During this time of Social Distancing and quarantining, we’ve been fielding a lot of questions about the market. The wine market. We’ve found that most consignors are proceeding full steam ahead with their consignments, which means that our next auction will have loads of old wine. We thought this would be a good time to cover some of the basics to seeking out great wine at auction.We will never begrudge you your California Trousseau or your qvevri-aged orange wine, but if you’re only drinking the vanguard and ignoring the iconic, you’re missing out.Auction houses focus on Bordeaux, Burgundy, Champagne, Piedmont and California (with a nod to Spain, Germany, and Australia) for a reason. There are wines from these regions (not all wines, but the wines Zachys focuses on) that are built to age. With some time in the cellar, they gain complexity and can provide more intellectual satisfaction than just another bottle of current-vintage Chardonnay.They provide great satisfaction. But if you’ve never bought old wines, the process can be a bit intimidating. Here are some things to think about.
When you’re buying old wine, you should ask questions, and if someone can’t answer your questions about a specific bottle, you might be in trouble. Of course, there’s always going to be a risk/reward calculation. If no one can answer your question and the wine is at a price point where you’re willing to gamble, that might be OK. But it’s about mitigating risk. You don’t want to be buying really expensive wine (whatever that is, to you) if you’re not comfortable with the provenance.
Ask: where did this wine come from?The best answer you can get here is that it came from the winery itself. The second best answer is that it came from a collector with a large collection who cared about wine, who meticulously sourced and grew his collection. Typically, people with larger wine collections source intelligently and store correctly.
Ask: How was it stored?Ideally, the answer is “at 55 degrees, with 70% relative humidity, in a purpose-built wine cellar, away from light, since purchase.” As bottles get older, sometimes you’re not going to be able to trace the storage back to the year the wine was released. If you’re buying something from the ‘50s, can the seller always guarantee it was temperature-controlled since purchase? Of course not. Refrigeration just wasn’t what it is today back then, but the closer you can get, the better. The best provenance is “directly from the winery.” When Zachys sold a bottle of 1868 Lafite that had never left Lafite, it sold for $123,500!
Ask: What’s my recourse if this wine is no good?And make sure you’re comfortable with the answer! Most sellers won’t refund for a corked bottle, but if it’s obviously damaged, they may. Just get the policy beforehand.
When you’re buying old wine, you’re going to see a lot of the same regions over and over. Sure, the vast majority of older wines sold at auction are Bordeaux, Burgundy, Champagne, with a few wines from California thrown into the mix. But from time to time you do fine wines from the Loire Valley, Germany, Australia, or even less well-known wines from major regions. Some of these are fantastic, and fly under the radar. Not every wine sold at auction is DRC. Humble wines from great producers, or lesser-known producers in great vintages are often fantastic. As anyone who has ever barrel tasted in Burgundy knows, producers are often most proud of their less expensive wines. The Grands Crus make themselves! If you’re buying wines from retail, don’t be afraid to lay down wines that you may not traditionally think age—Chianti, cru Beaujolais, Barbera, and so on. Some of these wines develop complexity just like their more expensive cousins. When in doubt, ask someone which producers to buy, or buy two bottles and experiment!
At Zachys, we’re auctioneers, so we think auctions are the best way to buy old wines. Here are the only two potential issues when buying at auction:
If you’re buying mature, old wine, auction is the place to go. And remember, if you’re buying from a retailer, you’re often buying from someone acting as a middle man—who bought the wine in an auction, and then marked it up. Zachys retail is a bit different in that many of our “fine and rare” retail offerings are sourced from private collections or direct from the producers. Here are some more tips for buying at auction.
Remember earlier, when we spoke about storage and how important it is? Don’t forget about storage once you buy the wine. If a bottle has spent the last 30 years in a cellar, and then you buy it and put it into your closet… you get the point. We at Zachys firmly believe the type of enjoyment you can get from an old wine—precise and delicate aromatics—are easily damaged by heat. So be careful!