How to Buy Wine for Aging at Auction
Updated
Knowing how to buy wine for aging at auction means three things. You must understand the total cost, assess condition meticulously, and plan for proper storage. Auction houses like Christie's, Sotheby's, Bonhams, Zachys, WineBid, and iDealwine charge buyer's premiums, typically ranging from 17% to 25.8% of the hammer price. Applicable taxes and potential shipping fees come on top. Always request condition reports, as lots are sold "as is" and descriptions are opinions, not guarantees. Factors like ullage and cork condition are critical for older vintages. Christie's and Zachys, for example, note that corks over 20 years old can lose elasticity and levels can change. Secure temperature-controlled storage immediately, as many houses transfer risk and may charge storage fees after a short grace period. This comprehensive approach ensures your acquisitions are sound for long-term cellaring and a valuable part of your fine wine investment. For example, a highly sought-after vintage like Bordeaux 2016 demands careful consideration of all these factors.
What are the true costs of buying wine at auction?
When you buy wine at auction, the hammer price is only one component of your total cost. You will also pay a buyer's premium and various taxes.
Buyer's premiums vary by auction house and sometimes by sale location or category. The table below outlines typical buyer's premium rates:
| Auction House | Location/Category | Buyer's Premium Rate | Additional Notes |
|---|---|---|---|
| Sotheby's | Global Wines & Spirits | 24% | Plus 1% Overhead Premium |
| Christie's | London (Wine, Spirits, Cigars) | 25% | |
| Christie's | New York (Wine) | 25% | |
| Bonhams | UK (Wine and Whisky) | 24% | |
| Zachys | General | 25% | "Unless otherwise indicated" |
| WineBid | All lots | 17% | |
| iDealwine | Auctions | 25.2% (incl. VAT) as of 02 March 2023; 25.8% (incl. tax) from 27 March 2026 | (21% excl. VAT) as of 02 March 2023; (21.5% excl tax) from 27 March 2026 |
Beyond the buyer's premium, you are responsible for applicable taxes. Christie's London notes that VAT is payable on the premium at the applicable rate. For some lots, VAT is also payable on the hammer price. For lots shipped by Christie's to the United States, sales or use tax may be due on the hammer price, buyer's premium, and/or other charges. Christie's collects sales tax where legally required. Christie's New York specifies a New York sales tax rate of 8.875% for any lot collected from Christie's in New York. Bonhams UK adds VAT at the current rate of 20% to the buyer's premium and charges. Zachys states that all bids are deemed exclusive of any sales tax, which the buyer pays. WineBid collects sales tax on all purchases, except those shipped internationally or to states where they hold a direct shipper permit. It works the tax out as a percentage of the entire price paid, including the hammer price and the buyer's premium. iDealwine informs non-resident customers that customs and excise duties are not included in the buyer's premium. It charges them in accordance with legislation.
Consider also shipping and storage costs. Christie's London charges storage costs from the 90th day following the auction if you have not collected a lot. Christie's New York expects buyers to remove property within 30 calendar days of the auction. Lots left beyond 120 calendar days sit at the buyer's expense and risk with a third party, The Wine Cellarage. Zachys requires you to collect wines within 14 calendar days, or it moves them to its own storage at your expense. WineBid provides a minimum of two months of free storage at Global Storage Network (GSN) for any wines purchased. Collector tier members receive four months and Pro tier members receive six months. iDealwine charges storage fees of €0.15 per bottle per day. Those fees take effect on the 31st day following the order confirmation, if purchases have not been paid for within 15 days. These additional costs can significantly impact the total price of your acquisition. You can use a tool like our all-in cost calculator to estimate your total outlay.
How do auction houses describe and guarantee wine condition?
Auction houses typically sell lots "as is," meaning you accept the item in its current condition at the time of sale. Christie's London states that lots are sold "as is," without any representation or warranty as to condition by Christie's or the seller. Similarly, Christie's New York notes that all property is sold "as is" without any representation or warranty of any kind. Zachys also states that all wines are sold "as-is", and WineBid confirms that all purchases are made "as is" and they do not offer refunds or exchanges for 'bad' wine.
Auction houses offer condition reports as a convenience, and those reports are not exhaustive. Christie's London explains that any reference to condition in a catalogue entry or report will not amount to a full description. Images may not show a lot clearly. Christie's New York treats all statements about a lot, including its nature or condition, as statements of opinion rather than fact. Zachys strongly encourages prospective buyers to examine any lots before the auction at their temperature-controlled warehouse. Its descriptions rest on opinion and do not constitute warranties. WineBid's team of WSET Level 2 or 3 certified inspectors conducts a multi-point inspection to accurately describe condition and reduce risk to buyers. iDealwine's experts appraise wines, determining descriptive elements such as label state, fill level, and capsule condition. They may remove bottles unsuitable for sale due to condition, such as those with levels "way below low shoulder" or "wine seepage past the cork". For more details on fill levels, consult our guide on wine ullage levels explained.
Ullage and cork condition are particularly important for older wines. Christie's London advises buyers of old wines to make appropriate allowances for natural variations of ullages, conditions of cases, labels, corks, and wine. The house accepts no returns on those variations. Christie's New York and Zachys both explicitly mention that corks over twenty years old begin to lose their elasticity. Levels can change between cataloguing and sale, and old corks have been known to fail during or after shipment. Both houses stress that there is always a risk of cork failure with old wines. iDealwine tests cork resistance systematically for vintages prior to the year 2000. It removes any bottle with a depreciated or falling cork from sale.
Despite the "as is" nature of sales, some auction houses offer authenticity warranties. Christie's London provides an authenticity warranty for wines and spirits. You must notify Christie's in writing within 21 days of the auction date that a lot was short or ullaged, or that a catalogue opinion was not well founded. Christie's must then hold the lot in its possession in the same condition within 14 days of such notice. Once you satisfy Christie's, the house sets the sale aside and refunds you. Christie's New York offers a similar authenticity warranty for wine. iDealwine's auction organiser, International Wine Auction SARL (IWA SARL), guarantees that wines will be authentic and conform to their published descriptions.
What are the considerations for storing and shipping your auction purchases?
The transfer of risk and responsibility for a lot typically occurs soon after the auction, making prompt collection or storage arrangements essential. Christie's London transfers risk and responsibility to you from whichever is earlier: when you collect the lot, or at the end of the 30th day following the auction date. Christie's New York states that risk and responsibility pass to the buyer at the expiration of seven calendar days from the date of sale, or on collection by the buyer if earlier. iDealwine notes that the risks and responsibility linked to a lot pass when the buyer collects it, or when it reaches the buyer on delivery.
Storage options and fees vary by auction house. Christie's London stores wines at Crozier West Drayton and charges storage costs from the 90th day if you have not collected them. Christie's New York holds all wines at The Wine Cellarage and expects buyers to remove property within 30 calendar days. Lots left beyond 120 calendar days sit at the buyer's expense and risk with The Wine Cellarage. Zachys requires you to collect wines within 14 calendar days, or it moves them to its own storage at your expense. WineBid places all purchased wines into storage at Global Storage Network (GSN), offering a minimum of two months of free storage. Higher membership tiers get longer: four months for Collectors and six months for Pros. iDealwine charges storage fees of €0.15 per bottle per day from the 31st day following order confirmation if you have not paid within 15 days. For more information on securing your wines, explore our guide on how to store wine.
Shipping logistics and restrictions are also important. Christie's London states that you must make all transport and shipping arrangements. The house can arrange packing, transport, and shipping if you ask and pay the costs. Christie's New York ships wines to New York, Florida, New Hampshire, and Wyoming, and internationally to Hong Kong and London. It does not ship during months of extreme heat or cold. Zachys emphasizes that it is the buyer's sole responsibility to determine whether wines can travel from or into any state or jurisdiction. The buyer must also obtain any required permits or licenses. WineBid partners with Global Storage Network (GSN) for storage and shipping services. Purchases are never shipped automatically, so you must schedule shipments. iDealwine states that it cannot deliver lots until payment arrives in full. The import of goods into France and export to other countries can be subject to authorization, which the buyer must check.
How do bidding mechanics and estimates work?
Understanding bidding mechanics and how estimates and reserves function is crucial for successful auction participation. Most lots are subject to a confidential reserve, which is the minimum price the seller will accept. Christie's London states that all lots are subject to a reserve unless indicated by a specific symbol, and the reserve cannot be more than the lot's low estimate. Christie's New York similarly notes that every lot carries a reserve, which will not exceed the low pre-sale estimate. Zachys states that lots may carry a confidential reserve, which is subject to change. iDealwine allows consignors to set a reserve price, which cannot be higher than the low estimate. By default, that price sits at the low estimate.
Bidding generally proceeds in set increments. Christie's New York provides a detailed table of bidding increments, for example, increasing by $50 for bids from $50 to $1,000, and by $500 for bids from $5,000 to $10,000. WineBid also displays bid increments, such as $1 for bids from $1 to $99, and $500 for bids from $5,000 and up. Zachys provides a similar table of increments, noting that the auctioneer may change them at their sole discretion.
Online bidding platforms often include features like maximum bids and overtime bidding. WineBid's "Max Bid" system allows you to enter the maximum amount you are willing to pay. The system then auto-bids on your behalf against other bidders until it hits that number. iDealwine's maximum bid system readjusts your bid automatically every time another bid lands on the same lot, until it reaches your maximum. iDealwine also employs "Overtime bidding". When a bid lands in the final 5 minutes of an auction, the lot extends automatically by 5 minutes. A further bid in the 30 seconds before the new closing time extends the lot by another 30 seconds. That 30-second extension can repeat nine times, so the maximum extension cannot exceed 9 minutes and 30 seconds. For a broader understanding of the auction process, refer to our guide on how to buy wine at auction.
Auction house estimates are opinions, not guarantees of selling price. Christie's London states that estimates rest on condition, rarity, quality, provenance, and prices recently paid for similar property. Neither you nor anyone else may rely on estimates as a prediction or guarantee of the actual selling price. Christie's New York similarly advises that you should not treat estimates as a representation or prediction of actual selling prices. Zachys notes that catalog estimates reflect anticipated hammer prices and rest on past sales and market research, subject to revision. iDealwine offers a range of tools with wine information and pricing, including the iDealwine Price Estimate. It states that this information is for indicative purposes only, and that it carries no liability for damages resulting from its use or interpretation.
Conclusion
Navigating the fine wine auction market for wines intended for aging requires a detailed understanding of costs, condition assessment, and logistics. By carefully considering buyer's premiums, taxes, shipping, storage, and the nuances of condition reports and bidding, you can make informed decisions that enhance your cellar and align with the fine wine market index.
To ensure you acquire wines with optimal aging potential, you need precise data on their evolution. Access our comprehensive drink-window data for your cellar to identify the perfect time to open your bottles.