June 1 (Bloomberg) -- A case of Echezeaux 1999 from producers Henri & Georges Jayer fetched 14,950 pounds ($22,600) at Bonhams’ London May wine sale, beating the auction house’s estimate amid demand for Burgundy and Rhone wines.
Six magnums of Hermitage La Chapelle 1978 Paul Jaboulet Aine sold for 10,350 pounds, also above estimate, while a three-bottle lot of Romanee-Conti 1999 Domaine de la Romanee-Conti went for 25,300 pounds, Bonhams said in an e-mailed statement.
The Liv-ex Fine Wine 50 Index has risen 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 Bordeaux and Burgundy 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.
“Today we have a full picture of the primeurs wine in Bordeaux,” Yannick Naud, asset manager at Glendevon King Ltd. in London, said in a Bloomberg Television interview. “We think wines up to 10 years old for the best grand crus in Bordeaux should go down as well to reflect what we saw.”
Demand at auction for older vintages may be benefiting from investor reaction to the Bordeaux 2012 sales. Bonhams said some of the strongest performers in its sale, held on May 23, “came from outside the traditionally popular areas of the market, Bordeaux and Burgundy.”
Three magnums of Tenuta dell’Ornellaia 1996 Masseto fetched 1,840 pounds and a case of Brunello di Montalcino Riserva 1996 Case Basse sold for 2,300 pounds, also beating estimates.
Following is a table of major wine auctions held so far this year, with the total sold. Links are to auction websites or results statements.
JANUARY: Jan. 11/12: Zachys, Hong Kong $4.65 mln Jan. 25/26: Acker, Merrall & Condit, Hong Kong $6.82 mln Jan. 30: Sotheby’s, London $2.22 mln FEBRUARY: Feb. 2: Hart Davis Hart, Chicago $4.40 mln Feb. 21: Christie’s, London $1.47 mln Feb. 23: Acker, Merrall & Condit, New York £3.10 mln Feb. 23: Sotheby’s, New York $1.46 mln Feb. 27: Sotheby’s, London $1.04 mln MARCH: March 7/8: Zachys, New York $5.81 mln March 14: Christie’s, New York $1.37 mln March 15/16: Christie’s, Hong Kong $6.19 mln March 21: Christie’s, London $1.22 mln March 22/23: Acker Merrall & Condit, Hong Kong $4.93 mln March 23: Hart Davis Hart, Chicago $4.42 mln APRIL: April 3: Acker Merrall & Condit, New York $2.30 mln April 3/4: Sotheby’s, Hong Kong $8.86 mln April 17: Sotheby’s, London $2.06 mln April 23: Christie’s, Amsterdam $1.23 mln April 25/26: Zachys, New York $4.13 mln April 26/27: Sotheby’s, New York $2.60 mln April 27: Acker Merrall & Condit, New York $2.48 mln MAY: May 2: Christie’s, London $1.93 mln May 14: Christie’s, Geneva $3.96 mln May 17/18: Hart Davis Hart, Chicago $6.42 mln May 22: Sotheby’s, London $1.31 mln
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