I have been known to flip a bottle of wine or 2 in my day. Not really as a full or even parttime thing, but just when I feel the cost of not selling a bottle isn't equal to the joy I feel that bottle will provide if consumed. Case in point:

1) I bought 4 bottles of '98 Viader about 16 months ago for what I felt was a great price, $45 each. I tried one a few weeks later, felt it was an 88 pt wine and decided to sell the rest of them. A few weeks later WS rates the wine a 95. I sold the remaining bottles for $82 each, I think. Laube subsquently relented that he overrated the wine.

Now, I just decided to sell one of my bottles of the reigning WOTY, '99 Guigal Chat-du-Pape. I bought 3 for $19 each. I tasted one and felt it was an 89 pt wine. I decided to sell one that just went for $60. I may sell my last one.

I think the cost of drinking the wine is too high w/ the crazy demand people have for it right now. What are your thoughts on flipping wine?

jb

Flip (or trade) as you see fit. But only if in good condition.

Remember nothing financially is worth your reputation.

I trade more than resell.

I have never sold a defective wine, just overrated ones, IMO. Unfortunately, I have bought some stinkers from others. One particular Rhone comes to mind, eh Dr. T?

jb

jb-you know how i feel about this. take the $60 and buy yourself what you believe is an outstanding wine. for $20 you can always buy another 89 point wine.

Yep jb; the choice of the word "stinker" is/was very apropos.

jb

Is this an ethical dilemma? Or, simply a matter of greed ?

My thoughts are very clear on this:
1) Information is power. In any transaction, there is asymmetric information. If you have more information, use it.
2) Each individual's taste is different - one man's 85 is another's 92. If there are buyers who will buy purely on the basis of the WS 100 and you have some of those to sell, go for it! (I personally will wait for the VC WOTY poll results before I will buy any ).

So, as Dr.T warns, if the wine is in good condition, why the moral compunctions? Flip to your heart's content!

vtyro

Vinotyro, my heart is pure. I am fine with it. Just opening the topic for discussion as many people would never flip a bottle of wine. Legal ramifications set aside (and that's setting aside a lot) I want to know where most people's mindset on this is.

BTW, I just got an email from the buyer of the Guigal, he wants both bottles. $120 vs. $40, I'll take that any day.

jb

I regularly sell wine at auction. I pay taxes on gains, etc.

Sure ya do Jonesy

Actually I do. Unlike most (if not all) other professions, I can lose my license to practice law if I got busted for tax problems, DUI, or what have you. It is not worth risking my license over not paying the state and feds what I legally owe them.

I agree, and find it actually refreshing that there are some people still remaining that actually will claim their gains and pay taxes such as that. I commend you Jones, and hope it is not simply for fear of losing your license, but indeed an act of integrity........a rarity in this world.

I once got fired from a job becuase I refused to be paid under the table. I figured I was better off anyway.

I have sold some wine in my days, and still do regularly particularly with regards to my mailers.

Interesting. I never Sold any of my Wine(s), yet. But, consider doing so (in the future). Did NOT realize that you have to pay Taxes on that. Hmmmm.

But, why?...Because a monetary gain/income is still a gain/income? ... I guess so.

I am totally fine with you selling anything you have aquired. By the way, if the $60 man wants any more, send him my way.

After being a finance manager for the largest telecommunication company in the world for as long as I have I know what you mean about doing the right thing. I was just poking at you Jones.

I have actually been considering selling for the first time some overstock in my locker and this is one reason it just makes it a hassle to do so.

Definitely flip. I consider it just a part of this hobby.

However, when I flip wine (which doesn't happen often I might add), I usually keep a handful of what I'm flipping.

to me it's all about lowering my average cost on the bottles in my cellar.

Good point, Short. That is the same way I feel about it. It also is what I tell mrs. jb when I get a case of Corton Charlemagne at a good price. If I sell 4 of them, I get to enjoy 8 at maybe 40% off. Keeps wine costs down.

Whenever I mention that I made out well on a flip, she always says, "Great, but you're just going to buy more wine with the money." Exactly.

jb

jb-it is called flippers disease.

Flipper might have something to say about that. (insert dolphin noise here....) Dumb joke alert!!!

I don't have a problem with flipping wine. It's all a part of the game. I'll admit to buying extra bottles of something I know I can trade or flip if the price is OK. Usually that's CA Cabs that folks covet.

My license plate should say "Will trade for Pinot".

Never flipped before but the temptation grows stronger with each passing vintage. Watching the bidding makes the urge even greater.
And I would do it with the intent of reducing my per-bottle costs as Short said.

I would be tempted to flip, but I usually buy only 2 or 3 bottles of any particular item (with a few notable exceptions), so I don't have a lot of 'flippable' goods.