More auction madness

Wine prices are also a drop in the bucket. And due to the change in law the tax form is now required.

Can you elaborate

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Afraid the IRS changed the rules of the game this year, at least for proceeds >$600.

https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022

Best,
Jonathan

Is there a way to access today’s results?

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Well, the IRS didn’t do anything. Your elected representatives in Congress did this, as Debbie pointed out in the article you linked - “ as the result of a provision in the American Rescue Plan Act of 2021…”

So this is applicable to settlements that you receive from say selling on Winebid, Acker, etc?

That is my understanding, Mike, and while I have not done business with either of the ones you named, it has been a requirement for consignments I have done with other major houses during 2022.

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Got to ackerwines.com/auctions and click on the “Search and Bid Now” button for the "222DE - “A Cut Above” live auction. You’ll be able to see the hammer prices for today’s lots (the auction continues tomorrow).

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Bottle of '73 Stag’s Leap Cab direct from the winery cellars just sold for $13k at Heritage. Now thats a wine being direct from the winery for which no price would have surprised me. Wouldn’t have shocked me if that one had gone for $25k tbh. They come around every so often but such a historic wine – with that kind of provenance – is an absolute probably never-to-be-seen-again unicorn.

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I was in the bidding for the '73 on the off chance it might go for the estimate or a bit above. hahaha. no.

Although I did score a smaller 10yr vertical for our tasting group. should be fun.

Someone may be trying to recreate the judgment of Paris…

Not winery direct, but a bottle sold at HDH last week for $1200.

Some big boys left
https://wine.ha.com/c/search-results.zx?N=2003+794&ic=Items-OpenAuctions-GeneralPABs-071713

meanwhile, Heritage with the last auction of the weekend . . . they maybe should have started earlier . . . decent amount of first growths going quite a bit below WS lows. Auctioneers sounding bummed that no one is bidding except folks who placed online bids prior to tonight . . .

Maybe it’s because I don’t really buy first growths (too $$$), but I didn’t really see bargains in that auction. Unless you compare it to HDH I guess. More like winesearcher low type prices, except you have to buy a case.

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Latour and Mouton did well, even off-vintages in the 90s. A couple of small Haut Brion lots ('01-'04) went for a good price, but prices on solid cases were relatively strong.

Perhaps signaling its fall from favor, '05 Bordeaux generally went at levels pre-pandemic, reverting to historical trends for middle-aged Bordeaux that require additional cellaring. Same thing happened for non-cult CA Cabernet of similar age and newer BDX . I think that’s a good sign for the overall health of the market, TBH.

I’m happy with how things worked out. I probably could have bid on a a few more lots that still had some upside, but I played conservatively. All in all, I think more people walked away satisfied than not in the end.

No idea why auction houses don’t all at least store wines/transfer ownership in Delaware. Auction buyers - as a whole … certainly some people are idiots - will look at “total” cost to include hammer + vig + tax. It’s no surprise the board often remarks on high HDH hammer prices when they have lower vig and tax than virtually all other auction sources.

So, this all sounds like the buyer finds a high sentimental value in attaining this collection. So, it’s not about the market price of other bottles of the same wines and more like buying a guitar some rock star played or car a movie star drove. That is a real show off factor rather than a delusional one, like the Screagle SB.

I hung on with the heritage auction to the end. I actually thought prices were quite good. The problem is that even at good prices, a case of 1st growth is still alot of $$$ without someone else(s) going in on the lot. But I did notice that there were very few live bidders for the last couple hundred lots. Heck, I managed to snag some white burgs at the end at pretty solid prices.

And I guess I’m splitting some of a lot of '98 Grange from the Zachys live auction. A little surprised my friend won that one.

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bizot marsannay at zachy’s. i saw it live in the room. blown away.