Auction madness

The economy must be getting better:

I found an online wine auction site at a major wine retailer in another state. It is surprising how many wines they have at auction. If you are outbid by another bidder, the site tells you. It also warns you if the hammer time is approaching. It gives you the bid history, too.

I bid on a few lots, including one from my spouse's birthyear, but also some other good wines. I set max bids that would represent good deals (but, at least in my mind, are reasonable offers).

In every case (save one, but the auction on it doesn't end for four more days), the auction hammer prices ended up far in excess of any rational market prices. I imagine some wine lovers out there, staring at their screens for hours, and bidding up their wine in the excitement of online battle. What a great deal for the auction house/retailer! They get a commission from the seller.

But what a poor deal for the buyers! If only they knew what the lots should be worth . . .