Sotheby’s 2008 Worldwide Wine Sales Sotheby’s International Wine Department ended 2008 with a worldwide sales total of
$44,625,346 (£24,513,523), the third highest ever, and the second highest since 1999.
News-Antique.com - Jan 23,2009 - These significant results were achieved,
in accordance with Sotheby’s policy of sourcing globally and selling centrally, in their two main salesrooms in New York and London—the primary centers of the global wine market. Sotheby’s will be exploring opportunities for expanding their wine auctions to Hong Kong in the New Year.
U.S. Sales: Sotheby’s New York conducted eight auctions in 2008, bringing $22,542,482, the second highest total since 1999. Nine of the top ten lots for the year were achieved in New York. An analysis of the Total U.S. Sales by Region (by Value) reveals
an interesting picture when compared to a breakdown of sales of The Top 100 Lots by Region.
U. S. Sales by Region Top 100 Lots by Region:
North America: 57% 43%
Asia: 28% 50%
South America: 9% 3%
Europe: 6% 4%
Jamie Ritchie, Head of Sotheby’s North American Wine Department said: “Given the tough market conditions over the last three months, we are delighted to have achieved our second highest sales total in the past ten years. We were particularly pleased with the results of our sale of Magnifcent Bordeaux and Burgundy from an Important Private Cellar which brought $6,134,035 (April 10), well above the high estimate, making it our third highest value single-owner wine sale worldwide. The sale also produced our second highest price of 2008 when six magnums of Domaine de la Romanée-Conti 1971 sold for $169,400. The entire collection of
over 900 bottles of DRC wines from 1947-2004 was successfully sold that evening. It followed An
exceptional Private Cellar, which brought $1,588,368 (February 25), which also exceeded the high estimate. As the market changed during the course of the year, we saw Asian clients play an even more important role in buying the higher value wines and a resurgence of value buyers from both North and South America, many of whom had been passive during the last two years, when prices accelerated to record highs. In 2009, we anticipate this trend continuing as prices settle down to more affordable levels, offering good value to both wine drinkers and investors.”
U.K. Sales: The 13 sales held in London in 2008 achieved £12,116,955/$22,082,864, a 17% improvement over 2007 and the fourth consecutive year of growth. The average lot value was up by 10% compared with 2007, increasing from £1,570 to £1,721
on sold lots. London’s April 16th sale produced Sotheby’s top lot of the year, a 70 Vintage Vertical (136 bottles) of Château d’Yquem (pictured on page 1), estimated in excess of £100,000/$197,000* which brought £368,000/$724,371, setting a record for a single wine lot at Sotheby’s London. Following is an analysis of the 2008 Total U.K. Sales by Region compared to the Number of Buyers by Region.
U. K. Sales by Region U.K. Buyers by Region (by Number):
United Kingdom: 63% 67%
Europe: 12% 14%
Asia: 16% 11%
North America: 4% 6%
South America: 3% 1%
Other * 2% 1%
* Central Asia, Middle East, Australasia
With the abolition of taxes on wine imports in