iDealwine hails strong year as it anticipates 2025 opening of New York office
iDealwine saw a 6% boost in revenue during 2024 on the back of increased volumes of wine sold and record prices, it has revealed, as it announces the opening of offices in New York.
The online wine auction site hit revenue of €53.2 million (excluding tax) it said, despite a slump in the fine wine market.
Its results revealed a 17.7% uptick in volume sold through its subsidiary International Wine Auction, with the equivalent of 261,465 75cl bottles being sold, although the average price of a bottle declined by nearly 2% (1.9%) to €149. Overall, this contributed to turnover up 15% to €39.1 million. Meanwhile, its joint venture with La Maison du Whisky, Fine Spirits Auction, which was started in 2020, generated €2.1 million of spirit sales.
It argued that prices were “stabilising”, with the average price at auction for bottles of Burgundy wine remaining unchanged from 2023 at €250 – although iconic Côte de Nuits producer Romanée-Conti bucked the trend seen of declining prices by seeing its wines appreciate in value by +6%.
The top price paid for a bottle was a Romanée-Conti from the 2020 vintage which was bought for €20,375.
Partner Content
Cyrille Jomand, CEO of iDealwine and certified auctioneer, attributed some of the success to a major update of its website, “which offer wine enthusiasts around the world so much more fluidity when purchasing bottles,” he said.
He added that the company’s co-founders feel “confident” about 2025, citing the company’s new role in organising the historic Hospices de Nuits-Saint-Georges auction, that takes place this Sunday (9 March) at the Clos de Vogues and online.
“iDealwine has worked to modernise this auction as well as giving it international exposure as up until now, it’s been Burgundy’s best kept secret,” he said.
Jomand also referred to the forthcoming opening of a new office in New York, its sixth office after Paris (established in 2001), Hong Kong (2013), Bordeaux (2019), Beaune and Singapore (2023).
Deputy managing director Lionel Cuenca, added that the “momentum” of the American market, as well as the the quality of clients already using its services offered “a unique opportunity to develop iDealwine’s presence in the country” – in spite of additional import fees and tariffs likely to be added to European products.
Related news
iDealwine appointed to run Hospices de Nuits auction
Idealwine: En primeur remains a 'long haul' investment opportunity
