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Sothebys Wine Sales Surpass $100M in 2018

The venerable auction house smashed several previous records this yearsomething we can all raise a glass to.

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Sotheby's Wines annual worldwide sales reached an important new milestone in 2018. The global auction house announced on Monday that its Wine division had surpassed annual sales of $100 million in a single year for the first time. Given the record-setting wine sales in New York and Hong Kong, Sothebys Wine reached its highest-ever sales total in both locations since the stores were opened.

In March, Sothebys Wine brought in more than $29 million during a two-day Hong Kong auction. In October, a bottle of Domaine de la Romane-Conti 1945 sold for $558,000 in New Yorkthe highest price ever paid for a bottle of wine at auction. A second bottle of the same wine sold immediately afterward for $496,000.

On the same day, a bottle ofthe Macallan 1926 60 Year Old Sir Peter Blake Labelsold for $843,200, making it the priciest spirit ever auctionedin North America, as well as the highest price ever paid for a single spirit in Sothebys history. Aged in sherry casks for sixty years and with only forty bottles ever created, the whisky was one of the oldest, rarest vintages every produced by the Scottish distillery.

Last month seven methuselahs of Domaine de la Romane-Conti 2005 were sold together in Hong Kong for $1.5 million, a record high for a single transaction for the auction houses wine retail business worldwide.

2018 has been a record-setting year for Sotheby's Wine in all areas of our business, and surpassing $100 million is a significant milestone in the growth of our wine and spirits business, commented Jamie Ritchie, Worldwide Head of Sotheby's Wine. We continue to achieve record prices at both auction and retail, as well as present the most important single-cellar collections, tailoring each one to suit the wines in the collection. In addition, we have continued to innovate with the launch of our Wine Advisory Services business and Instant Cellars, and make important developments in the sales of spirits through our new online platform. We are looking forward to 2019, with plans to introduce new features and services, as well as announcing a series of outstanding single owner auctions.

In addition to record-breakingsales, Sothebys Wine also unveiled bespoke services geared toward budding wine connoisseurs. This summer, Sothebys Wine launchedWine Advisory Servicesin New York. A team of knowledgeable consultants help clients to determine their preferences and build their ideal collections. Following the success of the New York service, Sothebys plans to launch a Hong Kong branch in 2019.

The auction house also launchedInstant Cellarsin New York and Hong Kong this yeara one-click service in select cities that delivers a curated wine collection overnight. A handful of cellar collections are currently available, selected by the companys global wine specialists and filtered by price, color, region, and quantity to complement various collection goals.

To learn more, visit the Sotheby's Wine website here.

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