The first lot to be auctioned will be £3,000 Chateau Latour 2000, which will be put up for bids on May 22 with a start price of 99p and no reserve.
On May 23, 100 cases of Laurent-Perrier Champagne will be offered in a "name your price" auction. Sixty cases will be sold in 60 seconds every hour on May 24, and Virgin Wines will drop the price by £1 a second.
The company will deliver wine to successful bidders within seven days, and is offering a full refund if they don't like the wine.
Virgin Wines founder Rowan Gormley said: "We aim to do for wine what Ebay has done for everything else in the UK – let customers decide what they want to pay and have fun at the same time."
The auction can be accessed through Virgin's website at www.virginwines.com.