Touted as ‘The Ultimate Champagnes’ auction, Sotheby’s event in Paris on June 20 showcased rare wines and vintages from prestigious labels such as Krug, Dom Pérignon, Salon, and Louis Roederer (Cristal), among others.
Sotheby’s reported total auction sales of €1.35m (US$1.45m), with over 50% of lots selling above their pre-sale high estimates. Final prices included the buyer’s premium, and many lots exceeded these estimates by a significant margin. According to Sotheby’s, this was likely the first Champagne-only auction and was part of ‘The Epicurean’s Atlas’ series, featuring 25,000 bottles from the cellar of collector Pierre Chen.
George Lacey, head of Sotheby’s Wine, Asia, commented, ‘The results today, with over half of the lots achieving prices above their high estimates and strong bidding from clients in Southeast Asia and Continental Europe, underscore the exceptional quality and depth of Pierre Chen’s cellar and the growing appreciation for this category among collectors worldwide.’
The official top 10 list in the Sotheby’s ‘Ultimate Champagnes’ auction:
Salon Le Mesnil, Blanc de Blancs 1990 | 3 Magnums | Sold for €25,000 ($26,850) | Estimate: €9,500-13,000
Dom Pérignon, P3 1966 | 1 Magnum | Sold for €23,750 | Estimate: €7,500-9,500
Salon Le Mesnil, Blanc de Blancs 1988 | 3 Magnums | Sold for €22,500 | Estimate: €10,000-13,000
Krug Collection 1985 | 6 Magnums | Sold for €21,250 | Estimate: €11,000-14,000)
Salon Le Mesnil, Blanc de Blancs 1983 | 3 Magnums | Sold for €21,250 | Estimate: €9,000-12,000
Dom Pérignon, P3 1982 | 6 bottles | Sold for €20,000 | Estimate: €15,000-20,000
Dom Pérignon Rosé, P3 1988 | 3 Magnums | Sold for €18,750 | Estimate: €14,000-18,000
Salon Le Mesnil, Blanc de Blancs 1996 | 12 bottles | Sold for €17,500 | Estimate: €12,000-15,000
Dom Pérignon Rosé, P3 1988 | 3 Magnums | Sold for €17,500 | Estimate: €14,000-18,000
Krug, Clos d’Ambonnay 1996 | 6 bottles | Sold for €16,250 | Estimate: €13,000-18,000
Other notable lots included a single magnum of Cristal 1961, one of the oldest wines in the sale, which sold for €2,250 (high estimate: €1,800). Twelve bottles of Taittinger’s Comtes de Champagne, Blanc de Blancs from the esteemed 1996 vintage, fetched €6,875 (high estimate: €4,500).
Sotheby’s next event will be an auction of Pierre Chen’s Burgundy wines in Beaune on July 2. Fine wine prices have fluctuated over the past 12 to 18 months, with several indicators reflecting these changes. Liv-ex, a global marketplace that tracks prices of collectible wines, reported that its Champagne 50 index dropped nearly 14% in the 12 months up to May 31, 2024. Despite this, the index has risen by almost 47% over the past five years, indicating Champagne’s increasing prominence in the market.
Sotheby’s stated, ‘From 2022 to 2023, we observed a three-fold increase in the value and volume of Champagne sold at our auctions, with sales jumping from US$1.9m to US$5.3m in one year. Notably, a Champagne producer (Krug) appeared in the top 10 producers sold at auction by value for the first time, ranking 6th with US$2m in sales.’
While there have been reports of quieter trading in the secondary market for fine wine, Sotheby’s reported record wine and spirits auction sales of $159m in 2023.
Separately, auction house Baghera/wines conducted a sale from the cellars of Château Ducru-Beaucaillou in Bordeaux on Sunday, June 23. Total sales reached €1.85m, with buyers seizing the opportunity to acquire rare vintages directly from the St-Julien-based second growth. The auction house reported that 476 out of 603 lots were sold. A single magnum of Ducru-Beaucaillou 1945 sold for €21,960, surpassing the pre-sale high estimate of €8,000. The most expensive lot was a 225-litre barrel of Ducru-Beaucaillou 2022, which fetched €54,900 (estimate: €45,000 to €90,000).
Virginie Maison, auctioneer for Baghera/wines France, and Julie Carpentier, co-founder of Baghera/wines, expressed their gratitude to Bruno-Eugène Borie, estate owner of Château Ducru-Beaucaillou, following the ‘Dear Pebbles’ sale on June 23, 2024. They highlighted the auction’s celebration of 300 years of exceptional vintages from this prestigious estate.
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