Unsurprisingly, the opportunities this growth has presented have resulted in the emergence of not only a host of new, online auction services, but also new collectors and vendors keen to get involved too. If you’re just starting out, this new and exciting market can maybe feel a little daunting. However, armed with the right information, buying at auction can not only be an exciting and exhilarating experience, but one that lands you a bottle for a bargain price or a rarity that isn’t available anywhere else. Here, at Bonhams Auctioneers we hold regular auctions in Edinburgh, and Hong Kong. These sales are run by our team of dedicated Whisky Specialists, who are always on hand to offer expert advice or a helping hand.

If you are new to the world of whisky collecting, it might seem obvious, but first decide what you want to buy, and most importantly, why you want to buy it. Perhaps you are a lover of peaty Islay drams, or have visited a specific distillery, and fell in love. There is no better place to start, and nothing more important in collecting, than true passion. While there are many who successfully buy and sell whisky for profit, as a novice, it is unlikely that you are going to see immediate financial gain. The newspaper headlines exclaiming amazing returns are, by and large, discussing bottlings and collections that have been owned for years–often a decade or more. You are more likely to see a return on any purchases by keeping it for a significant amount of time, so it’s important to have a passion that will endure this long wait.

Building on from this, it is vital to do your research – both into what you’re buying and where you’re buying from. It is important to buy from a source with a trained whisky specialist who can recognise a fake before it even comes to auction. Additionally, not all whiskies that come to the market are in perfect condition. A good auction house should include condition issues in the cataloguing, and very importantly the fill level. Wherever possible, ensure that you obtain bottles with a high level and a label in good condition. At Bonhams, we go one step further for you and provide a full condition report – this is an in-depth assessment of the bottle and details of any issues that you need to be aware of when bidding.                

One of the most important things to do before you raise your hand(or click your mouse!) is to check what additional costs are involved. Auction houses charge a premium on the winning bid, known as the buyer’s premium, which will be a percentage of the hammer price. Remember this charge is subject to VAT, and that some online auction houses also charge registration fees. Having worked with both new and experienced bidders alike, one of the most common mistakes seen is not investigating shipping costs in advance of bidding. Shipping spirits comes with a certain amount of risk, and anything from leakage to loss to complete destruction can happenin transit, and as such it needs to be insured against. This can add considerably to the price. If you require shipping, before you decide on your upper bidding limit, get a reputable insured shipping company to give you a quote and factor this into your planning. At Bonhams we regularly work with a variety of shipping companies and are always happy to put you in touch with the most suitable option. In the majority of cases, the bottle will arrive with you in perfect condition, but when something goes wrong you need your shipper to have insurance, it’s important to remember that the auction house isn’t responsible once the lot leaves their premises.

Finally, a word of caution on new releases. In recent years it has become common for highly sought-after distillery releases to swiftly appear at auction with an inflated estimate. Whilst it is true that profit can be made this way, it is not guaranteed, and it is common to see a plateau in the pricing shortly after a few have made their debut at auction. If it is your favourite distillery and you just can’t wait to get your hands on it, go for it, but if it is for any other reason, think it over and save your money for something you truly want to add to your collection.

At Bonhams, we are always here to offer helpto bidders whether it’s their first or fiftieth time, although if you follow these broad points, you will be off to a good start. Our next Whisky sale in Edinburgh is on September 21^st and contains a broad range of whiskies to suit many budgets; you can participate in a variety of ways, online, on the phone, via the Bonhams app or in person – head on over to Bonhams.com to take a look.

To hear more from the Bonhams Whisky team, follow @bonhamswhiskyandwine on Instagram’ or contact [email protected]