Auctions ride high to the end

Christie’s and Sotheby’s both rounded off their years’ fine wine auctions with positive sales in London and New York dominated by Lafite and top Burgundy.

The Christie’s auction in New York, on Friday 10 December, saw the highest bids go on lots of Romanée-Conti from Domaine de la Romanée-Conti (DRC), for marginally more than their high estimates.

Six bottles of the 1978 vintage sold for US$78,000 (£49,367) to a private Asian buyer and a Methuselah of 1971 sold to a US trade buyer for $72,000.

Third place was taken by a case of Lafite 1982, although, due to a bidding war, this sailed past its high-estimate of $45,000 to settle on $66,000. It was also sold to an Asian client.

Senior wine specialist, Amanda Crawford, said: “The very best wines achieved great prices today at our final sale of the 2010 season, demonstrating the continuing strength at the top end of the wine auction market. $78,000 is one of the highest prices ever achieved at auction for 1978 Romanée Conti, far exceeding any recent price on record for the vintage.

“One of the most exciting moments of the auction was the sale of the case of 1982 Lafite, which sparked an intense online bidding war between two clients from Asia, with the final price settled at $66,000, the highest auction price achieved thus far in 2010 for this wine in the US.”

Meanwhile in London, Sotheby’s saw out the year with a strong sale of Lafite and other top Bordeaux.

Seven of the top 10 lots sold were Lafite and five of those from 1982. One case sold for £46,000 and six magnums of the same vintage were just behind on £41,000.

A case of Pétrus 1982 sold for £29,900 and the same vintage of Latour went for £17,250. In a continuing theme, Asian bidders led the way taking nine of the first 10 lots.

Rupert Millar, 16.12.2010