Wine Auctions Go VirtualLATEST NEWS | NOVEMBER 12, 2020
Virtually every industry is taking operations, well, virtual. The fine wine market is no different.
As fine wine auctions shift from in-person gatherings to virtual events, physical boundaries dissolve, allowing a greater number of bidders to participate remotely from across the globe. And, with buzzy single-owner auctions, such as those offering sought-after lots from restaurant cellars otherwise only available on-premise, auctions are ushering in a new age of wine buying and selling.
“Although the online format greatly diminishes the rarefied air that’s synonymous with an auction, it enables potential buyers in far-flung locations to participate. And at a time when in-person dining is severely limited in most parts of the country, virtual auctions are proving to be a successful way to keep consumers engaged with fine wines during an unconventional era of wine buying.”
As Alia Akkam notes in her SevenFifty Daily article, “The auction business is booming.” To find out how auction houses and organizations have adapted during the pandemic, read the full article, “Wine Auctions Pivot—Quite Profitably—to the Virtual World” here.
“Snagging special bottles, such as those from Del Posto, is a luxury, but for the collectors ramping up auction sales, it’s also a way to channel a much-missed, storied dining room.”