Recession receding. Christie's wine sales rebound to 2007 levels
on 20/12/10 at 5:29 pmWine
In another sign that the world economy is on the road to a recovery, Christie’s auction house reported that global wine sales topped $71-million for 2010, or about the level they were in 2007 before the recession began.
“Recession? Not in the wine business,” said Charles Curtis, head of Christie’s wines. “Wine sales were sort of trending up throughout the year” and kept getting stronger.
During the northern spring season, when the auction house held 10 sales in London, Paris, Geneva, Amsterdam, New York and Hong Kong, $20.9-million worth of fine wines and spirits went under the hammer.
In autumn, when Christie’s held 13 sales in the same cities, the total was $50.5-million.
By way of comparison, in all of 2009, the auction house’s global wine sales were $50.4-million.
“I think in 2011 prices will be going through the roof,” said Curtis, who is moving to Hong Kong from New York to lead Christie’s efforts in Asia.