Libin has concluded that it is better to accept a lower bid from a rational investor than an extremely high price from an irrational one.

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At last week's Acker wine auction, he sat at a central table at the Tribeca Grill in downtown Manhattan, raising his paddle frequently, casually, just a little flip of the wrist, confident that his bid would be registered, sometimes lowering it with a shrug when he thought the price had gone too high and sometimes dueling on a particularly choice lot until he won.

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Some High Street chains started offering price discounts as early as mid-November, in a bid to challenge slow sales.

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