Factor the tax man into the sweet pile of money calculation. Also, factor in the time it takes to sell through the channels you might consider. Some auctions, particularly online ones like Brentwood, are well suited to single bottle sales with no fuss - one up front price paid and you’re done. You sacrifice potential maximization of your gain if the bottle goes higher than estimates. Selling single bottles of high value at a traditional auction is possible, but it does take time to get the seller’s contract inked, get the bottle delivered, get it into an auction, then wait the full time stipulated in the contract before you see your check, less the shipping and seller’s fees you probably had in there too. Timing the auction market is like timing the stock market - theoretically possible, but practically impossible. In my position, this would never come up. When it comes to anniversaries, the golden moment for me was when I asked “Do you want anything special for our anniversary?” and she replied “I want La Tache, Monopole”. Our 2002 La Tache will be kept in the family.
Tom,
Based on the details you’ve shared, you’re making the right decision to sell! As far as investment timing advice, I wouldn’t put too much credence on WBers’ crystal balls. If folks really knew whether we’re in an asset bubble and when it will burst, they probably wouldn’t tell you.
You sound like you’re not a regular auction seller. If you don’t plan to sell other bottles in the foreseeable future, why don’t you just sell now and start planning a fabulous anniversary celebration? If the somm was willing to offer $1800 on the spot, counter with $2300 (below lowest US price on WS) and be done with it (after you pay taxes on your gain. ). Or send it to a reputable auction house that agrees to a reserve consistent with WMJ.
And don’t second guess yourself! Special time with your spouse is priceless. Blasphemy: La Tache isn’t.
I agree with a few others that if you could afford to buy it, you can afford to drink it. Doubling you money on a $725 is good but not going to take you on a vacation. If it was a $10k bottle, it would be different. Of course if it was a $10k bottle, you could definitely afford to drink it.
It’s too late. Your wife already indicated that if you chose to drink it rather than put the net $2K toward an anniversary, she would see it as a selfish act and a gesture in the wrong direction. You have zero choice now. The only question is, when will you take the anniversary trip that will be financed by that bottle? I’d sell it shortly before booking the trip and keep the funds separate and dedicated to the trip. I’m sure your wife will appreciate the sacrifice and find some way to make you feel better about it.
And if you put a sticker on it now saying “Anniversary Trip 2018,” itm will set that bottle apart, and she won’t realize your other 2002’s are really expensive also.
Before I got to his post, I was thinking about a different response. My POV is that the cost of the bottle is irrelevant (that’s a sunk cost); all that matters now is the potential sale price. Take that price and evaluate how important that much $$ is to you. Nobody can do this for you; everyone’s financial situation is unique to them.
But at this point you just have to figure out which auction house to use .
I’ve been selling stuff like this myself, because I’ve had a few older La Taches and don’t need to waste a couple grand by pulling another cork. I think it should go up in price over the next 10 years or more at a rate that exceeds any other investment you could make. It is still quite young yet after all.
I have had many cult Burgs and 1st’s that I have sold or traded and I always have the thought that I could never drink a bottle of wine that is worth 1k but I can drink many $100 bottles.
So when any of my wines get to that 1K threshold they’re gone, traded or sold and re invested into a a case of wine.
It’s worked out well and I’ve been able to greatly expand my collection with wine I will actually feel no remorse in drinking but are just as heralded as the ‘cults’.
Did I miss something? Why is everyone giving advice about whether to sell or not? The OP, and follow up, says he’s only going to sell. The question is now or later, no?
Keith pretty much drives to the heart of the matter. (Although, I would also add to the calculation things like how much you need the money now, and also maybe how much are you inclined to blow it all on cocaine and hookers instead of parking it in a productive investment.)
Fast forward 7 years. I did sell (sooner than later), but I regret the timing to some extent, even though I’m guessing the market has gone up similarly.
Still way too much for my wife to enjoy, but the purchase price is not.
So, looking for a “replacement” bottle of a special occasion red Burg, ideally from 2002 but could be from other vintages that maybe ready to drink anywhere from 3-10 years from now. Price point around $800 to $1.5K. Sorry to say that “name” or special story matters to my wife.
You might be able to find the Dujac grand crus in that range if you’re patient. Dujac is easily the closest you can get to QPR in very high end red Burg. Or pass on Burg altogether and pick up 2002 Lafite. DRC obviously found a new peak since your post but Lafite is down from its bubble pricing at least on a relative basis.
Thanks Keith. Will look into the Dujac, as well as Lafite (for me, as wife is not a big fan of Bordeaux (although she has liked some Right Bank wines)). Her preference is CA Cabs and Pinots (although very little experience with the higher end ones from Burgundy).
Guessing Burgs will generally keep going up in price, so that is why I revived this thread, as would like to buy something now than later.
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