Wine is consistently one of the top-selling categories of auction lots in fundraising auctions, and the vast majority of charity auctions we conduct feature at least one or two “wine lots.” People like their wine and are often more than willing to overpay for it in support of a good cause.
But not every committee is comprised of wine lovers with expansive wine cellars, and sometimes coming up with a good wine lot is a daunting challenge. Committee members often don’t have the wines and don’t know which wines they should purchase to donate.
We’ve worked with a number of committees to come up with ideas for lots that can be achieved without necessitating a deep and expensive cellar. Lots that can be assembled at minimal expense to your individual committee members, but for which the collective perceptual value is very high. One lot that is the easy to replicate and consistently yields solid results is “The Wine Spectator Top 100.”
Every year Wine Spectator releases its list of the top 100 wines of the year. It isn’t simply a list of the 100 highest scoring wines from the previous year; the editors of Wine Spectator base their list on “quality, value, availability and excitement.” All important criteria when assembling an auction lot!
What this means is the wines on the Wine Spectator Top 100 are readily available and relatively affordable. Thirteen of the top twenty wines on the list have a retail value of $50 or less. Only eight of the entire list cost $100 or more.
I recommend creating a lot of at least ten bottles. “Ten of the Wine Spectator’s Top 100 Wines” has a nice ring to it and is an achievable goal for most committees. Avoid duplication by agreeing as a group which wines you’ll be targeting individually. This ensures people have a clear direction and clearly defines the goals of the lot.
Here’s a dirty little secret: although it is nice to target the top ten wines on the Wine Spectator list, you really don’t have to have all wines from the top of the list. Wines from anywhere in the top 100 will work – as long as a few of them sniff the rarified air of the top of the list.
From a bidder’s perspective, the fact that someone else has pre-assembled a group of highly qualified wines makes this lot appealing. If the retail value is relatively low it, great! That gives people the opportunity to earn a higher tax deduction if they pay over value. And the many times I’ve sold variations of this lot, the final sale price has outperformed retail value.
Have a favorite go-to wine lot for your fundraising auction? Let us know in the comments below!