SOTHEBY’S WORLDWIDE WINE SALES TOTAL $49,287,329 (£24,469,681) IN 2007, A 32% INCREASE Sotheby’s International Wine Department concluded the year with a worldwide sales total of $49,287,329 (£24,269,682), well above the high estimate (est.$45/£22.3 million)
The eight New York wine auctions offered by Aulden Cellars•Sotheby’s**, seven of which exceeded the high estimates, brought a total of $28,385,941 (£14,120,958), the second highest US total ever for Sotheby’s, above the $20,409,590 (£11,110,689) achieved last year, reflecting 39% growth in NY. An in-depth look at the 2007 sales figures reveals that 59% of total U.S. sales come from eight producers – the five First Growths plus Pétrus, Cheval Blanc and Domaine de la Romanée Conti.
Additional statistics of interest:
- Pétrus represents 10% of the lots sold by value - Mouton Rothschild is the leading First Growth, at 13% by value, followed by Lafite at 9%
- All First Growths represent 37% of the total lots sold by value
- All First Growths, plus Cheval Blanc and Pétrus represent 50% of all the lots sold by value
- Domaine de la Romanée Conti wines represent 9% of the lots sold by value An analysis of Total U.S. Sales by Region (by value) reveals an interesting picture when compared to The Top 100 Lots by Region: Total U.S. Sales by Region By Value vs. Top 100 Lots by Region North America: 65% vs. 36% Asia: 20% vs. 38% European Union: 9% vs. 23% South America: 6% vs. 3%
Jamie Ritchie, Senior Vice President of Sotheby’s US Wine department, said: “In 2007 we sold over $28 million of wine, which is our second highest total since we started sales in New York in 1994, and brings our overall total of wine sold in the U.S. to $220 million. The year was highlighted by our three single-owner sales, from the cellars of Baroness Philippine de Rothschild, Tom Ryder and Warren Stephens, whose combined collections sold for $7.8 million, almost twice their low estimate, and an average sold rate of 99.6% by value. In October, we also held our first evening sale, which again outperformed our expectations, selling for 168% of the low estimate. These strong sales were a result of offering great wines from great vintages, in excellent condition and with recognizable provenance. At the same time, on the buying side, we saw many new bidders come into the market, particularly from a younger generation of international buyers from throughout Asia, India, Brazil and North America – these new buyers have reduced the average age of our buyers to nearer 45 years old, than 60 years old ten years ago.”
“Looking forward, if demand for great wines continues to rise,” Ritchie continued, “we anticipate that prices will largely hold steady at the new price levels set this season (or, in the longer term, increase), since the great vineyards of France are fully planted, so there can be no significant increase in supply.”
The twelve sales in London, of which 8 exceeded the high estimates, totaled $20,901,388 (£10,396,166), compared to totals of $16,970,948 (£9,173,678) in 2006, which reflects a 23% growth in the UK.
This total is the highest for Sotheby’s London Wine department since the