After two decades at one of the world’s leading auction houses, Allan Frischman has joined our team, as Vice President of Global Client Reserves. We caught up with him to dive into the world of auctioneering, his 30 years in the business and his new role
“The only thing more fun than drinking wine is buying wine,” says Allan Frischman, our new Vice President of Global Client Reserves, arching an eyebrow and laughing. He should know – he’s been working in the wine business since the early 1990s, with the vast majority of that spent sourcing, studying, authenticating and selling fine wine collections for a leading auction house. As of this month, he’ll be working to develop our network of reservists and their portfolios – allowing our clients to both sell and buy even more than before, giving us – and you – access to the world’s finest (and deepest) cellars. Beyond this, he’ll be finessing local pricing for each market we work in and helping manage clients’ wine storage – a job for which he is uniquely qualified.
Frischman grew up in New Jersey and never planned to get into wine – but he took a part-time job at college (“to pay for beer”, he confesses) in a wine shop. The shop’s storage system was divided by country and region, with a warren-like basement that he needed to navigate, finding the right bin for new stocks. Reading about the different appellations, and using his staff discount to buy the odd bottle, got him interested – but it was a bottle of 1975 Ch. Talbot, tasted at Mary Ewing-Mulligan MW’s International Wine Center that hooked him: “At that point, I knew that this is what I wanted to do.”
The economics graduate was working at Manhattan’s Morell & Co when, in 1994, the laws changed. For the first time since Prohibition, commercial wine auctions were permitted to take place in New York State. “I didn’t know anything at all about auctions,” says Frischman – but it didn’t stop him jumping headfirst into something new, organizing the state’s first wine auction since 1920. “I didn’t know if we were going to get 10 bidders or 1,000,” he tells me. He shouldn’t have worried, for that auction was met with such enthusiasm that he walked away from the event on cloud nine, confident that he had found his calling.
It was a bottle of 1975 Ch. Talbot that cemented Frischman’s love of wine
In the 30 years since, he’s seen the auction business transformed. The 1994 law change created a new hub for wine’s secondary market, with New York rapidly becoming a rival for its traditional heartland in London – and the Big Apple rapidly added its own signature. Until then, auctions were staid affairs, dominated by trade buyers with little action beyond the raising of paddles in muted crowds – in Frischman’s words, “something dreary that dragged on for 10 hours”.
But Zachys – one of the auction houses that popped up in New York – added American flair, a touch of Broadway jazz hands to turn auctions into events, gathering bidders at round tables with great food and wine. Traditionalists said it wouldn’t work – but they were wrong. No longer were auctions purely a way to buy wine, they became fun – they became a place for wine lovers to gather, eat, drink and be seen. Higher attendance meant more bids, higher hammer prices – and more consignments that in turn brought more business, and a shift from trade to individuals.
The late 2000s brought challenges. “The Dow Jones was tumbling and it looked like the world was about to collapse,” Frischman tells me, looking back at the worldwide recession. “It was terrifying and of course people stopped buying wine.” But as Frischman rapidly learnt, people were waiting for the bottom of the market – and then they started buying again. At the same time, Hong Kong abolished import duty on wine (initially halved in 2007 and removed entirely in 2008) – and, like New York in 1994, instantly became a new center for the wine trade. “The Asian market evolved almost over days,” remarks Frischman. “It became extremely sophisticated very quickly.” American auction houses started opening offices in Hong Kong. “For a few years, Hong Kong was just chewing up all the wine and the big hammer prices were all [there].”
The most recent shift in the world of auctioneering has been the advent of real-time, online bidding – one forced by the Covid-19 pandemic. “There was a perception that it would discourage people to show up in the sale room and would also discourage people from leaving bids in advance,” Frischman says, explaining why the industry was perhaps a little slow to embrace the online sphere. Interestingly, however, he anticipates that before online bidding was introduced, maybe only 10% of lots went to bidders physically in the room. With consumers stranded at home, and the technology already up to scratch, online auctions rocketed – and opened the market to an even broader range of consumers, with bidding wars between wine lovers in Brazil, Singapore, London, New York, Hong Kong and beyond now the norm.
Frischman has dedicated most of his career to the world of auctioneering
As auction houses realized that online auctions worked, the need for events and associated spend dropped – and the auction style established by Zachys in the 1990s has become significantly less common. You might argue that this also heralds the end of the auctioneer – but even online companies have retained the compère, the familiar patter still something that bidders want.
It isn’t just where and how wine was selling, but which wines were selling that has evolved. In the early 1990s and 2000s, Frischman notes how the US market centered on Napa’s cult Cabernets, along with wines from the likes Williams Selyem, Ravenswood and, of course, Bordeaux’s top names. “[There was] across the board demand for Bordeaux,” Frischman tells me, “but you couldn’t give Burgundy away.” Of course, that’s all changed now – and Burgundy, despite its extremely limited supply, has become the darling of the fine wine scene. As prices have soared for the Côte d’Or’s top wines, wine lovers have started looking elsewhere, to Italy (Barolo, Barbaresco and some Brunello), Madeira (especially older vintages) and the Northern Rhône (Côte-Rôtie, Cornas and Saint-Joseph) – but none have the liquidity of Bordeaux. “They [the Bordelais] don’t get enough credit for the sheer, mind-boggling amount of great wine they’re able to put out every year,” says Frischman.
Over the years, Frischman has become an expert authenticator – the sort of knowledge that can only be gained by handling immense volumes of fine wine, working closely with producers and getting up close and personal with the rarest bottles. In 2006, he went to check over some wines that had been sent to the auction house he then worked for by a young Asian collector. The consignment was significant, worth millions of dollars – but even from across the room, Frischman knew that the wines didn’t look right. Closer inspection only confirmed that the wines looked like fakes – and the auction house turned them away, sending them back to the collector, then a new name on the scene, Rudy Kurniawan.
A couple of years later, he got a call from the FBI’s Jim Wynn, asking if he would be an expert witness in a wine fraud case against Kurniawan, who had – by that point – become prolific. “I inspected, I don’t know, 40 bankers boxes of stuff that they’d gotten from his home, stamps for corks, fake labels, fake import strips – all kinds of stuff,” he says. In a warehouse in Queens, he studied the evidence – “going through bottle after bottle after bottle and writing a report about why I thought that they were fake”. It was – and still is – the biggest wine forgery case to have ever taken place, and Frischman, along with fellow authentication expert Michael Egan, was essential to proving Kurniawan’s guilt.
Wine authentication has become an essential component of wine collecting, and a key reason to work with trusted merchants. There are people who suggest that as much as 10% of wine on the secondary market is fake, but – in Frischman’s view, having handled fine wine for over 30 years – “That’s wildly overestimated.” Despite such claims, forgery has only become more sophisticated, and it’s important, he says, to work with someone who knows what they’re looking at. “You want someone who is experienced to look at the bottle and who is empowered to say, ‘I don’t like it – we’re not offering it.’” There’s a big difference, he explains, between being convinced something is fake, and being convinced something is real – and you always want the person checking wines you’re buying to be in the latter camp. 
After Kurniawan’s conviction for wine fraud, over 500 counterfeit bottles in his collection were destroyed by the US Marshals. Photography: Lynzey Donahue / US Marshals
The wine business is a people business – and he’s been lucky to spend three decades getting to know the world’s foremost collectors, spending time rustling through cellars, lugging his fair share of cases in and out of vans, and cradling bottles of elusive vintages and cuvées. Beyond this privilege, he’s often found himself on the receiving end of collectors’ generosity – recognizing a fellow enthusiast’s passion. When I ask him if there’s a bottle that stands out, beyond the 1975 Talbot that was his hook into the industry, his eyes mist over. It was, he tells me, on a trip to Tokyo, at a remarkable dinner that included some incredible wines, including the fabled 1947 Cheval Blanc. But it was a bottle of 1978 La Romanée-Conti from Domaine de la Romanée-Conti that stole the show: it was “breathtaking, magical”, he says. “I was practically brought to tears.” Until that moment, he’d never necessarily understood why collectors kept this prized cuvée, and didn’t sell it to fund their La Tâche or Romanée-Saint-Vivant – but this bottle made him realize just why people don’t. “This wine was perfect,” he says.
It’s easy, perhaps, to imagine the auctioneering world is over-run with wine investors, but that’s far from what Frischman has found. “The vast majority, regardless of what they say they’re doing, are buying to drink,” he says. On paper, that may not make sense – after all, who needs 30,000 bottles of wine? But that, as Frischman and any wine obsessive knows, is the collector’s mentality – and, getting someone to sell, despite owning more wine than could possibly be consumed in a lifetime, is much harder than persuading them to buy.
When Frischman first started auctioning wine, he recalls talking to his father, who wondered if there was enough fine wine to sustain a career. The beauty, Frischman, now knows, is that there’s a new vintage every year – beyond that, and as he’s seen over the past 30 years, the wine world is constantly shifting, with an ever-expanding range of regions and producers. And he’s evolving with the industry, making a move of his own and bringing his expertise to FINE+RARE. We can’t wait to see what he’ll do.
Whether you’re looking to buy, sell or anything else, contact Allan Frischman directly at allan.frischman@frw.co.uk
