Sotheby's $88.2m landmark year is 'best in 40 years' for wine auctions
'We achieved our largest ever total and hold the record for a wine lot sold at auction,' says the firm
According to new figures released by Sotheby's, its Wine auctions in 2010 brought an overall global total of US$88,270,602. This is more than double last year's figure and the highest in the company's 40 years of wine auctions.
The year once again saw extraordinary demand from Asian collectors, with every bottle offered in the eight Hong Kong auctions finding a buyer and major Asian participation in its London and Hong Kong sales.
"This has been a landmark year for Sotheby's Wine. We achieved our largest ever total and now hold the record for a standard sized bottle, a bottle in any format and for a wine lot sold at auction," said Serena Sutcliffe MW, Worldwide Head of Wine at Sotheby's.
Sotheby's successful worldwide sell through rate was led by Hong Kong where every bottle in every sale has found a buyer.
Meanwhile, January 2011 marks Serena's 20 year anniversary as Head of the Wine Department. "I am thrilled to be celebrating it in Hong Kong with the Andrew Lloyd Webber Wine Collection which we are offering on 22 January," she said.
World record prices
Sotheby's Lafite Ex Cellars sale set a new record for a single standard sized bottle at auction when a bottle of Château Lafite 1869 sold for $232,692.
This means that Sotheby's now holds the World Records for both a standard bottle, a bottle in any format (the Jeroboam of Château Mouton Rothschild 1945 which fetched $310,700 in February 2007 in New York) and any wine lot at auction.
In the case of the latter, that was 50 cases of Château Mouton Rothschild 1982 which sold for US$1,051,600 at Sotheby's New York in 2006.
All sold out in Hong Kong
Globally, 99% of wine lots found buyers. Meanwhile, every sale Sotheby's has held in Hong Kong since January 2009 has been 100% sold, making a total of 6560 consecutive lots sold. "Sotheby's is the only auction house to have achieved such a remarkable record," said the auction house.
Sotheby's Asian sales were led by two auctions of wine direct from the Châteaux: Cheval Blanc, Yquem and Dom Pérignon which fetched $2.6m in May and Lafite Ex Cellars which brought $8.3m in October.
- Click here to view our stock items for sale
- Learn how you can get pleasure and profit by investing in fine and rare wines
- Read all the latest Wine, Whisky and Spirits news
Recent and related articles...
· Rare 1961 Chateau La Mission Haut-Brion magnum stars in online sale| 24 October 2010
Edward Roberts of Chicago is giving you the chance to own this rare wine magnum in its upcoming auction
· Exceptional Bordeaux lot is valued at £6,500 in Bonhams' fine wines sale | 21 October 2010
A dozen 1983 bottles including the Lafite Rothschild and Mouton Rothschild are auctioning today
· 'One of the UK's finest-ever private collections of fine wines' is up for sale | 19 October 2010
The 1990 Château Pétrus and Robert Parker's favourite the 1961 Latour are among the highlights...
...and they're holding a live 'Octoberfest' auction this weekend with many German wines on offer
· Revealing the fine wine collections of the inimitable Lloyd Flatt | 6 October 2010
The eccentric New Orleans resident who believed great wines were simply to be enjoyed