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Chateau Petrus 1982 at $60,000
Leads Bordeaux Charge at U.S. Wine Auction

by Guy Collins
October 28, 2014

 

A case of Chateau Petrus 1982 Pomerol may fetch as much as $60,000 at auction in Chicago this week amid signs that interest in Bordeaux is reviving after three years of decline.

Other Bordeaux wines among the top lots include 12 bottles of Le Pin 2010 at as much as $42,000, according to Hart Davis Hart Wine Co.’s online catalog. Three 12-bottle lots of Petrus 2009 and one lot of Petrus 2010 carry an estimate of as much as $38,000 each in the two-day auction starting Oct. 31.

While prices for top Bordeaux wines have slid in the last three years, sending the Liv-ex Fine Wine 50 Index of leading wines from the region down by more than a third, there has been a pickup since July. Buyers have become keener on mature vintages at auction and there is “a return of demand for Bordeaux” in the wider market, the Wine Investment Fund, based in London, said in its latest report.

A case of Chateau Latour 1982, a first-growth estate from the Pauillac district, is priced to attract as much as $28,000 at the Hart sale while seven bottles of Latour’s 1961 vintage are estimated to sell for as much as $24,000.
Chateau Margaux

Chateau Margaux is also in the auction, with a three-bottle lot of the 1982 vintage from the left-bank first-growth estate priced at as much as $2,600 and six bottles of 1983 estimated to reach as much as $2,800.

Collectors and investors shied away from top Bordeaux in recent years after Chinese buying slowed and growers demanded higher prices for their 2009 and 2010 vintage. Now wines at lower prices are starting to generate more demand.

Positive signs in the market continued last week, with value and volume traded on the London-based Liv-ex increasing by 18 percent and 25 percent, respectively, according to the exchange’s Oct. 24 blog. “First growths continued to hold steady.”

At a Christie’s International Plc auction in London last week, three cases of Taylor 1945 port topped the bidding, the most expensive selling for 19,975 pounds ($32,300). Ten bottles of Petrus 1986 sold for 8,225 pounds at the Oct. 23 sale.

At a Sotheby’s auction on Oct. 22 in London, wines from Burgundy producer Henri Jayer dominated the bidding, with five bottles of his Vosne Romanee Cros Parantoux 1990 selling for 19,975 pounds and three bottles of the same vintage fetching 18,800 pounds.

To contact the reporter on this story: Guy Collins in London at guycollins@bloomberg.net

To contact the editors responsible for this story: James Boxell at jboxell@bloomberg.net Robert Valpuesta, David Risser

 

Read this article directly from Bloomberg.