Wine sales at the latest Sotheby’s auction smashed pre-sale estimates, making more than US$2.2 million,
Initial estimates for the 25 February Finest and Rarest sale in New York were set between $1.3 and $1.9m. A 99% sell through rate was far more encouraging than its London sale three days earlier, where 77 lots - or 13% of items - remained unsold.
The sale was led by a case of Château Pétrus 1982 which fetched $58,188 nearing the high estimate.
There was also more evidence of Asian collectors going beyond Bordeaux and Burgundy with a rare nebuchadnezzar (15 litres - sounds like a good night in) of Italian wine, Masseto, which sold to a private Asian buyer for $49,000, several times the $12/18,000 estimate.
Duncan Sterling, head of Sotheby’s wine auctions, New York said: “We were pleased with the $2.2 million total achieved in our February sale. There was enthusiastic bidding from Asia and Latin America as well as a resurgence in the American market. A packed saleroom and spirited bidding from online buyers confirmed the market’s concentration on Burgundy including selections from DRC, Hubert Lignier and Jean-Marie Fourrier.
“Italian wines continued to be much in demand with stellar results for Masseto, Brunello from Gianfranco Soldera and Solaia,” he added
Sotheby’s claimed the sale was particularly notable for the renewed demand from American collectors alongside Latin America and Asia.
Domaine de la Romanee Conti: yours for just £10,000 a bottle!
Monday 12 September
In August’s edition of Decanter, I asked is Burgundy a one horse-race when it comes to investment? The answer was yes - at the moment - but names like Jayer, Rousseau, Roumier and Dujac are worth a dabble in the top years.
The conclusion was backed up by an auction at Bonhams last week, selling a case of Romanee-Conti 1990 vintage for £126,500. That’s more than £10,000 per bottle or £1,750 a glass – although I suppose that depends on the size of your glass!
Another case of Romanee-Conti, this time from 1988, sold for £74,750.
Interestingly, both cases were bought by a European buyer and it will be interesting to see how they perform in the Far East when the auction house sells more cases of the 1988 and 1990 vintage in Hong Kong in November.
The price of Romanee-Conti has shown, on average, a rise of 50% over the last year, according to Liv-ex.
A good day: finding a bottle of Lafite under your bed
Thursday 28 July
It’s August in London, which means the wine trade goes AWOL. Some of us mere mortals have to work, but the daily grind is eased by a free corkage deal with several Michelin-starred restaurants in the big smoke.
Five of London’s Michelin starred restaurants, The Square (2*), The Ledbury (2*), Chez Bruce (1*), La Trompette (1*) and The Glasshouse (1*) allow you to bring your own plonk for free if you’re a Bordeaux Index customer.
Last year I had a rather boozy and delicious meal at The Ledbury with several wine journos. We almost didn’t get there due to a rather elderly black cab driver having little Knowledge. This year, it’s going to be Sunday lunch at Chez Bruce.
Tina Gellie, chief sub-editor at Decanter, will be my date and lucky for her, while rummaging under my old bed at my parent’s house, I found a bottle of 1989 Lafite-Rothschild I had forgotten I had been given by my uncle. At £8960 a case (Fine & Rare Market data), I have had worse surprises.
On the down side, I’ll have to drink it rather than sell it on, as my dad has written his initials (JG)on the label in black marker pen a bid to try and claim it as his own – typical Scouser. However, all in all, a fruitful day.
Calling all New Zealand and Australian winemakers that need a hand getting into the UK market.
Naked Wines wants to hear from any winemakers who have a great product but don’t have the funds to market it or winemakers who currently consult or make wine for wineries and want to start their own project.
This year, there’s a £10 million investment pot to support winemakers but they need to find you…
They’ve already helped Bill and Claudia Small, an Aussie couple making wines in NZ get their project off the ground. Naked have sold 47,000 bottles of their wine in the UK and the latest shipment sold out in just 48 hours.
Since launch in December 2008, Naked has recruited over 100,000 customers, who between them invest over £1m each month towards funding winemakers.
Nick Pegna, MD of Berry Bros & Rudd in Hong Kong a.k.a Lord of Asia has his 60 seconds to discuss Bordeaux 2009, the Hong Kong wine scene and drunken prawns.