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How low can you go? This chart shows the terms that describe various levels of ullage.

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For a wine buff, it’s pleasurable to linger over the pages of an auction catalogue filled with photos of “finest and rarest” bottles and annotated with glowing tasting notes. But would-be bidders, if they are inexperienced, are advised to turn to the back of the book. That’s where important information is contained concerning bottle condition, inspection, bidding rules, conditions of sale, warranties and remedies, should you be dissatisfied with your purchase. As in so many other transactions, those who do not read the fine print may wish they had.

Ullage Derived from the French, this word refers to the space between the bottom of the cork and the top of the wine. As decades pass, it’s normal for as mall amount of liquid to evaporate through the porous stopper. Significant ullage in bottles younger than 20 years old may indicate bad storage conditions that have prematurely dried out the cork. In old wines, an increasing gap is normal. In fact, heavily ullaged bottles of half century-old Bordeaux and, especially, Burgundy can still deliver big payoffs in the glass. Fill levels in Bordeaux-style bottles, with their clearly defined shoulders, start out at “high neck” in young wines. Decades later, the level maybe down at “lower shoulder”—the point at which the wine is at risk. Burgundy bottles, owing to their sloped shoulders, don’t have a clearly delineated neck, so ullage is measured in centimeters; the danger zone begins at seven centimeters.

Inspections Prospective bidders have the right to inspect wine, just as they do other kinds of lots. But while art consignments normally reside at the auction house, wine is normally stored at an offsite facility whose temperature is kept around 55 degrees Fahrenheit. (If you visit,be sure to dress accordingly.) All wine to be auctioned is, or should be, pre inspected by in-house specialists, who open the original wooden cases (OWCS) and cartons to check individual bottles. The higher the value of the lot, the closer the examination will be. Neck capsules on one or more bottles may be cut so that the cork can be inspected for proper branding, length and condition. Although this practice may seem intrusive, it’s done for the buyer’s protection: Counterfeits are often exposed by a cork that does not correspond to the label.

Bottle Size Bottles come in many sizes, from half bottles to the rarely seen melchior, holding the equivalent of a 12-bottle case. The specifications can be confusing: The jeroboam is equal to six regular bottles of Bordeaux but only four of Burgundy or Champagne. Large format bottles, which are sometimes referred to as torpedoes, are sought by collectors because of their comparative rarity and the fact that the bigger the container ,the more slowly the wine ages. As a result, these bottles are more expensive, ounce for ounce. In the first quarter of 2008, for example, according to the WineSpectator Auction Index, regular bottles of Château Mouton Rothschild 1986 fetched $780 on average, while magnums, which hold twice as much, averaged $2,297—representing a premium of about 40 percent.

Bidding Anyone can attend a wine sale without advance notice and register fora paddle. Absentee bids are accepted beforehand by phone, fax or mail. Live online bidding, for which advanced registration is required, is offered by some auctioneers, including Christie’s(christies.com) and Hart Davis Hart(hdhwine.com) .As with many art lots, wine lots come with confidential reserve prices below which they will not be sold. Bidding increments increase with estimated price and are noted in the catalogue. Occasionally, lots are sold without reserves, a situation that is indicated by a catalogue symbol. In the case of “parcel” lots—multiple lots of the same wine carrying the same estimate—the purchaser of the first lot typically has the right to purchase the rest at the same price.

Disputes Auction houses don’t own the wine they offer, of course. They are agents for the consignor, and lots are sold “as is.” Their experts offer opinions, not warranties of fact, on individual lots. In this regard, wine auctions offer remedies different from those offered in art sales: You may be able to return a lot for a refund under a narrow set of circumstances, such as shortage (missing bottles) or breakage. Complaints must be made promptly to the auctioneer, who has sole authority to rescind a sale. Christie’s allows 30 days, Sotheby’s 21. As for wine that’s off: “If forsome reason it’s faulty, we’ll make good on it,” says Robert Sleigh, a Sotheby’s New York wine specialist. “But to be honest with you, it rarely happens. We goto great pains prior to the sale to make sure you get a good drink. Prevention is better than cure.”