South African Wine Prices Surge at Country's Biggest Auction

on 07/09/10 at 10:25 pm


South African vintners raised 41 percent more money at the annual Nederburg Auction, the biggest of its kind in the country, as increased bidding reversed a two- year decline.

Held on Sept. 3 and 4 in Paarl, 55 kilometers (34 miles) north east of Cape Town, income at the Nederburg Auction jumped to 5.68 million rand ($789,513) from just over 4 million rand a year earlier, according to a statement on the auctioneer’s website today.

“The healthy increase in overall prices is a correction in the market place after prices dropped over the past two years,” said Nederburg, which is a owned by Distell Group Ltd., South Africa’s biggest wine and liquor producer.

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