Auction Report June - December 2023
2023 was the most significant year
in LANGTONS Auctions history
We broke records for volume and prices achieved under the hammer. We delivered the biggest single vendor auction ever in the Danny Younis Collection, a series of auctions of such impact that it shifted the Australian secondary market. We launched a new website and auction interface to deliver faster refresh, quick view summaries, and an improved dashboard — as you requested!
We also published the 8th Edition of the LANGTONS Classification of Australian Wine. This is my first Classification and it is both a privilege and an enormous responsibility to get it right. Every Classification is a momentous occasion on release but the 8th Edition marks a stylistic shift towards more lighter styles. A sign of a generational change or an evolving Australian palate?
The second half of 2023, we offered over 125k bottles in 193k lots over more than 270 auctions and achieved a clearance rate of over 76%. The Australian secondary fine wine market is still in rude health in spite (or perhaps because) there is such uncertainty in the economy. Collectors often look to blue chip wines as a luxury hedge against market volatility. While the world keeps making millionaires, it doesn’t not keep up with its Burgundy production.
If you want to get in on the action and free up some of that capital held in your cellar while the market is hot, my team and I at LANGTONS will give you the best chance to realise the value of your wines (and spirits).
Michael Anderson
Head of Auctions & Secondary Market
The LANGTONS Auctions Team
Email: auctions@langtons.com.au
Auction Highlights 2023 (June - December)
The latter half of 2023 at auction was dominated by The Danny Younis Collection. The DYC was the most compelling single-vendor auction we have ever offered. The sheer depth of high-quality blue-chip wines was mind-boggling. There were two hundred plus bottles of DRC, 600 plus Armand Rousseau, and the 1500 bottle Burgundy auction. Indeed, we spread the 5000-plus bottle collection over eight auctions conducted across six weeks. As with any offer of high-end wines in the luxury space, there is a question of market capacity. Are there serious bidders for these wines? Yes, of course, there are: we see them every week. The question was, would it reach the high water line, or would it be a flood? The resounding answer is that Australia has a world-class thirst for the best wines.
Italian collectors, too, were well served with what could have been the country's largest Monfortino. Giacomo Conterno's Barolo Riserva is ranked amongst the world of bucket list wines alongside the First Growths of Bordeaux. These, too, were well represented, with some bottles stretching back to the 1980s (and beyond).
Strong Australian representation was evident, with Classified wines, including Penfolds Grange, Mount Mary Quintet, and Wendouree leading the charge. The DYC set records for Champagne, with Krug, Jacques Selosse, and the rare Bollinger VV Françasie highlights of the year. Germany, Portugal, Lebanon, Loire Valley, and a time-travelling collection of Madeiras rounded out a picture of a world-class collection. Danny, intimately connected to the wines, had an encyclopaedic knowledge of his collection and the provenance of each bottle.
Looking back, in the first half of 2023, our top 10 performing wines came from two producers. Penfolds, of course, with a few bottles of 1950s Grange and Bin 60A, drove the most interest. What was surprising was the absence of DRC. The famed Domaine de la Romanée-Conti did not make the top 10. Instead, Domaine Leroy joined Penfolds, sharing the top 10 with four wines from the Grands Crus of Musigny, Chambertin and Romanée-St-Vivant. The nosebleed prices achieved by the Domaine Leroy cuvées are as much a product of its minuscule production output (Musigny is around 1000 bottles per year on average) as it is of cult status amongst collectors. Like its famed neighbour, opening a bottle can elicit an odd feeling of guilt, a moment of consuming iconoclasm, as the owner takes one of these rare and precious things out of the world.
While the Danny Younis Collection was a major milestone for LANGTONS, its impact did not create an outlier set of results. Indeed, the average bottle price in our top 500 wines was $3416 ex BP*, whereas, for the previous six months, it was $4609 ex BP*, driven by superannuated, super rare Penfolds wines.
Comparing the first and second halves of 2023 revealed a secondary wine market in fine fettle. 2024 has started similarly, with slightly lighter trade as expected during the holidays. As always, the question is one of supply. But as demand continues to drive higher prices and high clearance rates, the Australian market continues to answer.
Sell your wine
If you have a vinous backlog in that cellar, want to streamline your collection, or want to earn money from your passion, Langton’s Auctions can help. The reasons for selling are many and varied, from investors to speculators to downsizers and those funding that big DRC bid. And we make it simple.
Our auctions are frequent and far-reaching, attracting fierce competition among Australia’s most motivated bidders. After all, we’ve had 30+ years to perfect the formula.
It’s no secret that our bidders come to us for the finer things. While we’ve seen an astounding boon in results across the board, the super-premium space is shining regarding returns for our vendors. Have you got any of these world-class wines tucked away in your cellar?
Some of the most in-demand wines right now include:
Giaconda Estate Vineyard Chardonnay Beechworth - (2021, top price $376)
Rockford Basket Press Shiraz Barossa Valley - (2004, top price $261)
Wendouree Shiraz Clare Valley - (1971, top price $526)
Domaine Leroy Musigny 2011 - (2011, top price $27101)
Domaine de la Romanée-Conti Romanée-Conti - (2010, top price $25506)
LANGTONS Auctions Top 10s
The second half of 2023 showed where the big money plays at auction. All ultra blue-chip wines include 1951 Grange at No. 1 (it always takes the top spot when it trades), and Burgundy is filling out the rest of the list. A powerful showing from the most coveted vineyard in the wine world, Romanée-Conti was seven of the top ten but was shockingly denied a podium finish by second and third-place finishes for Domaine Leroy Musigny.
Top 10
1. Penfolds Bin 1 Grange Hermitage Shiraz SA 1951 - $128800
2. Domaine Leroy Musigny 2011 - $27101
3. Domaine Leroy Musigny 2006 - $426101
4. Domaine de la Romanée-Conti Romanée-Conti 2010 - $25506
5. Domaine de la Romanée-Conti Romanée-Conti 2015 - $25112
6. Domaine de la Romanée-Conti Romanée-Conti 2019 - $24999
7. Domaine de la Romanée-Conti Romanée-Conti 2018 - $24841
8. Domaine de la Romanée-Conti Romanée-Conti 2016 - $23920
9. Domaine de la Romanée-Conti Romanée-Conti 2009 - $23300
10. Domaine de la Romanée-Conti Romanée-Conti 2000 - $22001
Top 10 Australian
Eight out of ten berths in the top 10 Australian wines at auction in the second half of 2023 went to Penfolds. The 51 Grange is, of course, No. 1. Second place went to that other unicorn from Penfolds, the Bin 60A. There was good news for Penfolds devotees to their special release: both a G3 and G4 (multi-vintage blends of Grange) achieved strong numbers, and their rarity continues to drive demand. A 1955 Wynns Coonawarra Michael Hermitage is a testament to the longevity of the Wynns wines, which remains true today. Then there’s the 1878 100-Year-Old Para from Seppeltsfield; beyond a wine, this is a piece of Australian wine history and, should you be brave enough to open a bottle, one of the most distinct tasting experiences you will have.
1. Penfolds Bin 1 Grange Hermitage Shiraz SA 1951 - $128800
2. Penfolds Bin 60A Cabernet Shiraz SA 1962 - $13800
3. Penfolds G3 Shiraz SA MV - $10000
4. Penfolds Bin 95 Grange Shiraz SA 1963 - $6435
5. Wynns Coonawarra Michael Hermitage Coonawarra 1955 - $3680
6. Penfolds Bin 95 Grange Shiraz SA 1961 - $3600
7. Penfolds Bin 95 Grange Shiraz SA 1964 - $3366
8. Penfolds G4 Shiraz, SA MV - $3315
9. Seppeltsfield 100 Year Old Para 1878 - $3001
10. Penfolds Bin 95 Grange Shiraz SA 1960 - $3000
Top 10 Burgundy
Like the top 10, this list replaced a 51 Grange with a 2011 Romanee-Conti. However, note the prices: nothing under $20K. Compared to their release price, blue chip wine collecting is as sensible as luxurious.
1. Domaine Leroy Musigny 2011 $27101
2. Domaine Leroy Musigny 2006 $26101
3. Domaine de la Romanée-Conti Romanée-Conti 2010 $25506
4. Domaine de la Romanée-Conti Romanée-Conti 2015 $25112
5. Domaine de la Romanée-Conti Romanée-Conti 2019 $24999
6. Domaine de la Romanée-Conti Romanée-Conti 2018 $24841
7. Domaine de la Romanée-Conti Romanée-Conti 2016 $23920
8. Domaine de la Romanée-Conti Romanée-Conti 2009 $23300
9. Domaine de la Romanée-Conti Romanée-Conti 2000 $22001
10. Domaine de la Romanée-Conti Romanée-Conti 2011 $20240
Top 10 Bordeaux
The Top 10 of Bordeaux was a clean sweep for Pétrus. Access continues to drive the price in the Australian market, as evidenced by the No. 1 spot going to a 2020, a relatively recent release. It’s worth noting that No. 11 was a superannuated Yquem, and after that, the names in the Bordeaux list were more varied, but it is clear which regions from Bordeaux were for Australian collectors.
1. Château Pétrus Cru Exceptionnel Pomerol 2020 - $7360
2. Château Pétrus Cru Exceptionnel Pomerol 2015 - $6500
3. Château Pétrus Cru Exceptionnel Pomerol 2016 - $6500
4. Château Pétrus Cru Exceptionnel Pomerol 2005 - $6000
5. Château Pétrus Cru Exceptionnel Pomerol 2000 - $5854
6. Château Pétrus Cru Exceptionnel Pomerol 2018 - $5800
7. Château Pétrus Cru Exceptionnel Pomerol 2019 - $5800
8. Château Pétrus Cru Exceptionnel Pomerol 2010 - $5086
9. Château Pétrus Cru Exceptionnel Pomerol 2017 - $5000
10. Château Pétrus Cru Exceptionnel Pomerol 1996 - $4600
Top 10 Champagne
Prestige Champagne is always in demand, but recent years have seen aged bottlings drive serious interest in the market. While Champagne is inextricably associated with luxury, the wines listed below are widely and rightly considered more than mere fancy fizz. Each Champagne is a best-in-class, fine wine. They are made from the best fruit grown on lauded sites, crafted with care over long periods, and are nuanced, expressive, and developed over time.
1. Krug Clos Du Mesnil Blanc De Blancs 1988 - $2944
2. Jacques Selosse Millesime 2008 - $2809
3. Bollinger Vieilles Vignes Françaises Blanc de Noirs 1988 - $2501
4. Bollinger Vieilles Vignes Françaises Blanc de Noirs 2008 - $2500
5. Salon Mesnil Blanc De Blancs, Champagne 1996 - $2499
6. Bollinger Vieilles Vignes Françaises Blanc de Noirs 1990 - $2351
7. Krug Clos Du Mesnil Blanc De Blancs 2002 - $2199
8. Bollinger Vieilles Vignes Françaises Blanc de Noirs 1996 - $2011
9. Bollinger Vieilles Vignes Françaises Blanc de Noirs 1989 - $2001
10. Krug Clos Du Mesnil Blanc De Blancs 1989 - $1999
Honourable mentions
The Danny Younis Collection set the market for both the Rhône and Barolo with his collections of Château Rayas (Reserve 1983, top price $2760) and Giacomo Conterno (Monfortino Riserva 1999, top price $2208 ex BP).