Two iDealwine fine wine auctions in May saw significant interest in the ‘lesser’ vintages, thedrinksbusiness.com reported today.
The sales attracted buyers from more than 30 countries, as many buyers outside the EU tapped the benefits of the weak euro.
“The 2005 vintage, which is particularly sought-after, has seen a price explosion: buyers didn’t hesitate to pay more to get their hands on Chevalier Montrachet for €450, an increase of 15 per cent or Bâtard Montrachet which increased by 23% and sold for €330,” Angélique de Lencquesaing, deputy managing director of iDealwine said as quoted by thedrinksbusiness.com.
A six-bottle case of 1999 Château Palmer sold for €1,074, beating its estimate by 15 percent.
Burgundy also performed well, with Chambertin Clos de Bèze 2005 selling for €1,470, an increase of 31 percent from iDealwine’s estimate, while a bottle of 2001 Romanée Conti went for €9,120 – up 20 percent.
There has been significant interest in fine wine auctions recently. Sotheby’s “The Don Stott Cellar: 50 Years of Collecting” New York auction last month fetched $8.413 million in gross sales, more than a third above the high estimate, while HDH and Christie’s have also seen sales reach and beat upper estimates.
Meanwhile, investors are eyeing two big auctions later this month, from Sotheby’s and Hart Davis Hart. Both are set to feature a plethora of rare and sought-after wines from Burgundy, Bordeaux, Champagne and more.
Sotheby’s event is in London on June 17 and will feature 1050 lots, including Musigny 1972 from Domaine Leroy, while HDH is holdings its auction on June 26 and 27 in Chicago and will feature 1774 lots, including 1991 Romanée-Conti, and Dom Pérignon Brut from 1966 and 1971.