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WTF is going on at wine auctions???

CharlesDarwin | Feb 14, 201512:03 PM

Just got the glossy catalog of a well known NYC wine auction.
(I'm not going to name names, OK?)
Checked about a dozen Burgundy lots.
Not DRC or other crazy stuff, but regular no-nonsense producers I used to buy in the past.
Most lots have hammer LOW estimates starting about 10-20% ABOVE retail.
Add to that the 20+% buyer's premium...
My baffled question to the Honorable Members of this Board:
Are there idiots out there really paying these inflated prices, or are these auctions just fakes, intended only to artificially raise the bar above retail?
And in case they are fakes, isn't the auction house somehow breaking the law?

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