The inclusion of the Petrus collection played a pivotal role in propelling Sotheby's auction to the $9.3 million milestone.
A remarkable single-owner cellar boasting a trove of Petrus spanning a century, alongside esteemed Bordeaux and Burgundy selections, significantly contributed to Sotheby's achieving the second-highest wine auction sales in the US. Sotheby's disclosed that proceeds from its Monumental Cellar auction on September 7, 2023, amounted to $9.3 million, marking the second-highest figure recorded in the US, trailing only behind the 2016 sale of the William I. Koch cellar, which fetched $21.8 million.
While 2023 witnessed a subdued secondary market for fine wines, with indications of declining prices following a period of rapid growth, Sotheby's auction serves as a testament that demand persists. The company noted that its US wine and spirits division recorded $30 million in sales for 2023, marking a notable 25 percent increase from the previous year.
Sotheby's showcased the remarkable "Petrus century" during its single-owner Monumental Cellar sale, featuring vintages spanning from 1924 to 2015, alongside an array of Bordeaux wines in generous formats. Notably, a standout highlight was the sale of a five-liter jeroboam of the iconic 1961 Château Latour, fetching $50,000 inclusive of the buyer's premium, surpassing its lofty pre-sale valuation.
Burgundy's presence was equally notable, with Domaine de la Romanée-Conti (DRC) wines commanding top prices, a trend attributed to their scarcity and allure. The premier lot comprised five bottles of the 1999 Romanée-Conti, achieving a price of $275,000, inclusive of the buyer's premium, although falling within the anticipated range of $260,000 to $350,000. Similarly, five bottles of the 1966 vintage of the same wine fetched $93,750, surpassing the estimated range of $45,000 to $65,000.
Petrus dominated the Bordeaux section of the collection, with the oldest offering being a lot featuring two bottles of the 1924 vintage, which sold for $8,125, including the buyer's premium, exceeding the anticipated valuation of $7,000.
Additional standout moments comprised:
- A pair of 1947 Petrus bottles commanded $25,000, surpassing triple the upper presale valuation.
- Three magnums of 1959 Petrus fetched $40,000, soaring above the estimated range of $20,000 to $28,000.
- A dozen bottles of 1961 Petrus accrued $118,750, inclusive of buyer's premium, within the anticipated range of $85,000 to $120,000.
- A 1998 Petrus double magnum garnered $25,000, surpassing its valuation between $13,000 and $18,000.
- A Petrus 2015 double magnum attained $22,500, exceeding the appraisal of $14,000 to $20,000.
Amidst the array of magnums in the auction, the renowned 1982 Bordeaux vintage drew substantial interest. Numerous lots featured six-liter Imperials of the esteemed 1982 vintage from prestigious estates. Notably, a 1982 Chateau Lafite Rothschild Imperial commanded $22,500, surpassing the estimated range of $19,000 to $26,000. Additionally, two 1982 Imperial Latour magnums each fetched $20,000, surpassing their presale estimates, while a 1982 Imperial Figeac sold for $9,375, exceeding the estimated range of $4,000 to $5,500.