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)
new Millennium and the second highest total ever. The year held many high points, among them the single-owner sale in March, The Adrian Bowden Cellar – Part II, with outperformed its pre-sale high estimate by 40% and was 99.7% sold by value. In July, two complete cases of Château Cheval Blanc 1947 (pictured here) sold for £71,300 each ($146,429), a record price for a case of wine sold at Sotheby’s London. In October, a complete case of Romanée-Conti 1967 DRC, which sold for £58,650 ($119,587), set a record price for this wine at auction.
An analysis of the London sales figures revealed the following:
- Asian private buyers represent 49.9% by value and 39.2% by lot of the highest achieving lots from each sale
- The average lot value in London has risen from £1,167 in 2006 to £1,570 in 2007, (up 34.6%).
Total Sales by Region by Value: United Kingdom: 62% Europe: 17% Asia: 13% North America: 6%
Stephen Mould, Head of Sotheby’s European Wine department, said: “The Wine Department in London has had a remarkable year with some fantastic collections of legendary wines of excellent provenance. These collections, including the Adrian Bowden Cellar – Part II, have attracted top wine buyers globally with a strong emphasis on Europe. A small group of new buyers from Asia and Europe emerged as significant players in the top end of the wine market, competing enthusiastically against established collectors and securing some of the most important wines to be sold at auction and creating records on the way. We look forward to auctioning some important Private Collections in 2008.”
Serena Sutcliffe MW, Head of Sotheby’s International Wine department, said: “This has been a very successful year for Sotheby’s Wine Department worldwide, reflecting our philosophy of selling great collections of wine and private cellars of superb provenance and condition. Our role is to offer great wines of impeccable pedigree to an international audience, thereby reassuring wine lovers everywhere that our experience and expertise will bring them wines that will do honour to their origins. We shall continue to seek out the best for our clients round the world during 2008.”