It is logical that most things well-made and in limited quantities should fetch a premium, and in some cases, more than a premium to those that are avid enough fans of that particular thing.

With that in mind, wines and spirits are certainly one of the more common items that have a great following worldwide, with certain collectors more than willing to shell out a pretty penny for their favored bottle at auction.

There are sites and whole organisations dedicated to process such auctions, moving massive amounts of proceeds for bottles that range from USD$30 to those that cost hundreds of thousands.

For context, WineBid CEO Jerome Zech said that in 2017, $28 million dollars worth of wine was sold online through its weekly auctions, with upward of 260,000 bottles being moved throughout the year.

Naturally, auction giants such as the famed Sotheby’s and Christie’s are at a whole other level. In fact, a 1945 Romanée-Conti went for a whopping USD$558,000 at such an auction in Geneva, Switzerland.

But it's not always about the rare, branded bottles either. Auctions with a lower price of entry also provide collectors with easier means to collect their desired bottles. Not just that, it's especially useful for people in certain regions to obtain bottles that might not be common in their area, but are more readily available elsewhere. 

Even collectors of more niche categories such as riesling from Germany and Austria, or old California cabernet can find their bottles, as such selections might not make appearances on the more grandiose live auctions.

For those of you that might want to get started, here's some tips on how to navigate the world of wine and spirit auctions!

1. Look for vintages that aren't being snapped up.

Being popular is not the defining trait of a good wine. Just because a wine isn't exactly being fought tooth-and-nail over, doesn't mean you should simply ignore it. Not just that, those that avoid this wine may not like it for other reasons, such as having negative outlooks on it, or just aim to go with the crowd. As such, you might get much better deals out of such vintages, if you don't mind not riding the bandwagon, that is.

One such example would be the 2007 Bordeaux, so who knows? Keep your eyes peeled, have a little patience, and in a few years you could have a really valuable bottle on your hands.

2. Feel free to email auctioneers with questions before bidding.

Most, if not every, auction house has a couple of wine specialists on staff that should be able to answer any questions about their offered lots, so ask away.

You might know a lot about wine, but you can't possibly know everything about anything, so ask away for those vintages that you're not so sure about, or need to double check with. Sure, a quick internet search could yield the same results, but wines change with time, and you wouldn't want to bet a purchase on outdated information, would you?

Remember, no proper question is a silly question. It's much better to be mildly embarrassed, rather than shelling out for something you end up regretting.

3. Avoid mixed lots like the plague.

For the uninitiated, a mixed lot is a collection of various items grouped together for sale as a single unit in an auction.

With that in mind, mixed lots are a great way for auction houses to sort of "clear" their cellars of surplus or bottles that haven't moved in some time, perhaps to clear space for incoming stock. What you get could range from a sought-after bottle, to something akin to a dumpster fire.

So unless you're willing to take a gamble, stick to single bottles. For those enticed by the lower entry point of mixed lots, however, I strongly suggest strong research on vintages and their prices, in order to stay competitive and know exactly what you're getting into.

4. Keep delivery times in mind.

This might sound a little obvious, but unless your auction is in-person, online auctions are not that distant from buying something online from across the globe.

Delivery times are a thing, and it is illogical to expect your dream bottle to magically teleport itself to your living room the moment you log off. Okay, maybe not that fantastical, but shipping does usually take a few weeks on average, up to a month depending on where you are. 

If you want it any sooner, you'll have to make arrangements with the seller.

5. Old wines will drink differently.

At this point, you might have the urge to throw something heavy at my head. "Duh!" you must be thinking. Yet this is one aspect that is commonly overlooked.

I'm not talking about those uber-rare bottles that say, have only five floating around the western hemisphere, but rather wines that have current releases at retail or in restaurants. Keep in mind that the same bottles can be affected by age to varying degrees, regardless of longevity.

For example, tannins will soften, oak will become more mellow and flavors will emerge or fade. Wine ages in bottle, remember, so don't always expect the same thing.

6. Keep in mind that buyer's premium exists.

Regardless if it's online or live, chances are likely that every auction house charges a buyer’s premium on top of the selling price.

For example, Sotheby’s is 23 per cent, while Winebid charges 17 per cent. Essentially, if you bid and get a bottle at 100 bucks, it's actually more than a 100 when it's time to pull out your wallet.

7. Wines are sold as is.

With age also comes the risk of wines becoming damaged in some way. This isn't the norm, of course, as auction houses typically rigorously vet the storage environment of the wines they receive, as well as the bottle's condition.

But that's also not to say such evaluations are perfect. Remember, auction houses don't do "check in the back". It's display units only, i.e what you see, is what you get.

8. Find out about absentee and maximum bids.

For those of you that are a little busy but really, really want that bottle, fear not, as you need not be in-person for auctions, online or not.

Modern auction houses allow you to participate in an auction even if you can't attend in person. The trick to this? Tools such as absentee and maximum bids

A maximum bid is the highest amount you are willing to pay for a specific item in an auction. This bid is confidential and only revealed to the auction house. It allows you to set a limit on your spending too.

A absentee bid, on the other hand, is when the auction house then bids on your behalf, incrementally increasing the bid until it reaches your maximum or is outbid by another party.

9. Set a budget.

Last but not least, set a budget. Seems obvious, but it's rather easy to get drawn into a bidding war when things get heated, and sure, you might end up getting your preferred bottle, but finding out you can't afford it when it's time to collect.

The need to win, or perhaps being too drawn to a single lot is not an unheard of story. Like gambling, bidding and winning a lot at auction can be addicting. A budget will help you curtail that impulsive spending.

Lok Bing Hong A budding journalist that loves experiencing new things and telling people's stories. I have 30 seconds of coherence a day. I do not decide when they come. They are not consecutive.