Chinese buyer pushes Burgundy auction to a new record

This year’s Hospices de Beaune auction has achieved the highest sales total since 2000, raising a record €6.3 million (£5.3 million), despite the smallest volume of wine on sale for three decades.

The total was boosted by bidding from China, with Yan Hong Cao, a China-based businesswoman, paying €131,000 (£109,848) for the “President’s barrel,” containing 456 litres of Meursault-Genevrieres Premier Cru, Cuvee Philippe le Bon.

It was the first time a Chinese buyer came away with the top item at the annual auction for the Hospices de Beaune charity.

Cao said: “I am so happy to have this barrel. Bordeaux and Burgundy wines are always welcome in China, but I like Burgundy more.”

The 2013 season was marked by a cold and rainy spring, along with a violent July hailstorm that ravaged 1,350 hectares of vineyards on the Côte de Beaune, dramatically reducing yields for some winemakers. The total production of the region was forecast to be 1.26 million hectoliters, about 20% down on a typical year, according to data released this month by the Burgundy Wine Board (BIVB)

In all, 443 barrels (each 228 litres) were on offer, compared to 518 last year, which was also a small harvest. In 2011, 761 barrels were sold.

“In spite of the smallest harvest in 30 years, bidders from more than 21 countries competed fiercely for the 43 cuvées setting an historic high”, said Michael Ganne, who has run the Hospices de Beaune auction since 2005 for Christie’s.

“We’re very happy with the exceptional result, which sets a new record for the charity auction”, he added.