Sotheby's global wine sales top $88 million

Mon Dec 20, 2010 3:54pm EST
 
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NEW YORK (Reuters Life!) - Sotheby's auctioned more than $88 million worth of fine wines in 2010, twice the amount it sold in 2009, the company reported on Monday.

While sales were up in both New York and London but the lion's share of the increase came from the Asia market where sales rose 265 percent year on year.

Hong Kong sales grew to more than $52 million in 2010 from $14.3 million a year earlier.

"This has been a landmark year for Sotheby's Wine. We achieved our largest ever total (of sales)," Serena Sutcliffe, worldwide head of wine at Sotheby's, said in a statement.

The October sale in Hong Kong of top growth wines directly from the cellars of the Chateau Lafite Rothschild set a new record for a single, standard-size bottle when a 1869 Bordeaux was sold for $232,692, Sotheby's said.

Its report was the latest from the auction houses, all of which said sales approached or surpassed the pre-recession levels of 2007.

Christie's reported global wine sales topping $71 million for 2010, up from $50.4 million in 2009.

Chicago-based Hart Davis Hart reported its yearly wine auction sales totaled $39.2 million, a 63 percent increase over 2009.

New York-headquartered Zachy's Wine Auctions, which also holds sales in Hong Kong, said it sold $56.5 million worth of wines.