Napa auction back to money-making form

An annual charity auction in the Napa Valley has seen wines sold for prices well above last year’s more timid results.

Almost 1,000 people attended the four-day event at the Meadowood Resort in St. Helena for the region’s leading fundraising event in support of medical and children’s charities.

Overall, the event, now in its 30th year, raised USD$8.5 million a rise of 49% on 2009’s $4.3m, but still 19% down on 2005’s high of $10.5m and 2008’s $10.3m.

The auction alone accounted for $7m, with the top lot selling for $350,000. That particular sale featured 10 magnums of 10 consecutive vintages of Harlan Estate with dinner for eight at the winery.

Although an encouraging result, during the 2000 auction 10 magnums of Harlan made $700,000 and Don Weaver, director of the vineyard said that the bid a decade ago, “said more about the state of Silicon Valley than Napa Valley. The economy was on a roll.”

Ten years ago, a six-litre bottle of Screaming Eagle was sold for $200,000, a bargain when compared to its 2000 sale price of $500,000.

One of the most impressive rounds of bidding saw Colgin Cellars offering four lots each of, eight magnums of Bordeaux from consecutive vintages as well as dinner and tasting for six.

Each lot sold for $250,000 to a different bidder every time raising $1m in total.

The auction was founded by Robert Mondavi in 1981 and has raised over $100m for its charities since that time.

Rupert Millar, 10.06.2010