Sotheby’s auctions achieves an unprecedented milestone, with a record-breaking US$159 million

April 18, 2024

Sotheby’s wine and spirits auctions soared to new heights in 2023, marking the third consecutive year of record-breaking success, the renowned auction house revealed. Notably, the total sales reached an impressive US$159 million, reflecting a 17% surge in lots offered year-on-year. The expansion continued globally, with auctions held in six countries, including inaugural events in Shanghai and Singapore. Drawing bidders from a staggering 53 countries, Sotheby’s witnessed remarkable participation and engagement from diverse regions worldwide.

For the first time, single-owner sales exceeded $100 million, as highlighted in Sotheby’s annual report. Notable sales included The Epicurean’s Atlas: The Encyclopaedic Cellar in Hong Kong ($16.8 million), A Monumental Cellar in New York ($9.3 million), Kodawari: The Greatest Japanese Whisky Collection in London ($2.2 million), and Iconic Wines from a Prestigious French Cellar in France ($2.5 million).

Nick Pegna, Sotheby’s global head of wine & spirits, emphasized, “We achieved the value of one extraordinary week’s worth of wine & spirits sales in 2023 equivalent to the entire year of 2013.”

This remarkable week occurred in November, with $50 million raised from auctions held in three different regions. The highlight was the sale of the Macallan 1926 featuring the Valerio Adami label, fetching $2.7 million—a new record for the highest-priced bottle of spirit or wine ever sold at auction, significantly surpassing Sotheby’s previous record of $1.9 million set in 2019.

Upon delving into the data, intriguing trends emerged. Notably, buyers from the US dominated the auction scene, constituting the strongest bidders, with the Americas contributing 25% of successful bidders. The US particularly stood out, securing the lion’s share with a whopping $26 million. Additionally, there was a noticeable surge in participation from Mexico and Brazil, contributing $6 million collectively.

Meanwhile, Asia retained its position as the leading market for auctions, commanding 42% of the market buyers. Hong Kong led the pack, contributing $22 million to the total. In Europe, participation remained steady, with France ($23 million), Denmark ($6 million), and the UK ($5 million) taking the lead. However, the rest of Europe segment witnessed a doubling of its expenditure in 2023.

The breakdown of statistics revealed a diversification in the types of lots offered and sold. Traditionally dominant categories like Burgundy, Bordeaux, and spirits accounted for just over 70% of lots offered in 2023, a decline from the historical average of 87%. Notably, Bordeaux’s representation decreased from 60% to 16% over the past decade, while Burgundy’s share rose from 26% to 34%. Spirits, on the other hand, experienced a remarkable surge from $4 million in 2017 to $33 million in 2023, constituting 21% of the market.

There was also a heightened demand for wines from Champagne, Rhône, and California. The top ten producers included Hospices de Beaune, leading for the second consecutive year with sales of US$25 million, followed by Domaine de la Romanée-Conti with a 40% increase in sales to $21 million. Petrus emerged as the most sought-after Bordeaux, witnessing a 50% surge in sales to $6 million, outpacing Burgundy’s Domaine Armand Rousseau ($5 million) to claim the fourth spot.

A notable new entrant was Champagne producer Maison Krug, the first Champagne producer to enter the top ten. Maison Krug accounted for 38% of Champagne sales, indicative of the rising demand for wines from the region. In retail terms, Bordeaux wines retained the top spot, comprising 37% of sales, followed by Burgundy (25%), Champagne (13%), Italy (7%), the US (6%), and Spirits (1%).

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