Three double-magnums of Chateau Haut-Brion 1989 Bordeaux, its most expensive wine of the past quarter-century, are priced to fetch as much as $18,000 at Acker Merrall & Condit’s sale in Bridgehampton, New York this month.
Other leading Bordeaux in the auction, scheduled for June 29, include a case of Chateau Lafite-Rothschild 1982, estimated to fetch as much as $40,000, a similar quantity of Chateau Latour 1982 at as much as $20,000 and two cases of Chateau Cheval Blanc from the same vintage valued at as much as $10,000 each, according to Acker’s online sale catalog.
The Liv-ex Fine Wine 50 Index has risen almost 6 percent this year, with an 8 percent gain in the 10 weeks to mid-March, pared by a 2 percent decline since then. While investor demand for top wines has revived since a 16-month price slide ended in November, price cuts on Bordeaux 2012 futures over the past two months have weighed on prices of other vintages from the region.
“The market remains in a holding pattern, with limited downside potential but as yet insufficient demand to kick-start a proper rally,” Miles Davis, partner in London-based Wine Asset Managers LLP, with $20 million under management, said in his monthly market report. He described wine price performance as “the antithesis of the volatile equity markets.”
Haut-Brion’s 1989 vintage represented in the Acker auction received a perfect 100-point score from U.S. wine critic Robert Parker. One case sold for 10,925 pounds ($16,500) at a Christie’s International Plc London sale on Feb. 21 while another fetched 10,810 pounds at Sotheby’s (BID) the same month.
The Acker sale also includes Burgundies such as a magnum of Romanee Conti 2001 Domaine de la Romanee Conti, priced to fetch as much as $22,000, and California wines from growers such as Screaming Eagle and Harlan Estates.
Here is a list of global wine auctions scheduled so far this year. Dates may be subject to revision, and links are to auction house sale catalogs and websites.
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