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Monday 1 September 2014

HDH takes number one spot in US

11th July, 2014 by Rupert Millar

Auction house Hart Davis Hart has taken the number one position in the US as the first half of the year draws to a close.

auction-hammerOf the eight major auction houses operating in the US, HDH took 33.6% of the market share in the year to date, with Acker Merrall & Condit being the next closest with a 19.7% share.

The house closed the first part of the year having made US$24.7 million, compared to $20m in the same period last year.

HDH cited an “increased global demand for…wines” and noted the strengthening market in the US which has seen a 22.2% jump so far this year which has also caused the US to overhaul Hong Kong and regain its place as the world’s leading auction market.

S73.3m has been made at US auctions so far this year compared to HK$60.1m in the Asian city.

Burgundy was the leading category with 50.1% of sales worth $571m. it is the first time that Burgundy has been the leading category and while it may just be an “aberration” as two of the four auctions have been Burgundy dominated, it nevertheless reflects “the importance of Burgundy in the market.”

Bordeaux accounted for 31.2% of sales worth $350m, California 8% worth $296m and Champagne 3.3% worth $596m (which makes it the most valuable category despite its small size).

HDH explained: “Prices for Champagne were extremely high this year, selling at an average price of $596 per 750ml. Some of this strength can be attributed to our cellar-direct sales including a consignment from Dom Pérignon in March of this year. This parcel featured 31 lots of older vintages in regular and magnum formats that were sold for more than $275,000.”

CEO Paul Hart said: “Our relationships with top collectors globally have enabled us to bring together a worldwide network of buyers. As a result of continued growth and interest, HDH has made investments abroad and spread its team across the globe. We have continued to meet face-to-face with clients for tastings, dinners and seminars on wine. From Los Angeles to New York, China to Brazil, our team has dedicated time and effort to meet with collectors and understand their needs. The direct result of this effort is that our sales have diversified internationally, with more than one-third of auction sales going to Asia, Latin America and Europe.”

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