Sotheby’s launched its ‘Life of Luxury’ series, last weekend with an auction of top Burgundy and Bordeaux wines, raising $2.6million, bringing their total sum raised in fine wine sales in 2017 to $23million. Connor Kriegel, Head of Auction Sales for Sotheby’s Wine New York commented: “We were thrilled to kick off Sotheby’s A Life of Luxury and conclude our 2017 New York wine auctions in grand fashion with a banner one-day auction…bringing our sales total to nearly $23m for 2017.”
Pre-sale estimates were exceeded, the top lot of the day being a parcel of DRC crossing four decades, historic vintages of Rousseau and blue-chip Bordeaux, sold for $619,244, well above its guide range of $383,300 – $537,700.
Three bottles of DRC’s 2013 Romanée-Conti led the sale achieving $55,350, whilst other attention grabbers included a full dozen case of 1985 Petrus, 1988 Clos de la Roche from Domaine Dujac, two bottles of 1990 Montrachet from DRC, three bottles of 2004 Corton Charlemagne from Coche-Dury and one magnum of 1998 Krug Clos du Mesnil.
With Christies’ recent record-breaking sales of Leonardo Da Vinci’s Salvator Mundi (US450M) and Art of Grisogono (US$35M) and the auction of Paul Newman’s Daytona Rolex (US$17M) luxury investments are in such demand that extraordinary values are being realised. Fine wine is exceeding predictions at auction but there is a greater certainty that prices are justified due to Liv-ex and other information platforms validating pricing information and improving liquidity. Auctions, by their nature, can stimulate higher prices but the market is still continuing its growth trend with market indices up again in November.