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DAZE OF WINE & RISES

June 2008

 

Wine Report Prices Have Doubled, But Wine At Auction Shows No Falloff And Plenty Of Benefits For Restaurants. Peter D. Meltzer Reports.

It’s hard to conceive how much the breadth and depth of wines available to the restaurant and hotel community have changed over the past 20 years...

...Paul Hart, president of Hart Davis Hart auctioneers in Chicago, feels the restaurant constituency for wine auctions could be expanded. “We’ve noticed that some restaurants don’t take advantage of the auction market – particularly the newer buyers – because many of them are simply not familiar with the auction process.”

Hart says that time constraints and budgetary concerns often mean that the absentee bidding process works best for restaurateurs. “They can enter a bid online or by fax and set individual lot limits and overall spending goals. They can also utilize live online bidding or, alternatively, sign up for telephone bidding. There are always opportunities, and market shifts happen quickly, but restaurant buyers need to be involved to benefit from these prospects.”