Asian interest in Burgundy drives NY auction

As Sotheby’s autumn/winter season kicks off in New York, Asian interest in Burgundy was a key factor in the latest sale.

While Pétrus, Lafite and other clarets continue to grip the collective imagination of the East, there are signs that exclusive Burgundies are beginning to attract attention too.

Of the top 10 highest-selling lots at Sotheby’s Fine and Rare Wine auction on 25 September, nine were bought by Asian clients, including all four cases of grand cru Burgundy.

The biggest Burgundian seller was a case of La Tâche 1990 Domaine de la Romanée-Conti, which went for US$51,425, (£32,890) nearly $2,000 above its high-end estimate.

Also going above their reserves were two cases of assorted DRC – one lot from 1996, the other from 1995 – which fetched $36,300 and $30,250 respectively.

Armand Rousseau’s Chambertin 1990 even beat a case of 2000 Lafite by $3,000, finishing on $30,250 – more than double its high-end estimate of $15,000.

Speaking to the drinks business, Jamie Ritchie, CEO of Sotheby’s NY, said: “What we are seeing is the demand for Burgundy in Asia is increasing, which will put more pressure on Burgundy prices due to their limited quantities.

“Anyone who wants to drink Burgundy should be buying it now,” he prophesised.

The interest in Burgundy is not a recent trend but rather has been growing since last year, according to Ritchie.

Last December in db, an article on the Liv-ex Power 100 saw several trade members point out Burgundy’s growing popularity.

As a whole the auction “was very successful” and only two lots from 702 were left unsold by the end, with a total of $2,449,947 raised – double the pre-sale prediction.

The highest selling lot was a case of 1982 Pétrus, sold to an Asian buyer for $66,550.

According to the auction house online bidding was strong “as usual” with 14% of all sales going to online bidders and 33% of lots received bids via the internet.

Rupert Millar, 30.09.2010