The world of fine wine has a language of its own — considered, traditional, occasionally arcane. This is a quick reference to the terms you are most likely to encounter when buying or selling with LANGTONS.
For a fuller reference, including ullage levels, bottle sizes, label and capsule condition, and provenance notes, please see A glossary for the collector.
The essentials of auction
| Lot | a single item, or several items grouped together, sold as one unit for a single price. |
| Estimate per bottle | a guide price based on historical sales and current market conditions. A guide only, not a guaranteed outcome. |
| Bid | an offer to acquire a lot at a specified amount. |
| Current bid | the highest live bid showing on a lot. |
| AutoBid | set your maximum, and the system will bid on your behalf only as required. |
| Reserve | the confidential minimum price at which a lot may be sold. |
| House Reserve | a system-set reserve of approximately 80–90% of the Low Estimate. |
| Passed in | a lot that did not reach reserve and was not sold. |
| Second chance offer | an opportunity to acquire a passed-in lot at reserve after the auction closes. |
Pricing and fees
| Hammer price | the final successful bid, before the Buyer's Premium is added. |
| Buyer’s Premium | Charged at a rate of 18% (inc. GST), of the final Hammer Price. |
| Vendor Commission | Charged at a rate of 15% (inc. GST) of the final hammer price, or a minimum of $6 per bottle (Minimum Handling Fee), whichever amount is greater. |
Wine condition (overview)
| Ullage | the fill level in the bottle, particularly significant for mature wines. |
| Label and capsule condition | described as minor damage, damaged, or badly damaged. |
For detailed descriptions of fill levels, label and capsule grades, bottle sizes and provenance notes, see A glossary for the collector.