I don't think I understand K&L's auctions...

http://www.klwines.com/Auction/Bidding/AuctionBidDetail.aspx?sku=1088409

2 750s of the 03 Rieussec at a starting bid of $250? With half bottles available for $30 and full bottles available for $50, this is about 2.5x market value.

The scary thing is that I wouldn’t be surprised if it got bids anyway. All the K&L auctions seem to be going for above market, although usually not by this much…

What’s to get? I would suppose that the consignor set a silly reserve price. K&L could have refused to list the lot, but I would guess they’re trying to build critical mass.

Yeah, I noticed that. The minimum opening bid tends to be much higher than their own regular retail prices for new and used wines. Yes, probably it’s the consignors setting those prices, but speaking from my perspective as a regular K&L customer it’s stupid and they shouldn’t allow it. Maybe they felt it necessary to have enough wines to list, but it’s such a bad joke I don’t even bother looking.

edit: Then again, it’s not exactly uncommon for me to hear people talking about what a great deal they got on an older wine when they paid a lot more than the market price.

Last year I put some 2002 lafitte on their site. They recommend starting at a lower reserve price which I did. Ended up “hammering” at the about the high end of then-current auction prices.

Is it case price?

I believe they charge $5 per lost listed. So they are at least partially compensated for their effort even if it does not sell.

The lot you linked to shows two (2) bottles together for an opening bid of $110. Am I missing something?

Bruce

was 250 when he posted

Ah, sounds as if they mis-listed the lot opening price and then fixed it. Crisis averted.

Bruce