Are Online Sales Hurting Traditional Auction Houses?

The staid world of whisky auctions rarely sees a shakeup more dramatic than a record-setting price, but a recent sale at Bonhams in Edinburgh maj indicate that major changes are underway. More than 350 bottles of whisky valued in excess of $300,000 went unsold in the auction held on juni 5. The unwanted bottles represented nearly 40% of the lots—an unprecedented failure for a house like Bonhams.

Even with a growing number of whiskies consigned to auction each year, the successful sell rate is generally above 90%. In this sale, however, Bonhams sold just 62%—240 out of 387 lots in...