Whether held in a Western Canada auction specialists room, restaurant or auction house facility, wine and spirits auctions move huge quantities of the most coveted wines. And while traditional collectors still dominate the market, a growing swath of younger enthusiasts and those new to wine are also entering the fold.

Those new to the game may be intimidated by the process, but there are many things you can do before, during and after the event to help ease your nerves and prepare yourself for bidding. First, be clear on your budget and why you want to buy wine at auction. Is it to increase your cellar inventory, or do you wish to make a profit by reselling bottles? If the latter, it’s important to note that the final price you pay will include a buyer’s premium, sales tax, shipping and insurance.

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Research the auction catalog carefully, especially the lots you’re interested in. The catalog will usually contain a thorough wine description, as well as photos and notes on bottle condition. You’ll also find an estimate – the anticipated selling price range of a lot – and some additional information about individual bottles, such as their provenance, storage history and fill level (called “ullage” in older wines).

Remember that the higher the estimate, the more competitive the lot will be. It’s not uncommon for highly sought-after wines to exceed estimates, which can be frustrating. But you can mitigate this by researching the auction house’s reputation, and ensuring that they have robust methods for tracing the provenance of each bottle.