Auction report

uncle tom · Post by **uncle tom** » 19:32 Mon 17 Dec 2007

With the last of this year's wine sales over, a quick round-up

Overview

The year got off to a fairly firm start with few bargains in the winter and spring. The early summer price boom seen in previous years did not really materialise, but vendors got some good prices in September.

Then the market wilted, with large numbers of unsold lots, and several bids made on a 'shot to nothing' basis coming home.

The significance of 'birth years' was very apparent, with some early SQ's realising more than could possibly be justified on the grounds of quality, and the price of '58's rocketed..

Vintages

Old wine - the oldest port bottle I have seen this year was an 1847 (thanks to Simon for spotting it!) - which I also bought. Only three other 19th century bottles have crossed my radar this year.

Pre WW1 bottles have also been very scarce, with the result that Alex B has probably bought more of these than everyone else put together!

Interwar bottles were keenly pursued in the early part of the year, but the market softened dramatically at the end.

1945 - very few sold in good order, prices appear broadly static

1948 - a case of Taylor made £6000 + BP recently - excessive, I think

1950 - virtually unseen this year

1955 - very variable prices, sound Graham has ranged between £80 and £220 a bottle..!

1958 - the few bottles sold have been chased by the trade for 50th birthdays - wait a year before buying!

1960 - at the start of the year, it appeared that the everyday 60's had moved on from their benchmark of £30/bottle, and were trading consistently at well over £40. Most recently though, a case of Delaforce sold for just £27/bottle incl. - See what '08 brings..

1963 - strong prices at the start of the year subsided later

1966 - firm prices, but the meteoric rise seen in previous years was not repeated - prices also softened in the autumn

1970 - firm, slightly variable prices. In theory, the 40th birthday market should start to propel prices in a year's time, but there's a lot of stock out there, so no certainty

1972 - the little that has been sold has gone for well over the odds - seems people DO celebratre 35th birthdays!

1975 - the famous name wines continue to sell for well above their weight - age seems to count for more than reputation now..

1977 - very variable prices, overall, no major change

1980 - suprisingly infrequent appearances, results inconsistant

1983 - no major price change

1985 - ditto

1987 - more interest this year - 21st birthdays next year may be responsible..

1991 - a couple of years ago this was bargain territory - now trading in proportion to its standing.

1992 - still overpriced, but not getting more expensive

1994 - very firm prices at the start of the year have wilted a little

1997 - previously bargain territory, now moving forward - but a lot of variability

2000 - prices broadly static

2003 - several cases sold, reaching the auction market much quicker than the 2000's. Prices suggest that en primeur prices were at least 20% too high.

Tip for 2008

Stock up on 1970's and 2000's for your own cellar, but to invest, look for 1960 bottles with good appearance and label.

Tom

Conky · Post by **Conky** » 20:57 Mon 17 Dec 2007

Informative an interesting. Good read?

Alan

Post by **Alex Bridgeman** » 23:05 Mon 17 Dec 2007

Tom,

I always appreciate your auction reports. Thanks for pulling together this summary.

Alex

gonzo · Post by **gonzo** » 08:24 Tue 18 Dec 2007

Thanks for that,very interesting.
I would like to ask for your advice in this,I would like to get hold of a case or two of 1970 (yes,for my 40th in 2010!!)
What would i expect to pay for ,say , a Dow 1970 at auction and where do i find these auctions??

Any pointers greatly appreciated

uncle tom · Post by **uncle tom** » 09:47 Tue 18 Dec 2007

What would i expect to pay for ,say , a Dow 1970 at auction

For a case of Dow '70 with good levels sold at Christies without VAT on the hammer price, my bid calculator is indicating a bid of £440 or £460, depending on how keen you are to win the lot.

On top of the hammer price you have to pay a buyers premium which varies between different auction houses, also VAT on the premium, but usually not the hammer price - it depends who is selling.

If you won this lot for £440 at Christies, you would actually pay £504.63 or £42.05 per bottle. You would then need to pay for delivery or go and collect - most wine lots sold in London are stored at Weybridge - but not all.

Talk to me before you go sallying in with a bid - D70 is one of my few remaining 'wants' from this vintage.

Tom

gonzo · Post by **gonzo** » 10:10 Tue 18 Dec 2007

Great thanks Tom.Maybe you would consider splitting a case if thats what you're looking for too??

Neil

Simon Lisle · Post by **Simon Lisle** » 16:39 Tue 18 Dec 2007

My own findings are close to Tom's 1966's were scarce compared to last year with Dows coming up most frequently.I found 77's had risen a bit as 70's 80's not many about 60's static but I found a dip in 63's.The surprise this year was how many pre war bottles came up variable condition though.(I bid at the smaller auction houses and some in europe).I tend to find a pattern of somebody offloading bottles all over the country.Avery's 66 reserve which I'd never come across before has been sold from scotland to the south coast.guimarens 87 3to 400 all over the country thats in the past six months.

ajfeather · Post by **ajfeather** » 18:04 Tue 18 Dec 2007

thanks Tom!

Post by **jdaw1** » 10:50 Wed 19 Dec 2007

As always good advice from TPF’s market correspondent.