Prices Soared At Spectrum Wine Auctions’ December 5th Sale In Hong Kong, Tallying $4.4 Million; Spectrum Finishes Its First Full Year In Wine Auctions With An Impressive $17.7 Million In Sales
(December 10, 2010; IRVINE, CA) Spectrum Wine Auctions, which launched in December 2009, has deftly positioned itself as one of the world’s leading wine auction houses. On Sunday, the firm completed its first year of sales with the 2010 Winter Rare Wine Auction at The Sheraton Hong Kong Hotel & Towers. Bidding was extremely competitive in the packed auction room, and the sale realized $4,439,080 against a pre-sale estimate of $3.5 million. The sale featured half of an important private U.S. collection called “The Doctor’s Pristine OWC Collection,” and was Spectrum Wine’s largest to date. The second half of the collection will be sold by Spectrum Wine in March 2011. Since launching last December, the auction house’s five sales have brought in over $17.7 million.
“The auction was a clear demonstration of demand for fine wine in the Asian market which made up 69 percent of the total sales,” says Spectrum Wine Auctions president Jason Boland. “Our team is dedicated to building on this sale’s success in 2011 as we continue to bolster relationships with our customers through superior service and bringing the most sought-after wines with excellent provenance to the market.”
Bidding at The Sheraton Hong Kong Hotel & Towers was heated, with multiple raised paddles vying for each lot. Simultaneously, U.S. customers gathered at Charlie Palmer’s at Bloomingdale’s South Coast Plaza in Costa Mesa, Calif. on the evening of December 4, 2010 to watch live streaming video of the sale on a large screen TV and place secure bids on a series of live bidding terminals. Director of client services Amanda Keston and wine specialist Dan Rhodes hosted the evening, providing commentary and small pours of many of the featured wines.
Most of the auction’s highlights came from the first installment of wines from “The Doctor’s Pristine OWC Collection,” a remarkable collection consisting of over 16,000 bottles and 1,500 original wooden cases purchased en premier and never moved from the consignor’s temperature and humidity-controlled warehouse. Highlights included 60 lots of Château Lafite Rothschild, 43 lots of Sine Qua Non Syrah and Grenache, 43 lots of Château d'Yquem, and 33 lots of Romanée Conti, Domaine de la Romanée Conti. The second installment of wines from “The Doctor’s Pristine OWC Collection” will be featured in Spectrum Wine Auctions’ upcoming March auction as well as in its semimonthly internet-only sales.
Bordeaux continued to perform well with strong showings from non-first growth producers. A 12-bottle case of 2003 Château Pichon Lalande (Pauillac, 2eme Cru Classé) and a 12-bottle case 2003 Château Duhart-Milon (Pauillac, 4eme Cru Classé) each sold for $1,673, beating the pre-sale estimates by 86 percent and coming in higher than the 2010 third quarter high prices listed in Wine Spectator’s auction database. Large format bottles also appear to be making a comeback. A single imperial of 2005 Château Latour sold for $11,352 against a pre-sale estimate of $6,000 and an imperial of 1996 Château Haut-Brion sold for $5,377 against a pre-sale estimate of $2,000. Both wines significantly beat recent industry averages.
Highlights (inclusive of 19.5% buyer’s premium):
- Lot 107: Screaming Eagle magnum vertical 1992 - 2002 at $110,538 (pre-sale estimate $100,000)
- Lot 180: 10 bottles of Château Lafite Rothschild 2000 at $28,680 (pre-sale estimate $20,000)
- Lot 195: 12 bottles of Château Lafite Rothschild 1986 at $29,875 (pre-sale estimate $19,000)
- Lot 222: 1 imperial of Château Latour 2005 at $11,352 (pre-sale estimate $6,000)
- Lot 316: Château Mouton Rothschild 24-year vertical 1973 – 1996 at $17,925 (pre-sale estimate $8,500)
- Lot 365: 1 imperial of Château Haut-Brion 1996 at $5,377 (pre-sale estimate $2,000)
- Lot 421: 1 bottle of Château Petrus 1982 at $6,572 (pre-sale estimate $3,000)
- Lot 438: 12 bottles of Château Cheval Blanc 1992 at $4,780 (pre-sale estimate $2,000)
- Lot 1020: 1 bottle of Domaine de la Romanée-Conti, La Tâche 1970 at $1,135 (pre-sale estimate $600)
- Lot 1033: 12 bottles of H. Jayer Richebourg 1978 at $113,525 (pre-sale estimate $100,000)
Total aggregate: $4,439,080
Percent sold by lot: 99.4%
The wine auction wraps-up an outstanding week of auctions in Hong Kong for Spectrum Group International. Ponterio & Associates, a division of Bowers and Merena Auctions, brought in $10.7 million in a sale of the Wa She Wong Collection of Chinese and other Asian Coins on Dec. 3 and Dec. 4, and John Bull Stamp Auctions hosted its largest sale ever Nov. 25-28 with $3.5 million in total sales.
Spectrum Group International (SGI), a Fortune 500 Company, launched its wine auction division in July, 2009. This week Spectrum Group International reported that its Collectibles Division, which includes Spectrum Wine Auctions, Bowers and Merena Auctions and its world and ancient coinage division, Ponterio & Associates, Teletrade Certified Coin and Currency Auctions, H.R. HarmerCorinphila Auktionen of Switzerland, Corinphila Veilingen of The Netherlands, Heinrich Köhler in Germany, and John Bull Stamp Auctions in Hong Kong, achieved a record $45 million in worldwide aggregate auction sales for the three months ended December 31, 2010, its second fiscal 2011 quarter.
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About Spectrum Wine Auctions
Launched in 2009, Spectrum Wine Auctions is the world’s newest live and online auction house of fine collectible wine.
Following in the grand tradition of its sister auction companies, Spectrum Wine Auctions is a subsidiary of Spectrum Group International, Inc. (SPGZ:PK), a consolidated global collectibles network. The company is a leading auctioneer of stamps, coins, arms, armor and militaria, and other memorabilia, targeting both collectors and dealers. Building a strong financial foundation, Spectrum Group International is also a merchant/dealer of certain collectibles and trader of precious metals. The company's collectibles offerings range from the modest to ultra high-end in value and span the globe. Spectrum Wine Auctions is the newest member of the elite Spectrum Group International family. Spectrum Wine Auctions also conducts semimonthly online auctions through www.spectrumwine.com. The company offers competitive incentives for consignors, including 30-day payouts in full for all lots sold regardless as to whether the firm has collected from each buyer, and the ability to consign both highly-collectible and commonly found wines.
Backed by many decades of auction expertise and driven by a team of dedicated wine specialists and enthusiasts, Spectrum Wine Auctions is committed to offering buyers and sellers alike the most accessible and expansive auction opportunities of what is simply the greatest consumable and collectible product known to man—wine.
For more information on Spectrum Wine Auctions, please call at 949.748.4845 or visit www.spectrumwine.com.