South Africa wine auctions breaking records as market expands

The latest news out of Johannesburg points to continuing growth in the wider wine market

South Africa Wines - Continued GrowthWinemakers in South Africa were given another boost this week with the news that the 29th Nedbank Cape Winemakers Guild Auction has again smashed records, with a 14.5% increase in price paid per litre. Total takings at the event rose by 46% compared to 2012, itself a huge success. In particular, a case of Hartenbury Auction Reserve Shiraz 2010 was exceptionally well received, with a record-breaking sale price of ZAR 6,200 (US $622). The UK led overseas buying with nearly ZAR 0.5m spent, which could indicate a growing acceptance of South African wine’s self-evident quality in the international market. Trevor Stirling, senior drinks analyst for Sanford Bernstein, said that ‘high quality South Africa wine is not as widely available as it deserves.’ If auctions continue to break records as they have been in the last few years, it may not be long until wines of the cape are considered alongside those of Bordeaux and Burgundy as investment-grade, top quality wines.