We were on a student mission to furnish our shared flat, but ended up blowing our budget after placing winning bids on a tacky mirrored plinth and taxidermy rabbit. This first experience of auctions filled me with a fear of this form of purchasing for some years which, thankfully, I've now overcome as it's a great way to buy wine, from rare bottles to real bargains.
Despite being big business internationally, coupled with the rise of online auction sites more generally, bidding for wine remains under the radar for many local wine buyers. It's something that's down to the relatively undeveloped nature of the "secondary" market in the country - where wines are sold by another seller and not from the original primary release - in which a relatively small number of wine enthusiasts and investors are actively seeking out the older back vintages that are the mainstay of the auction houses.
This is as well as the relative youth of the fine-wine sector within our own wines. However, according to the country's two main wine auction houses, things are starting to change. "We are seeing evidence that the demand for New Zealand wines on the secondary market is developing," notes Simon Ward, director of the Fine Wine Department at Webb's, an auction house with a department devoted to wine that holds regular auctions throughout the year.
Although New Zealand wines account for just 25 per cent of Webb's sales, Ward explains this is fuelled by a core group of top local wines that have become sought-after and are limited in supply, especially older vintages.
