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An auction result has two prices: the hammer, which the bidder agreed to, and the total, which adds the buyer's premium of 15–25%. The seller receives the hammer less a commission. Corkonomics records the hammer and the premium separately and normalises to a 750 ml bottle, so an auction observation can be compared with a merchant's asking price.
The mechanics
Lots — a case, six bottles, a magnum — are catalogued with provenance notes and condition (fill level, label, capsule). A reserve is the minimum the seller will accept. Bidding proceeds to a hammer price; the buyer pays hammer plus premium (and taxes); the seller receives hammer minus commission, which is negotiable and can be zero for large consignments.
Why auction prices differ from retail
Auction is where old and rare wine trades, and where provenance is priced hardest: a case ex-château sells at a premium, a mixed lot of unknown history at a discount. Hammer prices are often below retail for young wine (the buyer bears the premium) and above for old wine that no merchant has in stock.
In the ledger
Auction lots are recorded with house, date, lot size, hammer, premium, currency and location, normalised to USD per 750 ml on the hammer. Corkonomics records only results from sources whose terms permit reuse; the table on each vintage page is built for licensed feeds and says so when empty.