’re delighted to announce that round one of the improvements promised in our newsletter a couple of weeks ago have made it on to the site.

  • Intelligent auction listings – the site now remembers what you’ve previously entered under ‘delivery details’ so you don’t have to re-enter them every time. By my stopwatch, this saves about 25 seconds per listing!
  • New listings search – You can now search for auctions by when they were listed (Last 24 hours/Last 48 hours etc). Now you can log on every day and easily see what new and interesting lots have appeared!

  • The good news is that even more features are scheduled to appear in the next 10 days so keep checking back!

Some thoughts on helping wines to sell

Posted in Auction help and tips, News on November 11, 2008 by AB

Watching the patterns behind which wines sell best on Bid for Wine has revealed several simple steps to help get the best prices and the most interest from buyers.

So what’s the secret to generating lots of interest in your wines?

  • Pictures generate interest and make your lot stand out amongst other listings. They also reassure potential buyers about the wine you’re selling as it’s possible to see verify the accuracy of descriptions of the ullage, the condition of the label and so forth. This is particularly relevant where the wine is old or rare. Including a photo of a bottle is tricky where you’re listing an unopened OWC (original wooden case) or wine which is In Bond, though a photograph of the case itself is useful and some bonded warehouses will take provide photographs of your wine on request.
  • Bids attract other bids. Bidders on auctioned lots like to know that other people think a wine is worth bidding for. They will often be more inclined to bid on lots which already have bids on than those that don’t. You can attract early bids on auctions by setting a low (or no) starting price as people will happily place bids on a well priced lot on the off-chance that they might get a bargain. If the starting price is set just below what you’d like for the wine you’ll lose the interest of these speculative bidders.
  • Is your reserve realistic? If you’re selling via an auction listing, wines with a reserve equal to the price at which a wine can be bought from a merchant can be difficult to sell. Potential buyers often expect a discount when buying at auction as they may not have the safeguards (e.g. a returns policy) that they would have when buying from a merchant.
  • Sellers who offer buyers a range of collection and delivery options get the most bids. The cost of delivery on a relatively low value lot may make it unattractive so consider offering the buyer the chance to collect the wine from you.
  • Tell potential bidders the story behind the wine. People are unlikely to buy very old, very expensive or very rare wines (all of which are targets for forgers) without some reassurance as to where the wine has come from and how it has been stored.

In conclusion a few simple steps can dramatically enhance the likelihood of your wine selling and increase the price you receive for it.