Term (also auction, licencing) for the auctioning of products or goods of all kinds to the highest bidder. Auctions have always been a special type of wine trade. Even in ancient Rome, special wines such as the famous Falernian were auctioned off. In the Middle Ages, buyers also travelled to the producers to meet their needs on the spot. Until the 17th century, wines were mainly auctioned in barrels until bottling became the norm. The Bordeaux wine trade in particular, with England as its main customer, led the way. In Germany, it became customary to auction certain wines in the 18th century.

Famous auction houses

London has always been and continues to be the centre of the global auction trade for wines and spirits. The largest and most important auction houses today are Christie's in London, founded in 1759, and Sotheby's in New York, founded in 1744. Both companies were founded in London, but Sotheby's is now headquartered in New York. Smaller auction houses in England are Bonhams, Bigwood and Straker-Chadwick.

The auction houses Antique Wine Company in London (England) and Artcurial in Paris (France) specialise in old wines. In the USA, the most important auction houses alongside Sotheby's are Butterfield & Butterfield (San Francisco), Chicago Wine Company and Zachys (New York). Over time, a market has developed not only for collectors and enthusiasts, but also for wealthy investors for the purpose of capital investment.

Charitable purpose

Auctions often have a charitable purpose, the most famous and oldest being the Burgundian Hospices de Beaune, also known as the "Hôtel Dieu" (Hotel of God), which has been organising such auctions annually since 1443. Other similar events are the Hospices de Nuits in Nuits-Saint-Georges, Burgundy, which is organised along the same lines, and the "Cape Fine & Rare Wine" at the Nederburg wine estate in South Africa.

In Germany, the VDP auctions at...