Watching night 2 of Acker as we near the tail end of maybe the most extraordinary auction season I have witnessed in 25 years. The Bordeaux surge in the early 2010s was remarkable enough, but I am just in awe at what is happening now that supplies are really starting to dry up as demand continues to surge. And I wonder if this will prompt more selling in the fall to keep up, or if it will put further buying pressure on retail and push 2019 burgundy prices even higher than they already have become DURING the pre-arrival sales process.
1 case of 1990 Montrose hammering at $10,000 - or $12,400 with BP.
Last night, 3 magnums of 2009 Roumier Chambolle-Musigny Les Amoureuses at $35,000.
And so many other examples with all the auction houses of late.
Even after all I have witnessed in a quarter century as the current wine markets developed, at this point it is almost numbing to watch. The scale of it has just gotten so far outside of everything we all thought was normal. At several points since the mid-90s, the surges were easy to explain because it was new markets, new customers, economic booms etc. But this is beyond that. And I do not see it ending anytime soon.
It is what it is, but wow. I am very glad I did a little buying this spring after selling hard into the surge last fall.
I have never had it myself. It was one of those things that was already expensive when I started drinking Bordeaux and the few times I have been tempted it was always just a bit more than I wanted to pay.
The good news is that I did get the 1950 and 1959 Magdelaine at a favorable number. We can now add those to the tasting this fall.
At least the Montrose is a great vintage. Heritage Auctions at the end of the month has 2004 Leroy Bourgogne at estimates over $1,000.00 per bottle. Are you kidding me? Declassified juice from a problematic year for over a grand+. That is pure madness. I do think we have to be approaching jump the shark territory. But everytime I think this, the prices just go higher.
Its a bit different, but at least some what similar to how people keep saying the house bubble will pop.
I can actually see more arguments for the latter - people need a place to live… but wines arent commodities. It’s inevitable that older wines will continue to appreciate
I’ve been following the 90 Montrose for a while now, it regularly goes in the mid to low 500s (before buyers premium) in K&L and WineBid auctions, so 1-3 bottle lots. At an HDH auction a couple months ago I saw a case go for over $1,000 a bottle after a bidding war erupted between two people. So I guess there are some people who will pay a premium to get an entire case.
Smart money, dumb money and wine investment fund monies. In my eyes, it is the investing in wine as an asset people that are to blame for the current craziness we are now witnessing in the fine wine markets.
I glanced in at the first day of the auction and the prices for over-the-hill champagnes from the 1970s were nuts, like $1000 a bottle or more for individual bottles that from the descriptions seemed kind of beat up.
I just took a skim on free level WS for Leroy Bourgogne to follow up on this out of curiosity (not purchasing interest) is it really running $200/btl for regular vintages?! I don’t have WS Pro
I feel lucky to have had 90 Montrose a lot when I was younger - it was popular on BWE - even though I liked 89 better.
Yes sir, Leroy Bourgogne is $200 a pop. This is simply people buying a label. I can get fantastic 1er Guyon juice from Vosne for less. I hope people enjoy that drink. Hudelot Noellat Bourgogne current offering is still somewhat less than $40 a bottle. Would much rather go that route.