Wine auction index rises by 0.42% amid record sales and new bidders

The Wine Spectator Auction Index has shown an increase of 0.42% in the second quarter of 2013, growing from 313.13 to 314.34 points.

1947 Chateau Cheval Blanc
Record sales and new bidders are starting to turn the market

This may be only a marginal increase, but is a welcome sign of improvement after the sector witnessed a 22.5% drop in value between December 2010 and December 2012.

The positive posting is bolstered by the increase of 6.0% seen by the Liv-Ex Fine Wine 100 Index, which tracks the movement of the 100 most desirable wines, in the first three months of the year.

The increase can be attributed to several record-breaking sales, most notably a double magnum of the sought after 1947 Chateau Cheval Blanc that brought a record $116,275 at Sotheby's in April.

According to Wine Spectator, the rise is also partly due to a wave of new bidders from the US, Hong Kong, Singapore and Brazil.

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