Sotheby’s, the renowned auction house, has once again shattered records in the world of wine and spirits.
Bolstered by coveted bottles from prestigious producers like Domaine de la Romanée-Conti, Krug Champagne, and Macallan Scotch whisky, Sotheby’s achieved a staggering total of USD 159 mn in global auction sales in 2023.
This marks the third consecutive year of record-breaking sales for Sotheby’s in the wine and spirits category, showcasing sustained growth despite market fluctuations.
In a remarkable testament to the expanding appetite for fine wines and spirits, Sotheby’s reported a 17% increase in the number of auction lots offered compared to the previous year. Nick Pegna, Sotheby’s Global Head of Wine and Spirits, noted the remarkable milestone achieved in 2023, selling as much in one extraordinary week as the entire year of 2013. The auction house’s evolution over the past decade has been remarkable, with total auction sales skyrocketing from USD 58 mn in 2013 to an impressive USD 159 mn in 2023.
A notable inclusion in Sotheby’s top-selling wine producers of 2023 was Champagne house Krug, marking its debut in the top 10 rankings. Meanwhile, perennial favorites like Domaine de la Romanée-Conti continued to captivate collectors, with auction sales witnessing a remarkable 40% year-on-year increase.
The dominance of single-owner collections in driving auction sales was evident, contributing a substantial USD 113 mn to Sotheby’s total revenue in 2023. The spirits segment also experienced remarkable growth, fueled by rare whiskies, with sales surging to USD 33 mn.
Noteworthy highlights include the sale of a bottle of The Macallan 1926, adorned with a Valerio Adami label, fetching a staggering USD 2.7 mn – setting a new auction record.
Sotheby’s top 10 wine producers in 2023 auctions:
- Hospices de Beaune: USD 25mn (17%)
- Domaine de la Romanée-Conti: USD 21mn (13%)
- Domaine Leroy & d’Auvenay: USD 11mn (7%)
- Petrus: USD 6mn (4%)
- Domaine Armand Rousseau: USD 5mn (3%)
- Krug: USD 2mn (1%)
- Château Lafite Rothschild: USD 2mn (1%)
- Château Mouton Rothschild: USD 2mn (1%)
- Château Latour: USD 2mn (1%)
- Château Haut-Brion: USD 1.5mn (1%)
However, amidst these remarkable achievements, reports indicate a broader market slowdown. Indices reflecting fine wine and rare whisky values have witnessed declines, signaling a period of quieter trading. Despite these fluctuations, Sotheby’s continued success underscores the enduring allure of fine wines and spirits among collectors worldwide.