Andrew Lloyd Webber Offering Wine Collection In Hot Wine Auction Market
on 15/12/10 at 10:21 amWine
Sales at the world’s three biggest wine auctioneers increased by 88 percent in 2010 as wealthy Asian buyers dominated the market for prestige French vintages such as Lafite.
The total sales were a record $252.1 million, according to Bloomberg calculations. The company that sold the most wine, $94.9 million, was specialist Acker Merrall & Condit, which may add as much as $5 million at the final New York auction on Dec. 18. Sotheby’s global wine auctions made a record $89.3 million.
Hong Kong events were the main contributors to growth at Acker and Sotheby’s, which both doubled sales. Christie’s International saw a 39 percent increase to $67.9 million.
“The reason it’s happened so quickly is that many of the Asian buyers are starting from scratch,” said Serena Sutcliffe, Sotheby’s international head of wine. “They’re drawn to the Western lifestyle. They’re building big houses and want a cellar. It’s an important part of business and social life.”