Auctioneers are back in action with a strong start to the fall auction season setting a promising precedent for the rest of the year.
Auction houses Zachy’s, Sotheby’s and Acker Merrall & Condit raised more than US $12 million over three sales in the past ten days. World records fell readily – with 64 new highs set at Acker Merrall’s New York sale.
Burgundy was the hot ticket at auctions earlier this year and on the basis of the start of the fall season, this trend looks set to continue.
Among the 64 new world records at Acker Merrall, new benchmarks were set by three vintages of Ramonet’s Montrachet. Red Burgundies from the 1999 vintage were also in high demand, with new highs set for Dujac (Clos de la Roche), Roumier (Bonnes-Mares) and Rousseau (Gevrey-Chambertin Clos St. Jacques). 2009 is also becoming a collector’s item with DRCs Romanee-Conti, La Tache, Richebourg, Romanee-St.-Vivant and Montrachetall set world records, as did Roty’s Charmes Chambertin Tres Vieilles Vignes and Jadot’s Griotte-Chambertin. Fourrier’s 2009 Gevrey-Chambertin Clos St. Jacques far exceeded its high estimate of $3500 for a three-bottle case of magnums by selling for $10,455, including buyer’s premium, to a New York-based collector, smashing the previous record.
Similary, at Sotheby’s London sale, a single collector’s Burgundy cellar realized a total of £761,544 (including the buyer’s premium) which was 125 percent greater than the auction house’s high estimate, with only three of the 223 lots offered being unsold. “The sale room was packed with buyers from around the globe eager to purchase rare bottles of Burgundy from Domaine de la Romanée Conti, Henri Jayer and Armand Rousseau and other great producers,” said Stephen Mould, head of Sotheby’s European Wine Department.
At Zachy’s in Hong Kong a small assortment of Lalou Bize-Leroy reds and white Burgundies from an American collect drove “frenzied bidding” to a total of HK$459,940/US$59,347, versus the pre-sale high estimates of HK$344,000/US$44,387
Online sales are also the next big thing for auction houses. Following Christie’s first-ever online-only wine auction in August, both Sotheby’s and Acker Merrall report the internet is becoming an increasingly important part of their auction business. I couldn’t help but notice how the internet is continuing to play an increasingly bigger role each auction – this time over 30 percent of the dollars in the sale were won “live” by an internet bidder. This is a trend we expect to continue, and we look forward to expanding our web platform in 2013,” said Kapon.
