Burgundy Drives Global Demand For Fine Wine

Posted: Feb 25, 2018



Among the top-notch wines up for auction at Sotheby’s this weekend are two bottles of Burgundy’s Romanée-Conti 1985, rare wines from a legendary vintage “not only for Burgundy but for Domaine de la Romanée-Conti,” says Connor Kriegel, Sotheby’s New York head of auction sales for wine.

“In the great historic vintages of Burgundy, this is one of these holy grail wines,” Kriegel says.

Better yet for wine lovers, 1985 Burgundy is hitting its peak, meaning it’s time to drink wine Sotheby’s Serena Sutcliffe, a Master of Wine, describes these bottles in the auction catalogue as having “cherry concentration and massive opulence and tannin.” The price for the pair? An estimated $17,000 to $26,000.

While anything can happen at auction, Sotheby’s has reason to be confident these Romanée-Conti bottles will find a buyer in the estimated price range when they are sold as Lot 41 on Saturday. The auction of “finest and rarest” wines, in 550 lots, will begin at 10 a.m. on Saturday in New York, and is expected to realize between $1.2 million and $1.7 million in all.

The confidence stems from global demand that’s “hitting on all cylinders” from South America, to North America and Asia, demand that’s driven in large part because of a shift to Burgundy as the most desired wine in the world, Kriegel says.

Unlike the great wines of Bordeaux, which also will be sold at Sotheby’s this weekend, Burgundy is produced in small quantities—450 cases annually for Romanée-Conti compared with an average 17,000 cases annually for Cha?teau Lafite Rothschild—and for anyone who has tasted a rare, high-end Burgundy, “there’s a sense that they are such powerful, ethereal and amazing” wines, afficiandos are willing to reach to get them.

“There’s such little of it made, such little on the market, that when esteemed bottles with provenance, are on the market, we’re seeing really competitive bidding,” Kriegel says. “That’s driving the global wine business as a whole.”

The pair of Romanée-Conti bottles originated with a California consignor, who is selling at least 30 bottles of Domaine de la Romanée-Conti, or DRC, in all. The offerings include eight vintages of La Ta?che, several from the historic 1985, 1990, 1993 and 1996 vintages. Like Romanée-Conti, La Ta?che is a monopole vineyard, meaning its grapes are harvested by only one producer—DRC in this case.

By Abby Schultz
February 22, 2018
Source and complete article at: Barrons.com
 
Image Source: Vins-Bourgogne.fr





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