The LANGTONS Live Auction Event Of The Year Wrap-up
There are few things more exciting than watching a live auction in full swing. It’s been a while since we at LANGTONS have had the pleasure of hosting such an event, but it was thrilling to see that the appetite for such soirées has in no way diminished over the years. Last week afforded us the opportunity to reconnect with our top customers and invite them into the inner sanctum of fine wine purchasing in person. The Eveleigh was the venue, and the list of lots wouldn’t have looked out of place on a royal banquet table.
Highlights on the night were many, with the obvious attraction being the impressively well-maintained Penfolds Grange Bin 1951, which sold for an iota over $150,000 and saw some frantic bidding by no fewer than three thirsty customers. But the jaw-dropping results didn’t stop there. A trio of the ethereal Domaine Armand Rousseau Chambertin (05, 09, 16) sold for an eye-watering $34,950, proving that while other desirable high-end consumer goods flatten their curve, the finest names of Burgundy keep on trending upward. Bordeaux’s best didn’t miss out on the fun with 6 bottles (and a magnum) of the brilliant Château d’yquem 1er Cru 2001 coming in for $16,800 and the larger-than-life Chateau Pape Clement 2016 18L (the largest bottle of the night) going under the hammer for $6,700.
‘...Names like Domaine de la Romanee Conti, Leroy, Leflaive, Coche Dury and Rousseau hit high notes at auction well into the tens of thousands a bottle, with no signs of slowing....’
These exciting results underline just how strong the secondary market currently is for fine wine. In just a few short years, the Burgundy fine wine market has almost doubled in value, with the region’s finest wines consistently breaking their own records at auction. Names like Domaine de la Romanee Conti, Leroy, Leflaive, Coche Dury and Rousseau hit high notes at auction well into the tens of thousands a bottle, with no signs of slowing. Why? The wines are rare and made in minuscule quantities, sometimes just a barrel or two. And, while the restraints of higher interest rates, inflation and an increase in the general cost of living impact the majority of us, those responsible for these purchases don’t seem as affected and buy with impunity.
Oh what a night! Michael Anderson auctioning off rare treasures at the live event
As we look ahead, the market looks strong. There will of course be the odd correction, but the top Classified names of Australian wine are all trending strongly. Burgundy’s best names will always and forever sit atop the tree of value in the market due mostly to volume of production and partly due to the wave of wealthy new wine drinkers who are reaching for a less hedonistic, richly robed wine (read: Shiraz and Cabernet). Furthermore, it seems now is the perfect time to realise value from your long-stored wine treasures as the worldly constraints mentioned above force many of us to look beyond our general income for ways to combat the rather expensive world we find ourselves in. The market is certainly hot right now.