U.S., Hong Kong and online sales soared last year; red Burgundy continues to spur heated bidding
The growing U.S. economy and a surging stock market that seems to be setting new highs every week are making wine collectors bullish. In 2017, worldwide wine-auction totals (culled from sales conducted in the U.S., U.K. and Hong Kong markets, plus online sales) rose a strong 9.6 percent to $371.1 million, up from $338.7 million in 2016. (Global wine-auction sales peaked at $478 million in 2011.) The last quarter of 2017 matched the solid performances of the first half and third quarter.
Overall, the 2017 auction season was characterized by a spate of single-owner consignments from celebrated collectors and winery-direct offerings that sent prices soaring over estimates because of their pristine provenance. A robust stock market (the Dow Jones Industrial Average rose 25 percent in 2017) likely also contributed to bidder confidence.
Continue reading: Wine Spectator