A wooden cigar box measuring a mere 7 inches and containing just six Dunhill cigars that were made in Havana during the 1980s has sold at a London cigar auction for £4,000 ($6,432) - a 33.3% increase on its £3,000 presale valuation.
"I usually bid on at least 15 lots, and I've never lost a bid but the price was stupid," Nottingham-based businessman and cigar collector Ashwan Chander told The Daily Caller.
The top lot, which sold just within its £9,000 ($14,470) high estimate for £8,800 ($14,148), comprised 155 Cuban Partagas cigars and a custom built, state of the art humidor. The majority of cigars were bought between 2001 and 2004 at Christie's, and come from a respected private collection.
Since both the Partagas and the humidor are currently being stored in Geneva, their new owner will have to collect them from a climate controlled vault situated in Davidoff's Swiss headquarters.
The auction, which took place at Scottish themed restaurant the Boisdale of Belgravia on November 26, saw cigar collectors spend over £316,006 ($508,000) on rare cigars. Results demonstrate that the market for handmade Cubans remains strong, while pre-1992 Dunhills (such as the 6 examples from the 1980s, which sold for well in excess of their presale estimate) have demonstrated strong price appreciation of late.
However, the investment grade cigar market is much smaller than its closest comparable, the wine market, and therefore more liable to fluctuation. For more information on investment, visit Paul Fraser Collectibles' investing in wine, whisky and cigars pages.