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.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.