US auction houses revel in ‘banner year’

Two major US auction houses have announced their results for 2018 which have been “record breaking”.

Chicago-based auction house Hart Davis Hart concluded its year with a three-day sale from 13-15 December which brought in over US$11 million, bringing total live auction sales to over $67m with a further $9.2m raised through its mobile-only auctions.

HDH is the biggest single wine auctioneer in the US and maintained a 100% sell-through record at every sale it held this year.

CEO Paul Hart commented: “2018 has been the most successful year for us and we are incredibly grateful to our bidders and consignors who have helped make that possible. The fine wine market is strong and growing, and we are honoured to be leading auction house in the U.S. for another year.”

Acker Merrall & Condit meanwhile recorded total sales in the US and Hong Kong of $105m also following its final sale of the year on 12 December.

Chairman John Kapon said: “2018 was an amazing year for fine and rare wine, with demand increasing to unprecedented levels for many of the world’s most collectible wines.”

Auction house Sotheby’s recently reported that its auction and retail sales broke through the $100m barrier for the first time.