Shane Ferro
Art market news and commentary by the staff of Art+Auction

MARKET WATCH: Art market news and commentary by the staff of Art+Auction

Sale of the Week, February 17-23: North American Wine Sales Kick Off for 2013 at Sotheby’s

Pin It

SALE: Finest and Rarest Wines including wines direct from the cellars of Ornellaia, Dom Pérignon and Yquem

LOCATION: Sotheby’s New York

DATE: February 23

ABOUT: The first test of the New York wine market in 2013 comes next week at Sotheby’s — a sale which promises a number of lots direct from the cellars of the “Super Tuscan” winery Ornellaia, which specializes in Bordeaux-style red wines. The 25-year-old winery is relatively new to the scene, especially compared to the major French producers, most of whom have been in the business for hundreds of years. However, even in its relative infancy, it has attracted the attention of a number of wine critics. Bottles from the estate make up the first 76 lots of the sale and are mostly estimated between $1,000 and $5,000.

For those more interested in the best of Bordeaux, the top end of the sale includes a case of Chateau Petrus 2000 estimated to sell for $25,000-35,000. The catalogue notes it had “total, wrap-around, fleshy flavours and texture on the palate” when the vintage was reviewed in 2011. There is also a case of  2000 Chateau Lafite with a $15,000-20,000 estimate. The catalogue notes the bottles have slightly stained labels, but that the wine “will last a century if desired, so think two generations on.”

According to Wine Spectator’s recap of the wine market in 2012, the United States was one of the few markets where revenues didn’t fall significantly over 2011 (only 10 percent compared to 32 percent in Hong Kong), so the auction house is likely hoping for continued interest from North American buyers.

— Shane Ferro

(Image: 3L Ornellaia 2010 , 6L Ornellaia 2010, and  12L Ornellaia 2010, courtesy Sotheby’s)

Tags: , , , , , ,

Pin It

Add a Comment