Sotheby’s 2024 Wine & Spirits Market Report reveals a landmark year defined by global expansion, remarkable auctions, and evolving collector behavior.
With USD 114 million achieved in total auction sales and over 21,000 lots sold across 61 events, Sotheby’s reaffirmed its dominance in the fine wine and spirits landscape.
A Triumphant 30th Anniversary in New York
2024 marked the 30th anniversary of Sotheby’s Wine in New York. Since its inaugural auction in October 1994, the city has grown into a major hub. For the first time in a decade, New York rivaled Hong Kong in sales volume, achieving its second-highest annual sales total. As part of its expansion, Sotheby’s enhanced its warehouse capacity in New York to meet rising demand, mirroring its already strong storage offerings in London and Hong Kong.
A Growing Global Ecosystem
The Sotheby’s Fine Wine Ecosystem continues to evolve, integrating auction, retail, and storage services across seven cities, including Paris, Geneva, and Singapore. A major new offering in 2024 was Sotheby’s first-ever wine and spirits auction in Geneva and the introduction of a Moutai-only auction—underscoring the increasing importance of premium spirits and Asia-based collectors.
Looking ahead, 2025 will see the addition of storage facilities in France, aiming to position Sotheby’s as the only provider of global fine wine and spirits storage services.
Single-Owner Auctions Set the Standard
Single-owner auctions proved to be the market's gold standard, offering rare collections with impeccable provenance. In 2024, Sotheby’s retained its global leadership in this format. Highlights included:
- La Mission Haut-Brion | 40 Vintages: A celebration of Domaine Clarence Dillon’s stewardship, this historic auction fetched USD 2 million with 68% of lots exceeding high estimates.
- The Impeccable Burgundy Collection Parts IV & V (New York): Fetched USD 7.6 million, showcasing Burgundy, Champagne, and Bordeaux gems.
- The Astonishing Cellar of Doctor S (London): Achieved USD 6.2 million for an extraordinary Rhône, Burgundy, and Bordeaux collection.
- Romanée-Conti: The Masterpiece Collection (Hong Kong): Realized USD 6.5 million, featuring legendary DRC vintages from the 1960s onward.
- The Umberto Angeloni Collection (Paris): Raised USD 1 million from a curated whisky selection featuring The Macallan and Italian independent bottlers.
Charity Auctions: Tradition Meets Impact
The 164th Hospices de Beaune Auction once again showcased Sotheby’s philanthropic commitment, with USD 16.3 million raised from 442 organic-certified lots. Notably, the Pièce des Présidents alone reached a record USD 483,000. Celebrity participation from Dominic West, Eva Longoria, and Jean Reno drew global attention to the event, supporting Médecins Sans Frontières and the Global Gift Foundation of America.
Spirits: Surging Demand and Prestige Offerings
The spirits category continued to gain traction, with Sotheby’s setting new records through focused offerings and high-profile single-owner collections. The specialized Moutai auction demonstrated the growing appeal of premium Chinese spirits among collectors and investors alike.
The Global Buyer Landscape
Bidders from 60 countries participated in Sotheby’s wine and spirits events throughout 2024, reflecting a truly international collector base. Whether through live auctions, private sales, or curated retail offerings, Sotheby’s continues to serve a broad spectrum—from seasoned connoisseurs to new entrants building their first serious collections.
Final Thoughts
The 2024 Market Report illustrates Sotheby’s continued innovation and leadership in the world of fine wine and spirits. With expanded services, record-breaking auctions, and strategic growth across continents, Sotheby’s is shaping the global landscape for collectors and investors alike. As they head into 2025 with expanded storage in France and more ambitious auctions on the horizon, the future looks richer than ever—both in bottles and opportunities.
Source: Sotheby