Rare Wine Auctions Show No Signs of Slowing

While Burgundy continues to reign at rare wine auctions, top Bordeauxs like Pétrus are seeing higher prices.

“In the third quarter of 2018, global sales of fine and rare wine at auction totaled $70.4 million, up a whopping 31 percent over 2017’s third-quarter total of $53.7 million. U.S. sales totaled $36.1 million, up 19.1 percent. Hong Kong sales rose 49 percent, to $26.3 million, and London sales increased by 40 percent to $8 million. As in the previous two quarters, pristine single-owner cellars and winery-direct consignments generated much of the heated bidding.”

“Acker Merrall & Condit’s first September sale, held in New York, brought in $7.2 million against a presale high estimate of $7.3 million. It was 96 percent sold. “Burgundy didn’t take a vacation this summer,” quipped Acker Merrall and Condit CEO John Kapon, in a statement. All 25 of his sale’s top lots hailed from the French region.”

View more here.

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