Sotheby’s Wine Surpasses $100 Million Mark in Annual Sales
2018 was a banner year from start to finish at Sotheby’s. The venerable auction house has set an intoxicating new record this year: For the first time ever, its annual wine sales have surpassed $100 million.
In March, Sotheby’s Wine smashed a previous world record for a wine sales series by bringing in more than $29 million during a two-day Hong Kong auction. In October, a bottle of Romanée Conti DRC 1945 sold for $558,000 in New York—the highest price ever paid for a bottle of wine at auction. A separate bottle of the same wine was sold directly afterwards for $496,000.
On the same day, a Macallan 1926 60 Year Old Sir Peter Blake Label sold for $843,200, making it the priciest spirit ever sold at auction in North America as well as the highest price ever paid for a single spirit in Sotheby’s history. The whisky was aged in sherry casks for 60 years, and only 40 bottles were ever created—making it one of the oldest, rarest vintages the Scottish distillery has ever produced.
And last month, seven Methuselahs of Domaine de la Romanée-Conti 2005 were sold together in Hong Kong for $1.5 million, a record high for a single transaction for Sotheby’s wine retail business worldwide. Perhaps not surprisingly given the record-setting wine sales in New York and Hong Kong, Sotheby’s Wine reached its highest ever sales total in both locations since the stores were opened.
In addition to impressive sales, Sotheby’s Wine also unveiled bespoke services geared toward budding wine connoisseurs. This summer, Sotheby’s Wine launched Wine Advisory Services in New York. A team of knowledgeable, passionate consultants will help individuals identify their preferences and goals and build and refine their perfect collection. Following the success of the New York service, Sotheby’s is planning to launch a Hong Kong branch in 2019.
The auction house also launched Instant Cellars in New York and Hong—a one-click service that delivers a curated wine collection overnight in select cities. A handful of cellar collections are currently available, chosen by the company’s global wine specialists and filtered by price, color, region, and quantity to match various collection goals.
In the coming year, Sotheby’s Wine will continue to expand its bespoke wine services and offer even more rare wine and spirits at auction. It’s an exciting prospect we can all raise a glass to.
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