Fine wine and spirits sales at Sotheby’s hit a record-beating $150 million last year, an increase of 14% compared to the year before.
69 wine and spirits auctions were held by the top auction house during 2022, which represents 30% more than in 2021. This new record for fine wine and spirits sold at auction doesn’t include private sales and retail sales.
The main revenue source was fine wine: delivering a total of $121 million last year. Spirits also contributed double-digit growth of 15% year-on-year with a total of $29 million, underlining the rising interest in investment-grade whiskies and fine spirits.
One particular highlight included a unique assortment case of 12 bottles from the 1990 vintage of Domaine de la Romanée-Conti which sold for an estimate-breaking $118,750.
The Macallan The Reach 81 Years Old single malt, an incredibly rare special edition, went on auction in September at Sotheby’s in London. It was the oldest whisky ever to be entered into an auction and sold for £300,000 (or $325,740).
In the US, spirits sales doubled: up from $5 million to $12 million. The key driver can be attributed to a stronger demand for luxury bottles.
Asia remains a key focus for Sotheby’s, with the auction house’s 2023 continued expansion plans in the region. Sales in Asia contribute the most to the house’s total revenue from auctions: $54 million. What’s more, the auction house reported that Asian buyers represented 41% of sales by value in 2022.
Commenting on total sales, Yves de Launay, Head of Auction Sales, said: ‘Overall 2022 saw a very strong performance in a very challenging market.’ ‘Bordeaux and Burgundy clearly led the way with an increasing demand for vintage Champagne and rare wines for other regions such as Tuscany or Rhône. Demand should remain strong for the finest and rarest wines in 2023.’
Read about Christie’s December 2022 London auction that reached over £2.12 million in sales.