Never before has the auction market for wine and spirits been so vibrant. [read the full champagne story]
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While younger generations may be drinking less, liquor auctions are booming. Here are the latest insights from Sotheby’s annual Fine Wine and Spirits Market Report, as highlighted by Barnebys.se.
For the third consecutive year, wine and spirits sales at auction reached a new record, totaling $159 million. This impressive figure underscores the robust growth in Asian markets and the diverse appeal of wine and spirits to collectors, despite a general market downturn.
The report indicates that the Asian market is playing an increasingly significant role. This year, Sotheby’s launched its first wine and spirits auctions in Singapore and Shanghai. Additionally, Sotheby’s introduced The Epicurean’s Atlas, a series of five auctions throughout the year featuring an extraordinary wine collection. This series began in Hong Kong and will continue in London, Paris, Bordeaux, and New York.
The Epicurean’s Atlas has been highly successful. In Hong Kong alone, the auction of one collection brought in $16.8 million, one of the highest sums for a single wine sale. Shortly after, the sale of the Monumental Cellar in New York fetched $9.3 million.
Whiskey auctions are also on the rise. In April, Danish auction house Bruun Rasmussen held a significant auction of rare whiskey. Systembolaget, Sweden’s alcohol monopoly, also reports a growing interest among whiskey collectors.
“The global interest in fine wines has probably never been greater,”
Nick Pegna, Sotheby’s head of wine and spirits.
Champagne, Rhône, and Californian wines are particularly sought after. American bidders are now outpacing their European counterparts in wine auctions, while the greatest interest in spirits comes from Asia.
