Record sales for online auctions by COVID-19

Despite COVID-19, the wine auction market had its busiest year ever. When the pandemic in March 2020 forced bidders to stay home, many auction houses rapidly turned into digital businesses by offering live auctions entirely online. -TEXT MILAN FIELD | IMAGE SHUTTERSTOCK

Record sales for online auctions by COVID-19

Live online wine auctions have made the auction market even more accessible, as bidders no longer need to be present in person and anyone can bid anywhere in the world. An additional advantage is that the cost of online auctions is much lower for auction houses; after all, there is no longer a need for a luxury auction venue or catalogue. Bidders gather in small groups in the comfort of their own homes over a nice glass of wine and good food and bid along in real time.

What are important things to look out for?

As I explained in WINELIFE 65, there are roughly three different online auctions. In live online auctions, the auction is organised at a specific time somewhere in the world and you can bid live at that moment. There are also timed online auctions, where the auction is open for bids for a certain period of time. The auction closes at a certain time, after which the highest bidder wins the lot. With these auctions, you need to be alert during the closure to avoid losing the bid at the last minute. Then there is a combination of the two: the auction is open for bids for a certain period of time and is finished live by the auctioneer.

"Bottles don't lie, people sometimes do"

Do research

Do research on the auction and market prices of the wines and study information on the condition and origin of the bottles. Also look at the total cost: take into account the auction commission you pay on top of the hammer price - which varies from auction house to auction house - plus any additional sales tax, excise duty and delivery costs. Also check the auction conditions carefully. Decide in advance how much you want to bid for at most and don't be tempted into a bidding war.

Curious about the whole article? You can read it in the latest Winelife edition 69. Order this one here!

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