I always go through the notes I wrote before the auction and compare them to the actual results. Whether or not I actually participated, I like to analyze my thought process and see if I was accurate in my predictions.
What I look for in the results is how much did the prices on these lots shoot up. I hopefully will see that some of these lots were entirely pass over, which means that if I had chosen to participate, I would have been able to get them at more or less the price of my choosing. Another note I want to make on the passing of lots is that sometimes, the auction house will set a reserve that is too high. A reserve simply means that the price of the lot must be higher than the reserve. You can think of this as the seller entering the auction at prices up to the reserve.
I use this type of exercise to review how I behaved during the auction and refine my thoughts for the next one. Here is a link to the results of the sale.
With that, let’s get onto the lots.
Lot 30, 31, and 32 – Chateau D’Issan 2000
These went for the high estimate down to the middle of the estimate range. Clearly, we see that no premium is being offered for the magnums, but I was wrong here. These found their market early on in the sale. In revisiting this auction, I would not have wanted to bid on these lots.
Lot 120 – Sociando Mallet 1990
Once again, this mature Bourdeaux went for the middle of the range. I would not have wanted to bid here, so I am happy I did not. Remember, we do the preparation for knowing what we would want to bid on, but we take our preparation and are always prepared to adapt during the sale.
Lot 160 – Chassagne-Montrachet Les Champs Gains Marc Colin 2004
Here we’re beginning to approach a more reasonable price point, but we’re still not where I would want to start bidding. Based on the first 150 lots, it looks like they were having a moderately successful day. Not necessarily the best for value buyers.
Lot 164 – Corton-Charlemagne Domaine des Heritiers Jadot 2005
Here are where things start to get interesting. This lot passed. Maybe Wally’s will sell it to a registered bidder after the auction. I am curious as to why it passed. Wally’s has a reputation for guaranteeing minimums, which makes things a bit of a mess. I heard they did that with the Empire Collection and the Roy Welland Collection. I don’t have confirmation for that, but it can sometimes be used to your advantage.
Lot 282, 283, and 284 – Chassagne-Montrachet – Les Caillerets Ramonet 94
Two passes and a take at the low end of the estimate. What may have happened here is that the first two had reserves and the last one did not. It would not be surprising if Wally’s was setting the reserves above the market clearing price and trying to raise prices. They’re in a bit of the hole from their estimate guarantees in the past. Still looks like these could have been had for okay prices, but nothing to make me jump out of my seat.
Lot 405 – Pape Clement 2006
Well crap, this just went for too high. It’s not a great year, so I was hoping that it would be priced at a bit more reasonable. Still, this is a good price, but no value
Lot 636 – Château de Beaucastel 95
This went for around $850, which is actually overpaying for this wine. I would have dropped out bidding.
Lot 637 – Hermitage Jaboulet 98
This one is right at the low estimate. It would have been a bit more interesting below, but this one finally is in a range I would have considered.
Lot 644 – Mixed Rhone including Guigal and Rostaing 9 bottles
Right at the top end of the estimate. I think you know what I would say about bidding at the high end of estimates.
Lot 646 – Vertical of Vieux Telegraphe
This went for the estimate, but was a good price. The buyer of this lot got a good deal.
Lot 800 on – Lucien Le Moine
The Le Moine was very exciting for bidders. They definitely got it up to good prices. A few lots passed or sold at the low estimate, but you had to pick and choose. I think I led you to the right lots, but you definitely had to take it from there. I hope you did your looking!
Lot 856 on – Domaine Perrot-Minot
Looking through the Perrot-Minot, I see at least two lots that I would have bid on. It’s very rare and very high quality. The prices were a bit astronomical, but there were a few wines there that I think would have made for good purchases.
Let me know your thoughts and breakdowns of the auction. Feel free to link to them in the comments.