Time to pop the cork in wine auction world?
By Leslie Gevirtz
NEW YORK (Reuters Life!) - In perhaps another sign of a recovering economy, millions of dollars worth of wines and spirits sold at three different auctions in New York over the weekend.
At Christie's almost $3 million worth of wines and fine spirits went under the hammer, including the 1964 Bowmore Trilogy -- three bottles of single malt Scotch from the distillery on Islay, a Hebridean island off the west coast of Scotland. They fetched $21,600.
"I'm absolutely delighted with the result," said Andrew Rankin, master blender for Bowmore Whisky, after the sale on Saturday.
"When we first did this, back in 1995, the set sold for $150. Now, that set is worth $15,000."
To put that return in perspective, the Dow Jones Industrial average closed at 2,544.80 on December 31 1995. It ended trade on Friday at 10,270.47.
Over at Sotheby's, a selection of wines direct from Bodegas Vega Sicilia, Spain's iconic 145-year-old winery in the north of the country, sold for $1.09 million -- nearly triple its pre-sale estimate of $350,000.
A collection of magnums for each vintage of Vega Sicilia Unico from 1960 through 1995 sold for $102,850 -- five times the pre-sale estimate of $20,000. The winner, identified only as a South American collector, was declared after a spirited bidding battle from contenders in the room, on the telephone, and online.
As one collector, who did not wish to be identified, said: "You're paying not only for the wine here; you're paying for the provenance. It's direct from the winery. It doesn't get any better than that." Continued...