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Fine wine: Sotheby's closes with €121 million

Auction sales up 9 percent over 2022, according to an analysis

Fine wine also holds sway at auctions. This is reported in an analysis by the Pambianco Observatory on the wine sector. The study highlights how for the sector, 2022 was "a wonderful year for fine wine," which proved "once again more stable than traditional assets, especially in times of economic turbulence". 

Analysts then point out that Sotheby's Wine closed with record sales of $ 121 million (about 112 million euros, up 9 percent from 2021), while more than a third of sales ($ 54 million) were "generated by the growing market in Asia". It is then reported that French connoisseurs spent $ 42 million in Sotheby's auctions, $ 32 million in the United States, and $ 22 million in the United Kingdom.

For Sotheby's, Burgundy was the preferred region for clients, with 51 percent of sales (buoyed by the results of the Monumental Drc auction), followed by Bordeaux with 20 percent. Among the new additions, the auction house initiated some partnerships with wine producers with direct sales of Lynch-Bages ($ 1.2 million), Château du Clos de Vougeot (869 thousand) and Château Mouton Rothschild (about 182 thousand).

Pandolfini closed the year with a turnover of 3.6 million euros driven by the two auctions in attendance and in particular the one in April that generated 1.48 million. Also doing well was Bolaffi, which closed 2022 with a turnover of 2.45 million euros: high prices were marked by producers from Piedmont (noteworthy were nine bottles of Barolo Monfortino Riserva 2010 by Giacomo Conterno, sold for 14,000 euros) but also from Tuscany (42 bottles of Masseto, three for each vintage from 2005 to 2018, sold for 20,000 euros. Experts say that "wine continues to be an attractive asset for investment but 2023 calls for more caution".

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EFA News - European Food Agency