How to win at a wine auction

If you think wine lists can be intimidating, try a wine auction. Fortune joined Scott Zenko, who specializes in bidding on behalf of clients who don't want to go it alone, at a recent New York City auction to soak up some insider tips.

Rule No. 3
Rule No. 3
Heed warning labels.

Older bottles have usually lost some volume to evaporation (the space at the top of the bottle is called ullage). The amount will be indicated either in centimeters (four, in this case) or by a term like "mid-shoulder," which describes where in the sloped "shoulder" of the bottle the wine level is. If a wine made in the past five years shows ullage, steer clear.

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.