A wine auction may also

auction An auction is usually a process of Trade, buying and selling Good (economics), goods or Service (economics), services by offering them up for Bidding, bids, taking bids, and then selling the item to the highest bidder or buying the item from th ...

other

alcoholic beverage Drinks containing alcohol (drug), alcohol are typically divided into three classes—beers, wines, and Distilled beverage, spirits—with alcohol content typically between 3% and 50%. Drinks with less than 0.5% are sometimes considered Non-al ...

s than

wine Wine is an alcoholic drink made from Fermentation in winemaking, fermented fruit. Yeast in winemaking, Yeast consumes the sugar in the fruit and converts it to ethanol and carbon dioxide, releasing heat in the process. Wine is most often made f ...

. There are two basic types of wine auctions: ''first hand wine auctions'', where

wineries A winery is a building or property that produces wine, or a business involved in the cultivation and production of wine, such as a wine company. Some wine companies own many wineries. Besides wine making equipment, larger wineries may also feat ...

sell their own wines, and '' second hand wine auctions'', arranged by

auction house An auction house is a business establishment that facilitates the buying and selling of assets, such as works of art and collectibles. Overview The auction house is the physical facility where the objects are catalogued, displayed, and presented ...

s or other auctioneers to make it possible for any owners of wine to trade it. In most cases, the wines traded at wine auctions are collectible "fine wines" typically suitable for extended cellaring. Second-hand buyers may be looking for mature wines which are no longer available first-hand. In all types of auction the auctioneer charges commission to both buyers and sellers.

First hand auctions

First hand wine auctions are usually arranged by wine industry organisations, and fill promotional or charitable purposes, or are used to gauge the market. The wines sold at such auctions are usually special lot wines, or back vintages stored by the producers. An example of such auctions is the annual wine auction held by

Hospices de Beaune The Hospices de Beaune or Hôtel-Dieu de Beaune is a former charitable almshouse in Beaune, France. It was founded in 1443 by Nicolas Rolin, chancellor of Burgundy, as a hospital for the poor. The original hospital building, the Hôtel-Dieu, one ...

Burgundy Burgundy ( ; ; Burgundian: ''Bregogne'') is a historical territory and former administrative region and province of east-central France. The province was once home to the Dukes of Burgundy from the early 11th until the late 15th century. ...

, where

Burgundy wine Burgundy wine ( or ') is made in the Burgundy region of eastern France, in the valleys and slopes west of the Saône, a tributary of the Rhône. The most famous wines produced here, and those commonly referred to as "Burgundies", are dry (wine), ...

s from vineyards donated to the Hospices de Beaune are auctioned off by the barrel, and often bought by

négociant A winemaker or vintner is a person engaged in winemaking. They are generally employed by wineries or wine companies, where their work includes: *Cooperating with viticulturists *Monitoring the maturity of grapes to ensure their quality and to de ...

s who bottle and sell the wines to the consumer market. Another example are the

German wine auctions A number of German wine auctions are held each year, where the premier German wine producers auction off some of the best young wines, as well as some older wines. Most auctions are arranged by the regional associations of Verband Deutscher ...

where mostly special lot wines are sold, and are bought by a combination of private wine collectors and wine dealers.

Second hand auctions

Second hand wine auctions are arranged by many major auction houses, such as Zachys,

Acker Acker is a surname from German or Old English, meaning "field". It is related to the word "acre" and is the root of the surname Ackerman. People with this surname include: * Alex Acker (born 1983), American basketball player * Amy Acker (bor ...

Hart Davis Hart Hart often refers to: * Hart (deer) * Hart (surname) Hart may also refer to: Organizations * Hart Racing Engines, a former Formula One engine manufacturer * Hart Skis, US ski manufacturer * Hart Stores, a Canadian chain of department store ...

Christie's Christie's is a British auction house founded in 1766 by James Christie (auctioneer), James Christie. Its main premises are on King Street, St James's in London, and it has additional salerooms in New York, Paris, Hong Kong, Milan, Geneva, Shan ...

and

Sotheby's Sotheby's ( ) is a British-founded multinational corporation with headquarters in New York City. It is one of the world's largest brokers of fine art, fine and decorative art, jewellery, and collectibles. It has 80 locations in 40 countries, an ...

. In 2019, Zachys was the top seller with sale of over

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

121,000,000. Prices for many wines at these auctions are used as a price indication for collectible wine when traded through other channels, such as First Growth

Bordeaux wine Bordeaux wine (; ) is produced in the Bordeaux region of southwest France, around the city of Bordeaux, on the Garonne River. To the north of the city, the Dordogne River joins the Garonne forming the broad estuary called the Gironde; the Gi ...

s sold by rare wine dealers, or when négociants sell mature wines from their stock to restaurants.

Online wine auctions

Online wine auctions have been held since the 1990s. Online wine auctions generally sell fine wines, or collectible wines, that are consigned by private individuals. In 2018 the total sales for online wine auctions was $74.9 million. In 2018 the total sales for all auctions of collectible wines, including online and traditional auctions, was $479.1 million. Ranked by 2018 sales, the leading online wine auctions are: WineBid, $31 million; Spectrum, $10 million; Acker Merrall & Condit, $9.3 million; Zachy’s, $9.3 million; and Hart Davis Hart, $9.2 million.

References

{{DEFAULTSORT:Wine Auction Contexts for auctions Wine-related events

First hand auctions

Second hand auctions

Online wine auctions

See also

References