Burgundy Gaining On Bordeaux In Asia Auctions, Wine Spectator ReportsNovember 29, 2011
At recent auctions conducted by the major commercial auction houses, expensive rare Burgundy has become the star of the salesroom, Wine Spectator reports.
“While Bordeaux prices have moderated in recent months, Burgundy has taken off,” said Hart Davis Hart CEO Paul Hart. “Lafite was the world’s hottest label earlier in the year, but it now appears that Domaine de la Romanée-Conti (DRC) may hold that title. Six of the top 10 lots exceeding the high estimate at our October 29 auction were either DRC assortment cases, Romanée-Conti or La Tâche.”
Hart’s remarks were echoed by John Kapon, Acker Merrall & Condit’s CEO, who sold a staggering 14,000 bottles of Burgundy on November 4 and 5 in Hong Kong (on the heels of a 7,000-bottle offering in New York) from the famed collection of Don Stott, a former Wall Street specialist. “The enthusiastic market response attests to the robust demand for the very best Burgundies both in Hong Kong and New York,” Kapon said. “The results also prove that Chinese wine lovers have diversified their taste in wine appreciation and collecting. It just goes to show how much the market can still develop and grow in Asia, and why I keep saying this is just the beginning. Bordeaux will always be the king of the fine wine market due to quantity, but it’s nice to see its queen recognized accordingly.”
What’s top on the buyers’ wish lists? Apart from Domaine de la Romanée-Conti wines, there’s Henri Jayer, Georges Roumier, Domaine Dujac, Louis Jadot, Domaine Leroy, Armand Rousseau, Comte Georges de Vogüé, Domaine Ponsot, Domaine Leflaive and Emmanuel Rouget, all of which have achieved record prices in recent sales. Vintages in demand include 1985, 1990, 1993, 1996, 1999, 2002 and 2005.
As a category, the 102 Burgundy listings tracked by the Wine Spectator Auction Index rose 16.42% from the third quarter of 2010 to the third quarter of 2011. Many wines fared even better. Domaine de la Romanée-Conti Romanée-Conti 1996 was up 114% to average $13,310 per bottle, G. Roumier Bonnes Mares 1985 was up 90% to average $2,681 per bottle and Joseph Drouhin Montrachet Marquis de Laguiche 1996 was up 41%, averaging $462 per bottle.
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