Do I hear $5,000? Six thousand? Seven? Do I hear seven? Any other takers? Going once. Going Twice. Sold to Philip Wood, Chief Operating Officer of The Garrett Hotel Group which manage the prestigious Relais & Chateaux properties, The Point and The Lake Placid Lodge, located in Upstate New York.

Wonder what Wood got for his money? Wine, of course. And like many others in the restaurant game, buying wine at auction has become an increasingly popular way to maintain a high-quality, eclectic cellar without breaking the bank-giving the sommelier an opportunity to sell slow moving inventory and bring in new wines according to prevailing trends and customer demand. Auction-style-buying at a small hotel like The Point and The Lake Placid Lodge means guests-especially those who return regularly-experience greater variety at a better value than they would if the wine were purchased through a distributor. The lower price point allows a small restaurant the chance to offer a selection equal to the cellar of a large restaurant where resources for establishing a wine list are less restricted.

Buying wines at the drop of the gavel is nothing new to Wood. For years he's been acquiring wines this way for his own cellar. Since his arrival to The Garrett Hotel Group in 1999, Wood estimates that he has bought nearly 10% of the resort's wines, but 40% value in the cellar using this method. Because the property he oversees is small, buying at auction works perfectly.

"I feel like I'm buying wines for my home," says Wood. "The hotel's guests often become my friends, so I'm well acquainted with their likes and dislikes. Sometimes a guest will call and request that I look for a particular kind of wine when I go to auction so they have it on their return to the hotel. Perhaps that guest has come to like South African wines and sees a stay at the Point a great opportunity to drink the wines of that country for the weekend. In the past, I would never have been able to fill such a request. Now, if I know in advance, I go to auction, inquiring about special interests."

"It's especially exciting to buy a wine that you know will create memories," says Wood. "The wine, not the occasion, becomes the reason for the celebration. The experience of enjoying a rare wine creates memories. What comes in the bottle is more than wine."

Wood buys mostly in New York, primarily from Morrell's and Christie's. He also buys in Chicago and is anticipating attending auctions in Northern California and France in the coming year. The bulk of the wine hail from Bordeaux and California, but recently Italian and Spanish selections have been added. The majority of the wines are older and rarer vintages. Interestingly, Wood also purchases wine "futures," committing to buying a wine that has not been released and may not be ready for another two years. Bordeaux is increasingly being bought this way, with anticipated quality of the wine determined by its history and taste in the barrel of a well-established winery.

The most unusual request Wood's received came form a friend who brought his family to the Point to celebrate his birthday. He asked that four bottles of Bordeaux Grand Cru be purchased on his behalf for each of the family member's birth year.

Wonder about Wood's best buy? Eight years ago in France, he sampled a sweet wine called Banyuls that is a bit lighter than a port. He liked it so much that he bought a case for $16 a bottle. Recently, he attended an auction and learned that it was selling for $150 per bottle. Reflecting on his good fortune, he pondered, "Well, I've consumed six. Maybe I really don't need the other six?"