You may occasionally notice a lot described as Unreserved in a LANGTONS catalogue. It is a small phrase, but a meaningful one — and worth understanding before you bid.
What an unreserved auction means
An unreserved lot is listed with a reserve of just $2. Bidding opens at $2, and any bid of $2 or more will secure the lot at the fall of bidding. There is no confidential minimum to reach — the highest bid, whatever it may be, wins.
In practice, this means an unreserved lot will sell, provided at least one bid is placed.
Why a lot may be unreserved
Most unreserved lots arrive there through the natural rhythm of our reserve reduction cycle. Where a lot has been offered across successive auctions without meeting its reserve, the reserve steps down over time — ultimately to $2, at which point the lot is offered unreserved. For the full pathway, see If your lot does not find a buyer.
What this means for you as a buyer
- Unreserved lots can offer genuine value — a chance to acquire a wine at a considered price, sometimes well below its earlier estimate.
- As with every auction purchase, your Total Purchase Price is the Hammer Price plus the Buyer's Premium (18% inc. GST).
- Because these are often mature wines that have been offered before, we encourage reading each lot description with particular care. See A glossary for the collector.
- A bid on an unreserved lot is, as always, an irrevocable offer. Please bid with intention.
Worth knowing
An unreserved lot is not a lesser lot — simply one offered without a minimum price. Many rewarding acquisitions begin exactly here.