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Cellars 101: Costs of Buying at Auction
Insider tips to help you plan your spending before the gavel comes down
You buy a case of wine at auction for $1,000. When the invoice arrives, the charges exceed $1,330, and come with a reminder that any unpaid balance after a 14-day period is subject to a 2 percent late fee. What's going on? This isn't some form of chicanery, but simply a function of the auction rules and regulations. There's nothing "hidden" about the charges-that information is in plain view. Yet too often, collectors do not closely read the terms. Here's a Wine Spectator guide to what you can expect.
For the full article, check out the new issue of Wine Spectator, on newsstands October 4, 2011.
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