SOLD MY HIGH END BOURBONS

[RT Fan]

With the permission of the moderators, I am posting about my experience in selling my bourbons through Skinner auctions of Boston. Hopefully many members own some of the bottles I sold. This post gives the actual results of the auction as well as my net proceeds. I sold these bottles to help pay for a much needed paint job on my house and no, it did not cover the entire cost. Let’s just say that my dream of buying cases of good whiskey with the profits of the sale was shot to hell. 

 Here are my results from Auction # 3935T which ended 2/17/22:

 Lot # 1790 2012 William Larue Weller 123.4 proof, 61.7% ABV. = $1900

 Lot # 1829 2010 George T. Stagg 143 proof. 71.5% ABV = $1800

 Lot # 1940 2009 Pappy Van Winkle Family Reserve 90.4 proof 45.2% = $3250

 Lot # 1957 Unknown year. Van Winkle Special Reserve Lot B 90.4 proof 45.2 ABV = $1500.

 

 The Lot B was a wild card as it had no spray code and there was no imprint of the year in the bottom of the bottle. I no longer had the receipt proving the year of my purchase but figure it was in the same ballpark as the other bottles. Skinner charged me a seller’s commission of 10% as my bottles were termed “Highly desirable”, which I thought was more than fair. $8450-10% = $7605 to me. Too bad I handed it straight to my house painter, (and then some!) Skinner did a great job in staying in contact and helped me with shipping the bottles after NYS changed it’s shipping laws, which prevents individuals from shipping alcohol. They gave me the name and contact info for a bonded warehouse in New Hampshire which emailed me a legal shipping invoice, including the hefty insurance premium. 

 Skinner did not release the proceeds of the sale for 35 days, which I believe is standard in the auction process. I do not work for Skinner, am not receiving any consideration for posting this info and I have never met the gentleman who worked for me. I am posting this for informational purposes for the benefit of members who may own these bottles and or are considering selling some of their holdings, given the stratospheric prices these days. I think having a legitimate venue for selling, one that has a worldwide audience could prove helpful to our members. 

 If anyone would like the contact info for the person I dealt with, PM me and I will pass it along to you. 

 Please do not allow this thread to degenerate into a flame war about Van Winkle, et al, as I have mentioned to the moderators if the thread starts circling the drain to flush it and lock the thread.

 Regards, Stephen

[RT Fan]

Some pictures for posterity:

[berto]

This is great info.  Thanks for sharing the premiums involved and the process. 

[smokinjoe]

Are these transactions taxed as income at the end of the year?

[Kepler]

I mean, you can't even see the paint on the outside of the house while you're sippin' on that '12 WLW or the '10 GTS.  

 

JK, thanks for sharing your experience about the process.  It will likely be helpful to many. 

Cheers

[Anwalt]

51 minutes ago, smokinjoe said:

Are these transactions taxed as income at the end of the year?

Yup.

[smokinjoe]

5 minutes ago, Anwalt said:

Yup.

I figgered you know! . So, taxed to whatever ones tax bracket is for personal income?

[Grady330]

On 7/18/2022 at 12:03 PM, RT Fan said:

With the permission of the moderators, I am posting about my experience in selling my bourbons through Skinner auctions of Boston. Hopefully many members own some of the bottles I sold. This post gives the actual results of the auction as well as my net proceeds. I sold these bottles to help pay for a much needed paint job on my house and no, it did not cover the entire cost. Let’s just say that my dream of buying cases of good whiskey with the profits of the sale was shot to hell. 

 Here are my results from Auction # 3935T which ended 2/17/22:

 Lot # 1790 2012 William Larue Weller 123.4 proof, 61.7% ABV. = $1900

 Lot # 1829 2010 George T. Stagg 143 proof. 71.5% ABV = $1800

 Lot # 1940 2009 Pappy Van Winkle Family Reserve 90.4 proof 45.2% = $3250

 Lot # 1957 Unknown year. Van Winkle Special Reserve Lot B 90.4 proof 45.2 ABV = $1500.

 

 The Lot B was a wild card as it had no spray code and there was no imprint of the year in the bottom of the bottle. I no longer had the receipt proving the year of my purchase but figure it was in the same ballpark as the other bottles. Skinner charged me a seller’s commission of 10% as my bottles were termed “Highly desirable”, which I thought was more than fair. $8450-10% = $7605 to me. Too bad I handed it straight to my house painter, (and then some!) Skinner did a great job in staying in contact and helped me with shipping the bottles after NYS changed it’s shipping laws, which prevents individuals from shipping alcohol. They gave me the name and contact info for a bonded warehouse in New Hampshire which emailed me a legal shipping invoice, including the hefty insurance premium. 

 Skinner did not release the proceeds of the sale for 35 days, which I believe is standard in the auction process. I do not work for Skinner, am not receiving any consideration for posting this info and I have never met the gentleman who worked for me. I am posting this for informational purposes for the benefit of members who may own these bottles and or are considering selling some of their holdings, given the stratospheric prices these days. I think having a legitimate venue for selling, one that has a worldwide audience could prove helpful to our members. 

 If anyone would like the contact info for the person I dealt with, PM me and I will pass it along to you. 

 Please do not allow this thread to degenerate into a flame war about Van Winkle, et al, as I have mentioned to the moderators if the thread starts circling the drain to flush it and lock the thread.

 Regards, Stephen

Hey RT, Good haul. I'm in Hampton Bays. 

[RT Fan]

11 hours ago, Kepler said:

I mean, you can't even see the paint on the outside of the house while you're sippin' on that '12 WLW or the '10 GTS.  

 

JK, thanks for sharing your experience about the process.  It will likely be helpful to many. 

Cheers

With my luck I would go “ass over tea kettle!”

[fosmith]

13 hours ago, smokinjoe said:

I figgered you know! . So, taxed to whatever ones tax bracket is for personal income?

Wouldn't it be taxed at the long term capital gains rate rather than personal income bracket?  And I guess it depends on whether the auction house issues you a 1099.  If not, it's up to your conscience. 

[PaulO]

15 hours ago, smokinjoe said:

Are these transactions taxed as income at the end of the year?

I imagine you would get to deduct original purchase price from what the auction paid.

[Anwalt]

14 hours ago, smokinjoe said:

I figgered you know! . So, taxed to whatever ones tax bracket is for personal income?

 

28% or your personal federal income tax bracket, whichever is lower.  The gain is a capital gain (not ordinary income) but taxed at the 28% "collectibles" rate instead of the lower 15%/20% regular long-term capital gains rates.  

 

Obamacare Tax (Net Investment Income Tax) of 3.8% also applies to the extent your "Modified Adjusted Gross Income) is $200k+ (filing single)/$250k+ (married filing jointly).

 

If your state has an income tax, it'll apply.

 

Most capital losses will offset the 28% "collectible" cap gain.  The one exception:  Long-term capital losses generated in the same year.  Short term capital losses generated in the same year and capital losses of any sort carried over from prior years will offset the gain.

 

Remember to reduce the gain by costs of sale (e.g., commissions paid to auctioneers, etc.).

[BogusOwnz]

thanks for sharing, all I hope is someone drinks them. 

[Marekv8]

Thanks for posting-- I enjoyed looking through the vintage bottles and support/secondary packaging that were sold during the auction in question.

[Clueby]

I'm just blown away that it cost over $7k to paint your house. I admit I have no experience in such as I have vinyl siding.

I looked up what averages are and it seems to be about $4k to paint a ~2500 sft house.

[fosmith]

11 hours ago, Clueby said:

I'm just blown away that it cost over $7k to paint your house. I admit I have no experience in such as I have vinyl siding.

I looked up what averages are and it seems to be about $4k to paint a ~2500 sft house.

Those are cheap compared to Bay Area prices.  My neighbor is building a new, 4K sf house next door to me and told me it's costing him $28K to have it painted inside and out.  I saved about $10K painting the outside of my house (2700sf) myself a couple of years ago. 

[RT Fan]

12 hours ago, Clueby said:

I'm just blown away that it cost over $7k to paint your house. I admit I have no experience in such as I have vinyl siding.

I looked up what averages are and it seems to be about $4k to paint a ~2500 sft house.

Everything is local, including prices. Try 14K to paint a 2,000 sq foot house. Power wash the house to strip existing paint, primer, 2 coats of paint using 12 gallons of Benjamin Moore, 3 guys, 4 days work. I had higher quotes. 

[Clueby]

1 hour ago, fosmith said:

Those are cheap compared to Bay Area prices.  My neighbor is building a new, 4K sf house next door to me and told me it's costing him $28K to have it painted inside and out.  I saved about $10K painting the outside of my house (2700sf) myself a couple of years ago. 

 

44 minutes ago, RT Fan said:

Everything is local, including prices. Try 14K to paint a 2,000 sq foot house. Power wash the house to strip existing paint, primer, 2 coats of paint using 12 gallons of Benjamin Moore, 3 guys, 4 days work. I had higher quotes. 

 

Wow...glad I have vinyl.  Now I need to get it power washed.

[dean_martin]

Good info.  Thanks for sharing.  This is info I can pass onto to wife and kids in case I have any Van Winkle, BTAC, etc. left at the end of the road.  Or, If I'm last to go, to pay for the sitter who wipes the soup off my chin.

 

Back in the day, I had to sell a '66 Fender Mustang and 2 gold coins just to keep the lights on and the kids fed and clothed.

[GeeTen]

On 7/22/2022 at 11:00 AM, BogusOwnz said:

thanks for sharing, all I hope is someone drinks them. 

 

They sure do look purty!  I kinda' like the towel under the PVW 20, tho'.   

 

[fishnbowljoe]

4 hours ago, Clueby said:

 

 

Wow...glad I have vinyl.  Now I need to get it power washed.

If only we lived a little closer @Clueby. I have a seldom used SunJoe power washer I’m gonna get rid of. Only problem is that it leaks where the hose attaches. My new Karcher does too, but not as bad. Can’t win for losing sometimes.

 

Biba! Joe

[FacePlant]

On 7/18/2022 at 11:03 AM, RT Fan said:

With the permission of the moderators, I am posting about my experience in selling my bourbons through Skinner auctions of Boston. Hopefully many members own some of the bottles I sold. This post gives the actual results of the auction as well as my net proceeds. I sold these bottles to help pay for a much needed paint job on my house and no, it did not cover the entire cost.

 

 

Thanks for sharing. I'm sure many on this board have to scratch their head, enter their bottles on a grey market site, and think about what those $ might do? In fact I'm wondering if WT and ET is REALLY all I need? Sheesh! 

[flahute]

On 7/24/2022 at 7:42 PM, Clueby said:

I'm just blown away that it cost over $7k to paint your house. I admit I have no experience in such as I have vinyl siding.

I looked up what averages are and it seems to be about $4k to paint a ~2500 sft house.

Anything and everything related to the construction industry is incredibly inflated right now.

[jvd99]

A bit of a thread hijack, but its the same topic and I wasn't sure whether my post was appropriate.  Since this topic has some legs I'll confess I recently had my bunker of bourbons & scotches appraised by Sotheby's and the auction price ranges were impressive, but at the end of the day, all the attendant costs made it not worth the effort. Surprisingly, they make you pack it up and ship it to them at your expense which is costly and pain in the butt. Subtract shipping costs, insurance, the auction premium and the tax hit, which is unavoidable because the auction house issues a 1099 or something similar, and you're better off just drinking high end booze until your liver can't take it any more. I've whittled my bunker down, at least the bourbon side, to only collectibles. I'm having a hard time popping them just to drink myself, but I'm coming around, at least on the fringes.  

[B.B. Babington]

15 hours ago, jvd99 said:

.... I've whittled my bunker down, at least the bourbon side, to only collectibles. I'm having a hard time popping them just to drink myself, but I'm coming around, at least on the fringes.  

 

Not claiming bourbon zen, that title reserved for blessed few ... I enjoy popping high end and drinking.  I'll say to girlie, "this bottle worth thousand bucks, what should I do with it?"  She answers, "drink it."