How to Read a Wine Auction Catalogue Effectively

Learning how to read a wine auction catalogue means decoding the specific terminology, symbols, and disclaimers used by auction houses. This involves understanding the various fees that will be added to the hammer price, how condition and authenticity are described, and the implications of estimates and reserves. You also need to be aware of the bidding process, payment terms, and the logistical arrangements for collection, shipping, and storage. Mastering these details allows you to accurately assess the true cost and quality of a lot, ensuring informed decisions for your fine wine collection. Always consult the full conditions of sale for each auction house, as terms can vary significantly.

What fees will you pay beyond the hammer price?

Beyond the hammer price, you will incur additional fees, primarily buyer's premiums and various taxes, which significantly impact the total cost of your acquisition.

A buyer's premium is a charge added to the hammer price of each lot. Its rate varies by auction house and sometimes by sale location or hammer price tier. For instance, Sotheby's lists a 24% buyer’s premium plus a 1% Overhead Premium on all hammer prices for Global Wines & Spirits sales. For other locations, Sotheby's applies tiered rates. In New York, United Arab Emirates, and the Kingdom of Saudi Arabia, the rate is 28% on hammer prices up to and including $2,000,000, 22% between $2,000,000 and $8,000,000, and 15% above $8,000,000. For London Wine sales, Christie's lists a 25% buyer’s premium on the hammer price for wine, spirits, and cigars. In the United Kingdom, Bonhams lists 24% of the hammer price for Wine and Whisky. Zachys adds a 25% buyer’s premium to the hammer price of each lot as a general rule, unless otherwise indicated. WineBid lists a 17% buyer’s premium. iDealwine states that its auctions include a buyer's premium of 25.2% VAT included (21% excl. VAT) as of 02 March 2023. That premium will increase to 25.8% incl. tax (21.5% excl tax) from 27 March 2026.

How do VAT and duty change what you pay?

Taxes also add to your total. Christie's (London) charges VAT on the buyer’s premium at the applicable rate, which may not be shown separately on the invoice. For lots offered 'in bond' (marked with a ‡ symbol), you can choose to take them in bond. No excise duty or clearance VAT will then be charged on the hammer price, but VAT will be added to the buyer’s premium. If you choose to take them duty paid, excise duty at current rates and clearance VAT will be added to the duty-inclusive hammer price. Christie's states that non-UK buyers may be eligible for VAT refunds if they meet specific conditions. Those conditions include registering to bid with an address outside the UK and providing proof of export within 90 days of the sale, provided the total refund is over £100. Christie's charges a £35.00 processing fee to check shipping/export documents, and waives it if Christie's Shipping Department arranges the export. Private buyers who export their purchased lots from the UK by hand carry will be charged VAT and cannot claim a refund.

Zachys states that all bids are exclusive of any sales tax, which is payable by the buyer. For New York auctions, Zachys is required to collect New York sales tax. However, for Delaware auctions, Zachys is not required to charge or collect sales tax on tangible personal property sold within the state. WineBid says it collects sales tax on all purchases. The exceptions are purchases shipped internationally or to states where it holds a direct shipper permit, such as Louisiana, Nevada, New Hampshire, Oregon, and Wyoming. Sales tax is calculated as a percentage of the entire price paid, including the hammer price and the buyer’s premium. iDealwine informs customers whose address is outside the European Union that customs and excise duties are not included in the buyer's premium. It charges those duties to customers in accordance with the legislation in force.

What other charges can appear on your invoice?

Other potential costs include a 2% processing fee for credit card payments at Zachys. Christie's may charge storage costs from the 31st day following the auction, and transport costs and administration fees if a lot moves to another warehouse. iDealwine states that it charges interest at a rate equal to one and a half times the legal interest rate referenced in France on any outstanding payment after 7 days. It also charges storage fees of €0.15 per bottle per day from the 31st day following order confirmation. In cases of non-payment, iDealwine may charge a fee of 10% of the total order amount and a €75 fixed fee for administrative costs. You can use a landed cost calculator to estimate your all-in price.

How do auction houses describe condition and authenticity?

Auction houses describe condition and authenticity through catalogue entries and condition reports, often with significant disclaimers that you must understand.

Christie's states that the condition of lots can vary widely due to factors like age, previous damage, restoration, repair, and wear and tear. It also states that lots are sold "as is." Any reference to condition in a catalogue entry or condition report is not a full description of condition, and images may not clearly show a lot. Christie's provides condition reports as a convenience, and they offer an opinion. They may not refer to all faults, inherent defects, restoration, alteration, or adaptation. Christie's staff are not professional restorers or conservators, so these reports are not an alternative to examining a lot in person or taking your own professional advice.

Zachys also sells all wines "as-is," with descriptions based on opinion that do not constitute warranties. They strongly encourage prospective buyers to examine lots before the auction at their temperature-controlled warehouse. WineBid states that each bottle undergoes a multi-point inspection by their WSET Level 2 or 3 certified team, using a proprietary system to verify authenticity and describe condition. However, all purchases are made "as is," and WineBid does not offer refunds for 'bad' wine. It acknowledges that factors like cork taint or oxidation may affect a small percentage of wine.

Ullage, defined by Christie's as "the amount by which level of wine is short of being full," is a key condition indicator. Catalogue descriptions will note these levels, which may vary according to the age of the wines. iDealwine states that information regarding wine levels, corks, capsules, and labels is indicative only. It cannot guarantee the condition of the cork or the tasting characteristics for purchased wines. iDealwine's experts appraise wines and may remove bottles considered unsuitable for sale or consumption due to their condition. Examples include bottles with a level "way below low shoulder" or with wine seepage past the cork. They systematically test cork resistance for vintages prior to the year 2000. For more details on fill levels, consult our guide on wine ullage levels explained.

What does an authenticity warranty actually cover?

Regarding authenticity, Christie's provides an authenticity warranty for wines and spirits. Christie's states that you have 21 days from the auction to provide written notice that a lot was short or ullaged, or that a catalogue opinion was not well-founded. You then return the lot in the same condition within 14 days of that notice. Christie's will set aside the sale and refund the amount paid, provided you satisfy them of the defect. This warranty does not apply in three situations. It fails if the catalogue mentioned the defect, or if the description followed the generally accepted opinion of scholars or experts. It also fails if establishing the defect required a scientific process that was unreasonably expensive, impracticable, or damaging at the time of the auction. iDealwine's auction organiser guarantees that wines will be authentic and conform to their published descriptions. However, Zachys explicitly disclaims any representations, warranties, or guarantees of any kind concerning the authenticity, physical condition, or other characteristics of any property.

What do estimates and reserves mean?

Estimates are price ranges reflecting an auction house's opinion of a lot's potential selling price, while reserves are confidential minimum prices below which a lot will not be sold.

Christie's bases its estimates on the condition, rarity, quality, and provenance of lots, as well as prices recently paid at auction for similar property. These estimates can change and should not be relied upon as a prediction or guarantee of the actual selling price or value for any other purpose. Estimates do not include the buyer’s premium or any applicable taxes. Zachys' catalog estimates reflect anticipated hammer prices, based on past sales and market research, and are subject to revision. They also advise that buyers should not rely upon estimates as a prediction of actual selling prices. iDealwine conducts a pre-sale assessment to set low and high estimates for wines deposited for online auctioning.

What is a reserve, and how low can it go?

A reserve is a confidential amount below which the auction house will not sell a lot. Christie's states that the reserve cannot be more than the lot’s low estimate, unless the lot is subject to a third-party guarantee where an irrevocable bid exceeds the printed low estimate. Lots offered without a reserve carry the symbol • next to the lot number. Zachys notes that lots may carry a confidential reserve, which is subject to change. The auctioneer may execute bids on behalf of the consignor up to, but not including, the amount of the reserve. The auctioneer will not place any bid on behalf of the consignor at or above the reserve. If lots are offered without reserve, the auctioneer will generally decide to open the bidding at 50% of the low estimate for the lot.

iDealwine allows consignors to set a reserve price, which cannot be higher than the low estimate and by default is set at the low estimate. Consignors can specifically ask for their property to be auctioned with no reserve price, in which case the starting price is €1. If wines remain unsold after three consecutive auctions, iDealwine automatically reduces their reserve price by 10%. After six auctions, iDealwine reduces the reserve price by another 10% of the already-lowered price. For example, a bottle with a low estimate of €100 that does not sell after three auctions will have its reserve price lowered to €90. If it remains unsold after six auctions, iDealwine will then offer the lot for €81.

How do bidding and payment work?

Bidding processes vary across auction platforms, but all bids are generally considered final, and payment terms are strict, requiring prompt settlement after a successful bid.

Auction houses accept bids through various channels. Christie's accepts bids from bidders in the saleroom, telephone bidders, internet bidders through Christie’s LIVE™, and written bids (also known as absentee or commission bids) left before the auction. Christie's must receive written bids at least 24 hours prior to the auction. The auctioneer aims to carry out written bids at the lowest possible price, considering the reserve. If a lot has no reserve and there is no higher bid, Christie's will bid on your behalf at around 50% of the low estimate or the amount of your bid, if lower. If Christie's receives identical written bids for a lot, it will sell the lot to the bidder whose written bid arrived first. Bidding generally starts below the low estimate and increases in increments determined by the auctioneer. The fall of the auctioneer’s hammer signifies acceptance of the last bid, forming a binding contract of sale.

Zachys accepts bids in-person, by phone (pre-arranged), by absentee (written bids submitted in advance), and online. All bids are final once submitted and cannot be canceled. Zachys' auctioneers may execute bids on behalf of the consignor's reserve, but under no circumstances will they place any bid on behalf of the consignor at or above the reserve. Telephone bids are generally available only for lots valued above 16,000 HKD or 2,000 USD. Arrangements must be confirmed 48 hours prior. Zachys uses predetermined bidding increments, such as increases of $10 for bids between $0-100, and $1,000 for bids between $10,000-20,000.

WineBid uses a "Max Bid" system where you enter the maximum amount you are willing to pay. Their system then auto-bids on your behalf against other bidders until it reaches your maximum. If you bid on multiple bottles in a lot, your bid amount will increase across all bottles you have bid on in that lot. You cannot win bottles within the same lot at different amounts. If two bidders tie with the same amount, the earliest bid placed wins the tie. WineBid also states that bids cannot be canceled and all sales are final.

iDealwine considers placing a bid an irrevocable and legal act, meaning it cannot be canceled or modified. They also use a maximum bid feature that automatically readjusts your bid when another bid is placed. iDealwine employs an "Overtime bidding" system: if a bid arrives in the final 5 minutes of an auction, it extends the lot automatically by 5 minutes. If another bid arrives in the 30 seconds before the new closing time, the extension runs for another 30 seconds. That 30-second extension can repeat 9 times, so the maximum extension cannot exceed 9 minutes and 30 seconds.

Parcel lots are sequences of lots of the same wine, identical in size and description. Christie's allows the successful buyer of the first lot in a parcel to take some or all of the remaining lots in the parcel at the same hammer price. Zachys offers a similar option, at the discretion of the auctioneer, for the buyer of the first lot to purchase any or all subsequent lots in the parcel for the same price.

When do you have to pay for a winning lot?

Payment for lots is typically due immediately or very soon after the auction. Christie's requires payment of the full purchase price (hammer price, buyer’s premium, and any duties/taxes) no later than the end of the 7th calendar day following the auction. If you fail to pay by the due date, Christie's is entitled to charge interest from the due date at a rate of 5% a year above the UK Lloyds Bank base rate. They accept wire transfers, most major credit cards (which may incur a cross-border transaction fee if issued outside the sale region), banker's drafts, and cheques from a United Kingdom bank in pounds sterling. Cash is not accepted in England.

Zachys requires payment for all invoices immediately upon receipt. For internet and live auction purchases, Zachys will automatically charge the credit card on file for the full invoice amount within 48 hours after the sale closes. For other purchases, Zachys expects buyers to settle payments within 14 calendar days for live sales and 7 calendar days for internet sales. After that, Zachys reserves the right to charge the buyer's credit card on file. Zachys accepts Visa, MasterCard, American Express, Discover, and UnionPay, but notes that payments made by credit card will incur a 2% processing fee.

iDealwine requires payment once it confirms the order. Any outstanding payment after 7 days will accrue interest at a rate equal to one and a half times the legal interest rate referenced in France. If you have not paid for purchases within 15 days of the order confirmation, iDealwine is entitled to act. It may proceed to the automatic direct debit of the amount owed from the bank account used during registration. iDealwine accepts payment by card (both French and non-French cards) but does not accept cheques. Cash payments are only possible for orders of €1,000 or less.

What are the logistics for collection, shipping, and storage?

Understanding the logistics for collection, shipping, and storage is crucial, as these processes involve specific timelines, costs, and responsibilities that vary by auction house.

Collection of your purchased wines typically requires full payment first. Christie's states that all wines lie at their third-party wine storage facility, Crozier West Drayton, unless otherwise indicated. You must collect the lot promptly after making full and clear payment. If a lot is not collected by the end of the 90th day following the date of the auction, Christie's will charge storage costs at the rate set out on their website. It may also move or sell the lot. Zachys makes it the buyer's responsibility to either pick up purchases or make shipping arrangements within 14 calendar days of the auction. If not collected, wines move into Zachys storage at the buyer's expense. WineBid places all purchased wines into storage at Global Storage Network (GSN) for customers. It offers a minimum of two months of free storage for all customers (Cru members), four months for Collector tier members, and six months for Pro tier members. You can schedule curbside pick-up appointments directly with GSN. iDealwine allows collection of lots from their warehouse in Colombes, France, by appointment, but only upon presentation of a "paid" receipt of sale.

For shipping, you are generally responsible for making all arrangements. Christie's can arrange to pack, transport, and ship your property if you ask them to and pay the costs. However, they are not responsible for the acts, failures to act, or neglect of other recommended companies. You are solely responsible for determining and satisfying the requirements of any applicable laws or regulations relating to the export or import of any lot you purchase. That responsibility covers any applicable taxes, tariffs, or other government-imposed charges. Christie's will not be obliged to cancel your purchase or refund the purchase price if your lot cannot be exported, imported, or is seized for any reason by a government authority.

Zachys can assist in arranging packing, transit insurance, and shipping at the buyer’s expense, direction, and request. They assume no responsibility for carrier-related delays or damage. Buyers are responsible for obtaining any necessary export or import licenses. A delay in obtaining licenses will not justify cancellation of a sale or excuse delayed payment. Various jurisdictions impose limitations on the quantity of alcoholic beverages that can be purchased and transported. Zachys states that it will not assume responsibility for obtaining requisite permits or licenses if the quantity purchased exceeds these limitations.

WineBid partners with Global Storage Network (GSN) for white glove storage and shipping services. Purchases are never shipped automatically. You must schedule your wines to ship from GSN. Shipping options vary by destination. Wines are always packed in molded Styrofoam shippers for insured, alcohol-compliant transit.

What does buying wine in bond mean for duty?

Wines offered in bond (marked with a ‡ symbol by Christie's) provide specific options. If you choose to buy these lots in bond, no excise duty or clearance VAT will be charged on the hammer price, but VAT will be charged on the buyer’s premium. You will be responsible for arranging collection by a shipper with a bond movement guarantee or by a warehouse with a customs bond/suspense regime. If you take your purchases out of bond at a future date, excise duty and clearance charges will become payable. If you choose to buy the wine duty paid, excise duty at current rates and clearance VAT will be added to the duty-inclusive hammer price on your invoice. For UK VAT and Customs rules, HMRC sets the Alcohol Duty rates. HMRC lists wine with 8.5% to 22% ABV at a duty of £30.62 per litre of pure alcohol as of 1 February 2026.

iDealwine informs customers not resident in Metropolitan France that customs and excise duties are not included in the buyer's premium. It charges those duties in accordance with the legislation in force. The import of all goods into France and the export of all goods to other countries can be subject to the procurement of authorization. It is the responsibility of the buyer to check any authorizations and formalities required by the relevant authorities of the country in question. You can explore regional specifics, such as those for Bordeaux, to understand local regulations.

How can you track your wine's market value?

You can track your wine's market value by monitoring auction results and using dedicated tools that provide historical pricing data.

WineBid offers a "Cellar page" as a tracking tool where you can review, tag, and track the investment of your overall WineBid purchases over time. This page provides an estimate of your collection’s value using WineBid’s proprietary database of current wine auction pricing. iDealwine offers a complete range of tools with wine information and pricing, notably through the iDealwine Price Estimate. They also regularly offer market analyses, accessible via their website and blog, and in the iDealwine Barometer published annually. These tools enable users to make their own purchasing and investment decisions independently.

To monitor the performance of your fine wine assets, you can use our market index to track price history for specific wines. This allows you to see how your acquisitions are performing against broader market trends and inform your decisions on when to hold or consider selling.

Stay ahead of market movements and make informed decisions for your collection with our fine wine market index.