Latour ’82 Cases With Petrus Magnum Top Sotheby’s AuctionGuy Collins
Five cases of Chateau Latour 1982 from Bordeaux’s Pauillac region fetched 12,925 pounds ($19,540) each to lead bids at a Sotheby’s wine sale in London this week as a double magnum of Chateau Petrus 1982 sold for 9,988 pounds.
While Bordeaux took the top slots at the sale, Burgundies included single bottles of Romanee-Conti Domaine de la Romanee-Conti from 2005 and 2009 selling for respectively 9,635 pounds and 9,165 pounds each, according to a Sotheby’s statement.
An 11 percent gain in the four months to mid-March on the Liv-ex Fine Wine 50 Index has been followed by a 3 percent decline since then as investors have focused on the pricing of Bordeaux 2012 wine futures. The broader Liv-ex Fine Wine 100 Index, calculated monthly, has risen 5.9 percent this year.
“There is a dearth of older stock around,” Miles Davis, partner in London-based Wine Asset Managers LLP, with $20 million under management, said in a phone interview. “The overall market is trading sideways.”
While brokers have grappled with the pricing of the Bordeaux 2012 sales campaign since early April, Davis said there is underlying demand for vintages from the 1980s and 1990s.
A half-case of La Tache 2006 DRC sold for 7,990 pounds at Sotheby’s and a single bottle of Romanee-Conti 2008 DRC fetched 7,285 pounds. The auction raised a total 867,000 pounds, with 88 percent of lots sold by volume and 96 percent by value. Prices included a 17.5 percent buyer’s premium.
At a Hart Davis Hart Wine Co. two-day sale in Chicago last weekend, leading lots included a case of La Tache 1990 DRC which sold for $59,750, a 12-bottle Domaine de la Romanee-Conti 1978 assortment which fetched $53,775 and a case of Petrus 1990 which went under the hammer for $45,410. All lots sold, with a buyer’s premium of 19.5 percent.
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