Yahoo Lifestyle How to Sell a Bottle of Wine From Your Collection
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Since we write about wine, many people assume we know all there is to know about it, so we get asked all sorts of questions all the time. For example, an out-of-the-blue email from a once-upon-a-time airplane seatmate recently inquired what a particular bottle of wine may be worth and if there was a way to sell it. Our initial reaction was to repeat what we have been told for years: that auction houses and re-sellers prefer collections to single bottles and that the best thing to do is drink it. However, a little investigation revealed that the rules have changed, and we uncovered that there is a market for a single bottle if it meets certain criteria.
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First off, before you even consider selling your bottle, take a good look at it and sincerely ask yourself if you would buy it. Is the label intact and still somewhat bright, or is it faded, peeling, and torn? Is the bottle full, or has evaporation taken its toll and left a less-than-desirable fill level? While a torn label doesn’t fully reflect on the quality of the wine within, it offers clues into how the bottle has been handled and stored, while a low fill level indicates that it may have been kept in less-than-optimal conditions and that the wine has suffered from oxidation.
We were surprised to learn that with the right bottle, Sotheby’s may be a fit for your sale, as the storied auction house’s criteria for accepting wine is not a quantity of bottles but rather a dollar amount, which is an achievable $1,000. The bottle our acquaintance asked about appeared to be worth more than that, save for two problems: The label was torn and had been taped to the bottle, and the owner had received it as a gift. That’s a no-no at Sotheby’s. “If there is any missing part of its history, or any concerns around the bottle’s condition in any way, we reject the bottle,” says Nick Pegna, the auction house’s global head of wine and spirits. “We ask for a full history of the bottle, including how it came to be in the owner’s possession, as well as needing paperwork on purchase history and proof of ownership. No bottle is more valuable than our reputation.”
At rival auction house Christie’s, Chris Munro, head of its wine department for the Americas, says he typically looks for a minimum value of approximately $25,000, but the house remains flexible and will assess consignments on a case-by-case basis. That said, it better be a special bottle: Munro gives the example of a single magnum of Domaine de la Romanée-Conti La Tâche that was recently auctioned for a client. “While we generally prefer consignments that meet our minimum value threshold, we evaluate exceptional bottles individually,” he says. And again, you should be prepared to explain—with receipts—how the bottle came into your possession. “We apply the same rigorous standards of provenance to all wine consignments, regardless of size, ensuring authenticity and quality,” Munro says.
Wine lovers may be less familiar with Uovo, a luxury storage and logistics provider for fine art, fashion, and wine, which supports collectors in the U.S. and abroad with comprehensive wine collection services. While the company may have been better known for work in the fashion and art worlds, its acquisition of Vino Vault last November expanded its footprint further into fine wine. Ian Dorin, Uovo’s director of wine sales, says the company’s business model is quite flexible, so it’s less about the volume that someone has for sale and more about the quality. Again, there is always a market for the most sought-after bottles. “If someone has a bottle of well-stored Petrus or DRC they would like us to sell, we would gladly handle that for them,” he tells us. Don’t despair if neither of those is the bottle you were hoping to sell, as Uovo can find a buyer for other categories as well. Dorin explains that it is more about the pedigree of the specific wine itself, pointing out that although the company doesn’t generally sell Australian wine, he has a “hungry client base for Penfolds Grange.”
While 95 percent of the wine Uovo sells comes from the top regions of the wine world, Dorin is also seeing interest in lesser-known wines from these existing categories. Although DRC is always seen as a driver in the auction and resale market, Dorin notes that collectors are also interested in more “humble” categories of Burgundy such as Côtes de Nuits Village or even Appellation Bourgogne, so it is worth finding out if a bottle you are interested in re-homing has a potential buyer. As at the auction houses, Uovo will only accept wine that is in the ideal state. “Not only do we need a fill level that does not require notation but also labels in the same condition,” Dorin says. “Our buying clients expect the wines to be in top condition.”
Uovo, like the auction houses, also takes bottles on consignment, but will make exceptions for the right bottles or collection. Once the bottle is in the company’s possession, Uovo notifies clients via bi-weekly email offers and also employs more direct methods. “We also will reach out to individual clients based on their buying history and try to play matchmaker with specific producers as well,” Dorin says. He will also contact clients when he has something that matches a specific request. “We may not be able to do it within a few weeks, but if the client can be patient, we will certainly do our best,” he says. Uovo also works in reverse, seeking specific bottles that clients are looking to purchase. For example, a client recently asked for a sixpack of 2017 Domaine de la Romanée-Conti Richebourg, and Morin is confident he will be able to source it in a short period of time. In case you’re wondering how Uovo or an auction house makes money, commission is deducted from the retail price of each bottle sold. In Uovo’s case, the rate is scaled and based on the value of the collection, so you can expect to pay a higher commission rate for a single bottle.
If you decide to go the potential sale route, be prepared to answer a lot of questions about your wine, such as where it was purchased, when it was purchased, and how it was stored—and to provide proof upon request. If your bottle is in less-than-perfect condition, it may still be perfectly drinkable but may not have resale value, at least not via a reliable reseller. In that case, we revert to our original advice: Open it up and enjoy it. You can’t attach a dollar amount to the satisfaction of sharing a rare bottle of wine with friends who will truly appreciate it.
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