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