Sotheby’s 2012 Wine Auction Sales Plunge 25 Percent
Sotheby’s (BID) 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.)
To contact the reporter on this story: Frederik Balfour in Hong Kong at firstname.lastname@example.org
To contact the editor responsible for this story: Manuela Hoelterhoff at email@example.com