The auction, held in the 13th-century Caves du Couvent des Cordeliers in Beaune, featured the sale of over 175 lots from the cellar of esteemed wine and art collector Pierre Chen.
George Lacey, head of Sotheby’s Wine, Asia, noted that the vibrant activity across all channels, including a packed room with lively in-person bidding, reflected the “exceptional quality of Pierre Chen’s wines.”
“Pierre Chen is a visionary collector closely connected with Beaune and the broader Burgundy region. We are thrilled that Sotheby’s, in collaboration with Pierre Chen, has continued to expand its presence and influence in the local and international market. This sale followed the Musique et Vin festival, an important event on our annual calendar,” he said.
More than a third of the lots sold surpassed their high estimates, with buyers from Asia accounting for over 70% of the total expenditure.
Lacey highlighted the numerous new world record prices set during the auction in Beaune. Among these was a three-bottle lot of 2007 DRC Montrachet, which sold for €15,800 per bottle—about 50% higher than the previous world record. A magnum of 2005 DRC La Tâche shattered the previous record by selling for €35,000, while a three-bottle lot of 2014 DRC La Tâche reached another record price at over €9,100 per bottle.
Other records for Burgundy wines included a three-bottle lot of 2005 DRC Échezeaux, which sold for more than double the previous record at €10,000 per bottle, and a 12-bottle case of 1990 Rousseau Chambertin Clos de Bèze, which sold for €8,300 per bottle. Similarly, a 12-bottle lot of 2009 Rousseau Chambertin fetched a record €5,700 per bottle, while a three-bottle lot of 2011 Domaine Leroy Chambertin set a new record at €16,600 per bottle.
The Beaune auction followed last month’s exclusive sale of Champagne from Pierre Chen’s collection, which brought in €1.35 million (US$1.45 million). Together, the two auctions held in France have totaled €3.3 million (US$3.6 million), making it the most valuable single-owner wine collection ever sold by Sotheby’s in France. Approximately 45% of the lots sold exceeded their high estimates, with an average hammer price nearly double the average lot value for wine sales at Sotheby’s globally between January and June 2024, at €7,198 per lot.
Two additional auctions from Pierre Chen’s cellar, as part of The Epicurean’s Atlas series, are scheduled to take place in New York in September and Hong Kong in November.
Bidders can participate in-person, online, or via absentee bidding. Most auction houses require pre-registration, and some may ask for a financial deposit to verify the bidder’s seriousness.
Fine wine auctions often peak during the spring and fall seasons, coinciding with key wine events and releases in the wine industry.
Auction houses select wines based on factors like rarity, provenance, vintage, and market demand. Fine wines from renowned regions such as Bordeaux, Burgundy, and Napa Valley often dominate auctions.
Key factors include wine rarity, vintage quality, storage conditions, and demand from collectors. External market conditions like economic trends and reviews also play a role.
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