Can someone explain what I keep seeing on the online HDH -
Lets say there’s a bid for 10k…auctioneer will be there for a bit, trying to get more bidders, going once, twice, and then right at the bell 11k bid comes in, it closes immediately right there, same paddle # as the 10k bid. Whats actually going on there>
No idea. That doesn’t make sense that it’s the same paddle. I watched a little yesterday. I didn’t see anything like that.
I’ve seen some auction houses change the closing price shown on their site from bid amount to purchase price (bid amount plus buyers premium) when the auction closes. Don’t know about HDH specifically.
I think it might have something to do with a reserve? Like maybe the bidder is told they wont sell at 10k, would they pay 11k? Thats the only thing that could make sense to me.
Yes - that works too. Bidder has max bid of 11k and a competing bid is made that triggers but doesn’t beat their max bid.
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It’s usually a reserve price and the proxy bidder’s max bid is higher than the reserve.
I too wondered about this. Happened several times today and yesterday. Auction prices for most wines looked pretty soft today. Early vacationers I guess…still the Burg prices are at a really high level. Just not going through the stratosphere.
This is the way.
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Ah that makes sense. Though I’m surprised the “new” bidder doesn’t have a chance to match? The lot gets closed immediately at the 11k price.
I have noticed a quick hammer sometimes. I think they can see online status of bidders, so let’s say:
Paddle #101 has absentee bid of $1,000. Auctioneer sees that high bidder for this lot is NOT currently online.
“I have $1,000 looking for $1100.”
[lots of time]
“Great price here at $1000, is there anyone out there who says $1100?”
[more time]
“Last opportunity here on a fantastic lot. My bidder says $1000; looking for $1100”
[more time]
“Fair warning here, I will sell at $1000”
“And right before the hammer, there’s $1100, [hammer] sold at $1100 to paddle #999”
I think the explanation there is that if
- Nobody else besides #999 was interested at $1100, so why would they be interested at $1200?
- Paddle #101 is not online, so it’s not like they’re there to “defend” their $1000 bid and outbid #999.
- They need to keep the auction moving.
I think prices were a little soft, but estimates have been higher the last few months than the whole Covid era run up, so I think it’s really just more plateauing instead of upward spiraling and then just a few lots falling through the cracks on a holiday weekend. FWIW I watched the whole thing, and I actually thought a few lots fell through the cracks yesterday but not really today at all — I think today was stronger.
I used to buy at HDH, but they stopped shipping to NY, and I never resumed.
The reserve issue makes sense.
But also wondered in HDH now has something like Heritage bid protection, where you can eliminate 1 incremate sniping?
But it’s paddle 101 who wins it…that’s the weird part.
If you ever can’t resist, I can pick up for you. It’s on my way to Maryland where I go once or twice a year.
HDH doesn’t directly ship anywhere AFAIK. They can arrange for a shipper of your choice to pick up, so ask them which services that regularly pick up from them ship to NY and then have them pick up and ship for you. That’s a little bit more work than something like Sotheby’s, for instance, which still uses third party shippers, but they do the legwork. Not sure that’s worth an extra 5-6% vig (and sales tax)?
I’ve found shipping with HDH to be super easy, and WAY cheaper than when they used to use their in-house shipping. It’s not advertised anywhere on their site, but you can tell them you want to send them a FedEx label. They email you the package count and dimensions for each based on what you purchased and pack everything up for you (no charge). You send them a FedEx label(s), they slap it on and FedEx picks it up as part of their daily stop.
At least that’s how it works for me in MN…obviously, confirm with them before you buy anything.
Prices didn’t look soft to me at all. Soft would be going below low end estimate and that didn’t happen much if at all. You got stuff like 2000 leoville Poyferre going for $280, lots of recent vintage Bordeaux going for at or above retail price, etc. (I always keep an eye on Bordeaux because supply is high so prices should be very responsive to broad demand). Yes prices aren’t skyrocketing month to month like during the boom but I didn’t see any evidence of falling
I think estimates have just adjusted to the new normal
Manhattan Wine Company does a run to HDH in New Castle on a regular basis, that’s the easiest way to get wines to NY that I’ve found. My storage facility in CT will do a run to MWC every few months so eventually the wines end up in the right place.
Just to be clear, what I meant was when HDH stopped shipping from IL to NY, I stopped bidding. I just never resumed when they moved shipping/legal operations to MD. Even though I know now people can easily do 3rd party, it seems I spend enough money at Heritage, Zachys, etc, Though with Paul the Mensch’s offer, maybe I should start looking at HDH again. 