Online auctions take centre stage
Online auctions have become a central theme of the fine wine market in recent months, and major auction houses have reported strong interest from buyers.
A Zachys auction of New York restaurant wines, in aid of hospitality workers, was 100% sold in early May. ‘People are home shopping,’ said Charles Antin, Zachys’ creative director.
Online specialist iDealwine runs four auctions per month and reported higher selling prices throughout April. ‘Even Bordeaux prices increased, whereas prices were stagnating for a couple of months [before that],’ said Alix Rodarie, its international development director.
Sotheby’s said its Vine to Online auction between 13 and 26 April fetched nearly US$822,000 (£668,000), exceeding its overall pre-sale estimate. Big-name Bordeaux and Burgundy from the 1990s and early 2000s performed well, while a 12-bottle case of Château d’Yquem 1975 fetched $11,780 (high estimate $7,000).
Christie’s has reported ‘unprecedented’ web traffic for online-only auctions. ‘We offer lots from $500 to $50,000,’ said Chris Munro, head of wine and spirits at Christie’s Americas. ‘In March, we sold a 12-bottle case of Petrus for $40,000 [equal to the lot’s high estimate].’
All houses reported similar bidding strategies for online-only auctions lasting several days. ‘Bidding traffic tends be concentrated around the opening couple of days and the last 24 hours,’ said Munro.
Sotheby’s worldwide head of wine, Jamie Ritchie, said the house has been adapting its approach. ‘The online auction technology suits smaller, more frequent sales, with fewer lots and a lower overall value per lot (compared to live auctions),’ he said.
Looking ahead, Ritchie said the necessary shift to online-only sales so far in 2020 had accelerated a ‘digital transformation’ at Sotheby’s. Antin said Zachys would trial a hybrid model involving a seven-day online auction ‘culminating with a live online event with an auctioneer’.