Winebid: What’s your favorite strategy?
0 voters
like the poll says. curious what the most popular strategies on the board are.
personally, my favorite strategy is to create polls just before the bidding ends to distract potential competition.
I place an early bid for my max $ and check my email at 8pm Sunday.
That’s me; bid early and forget about it.
I like to follow a few interesting wines, watch them get bid up to 3x what I would ever consider paying for them, then go down to the cellar and think about selling everything.
Yes bid early at my max and wait, bidding wars are not for me.
Bid what I think it’s “worth” and sit back and get outbid. Rinse and repeat. I can’t tell if investors are ruining wine or just inflation.
Bid once with a low max at 6.30-6.45 pm on Sunday. Go make and eat dinner with my wife. Return after dinner to see where the chips fell. Cheer at the wins, sigh with relief at the losses.
I like this strategy.
I try to keep myself to something similar but with a bid early in the week. inevitably I do find myself looking at them a couple times through the week though to see where theyre at.
This is kinda me, also.
Just finished going through my usual wine bid searches, put trackers on things in which I might be interested. Tonight or tomorrow morning I’ll look more closely at descriptions, pricing, and whether I really want/need something; then bid, set the max, then let it ride. I sometimes modify a max bid during the week, or add a bid to something I was merely tracking.
I don’t trust myself to watch the action Sunday night.
No overall strategy; if I need a wine for a vertical, I bid high early, but will try and fend off late snipers. Otherwise just bid early.
I’m like Mark: my strategy depends on the wine. Most wines, though, I will put in my max bid early or at least some time during the week, and wait to see how the chips fall. This is my strategy with any timed auction.
My strategy with live auctions, such as Hart Davis, are to wait until I see the opening bid, shake my head at the insanity of the prices other people are willing to pay and put down my phone.
I bid my max amount sometime during the week and then check my email on Monday morning. I’ve yet to find a bottle on the site that is a must have. If I get outbid, I get outbid.
I just bid max early in the week and let the chips fall where they may. I lost a couple of bottles in OT bidding this week, but it really makes no difference to me when the bidding happens.
You all have a lot more willpower than me. My preferred strategy is like Tom R W’s - research during the week, put on a few bids, and let the chips fall. Once in a while I think of looking around 6:45 to see if I’m going to lose my mind and bid something stupid. More often than not I forget to look.
Shifting more buying to K&L. K&L starts lower and tries to draw in more action whereas Winebid seems to price closer to “market” price as the reserve and seems content to lower the price a few bucks a week til they get a bite if it doesn’t take off in week 1. Both strategies have merit.
Either way, because of this, K&L has much more late action IME. So because the reserve price is lower than market, the bidders lie in wait. Except once in a while they just don’t for some reason and a lot falls through the cracks. So I put in early bids and see if any fall through the cracks. Most don’t - a few do.
ive always wondered what happens when a wine just sits on winebid for forever without being bid on. sometimes it seems like they decrease the price every couple weeks, and sometimes it seems like a wine just sits there at the same price. I was following a Salvo Foti for like 6 weeks that just never dropped in price and never got any action. was kind of weird.
I’ve noticed this too. It seems like the prices used to drop quicker, and they used to have a number of wines that would hang around for a while and then start at $5. I think they discontinued that practice a while back, though. I have never sold via Winebid, but my guess is that it’s up to the consignor how low they want to go on particular wines. Maybe consignors feel that it’s an up market and so they don’t want to go below a certain price? I will see some wines that sit at a certain price not sell and then all of a sudden there is interest, so maybe they are right? My watch list has been shrinking lately because there aren’t as many reasonably-priced wines that I am interested in.
Bid the amount I’m willing to pay for the bottle (including the amount I’d be actually willing to pay a minute before the deadline when I see I’ve been outbid), then look Monday morning and see if I got it or not.
“Losing” these auctions isn’t really a bad result. You got the fun of finding, shopping and buying, but then didn’t actually have to spend the money or add to your overfull storage.
IIRC you can set your own reserve, but they start to charge you for storage (or there’s some sort of penalty) if it doesn’t sell within a certain # of weeks. Also they can’t guarantee that somebody else won’t be selling the exact same wine at a lower reserve price. The one time I sold through WB, I just let them do the auto-pricing. In general, the market sorts these types of things out. And if I really wanted to wait forever to get my price, I’d just post on the sale board here every few weeks and wait out my buyer.