Appellation
The Appellation of a wine refers to a specific geographic region where the grapes from
which the wine was made were grown. In France alone more than 400 different appellations
have been officially designated. In California the appellations are referred to as AVAs,
or American Viticultural Areas. In WineBid.com auctions the appellation of a wine is
identified on the lot detail page.
Appraisal
The appraisal of a wine denotes its value, given within an estimated range, as determined
by prices recently paid at auction for a comparable wine and taking into account the condition,
rarity and desirability of the wine. The appraisal is the first step in the auction consignment
process. At WineBid.com experienced appraisers value wines after a list is submitted by the
consignor.
Bid
A dollar value offered by a potential buyer (bidder) for a specific lot during an auction.
With Internet auctions, "bids" are accepted by the website software, assuming they are higher
than previous bids. Subsequent bids increase in predetermined increments during the auction.
Bottle sizes
| Size |
Name |
Description |
| 375ml |
Half bottle |
equal to half the amount of a bottle |
| 750ml |
Bottle |
a regular bottle |
| 1.5ltr |
Magnum |
equal to two bottles |
| 3ltr |
Double Magnum |
equal to four bottles |
| 3ltr |
Jeroboam |
equal to four bottles (in Burgundy and Champagne) |
| 4ltr |
Jeroboam |
equal to six bottles (in Bordeaux) |
| 6ltr |
Imperial |
equal to eight bottles (In Bordeaux and California) |
| 6ltr |
Methuselah |
equal to eight bottles (In Burgundy) |
| 9ltr |
Salmanazar |
equal to twelve bottles |
15ltr |
Nebuchadnezzar |
equal to twenty bottles |
Buyer's Premium
Bidders are reminded that the purchase price represents the final bid plus a buyer's premium,
plus any applicable sales taxes. At WineBid.com, the buyer's premium is 14%.
Consignment
A collection of wines from a single source put up for sale by an auction house.
Consignor
An individual who offers a collection of wines for sale at an auction house. At WineBid.com,
every consignor has a personal account manager who works with them from the initial appraisal
process through the settlement.
Estimate
A value range that identifies the expected, though not guaranteed, hammer price of a given lot.
Estimates are set by experienced appraisers who are familiar with the current wine market,
and are published along with all other information for an auction lot. At WineBid.com, the
estimate for a wine is determined by the current market value and the account manager's
assessment of the condition of the bottle.
Futures
Wines sold prior to their release from the winery. In the past Bordeaux futures were sold
only to wine brokers. But in the last 20 years, Bordeaux and other wine futures have been
available to consumers. At WineBid.com, the world's first commercial Internet auction of
wine futures took place in March 1999.
Hammer Price
The final price, or winning bid, for an auction lot.
Horizontal Collection
A horizontal collection includes a number of wines representing a single vintage. For example,
a horizontal lot from Turley Wine Cellars might include all the different vineyard-designated
wines from the 1995 vintage. A horizontal collection must be bid on in its entirety.
Increment
The predetermined amount each bid is raised. At WineBid.com, the amount of the increment depends
on the lot's initial reserve value, according to the following schedule:
| Initial Reserve Value |
Bid Increment |
| $5 - $95 |
$5 |
| $100 - $295 |
$10 |
| $300 - $999 |
$20 |
| $1,000 - $2,999 |
$100 |
| $3,000 - $4,999 |
$200 |
| $5,000 + |
$500 |
Labels
The condition of a wine's label is often taken into consideration in determining value. Inspectors
at WineBid.com make every effort to describe in detail the conditions of labels by using a number
of different terms. For more information on labels click here.
Lot
The organizing unit of all auctions. Each lot may hold any combination of bottles and bottle sizes
of a particular wine, or may hold a combination of different wines. At WineBid.com, each auction
consists of thousands of lots. Unique at WineBid.com is the buyer's ability to bid on parts of
a lot. Buyers can choose, for example, to bid on 10 bottles of a favorite wine, or a vertical
collection of bottles, within a larger lot.
Original Case
The original container in which wines were packed at the winery. At WineBid.com, description
of lots will note if the wines in the lot are presented in their original case.
Provenance
The ownership history of a particular wine. Such a history would include not only how the wine
was acquired by the current owner and under what circumstances, but also in what conditions
the wine was stored. Provenance is particularly important for establishing the estimated value
of very old, rare and valuable wines. At WineBid.com, the provenance of each and every bottle
offered in the auction is determined prior to the start of the auction. In some cases,
depending on the quality and value of a consignment, trained representatives from WineBid.com
will inspect a consignor's cellar to determine storage condition of the wine to be sold.
For more information on provenance click here.
Reserve
The reserve is the price below which a lot will not be sold. Reserves are set by mutual
agreement between the consignor and the auction house. At WineBid.com, the minimum bid that
will be accepted is set as the reserve price. No bids below that level will be accepted.
Seepage
Wines that show signs of past seepage are sold "as is." All normal WineBid.com
terms and conditions apply.
"Signs of past seepage" in the item description of any lot indicates that our
inspectors found sticky areas around the capsule in the form of crystals or "legs" of residue.
Seepage is usually a result of one or more of the following:
- Excessive heat during transport
- Imperfect storage conditions, including rapid temperature changes
- Overfill during bottling, which is sometimes intentional
- Faulty cork
When seepage is visible it may affect the wine in these ways:
- Oxidation, which can result in color and taste changes
- Loss of wine, meaning a lower fill level
Most wine with signs of past seepage is not included in WineBid.com auctions.
However, with some wines, most notably dessert wines and wine from certain
producers who are known to overfill during bottling, past seepage may not
have yet affected color or taste. Such wines should be purchased with
the intent to drink them relatively soon rather than to store them for long periods.
Seller's Premium/Commission
Listing wines is complementary. However, once we have
accepted a bid on wine which is at or above the stated reserve, the wine will
be sold and WineBid.com will retain a Seller's Commission, which shall be
calculated as a percentage of the final accepted bid of any wine sold according
to the Seller’s Commission rate described in your Seller’s Agreement.
Please note: All lots of wine are subject to an additional 1% Insurance charge for coverage
while stored at one of our facilities.
We also deduct any expense we incur on your behalf to ship the wine to one of our facilities,
or to return any unsold wine to you. All costs, terms, and conditions are detailed in your
Seller's Agreement, which represents the entire contract between you and WineBid.com.
Settlement
The process of finalizing the auction contract between a seller and the auction house, with
payment to the seller of total hammer prices less the seller's commission. At WineBid.com,
settlement is made within 30 business days of the close of the auction.
Spotlights
A collection of wine in an auction currently in progress that, for any number of reasons,
deserves special mention. The Spotlight Collection will always appear on the homepage, and
can be accessed with a single click.
Ullage
Ullage or "fill level" is the space in a wine bottle not occupied by wine. A low ullage
can indicate seepage and oxidation of a wine, and affect its value considerably. At WineBid.com,
a low fill of any degree on a bottle is noted in the lot description. Excessive ullage will
lower the bottle's estimate. For more information on ullage click here.
Vertical
A vertical collection consists of several
consecutive vintages of the same wine. For example, a vertical of Opus One might
include a bottle of each vintage from 1990 through 1995. A vertical collection
must be bid on in its entirety.
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