Old Wine Price: Where to Sell Your Fine Bottles

To determine the old wine price and where to sell it, you must first assess your bottles' condition and provenance. These factors significantly influence value. Auction houses like Christie's provide estimates based on recent sales of comparable property, considering rarity, quality, and history of ownership. When selling, you will encounter costs such as buyer's premiums. At Christie's New York those are 25% of the final bid price, and seller's commissions vary by house. Tax implications also play a role. In the UK, HM Revenue & Customs (HMRC) states that disposals of chattels which are wasting assets are exempt from Capital Gains Tax. That exemption falls away if capital allowances were or could have been claimed, or if TCGA92/S45(3B) applies. However, personal possessions sold for £6,000 or more may incur Capital Gains Tax, with exemptions for items with a limited lifespan. Understanding these elements is crucial for maximizing your return when liquidating your fine wine assets.

How do you determine the old wine price?

You determine the old wine price by evaluating factors like condition, rarity, quality, and provenance, which inform specialists' estimates. Christie's, for example, bases its catalogue entries and price ranges on specialists' opinions of the price expected at auction (Christie's New York Conditions of Sale, Wine). According to Christie's New York Conditions of Sale, these estimates derive from prices recently paid at auction for comparable property. They consider condition, rarity, quality, and provenance, which is the history of previous ownership. Estimates are prepared well in advance of a sale and are subject to revision. Buyers should not rely upon them as a representation or prediction of actual selling prices, according to Christie's New York Conditions of Sale. Furthermore, estimates do not include the buyer’s premium or sales tax (Christie's New York Conditions of Sale, Wine). For lots where "Estimate on Request" appears, you should contact the Specialist Department for further information (Christie's New York Conditions of Sale, Wine). Unless otherwise indicated, all lots are offered subject to a reserve. That is the confidential minimum price the consignor will accept, and below it a lot will not be sold (Christie's New York Conditions of Sale, Wine). This reserve will not exceed the low pre-sale estimate (Christie's New York Conditions of Sale, Wine). Our fine wine market index can provide context for broader trends. Specific vintage performance, such as Bordeaux 1970, offers insight into individual market segments. Understanding these elements is key to assessing the potential value of your collection.

What condition factors affect old wine price?

Condition factors such as ullage, cork elasticity, and the state of labels and cases significantly affect the old wine price. Buyers must make appropriate allowances for natural variations in these elements, according to Christie's New York Conditions of Sale. Christie's defines ullage as the amount by which the level of wine is short of being full. It notes that these levels may vary with the age of the wines (Christie's New York Conditions of Sale, Wine). Corks over twenty years old begin to lose their elasticity. Levels can change between cataloguing and sale, according to Christie's New York Conditions of Sale. Old corks have also been known to fail during or after shipment. There is always a risk of cork failure with old wines, and due allowance must be made for this (Christie's New York Conditions of Sale, Wine). Christie's general policy is to open all wood cases and describe levels. Bidders must make allowances for reasonable variations in ullage encountered in cases older than twenty years (Christie's New York Conditions of Sale, Wine). You can learn more about specific fill levels and their implications in our guide to wine ullage levels explained. Ensuring proper wine storage is crucial for maintaining these conditions over time.

What are the costs associated with selling old wine at auction?

When selling old wine at auction, you will encounter various costs, including the buyer's premium and potentially seller's commissions. Christie's charges a buyer's premium of 25% of the final bid price of each lot of wine sold (Christie's New York Conditions of Sale, Wine). The buyer pays this premium in addition to the hammer price. The hammer price is the amount of the highest bid (Christie's New York Conditions of Sale, Wine). Taxes are also payable on this premium at the applicable rate, according to Christie's New York Conditions of Sale. Sotheby's publishes its own guidance on selling at auction and on seller's commission (Sotheby's: selling at auction, seller's commission). Factor in these charges when calculating your potential net proceeds from a sale. The buyer's premium directly impacts the total price a buyer is willing to pay. Understanding these costs is a key part of navigating how to buy wine at auction, which in turn informs selling strategies.

What are the tax implications of selling old wine?

The tax implications of selling old wine depend on whether the wine is considered a "wasting asset" and its sale price. HM Revenue & Customs (HMRC) states that disposals of chattels, which are tangible moveable property and wasting assets, are exempt for the purposes of TCGA92. That exemption does not apply where Capital Allowances were or could have been claimed, or where TCGA92/S45(3B) applies (HMRC: capital gains manual, wasting assets). HMRC further clarifies that you do not usually pay Capital Gains Tax on anything with a limited lifespan, such as clocks. That changes if it was used for business (GOV.UK: capital gains tax on personal possessions). However, you may have to pay Capital Gains Tax if you make a profit when you sell a personal possession for £6,000 or more (GOV.UK: capital gains tax on personal possessions). This threshold applies to individual items. For jointly owned possessions, you are exempt from paying tax on the first £6,000 of your share, according to GOV.UK: capital gains tax on personal possessions. You should consult your own independent tax advisor with any questions, as Christie's recommends (Christie's New York Conditions of Sale, Wine). For those considering fine wine investment, understanding these tax considerations is paramount.

Where can you sell old wine?

You can sell old wine through established auction houses, which offer a structured process for consigning and selling. Christie's, for example, acts as an agent for the seller. The contract for sale is made between the seller and the buyer (Christie's New York Conditions of Sale, Wine). Christie's strongly advises prospective buyers to examine personally any property in which they are interested before the auction takes place. Condition reports are usually available on request (Christie's New York Conditions of Sale, Wine). Christie's specialists are available to give advice at viewings or by appointment (Christie's New York Conditions of Sale, Wine). When considering where to sell, explore our guide on how to sell fine wine. It gives a comprehensive overview of options and strategies.

What should you know about shipping and collection after a sale?

After a sale, you should be aware of specific requirements for shipping and collection, including age restrictions and logistical responsibilities. Christie's states that collection or delivery of alcoholic beverages is only allowed for individuals 21 years of age or older (Christie's New York Conditions of Sale, Wine). Buyers are generally expected to remove their property within seven calendar days of the auction. For wine, the window is thirty calendar days (Christie's New York Conditions of Sale, Wine). Unless otherwise agreed, it is the buyer's responsibility to pick up purchases or make all shipping arrangements, according to Christie's New York Conditions of Sale. If lots are not collected within 120 calendar days of the auction's conclusion, Christie's will store them at the buyer's expense and risk. Storage goes to a third party, The Wine Cellarage, at its New York storage location (Christie's New York Conditions of Sale, Wine). The buyer agrees to the applicable terms and charges set out at https://winecellarage.com/wine-storage/ (Christie's New York Conditions of Sale, Wine).

Christie's may only ship wines to states where it has appropriate licenses and permits. Those are currently New York, Florida, New Hampshire, and Wyoming (Christie's New York Conditions of Sale, Wine). For shipments to New Hampshire, Christie's caps the volume. It may not ship more than twelve 9-liter cases or equivalent of wine to any one consumer in a calendar year. It also collects a fee of eight percent of the hammer price plus buyer's premium (exclusive of sales tax) prior to any shipments. The fee covers the cost of filing a report with that state (Christie's New York Conditions of Sale, Wine). For Wyoming, the limit is 108 liters to any one household within any twelve-month period. The fee is twelve percent of the hammer price plus buyer's premium (exclusive of sales tax) prior to any shipments. It covers the cost of filing a report with that state (Christie's New York Conditions of Sale, Wine). For other states, property will be released to a third-party shipper. Christie's shall collect New York sales tax at a rate of 8.875%, regardless of the destination of the lot, prior to collection, unless a tax exemption is on file (Christie's New York Conditions of Sale, Wine). Christie's will be happy to provide a preferred vendor contact to ensure timely delivery (Christie's New York Conditions of Sale, Wine).

For international shipping, Christie's offers shipping of wines to Hong Kong and London, based on specific terms. All lots must be paid in full. Wines may take longer than 30 days to arrive, and Christie's does not guarantee arrival dates. Wines are not shipped during months of extreme heat or cold (Christie's New York Conditions of Sale, Wine). For shipments to London, tax or VAT will be applied based on destination. That happens if you choose to ship onward from the UK warehouse, according to Christie's New York Conditions of Sale. For shipments to other countries, and in accordance with New York law, property will be released to a third-party shipper. Christie's shall collect New York sales tax at a rate of 8.875%, regardless of the destination of the lot, prior to collection, unless a tax exemption is on file or specific freight forwarder conditions are met (Christie's New York Conditions of Sale, Wine). It is the buyer's sole responsibility to determine before bidding whether wines can be shipped from or into any state or jurisdiction. The buyer also holds the legal obligation or responsibility for obtaining any required permits or licenses prior to shipment (Christie's New York Conditions of Sale, Wine). The buyer is also responsible for abiding by any customs regulations and required declarations for international shipments (Christie's New York Conditions of Sale, Wine).

Destination State	Shipping Limit (per consumer/household)	Fee (of hammer price + buyer's premium, exclusive of sales tax)	Sales Tax (New York)
New Hampshire	Twelve 9-liter cases (per calendar year) (Christie's New York Conditions of Sale, Wine)	8% (Christie's New York Conditions of Sale, Wine)	Not applicable (Christie's New York Conditions of Sale, Wine)
Wyoming	108 liters (per 12-month period) (Christie's New York Conditions of Sale, Wine)	12% (Christie's New York Conditions of Sale, Wine)	Not applicable (Christie's New York Conditions of Sale, Wine)
Other US States	N/A	N/A	8.875% (Christie's New York Conditions of Sale, Wine)
Hong Kong, London	N/A	N/A	N/A (London may have destination tax/VAT, Christie's New York Conditions of Sale, Wine)
Other Countries	N/A	N/A	8.875% (Christie's New York Conditions of Sale, Wine)

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