Wine auctions are a great shopping option for all of the wine lovers who are always on the look for a new bottle of collectible wine. The main reason why traditional and online auctions are always visited from numerous wine enthusiasts, is the fact that on auctions rare and old wines can be found. This said, on wine auctions you can buy wines you won't find in retail stores. However, if you have little or no experience in buying wine at auctions, you may feel a bit lost in the auction world.
No matter how daunting it may seem to you, diving into the auction world is exciting. This doesn't mean that you should prepare a small fortune to spend on auctions for a bottle or two of great wine, nor do you have to spend your time on searching for auctions in other city or country. Online auctions provide you the possibility to discover and bid for great wines from the comfort of your own home. But before that you should learn some tips and tricks on how to win at online wine auctions, in order to avoid falling on some of the most common pitfalls.
In order to help you get the most for your money on the next online wine auction you take part of, we've compiled a simple beginner's guide, consisted of important tips and strategies.
In order to help you get the most for your money on the next online wine auction you take part of, we've compiled a simple beginner's guide, consisted of important tips and strategies.
Tip #1: Learn More About the Wine You are Bidding On
The name of the producer and the year of the production are not the only important information to know about the wine you are bidding on. You should get informed for the actual quality of the vintages, the provenance of the wine. Also, you ought to learn how to read the bottle labels, which includes learning the meaning of the abbreviations. Knowing how to learn abbreviations is important because in general they best speak of the bottle conditions you should keep on mind after you purchase the wine. Since you are bidding online, do not hesitate to ask the seller to send you clear pictures of the bottle of wine you plan to buy.
Tip #2: Know the Real Worth of The Wine You Plan to Buy
One of the biggest misconceptions when it comes to online wine auctions is that only expensive wines are sold. Yes, it is true that skyrocketing prices are easy to be found on auctions, but that doesn't mean that every bottle of expensive wine is really worth for that price. In order to avoid splurging on a single bottle of overpriced wine, do a research and learn about the auction market value. There are many websites where you can learn about the real worth of both, retail and collectible wines.
The name of the producer and the year of the production are not the only important information to know about the wine you are bidding on. You should get informed for the actual quality of the vintages, the provenance of the wine. Also, you ought to learn how to read the bottle labels, which includes learning the meaning of the abbreviations. Knowing how to learn abbreviations is important because in general they best speak of the bottle conditions you should keep on mind after you purchase the wine. Since you are bidding online, do not hesitate to ask the seller to send you clear pictures of the bottle of wine you plan to buy.
Tip #2: Know the Real Worth of The Wine You Plan to Buy
One of the biggest misconceptions when it comes to online wine auctions is that only expensive wines are sold. Yes, it is true that skyrocketing prices are easy to be found on auctions, but that doesn't mean that every bottle of expensive wine is really worth for that price. In order to avoid splurging on a single bottle of overpriced wine, do a research and learn about the auction market value. There are many websites where you can learn about the real worth of both, retail and collectible wines.
Tip #3: Set a Maximum Price You are Willing To Spend And Stick to It
The auction fever is a dangerous thing, that makes you forget how much you are really prepared to spend. For this reason, try your best to keep your emotions in check when placing your next bid, no matter how unique a bottle of wine may seem to you and no matter how much you want it in your wine collection.
Tip #4: Read the Lengthy Legal Explanation at The Back of The Auction Catalogue
Also known as Caveat Emptor, the explanation on the backside of the catalogue explains all the rules of the auction house. In general, from this explanation you'll learn whether the auction is “buyer beware” meaning that the auction house is not responsible for the actual quality of the wine. Since most of the online wine auctions are of this kind, never overlook the importance of reading about all the rules, unless if you are prepared to spend a fortune a bottle of flop wine.
Tip #5: Make a Game Plan Before You Enter The Online Auction “Room”
Last but not least important, coming up with a good game plan is a key to winning on online wine auctions. To make a winning plan, what you need to do is to make a list of the potential bottles of wine you would like to purchase and develop your unique buying strategy.
The auction fever is a dangerous thing, that makes you forget how much you are really prepared to spend. For this reason, try your best to keep your emotions in check when placing your next bid, no matter how unique a bottle of wine may seem to you and no matter how much you want it in your wine collection.
Tip #4: Read the Lengthy Legal Explanation at The Back of The Auction Catalogue
Also known as Caveat Emptor, the explanation on the backside of the catalogue explains all the rules of the auction house. In general, from this explanation you'll learn whether the auction is “buyer beware” meaning that the auction house is not responsible for the actual quality of the wine. Since most of the online wine auctions are of this kind, never overlook the importance of reading about all the rules, unless if you are prepared to spend a fortune a bottle of flop wine.
Tip #5: Make a Game Plan Before You Enter The Online Auction “Room”
Last but not least important, coming up with a good game plan is a key to winning on online wine auctions. To make a winning plan, what you need to do is to make a list of the potential bottles of wine you would like to purchase and develop your unique buying strategy.
