Archive for August, 2009

A more transparent auction history

Posted in Auction help and tips, Site improvements and modifications on August 10, 2009 by AB

One of the challenges when listing rarer or older wines for sale is knowing how to price them. Bidders selling via our large volume consignment auction service are provided with a comprehensive list of estimates as part of the service but for odd bottles many users rely on Wine-Searcher. This can help but in truth many of the higher prices listed are an illusion as they’re from firms who will buy in the stock from other merchants when orders are placed and thus need to price high to ensure they can make a margin. Historical price data on Bid for Wine is a much better indication of the real market price as it reflects real transactions.

Until recently searching our back catalogue of historical prices was awkward as there was no way of ‘interrogating’ the site with a free-text search (e.g. Cape Mentelle Cabernet). From today though this has changed and now you can freely search over 1500 previous auctions in a more fluid, intelligent way via the ‘search closed auctions’ box. This is the first of two important changes in this area – shortly we will also be unveiling a new, more flexible listing type which will help sellers establish the market prices for their wines even more accurately.