Monday marked the end of Christie’s International’s first online-only wine auction. Running for two weeks, the auction mainly featured Bordeaux bottles, with the sale raising $819,715.
From the seller’s perspective (i.e. excluding the buyer’s premium) top Bordeaux underperformed at the auction, with many going for well below their Liv-ex transaction prices, as shown in the table. Vintages of Latour fell between 10% and 32%, while super Right Bank wine Ausone also failed to inspire, with its 2003 making just $4,800 for a case of six bottles: well below the expected $5,500 - $8,000, and at 42% below trading price.
Nevertheless, there were anomalies, with some of the Firsts seeing success: Margaux 1996 and 2000 may have fetched prices beneath their market value, but Margaux 2003 (LWIN 1012781) exceeded it by 16%, while Mouton 2000 (LWIN 1013544) went for 5% above its Liv-ex transation price. Likewise, Petrus 1997 (LWIN 1014033) reached a 12% increase on its Liv-ex transaction price, although its 1999 fell 31% below it.
Per Holmberg, head of wine at Christie’s New York, noted the prevalence of Bordeaux in the auction, and said, “We are consciously trying to get more Burgundy.”
All prices below are for 12x75, and have been converted from US dollars to GBP.
* The difference has been calculated using the hammer price and the last Liv-ex transaction price. Hammer prices plus buyer’s premium (a 21% commission) and the Market price (the best available price from a leading merchant) have been included for reference.
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