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Sotheby’s sale smashes estimates

Wine sales at the latest Sotheby’s auction smashed pre-sale estimates, making more than US$2.2 million,

Initial estimates for the 25 February Finest and Rarest sale in New York were set between $1.3 and $1.9m. A 99% sell through rate was far more encouraging than its London sale three days earlier, where 77 lots – or 13% of items – remained unsold.

The sale was led by a case of Château Pétrus 1982 which fetched $58,188 nearing the high estimate.

There was also more evidence of Asian collectors going beyond Bordeaux and Burgundy with a rare nebuchadnezzar (15 litres – sounds like a good night in) of Italian wine, Masseto, which sold to a private Asian buyer for $49,000, several times the $12/18,000 estimate.

Duncan Sterling, head of Sotheby’s wine auctions, New York said: “We were pleased with the $2.2 million total achieved in our February sale. There was enthusiastic bidding from Asia and Latin America as well as a resurgence in the American market. A packed saleroom and spirited bidding from online buyers confirmed the market’s concentration on Burgundy including selections from DRC, Hubert Lignier and Jean-Marie Fourrier.

“Italian wines continued to be much in demand with stellar results for Masseto, Brunello from Gianfranco Soldera and Solaia,” he added

Sotheby’s claimed the sale was particularly notable for the renewed demand from American collectors alongside Latin America and Asia.

Posted in - auction & Blog Posts & Bordeaux & fine wine & Investment & Italy on February 27th 2012 0 Comments