Sotheby’s (NYSE:BID) Fine Wine Sale Indicate Prices are Rebounding

Sotheby’s (NYSE:BID) Fine Wine Sale Indicate Prices are Rebounding

Sotheby’s (NYSE:BID) Fine Wine Sale Indicate Prices are Rebounding

$BID

  • Prices for leading Bordeaux wines are rebounding
  • The 18 April totaled GBP 1.05-M.
  • Auctions are scheduled for New York this week and in London on 16 May.

Six magnums of rare Chateau Lafleur 1982 wine from the Pomerol region hammered for $77,095, or more than $12,000 each, as a selection of historic Bordeaux vintages dating as far back as 1909 went under the hammer at a Sotheby’s (NYSE:BID) auction in London last week.

 The lot comprising 34 bottles of all sizes of Chateau Montrose 2010 from Saint Estephe, ranging from 0.375-liter half-bottles to an 18-liter Melchior, sold for 38,240 pounds, while 10 bottles of Petrus 1988 fetched 20,315 pounds and 5 bottles of the same producer’s 1989 vintage sold for 14,340 pounds, according to an e-Mailed report from Sotheby’s.

The sale took place as the attention of collectors is starting to focus on the 2017 Bordeaux vintage being shown to merchants and the wider wine trade this month, prior to going on sale as en primeur futures for delivery in 2 years. The arrival of a new vintage on the market can divert attention from older wines, although the auction season follows a cycle of its own.

 “Bordeaux dominated the results,” Sotheby’s head of wine for Europe, said in the statement. The price for the Lafleur ’82 top lot, which beat its pre-sale estimate, reflected its “impeccable provenance,” he said.

Prices for leading Bordeaux wines are rebounding after falling 40% from a Y 2011 peak before leveling out.

The Liv-ex Fine Wine 50 Index is now up more than 30% from the bottom it marked in Y 2015.
Note: Liv-ex indices track the price movements of the most traded fine wines on the market. The Liv-ex 100 is the industry benchmark.
Symbol Last Trade Date Change Open High Low Volume
BID 53.81 Apr-20-2018 -0.22 53.82 54.24 53.66 183,323

Note: Canadian symbols now end in .c i.e SYMB.C

Analysis Overall Short Intermediate Long
Bullish (0.37) Bullish (0.49) Bullish (0.34) Bullish (0.28)

Have a terrific week.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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