Whether you are new to collecting or already deeply familiar with fine wine, a shared language helps make every purchase and sale more informed.
Below are some of the terms you are most likely to encounter.
| Lot | A lot is a single item or a group of items sold together as one unit for one price. |
| Estimate per bottle | A guide price based on historical sales data and market conditions. It is not a guaranteed sale price. |
| Bid | A bid is an offer to buy a lot at a specified amount during an auction. |
| Current bid | The highest live bid currently shown for a lot. |
| AutoBid | A feature that lets you set your maximum bid so the system can bid automatically on your behalf up to that amount. |
| Passed in | A lot is passed in when bidding does not reach the reserve. |
| Reserve | The confidential minimum price at which a lot may be sold. |
| Buyer’s premium |
An additional fee payable by the buyer on successful auction purchases. Currently: 18% inclusive of GST |
| Vendor commission | The commission paid by the seller to LANGTONS when goods are sold. |
| Hammer price | The final successful bid price for a lot, before the buyer’s premium is added. |
| Ullage | Ullage refers to the fill level of wine in the bottle. It can indicate storage history and condition, particularly in older wines. |
| Label condition |
Descriptions may include:
|
| Capsule condition |
Descriptions may include:
|
For a fuller glossary, please see our Glossary of wine and auction terms.
Suggested articles
Need assistance?
From buying and selling to delivery, storage and account support, our team is here to assist.
For personalised guidance, please contact your Private Client Manager or submit an enquiry via our Customer Experience and Auction contact form.
If you would prefer to speak with us, please call 1300 946 347 and follow the prompts so we can direct your enquiry to the appropriate team.