Sotheby’s results back to 2011 levels

Sotheby’s was celebrating a high value London sale this week with the sell through rate by value the highest since January 2011.

The sale made £1,403,092, surpassing the £1,069,910 – £1,377,050 estimate. It was 98% sold by lot and 99% by value.

Stephen Mould, head of Sotheby’s European Wine Department, said: “The start of the auction season in London saw the highest sell-through rate of 99.5% by value since January 2011.

“There was exceptional interest in the sale, with a high number of absentee bids and strong bidding on the telephone, in the room and online. Buyers from the UK, Asia and Europe were all eager to acquire top wines of impeccable provenance.”

Indeed of the 10 biggest sales, the top lot – a 12-bottle assortment of 1999 Domaine de la Romanée-Conti – sold to an American client for £28,200.

The following three top lots – another 1999 DRC assortment, a case of 1982 Lafite and 2000 Lafite – were sold to Asian buyers.

The prices, however, either stayed comfortably within their recommended prices or strayed just a little over.

Asian buyers also snapped up a case of 1989 Haut-Brion and a case of 2000 Ausone.

A European buyer paid £11,163 for a case of 2005 Chambertin Clos de Bèze from Armand Rousseau, and UK trade and private clients snapped up cases of 1982 Latour, 1999 Chambertin from Rousseau and 1989 Haut-Brion.

Mould concluded: “This renewed interest in Bordeaux, including Haut-Brion Blanc and Sauternes, as well as continued demand for Burgundy, point to optimism for the future.

“We now look forward to our next auctions, on 23 February in New York and 27 February in London.”

The New York auction will feature ex-cellar Ornellaia, Dom Pérignon and Yquem.