The auction of world-class, rare fine wine collections built over many years, illustrate the extraordinary value that can be achieved.
The top international auction houses have published details on two ‘once-in-a-lifetime’ wine collections going under the hammer this Autumn.
£6million wine collection sold
Christies completed the sale of the private cellar of Dr A. Botenga – Six Decades of Collecting Part 2 in London on the 1st December 2023. The first part was held in Hong Kong in November and the total raised between the two coming in at £6,116,612.
Dr Botenga’s passion for the great Bordeaux First Growths was clearly evident in the 753 lots sold, with a particular emphasis on these, and in great vintages between the 1940s to 1980s.
Key wines in the Botenga sale included:
- A Mouton Rothschild vertical between 1945 – 1995.
- Haut Brion 1926, ultra-rare bottles and magnums acquired from the cellar of the late Clarence Dillon, owner of this great First Growth .
- Lafite Rothschild, Latour, Margaux and Mouton Rothschild 1945, 1947 and 1961.
- Key Petrus vintages including the exceptional 1945, 1959, 1961 and 1982.
The collection also included top Burgundies such as DRC, Henri Jayer, Drouhin and Leflaive with wines also from Champagne, Rhone and Australia’s Penfolds Grange.
Christies’ International Head of Wine & Spirits, Edwin Vos stated that the Dr A. Botenga Cellar auction “was the highlight of our Autumn Sales Season in the region”.
The US $50million Chen Collection
Sotheby’s is currently managing the sale of the extraordinary Pierre Chen collection. The overall pre-sale estimate of US $50million reflects the auctioneer’s view of this being “staggering in both volume and range”. 25,000 extremely rare bottles will be sold across a four-part international sale which started in November 2023.
The Part-1 sale, titled “The Epicurean’s Atlas: The Encyclopaedic Cellar” took place in Hong Kong on the 24th and 25th November, attracted international buyers and raised US $16.8million. The top three lots were:
- 10 bottles (75cl) of Vosne Romanee, Cros Parantoux 1999, Henri Jayer sold for US $240,488 – a record for this wine.
- 12 bottles (75cl) Chevalier Montrachet 2007, Domaine d’Auvenay raised US $240,412.
- 3 magnums of La Tache 1971, Domaine de la Romanee Conti, exceeding its pre-sale estimate, selling for US$160,275.
Nick Penga, Sotheby’s Global Head of Wine & Spirits commented on the Pierre Chen collection that “it is the ultimate wine collection”. The remaining three Pierre Chen sales will take place in Paris, New York and finally back to Hong Kong in November 2024.
Hospices de Beaune Auction 2023
One of the great traditions of the fine wine world is the annual Burgundy auction held by the Hospices de Beaune which raises funds for local charities. This was the 163rd edition of the event, and raised an impressive US $27.4million, its second largest amount from the auction.
The seven-hour, international ‘marathon sale’, was managed in partnership with Sothebys. Three rotating auctioneers handled bids from 24 countries. 753 barrels of 51 cuvees of the 2023 vintage produced from the Hospices’ vineyards were auctioned. The highlight of the sale was the Piece des Presidents, The Charity barrel, which was itself made from the oak of a 220-year-old tree, which was also used in the Notre Dame spire refurbishment. This barrel raised €350,000 for research projects and hospital refurbishment.
Our view on fine wine auctions
There is no doubt, a high profile sale with a global platform afforded by the top auction houses in the world, grabs attention. The bigger or rarer the items or collections to be sold, and the more exciting it gets. Top auction sales are headline news that transcend those ‘in the know’ to become lead articles in mainstream media. They put the spotlight on these assets and that is valuable for everyone involved in and passionate about that specific market.
Auction sales can stimulate different buying behaviour. The valuation process may, in the cases of very rare items, be untested. The live environment of the auction room and the competitive buying process can cause values to become inflated in some cases. But ultimately, an item is worth what a buyer is prepared to pay for it.
It’s great to be able to see what these extremely rare, very valuable wine collections can achieve at sale and remember that with fine wine, those profits are tax free.
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