Fine wine investors flock to Sotheby’s June auctions

London and New York events produced ‘solid’ results

Fine wine investors flock to Sotheby’s June auctions

Sotheby’s held two auctions recently, which brought in a total of about $3.8 million (£2.4 million) in gross sales, with significant interest in established Burgundy and Bordeaux vintages.

The June 12 event in New York fetched a ‘solid’ $2.3 million, bumping up the auction house’s New York sales for the first half to $10.2 million, a ‘substantial’ increase year-on-year.

This result is “a sign of both a strong domestic and international market,” Connor Kriegel, head of New York Auction Sales at Sotheby's Wine, commented. “The auction was driven by a series of strong prices for mature Bordeaux as well as attractively priced Burgundy in perfect condition.”

The sale featured ‘superb’ First Growth Bordeaux, including 1989 Haut Brion as well as 1996 Lafite and Margaux. Other highlights included 1975 Pétrus, various Domaine de la Romanée-Conti (DRC) and “the very top cult wines from Napa.”

The highest price at the event, $58,188, was paid for a 1985 DRC lot, beating the $55,000 upper estimate. A 1965 DRC La Tache lot sold for $55,125, more than doubling the upper estimate of $25,000, while other La Tache also performed exceedingly well.

In a staggering display of the strength of both Bordeaux and Burgundy, DRC and Petrus occupied the top 14 spots between them, in terms of sale price.

At Sotheby’s London event on June 17, Burgundy was again well represented, with a Chambertin 1993 Armand Rousseau claiming the top spot at £21,150, nearly doubling the upper estimate. Rousseau claimed five of the top seven places, with Petrus and DRC each claiming one.

Bordeaux First Growths also fared well, mostly bringing prices in above or in line with upper estimates, while Champagne featured a “unique collection” of over 70 lots of Grande Marques Champagne.

The sale brought in £950,658 in total.

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