Wine Sales At Top Auction Houses Down 25%July 5, 2012
Wine sales at the world’s top five auction houses were down 25% in the first half of 2012 to around $160 million, reports Bloomberg. Those same five houses—Acker Merrall & Condit, Christie’s, Sotheby’s, Zachys and Hart Davis Hart Wine Co.—sold $220 million during the same period last year, and brought in a total of approximately $405 million for all of 2011. By house, Acker Merrall led the first half with sales of $46.5 million (including online auctions), followed by Christie’s International ($35 million) and Sotheby’s ($34.2 million). Zachys came in fourth with $30.3 million at its live auctions, while Hart Davis Hart reported $15 million for the period.
The recent slide is part of a downward trend that first began in mid-2011, when buyers began eschewing ultra-expensive first-growth Bordeaux in favor of other producers, vintages and regions, including Burgundy, the Rhône and California. “All of Bordeaux took a turn down last year after a couple of big growth years in 2009 and 2010,” Hart Davis Hart’s Paul Hart told SND earlier this year.Tagged : auctions, wine