North American buyers bouncing back at auction
12th November, 2013 by Rupert Millar
Signs that the North American market is getting stronger were in evidence last weekend at Sotheby’s New York sale.
The auction on Saturday 9 November realised over US$2 million and saw the majority of its top-selling lots go to US buyers.
Some 58% of buyers came from the US, Canada and Mexico, while a further 9% came from Brazil in a faint confirmation of where experts have long said the next wave of fine wine buyers will emerge from.
US private buyers snapped up the two top lots, assorted cases of 1990 Domaine de la Romanée-Conti for US$49,000 apiece, while other another buyer picked up another assorted case of the 1985 for $45,937 and a trade buyer scooped a case of 1982 Lafite for $42,875.
Duncan Sterling, Head of New York Wine Auctions at Sotheby’s said: “Our November auction heralded the return of the American market with North and South America accounting for 14 out of the top 20 buyers including the top buyer of the sale. Online bidding was also important, buying 24% of the lots.
“We now look ahead to our 7 December single owner sale of ‘A Superb Private Cellar Featuring the Great Domaines of Burgundy’.”
Evidence that the US auction scene – and by association wider collecting scene – was growing again was first voiced by John Kapon of Acker, Merrall & Condit this September.