Another interesting auction - HDH

[Eric Menchen]

A fair number of really old bottles of Port at the Hart Davis Hart auction December 13th & 14th:
http://www.hdhwine.com/auction-catalog/1312

The catalog has pictures of some, including the 1935 Sandeman. I might just have to bid on that one. I can only hope it is as tasty as Roy's.

Just one lot of Madeira. I won't be bidding on it, but for the Madeira lover's out there
Lot 1833, 12 bs (oc), 1903 Boal Madeira, Reserva, D'Oliveira. Each bottle in its own oc; bottled in 2002
Estimate: $2200-$3200

[Glenn E.]

1271 12 bs 1997 Quinta do Noval Vintage Port $1200-$1800

That lot looks interesting. I've never seen N97 for less than $175 or so... if a lowball $1200 bid won that'd be a pretty good buy. But I don't need or want 12 bottles of it.

Most of their estimates look high to me, especially compared to the recent Zachy's auction. As near as I can tell their BP is 19.5%, so not sufficiently different than Zachy's 22.5% to account for the difference in estimates.

[Eric Menchen]

Yes, I saw that Noval as well. I've paid $200 for it before, but I think I managed to get one for around $100 once.

I don't know how well HDH estimates come to reality. I was thinking of bidding on the 1935 Sandeman, 1977 Warres, and maybe the lot with 1994 Fonseca in it, with low bids on the latter two.

[Andy Velebil]

1997 Noval has come down a lot this past year and now is averaging around the $130-150 mark at auction. Just FYI

[Roy Hersh]

Eric, as I know the consignee, I can tell you these are well stored bottles.

[Eric Menchen]

I put in bids on lots 1228, 1249, 1264, 1269, and 1273.
The 1264 bid was a lowball, conditional with 1269. So if I don't get the 1977 Graham's with the lowball bid, I'll have a chance at the 1977 Warre's with a more reasonable bid. Of course I just submitted these today, so I may lose in a tie situation.

[Eric Menchen]

1997 Noval has come down a lot this past year and now is averaging around the $130-150 mark at auction. Just FYI

And I was tempted, but resisted bidding on the 1997 Noval. It has come down at auction, but the cheapest wine-searcher.com retail listing I could find today was $195.

[Tom D.]

--Deleted--

[Eric Menchen]

One thing about the HDH auction, many wines sell at low estimate, especially Ports, but there are often many tie bids at that price. So don't wait until the last minute to bid (which most people do), as earliest bid wins ties. If you place your bid at low estimate (which is the reserve) [emphasis added] soon after the catalog is published, you often have a pretty decent chance of getting a nice deal.

Yes, I recognize that getting your low bid in early is best. I was waiting for results of other auctions first. We'll see what happens.

I thought the reserve could in fact be lower than the estimate. I think I bid below the estimate at Christie's and won a case of 1970 Taylor that several of us FTLOPers split. I just looked at the HDH terms and while they explain that a reserve may exist, there isn't anything tying it to the estimate that I could find.

Auction estimates are provided for each lot, with all figures based on the most recent auction market results for the same or comparable wines. Rarity and condition are at all times taken into consideration. ...

My lowball bid on the Graham's was below the estimate. My other bids were either at the minimum or a bit higher. I didn't exceed the estimate, as that seems silly to me. For all of these, there are other bottles out there.

[Tom D.]

Eric, please ignore my previous post, I was thinking of a different auction house completely!

[Eric Menchen]

1271 12 bs 1997 Quinta do Noval Vintage Port $1200-$1800

Most of the lots went for above the high end of the estimate, some significantly higher. The above went for the high, $1800. So with the premium, that means around $180 each. I was just outbid on the 1994 Novals (6) with a one 1985 Nacional. I bid $800, but it sold for $850 + premium. I just didn't give the '85 Nacional much credit in that lot.

[Roy Hersh]

Have you had the 1985 Nacional before?

[Eric Menchen]

Have you had the 1985 Nacional before?

No, I was just going on a general perception and my interest in the bottle.

[Roy Hersh]

Fair enough. I have only had it twice and it is a very solid Vintage Port, although not one of Nacional's greats. Nonetheless, it is not one to be written off lightly. Just my two cents.