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Sotheby’s 2012 Wine Auction Sales Plunge 25 Percent

Krug Auction
Sotheby’s auctioned champagnes from the House of Krug on Dec. 1 2012 in New York. This was the largest auction offering direct from Krug since it was founded in 1843. Source: Sotheby's via Bloomberg.

Sotheby’s global wine auction sales dropped 25 percent in 2012, reflecting a wider slump in the worldwide market.

Sales reached $64.5 million the New York-based auction house said today in a press release. The company had a low pre-sale estimate of $49.3 million and a $67.1 million high estimate. The estimates do not include buyer’s premium of 22.5 percent.

Hong Kong remained Sotheby’s largest wine auction market this year, achieving sales of $27 million, or 42 percent of its global total. Hong Kong sales fell 40 percent from $44.7 million in 2011.

According to a Dec. 2011 press release, Sotheby’s achieved wine auction sales of $85.5 million in 2011, down from $88.3 million a year earlier.

Acker Merrall & Condit, the world’s largest wine auctioneer, yesterday reported global sales of $83.3 million, down from $110.5 million in 2011.

(Frederik Balfour is a reporter-at-large for Muse, the arts and leisure section of Bloomberg News. Opinions expressed are his own.)

Muse highlights include Manuela Hoelterhoff on arts and Lewis Lapham on history.

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