Sotheby’s en primeur campaign declared a success

Sotheby’s en primeur campaign was a sterling success according to the auction house, with sales up 90% on 2013.

The auction house’s fine wine retail arm announced that Lafite and Mouton Rothschild were, once again, the most popular wines among its buyers, 70% of whom came from the US this year, compared to just 30% in 2011 which it said reflected the, “exceptionally strong demand in North America.”

This news tallied only slightly with the news from the US itself where one merchant told the drinks business that interest was certainly higher than in previous campaigns but t hadn’t been an unstoppable juggernaut of a campaign either.

The top 10 wines (see below) represented 80% of all sales and the campaign was 90% bigger than the 2013 in value, 80% higher than 2012 but 10% lower than the 2011s. However, Sotheby’s did not reveal the exact figures for the recent campaign or previous ones. Considering that BBR, one of if not the biggest player in en primeur, thinks its sales will still be 30% up on last year but still 40% down on 2012, one might safely assume the figures will not be that large.

Jamie Ritchie, CEO of Sotheby’s Wine, Americas & Asia, commented: “Our 2014 Futures sales were stronger than we originally anticipated, being 90% higher than the 2013s and only 10% lower than the 2011s. We had very strong demand for the First Growths and believe that the price to quality ratio, of these wines and many others, offers very good value, when compared with other vintages in the market. As a result, the reward for buying now should be that prices are higher when the wines are delivered in bottle in two years’ time.

“Interestingly, we sold over 70% of the 2014s to North American buyers, in comparison to under 30% in 2011, which shows the continued strengthening of demand in the United States. We expect sales to continue over the summer, as we still have many wines available at the original release prices, for those who decide they want to buy the 2014s.”

TOP TEN RANKING OF 2014 BORDEAUX FUTURES

Value of sales followed by 2013 ranking:

1. Lafite (1)
2. Mouton Rothschild (2)
3. Petrus (3)
4. Haut Brion (4)
5. Margaux (6)
6. Lafleur (10)
7. Ausone (5)
8. Cheval Blanc (NA)
9. Mission Haut Brion (NA)
10. Vieux-Chateau-Certan (13)