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Petrus 1982 Fetches $53,300 at Christie’s Paris Auction

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Echezeaux 1989
A half-case of Echezeaux 1989 Cote de Nuits Grand Cru from Burgundy producer Henri Jayer. It sold for 18,720 euros ($24,300) at a Christie's International Plc auction in Paris on June 28. Source: Christie's Images Ltd. 2013 via Bloomberg

June 29 (Bloomberg) -- A case of Chateau Petrus 1982 Pomerol fetched 40,950 euros ($53,300) at a Christie’s International Plc sale in Paris amid demand for rare Bordeaux and Burgundy wines, matching the auction house’s estimate.

A 12-bottle lot from the 2005 vintage of neighboring Chateau Le Pin sold for 18,720 euros, while a case of Domaine de la Romanee-Conti 1966 La Tache Burgundy fetched 25,740 euros, according to results posted on Christie’s website.

The Liv-ex Fine Wine 50 Index of top Bordeaux vintages has risen 5 percent this year, with a 3 percent decline since mid-March following a gain of 8 percent in the previous 10 weeks. Price cuts on Bordeaux 2012 futures over the past three months have weighed on the broader wine market.

The Bordeaux sales campaign “has been a factor in the weaker indices,” Chris Smith, investment manager at The Wine Investment Fund in London, said in his latest monthly market report. “Merchants this year anticipated the lower levels of en primeur business compared to previous years and focused on other wines.” The fund, invested in Bordeaux, manages $50 million.

The average price for Petrus 1982 at auctions last month was $67,800, down from $71,000 at the end of last year, according to data compiled by London-based Liv-ex on its Cellar Watch website. A case fetched as much as $86,500, including fees, at Christie’s in Hong Kong on May 25.

A half-case of Echezeaux 1989 Cote de Nuits Grand Cru from producer Henri Jayer and a magnum of Chateau Mouton-Rothschild 1945 each sold for 18,720 euros, within their estimated ranges.

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:         Acker Merrall & Condit, New York      $2.22 mln
May 22:         Sotheby’s, London                     $1.31 mln
May 24/25:      Zachys, Hong Kong                     $5.73 mln
May 25:         Christie’s, Hong Kong                 $6.32 mln
May 30:         Christie’s, New York                  $0.71 mln
May 31:         Christie’s, New York                  $1.93 mln


JUNE:

May 31/June 1:  Acker, Merrall & Condit, Hong Kong    $5.91 mln
June 6:         Christie’s, London                    $1.85 mln
June 13/14:     Zachys, New York                      $3.56 mln

To contact the reporter on this story: Guy Collins in London on guycollins@bloomberg.net

To contact the editor responsible for this story: Mark Beech at mbeech@bloomberg.net

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