Sotheby’s released a glossy report on their 2017 wine auction year today: the house racked up $63.8 million at 21 auctions in London, New York, and Hong Kong. That was good enough for third on the list of 2017 wine auction houses–in all, the global wine auction market rose 12.7% to $381 million last year (WS had a summary piece back in January).
At Sotheby’s, as elsewhere, Burgundy rose and DRC dominated. Last fall, six bottles of Domaine de la Romanée Conti, Romanée Conti 1996, fetched $134,750, or $22,458 per bottle. Not too shabby for fermented grape juice! In total, $11.6 million worth of DRC sold at Sotheby’s auctions last year, making it the top wine for the fifth year in a row and more this year than Lafite, Pétrus, and Mouton combined (Bordeaux sales declined to less than 50% of total wines sold, by value). Whisky sales increased as some collectible consignments came up for sale. Asian buyers comprised 60% of wines sold by value.
Will DRC demand let up? It remains the most coveted wine at auction worldwide. Hopefully, someone out there actually pulls a cork from time to time to enjoy it in the glass, rather than on a balance sheet! (Above, evidence that this does happen from time to time.)
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