Auction update: First port of call

Port may be inextricably linked to festive consumption, but more and more wine lovers are awakening to its status as a fine wine of great pedigree.

To many, Port is still considered the preserve of private clubs and after-Christmas dinner drinks. Some of that is justified, of course. Port does lend itself to quiet conversation – what the French might call a ‘vin de méditation’ – and it does pair perfectly with many foods we tend to eat at the most indulgent time of year.

The deep fruitiness of Christmas pudding is complemented by the sumptuous complexity of a Port. The sharp flavours of blue cheese, such as a Fourme d’Ambert or a Bleu d’Auvergne, are pacified by a ruby Port. Meanwhile, tawny Port’s chocolate and dried fruit notes pair wonderfully with lavish desserts such as chocolate fondant with hazelnuts.

With such formidably perfect pairings, it’s no wonder that Port has been pigeonholed and that many wine drinkers wait until the festive period before they begin to start thinking about it. Beyond the mainstream, though, there is a growing niche of enthusiasts who are awakening to what connoisseurs and collectors have always known: Port is a year-round love affair.

Of Port’s top 10 hammer prices recorded last year in iDealwine auctions, all were sold in the first half of the year, most in May and June. Supply dictates some of this, of course, but we can safely assume that an 1880 vintage Port from Quinta Do Noval that was acquired in May was not bought with Christmas pudding in mind. The ultra-rare bottle fetched €1,563, bought by a French collector. Scarcity is an understatement when it comes to 19thcentury Port; there could be just a handful of bottles still in existence. A bottle of 1870 Porto Regoa from Quinta Da Bouça fetched €863 last year and went to a buyer in Singapore.

Prized Producers 

Highly prized Port producers such as Ramos Pinto, Taylor’s, Quinta de Loureiro, Burmester and Niepoort consistently do well at auction. The highest hammer price for a Port at iDealwine auctions in recent years was €5,008, which went to a Vinces Very Old Tawny Port from the illustrious Ramos Pinto. With an average age of 100 years and drawn from family reserves, this compelling mix of rarity, prestige, longevity and pedigree creates a perfect storm at auction, and this lot, which has only appeared once on iDealwine – the ultimate insider’s collectable – was won by a French collector.

Even though iDealwine was founded in France and is headquartered in Paris, the French penchant for Port at auction cannot be explained away by a significant client base in the country. France is the world’s number one consumer of Port, ahead of traditional audiences in Portugal, the UK and the US, which are generally all consuming more Port since the Covid-19 pandemic, according to beverage alcohol data specialist IWSR. Asian markets including Singapore and Hong Kong are also increasingly drawn to Port, a wine that often exceeds underestimated expectations.

Quinta do Nova

Less rare but among the most sought-after at auction is the iconic Nacional from Quinta do Noval. Quinta do Noval sits in the heart of Douro Valley in northern Portugal, in the sub-region of Cima Corgo.

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The estate was founded in 1715 and has displayed remarkable innovation throughout its existence. The first labelled bottles were introduced by Noval in the 1920s. Noval also pioneered the concept of labelling old tawny wines with an indication of their age (10, 20 and 40 years old) and claims to have been the first winery to introduce a ‘mise tardive’ vintage, the 1954 Quinta do Noval LBV. Nacional is only produced when the year is deemed exceptional. The name refers to the fact that these Ports are produced from ungrafted vines grown in a small parcel that was spared by phylloxera.

It is matured for two years in barrels (topped up), then aged in bottle for several years, sometimes decades. Recent vintages, 2016 for example, can fetch up to €1,000 at auction, but once bottles come close to their centenary or half-centenary, prices rise significantly. A 1963 bottle is currently estimated at almost €4,000. Some bottles are so rare that they only appear at auction once in a decade: for example, the legendary 1931 Nacional vintage Port, which has not been seen at auction on iDealwine since 2006.

The combination of history, savoir-faire and scarcity has resulted in the greatest Ports receiving well-deserved success in connoisseur circles and on the secondary market. Port may well be on the way to finding a new identity – not as a nostalgic festive afterthought, but as a serious contender in fine wine markets with both gravitas and growth ahead.