How to Explain Auction Prices of Terrible Wines?

In perusing the catalogue of an upcoming auction at a prominent American firm I was flabbergasted first that they would even accept for sale Bordeaux from vintages like '65, '67, '69, '80, and some individual well-known drenched disasters from '64. Most of the wines in these years were bilge water to start out. I cannot imagine what they must taste like now. Two memories, one of my father in '72 pouring the '64 Mouton down the drain after spitting out what was in his mouth, and me drinking the '80 Pétrus in the late '80’s, when it was, as they say, ‘a pleasant little lunch wine’ – emphasis on little. Of course they do not publish notes on these bottles, since they might contain adjectives like ‘disgusting’. And the estimates for such glorious first growth bottles are way in the thousands (if memory serves as much as $10,000 for a group of '80 Pétrus). One would suppose that anybody buying at auction from a major house is a savvy person who knows what he’s getting. Why do people buy undrinkable wines?

Define ‘terrible’ or ‘undrinkable’ on an objective manner please . . .

The new rich want Veblen goods. Is there a better place than an auction to show conspicuous consumption?

Bingo.

Lots of people want “complete verticals.”

Some people with the means may just want to find out for themselves how these things taste and develop.

Interesting question. Especially given the ease of obtaining information today - it would take 60 seconds on Google to realize the deal with many of those wines.

A few random thoughts:

One: I don’t know that everyone buying expensive wines at auction is savvy. You might trip up a few people swilling wine on auction night with the name and age of those wines.

Two: There may be some random rich dudes (or some employee of said rich dude) backfilling a new McMansion cellar with impressive looking labels. If some guy is showing guests around his beautiful walk-in cellar, and there are bottles like 1965 Lafite and 1969 Haut Brion sitting around on display, even most wine lovers aren’t immediately going to realize that those bottles are crap. Maybe the owner doesn’t even know, or care.

Three: Maybe some people want to own verticals. “I have every vintage of Chateaux Margaux going back to 1961.”

And tastes vary (and wines develop differently than expected- can find positive notes on 1980 Petrus and 1964 Mouton here and on CT. I’ve had neither, but have had unexpected surprises from “off” vintages.

For me, it’s to find a vintage that marks a special occasion in someone’s life, e.g., birth, wedding anniversary, first job, etc.

In such cases, the bottle may be more important than drinking the best wine.

And, drinking a bottle from that special year and reflecting on that year can make whatever is inside that bottle more enjoyable.

There is a limit though obviously.

Agree!

Rudy is trying to fill bad-vintage gaps in his verticals. He has already covered the good vintages.

Mouton is a bad example to use for your point, as it is often the unheralded vintages that go for crazy prices at auction for people to complete verticals of the label collection. These are the vintages that were consumed early, often used for restaurants, so harder to find the labels. Many of these labels are from historically relevant, and famous, modern artists. The 64 label your dad poured down the drain is Henry Moore. And incidentally, some of those vintages may surprise you. I popped a 1965 mouton several years ago, and it completely defied expectations, was quite lovely. I have also had really nice 64s.

I’ve had some really nice Bordeaux from 1964 and 1967.

I never understood the need for verticals but that’s probably part of it. And as Larry notes, everyone has a different sense of “undrinkable”. I would never mark a special occasion with a wine I thought was second rate though.

Birth year wines are fun. My best friend and business partner is a 1969 baby. A tough wine year for Europe. He’s one of these guys that has everything already, so on some of his special birthdays, like his recent 50, I got him birthyear wines that we consumed together: the 1969 Heitz was quite good. We popped the 69 BV Private Reserve on a prior birthyear. Sure, an 82 Bordeaux might have been better, but not the same.

I guess the key is how you arrived at your conclusion that the wine was second rate.

I think it’s fun to try ‘off year’ wines to expand my experience/palate.

I think I approach wine appreciation in the same way as sex appreciation: even when it’s bad it’s still pretty good.

Well our local wine shop Haskell’s is offering an event that is way overpriced compared to the Hennepin Lake Tasting earlier this fall. A quarter of the wines of quality and they are promoting the 76 Chateau Margaux which looks like a serious dude! I am sure for the novice that knows the name will think they are at some exclusive tasting.

Lemmings

Dan Kravitz

My experience is time heals the wounds of the winemaker and in many cases vintage.

I try to buy 67s (birth year) when I can. It’s very hit and miss but I love the hunt and, like others have said, I get lots of joy opening them that goes beyond whether it is objectively a great wine for the price. And sometimes I get some amazing stuff – 67 Latour a couple months ago was really fabulous. And I do like to look at things like a 67 GDL and 67 Montrose (both bought at auction) sitting there in my cellar. One good thing about buying 67s is that I doubt there is a huge industry out there producing fake 67s. (At least I hope not now that you all know that I’m an easy mark!)

I think it’s fair to say that prestige and scarcity drive prices at the highest end of the wine market, much more so than what the wine tastes like.