Fine Bordeaux less than a fine investment in 2012
LONDON - Reuters
Several major auction houses have seen fall in their wine sales this year. REUTERS photoWine sales at auction houses were flat to lower in 2012, with lower prices for the top Bordeaux weighing on results.
Values for Burgundies, which have long been in short supply and as a result command high prices, vaulted to new peaks. But, even so, the Burgundies could not make up for the Bordeaux disappointments.
Several major auction houses have released their final sales totals for the year, and only Christie’s seemed to have been able to hold its ground. It said this week it expected to report its global wine sales were more than $90 million, the same level as in 2011.
Sales down this year
Sotheby’s said its total global wine sales were $64.5 million in 2012, down from the $85.5 million it reported last year. Acker Merrall & Condit said its total wine sales were $83.3 million. That was down from the $110 million it reported in 2011.
Bordeaux prices headed lower all through the year. The top Premier Crus - Chateaux Lafite Rothschild, Margaux, Latour, Haut-Brion and Mouton Rothschild - were all down. At Spectrum Wines’ Hong Kong auction two weeks ago, cases of 1982 Chateau Lafite went for between $33,860 and $38,115, all below their pre-sale estimate of $40,000.
The lots of ‘82 Margaux at Spectrum’s auction sold for between $6,655 and $7,865 a case, missing their presale estimates of $8,000 to $9,000. Prices for the ‘82 Latour held up a bit better. One 12-bottle case went for $15,730, still below estimate.