What could have influenced the buying trends you highlighted above?
Since Covid, we have seen a massive increase in our clients’ knowledge of wine, especially in Asia where restrictions were among the toughest in the world. Appreciation of fine wine is very much linked to enriching knowledge. [During the pandemic], lockdowns and restrictions gave people more time to explore and read about wine and build their cellar by buying at auctions. Burgundy — and to a lesser degree, Champagne — has benefitted from all this as understanding those regions require a lot of education.
What were some of Bonhams’ highest bid wines and spirits by Asian buyers in 2023?
For wine, Burgundy’s Domaine de la Romanee-Conti continued to captivate Asian buyers last year: The top three lots were all Romanee-Conti that achieved some exceptional prices. The top lot, a jeroboam (three-litre bottle) of Romanee-Conti La Tache 1971, was sold for US$106,000 (S$143,000) — more than twice its estimate.
For whisky, highlights were split between Scotch and Japanese whisky, including Highland Park 54 Year Old and Karuizawa.
Why do Burgundy Grand Cru wines continue to command such high prices?
High prices are a consequence of both demand and rarity. Burgundy, by nature of its construction, is rare. For Romanee-Conti, they produce only 6,000 bottles a year, so the rarity element plays at its finest. You can learn more about Burgundy’s very varied terroir which also makes it almost impossible to taste all its wines, thus providing an infinite tasting journey. You can learn more
Burgundy aside, what other wines are performing better than expected in recent years?
Chianti Classico wines are becoming popular. We also see an increasing demand for wines from the Loire Valley and Chablis. These regions have a wine history of more than 2,000 years. In recent times, they have benefitted from three developments: Advances in modern shipping such as efficient air freight and temperature control technology; higher level of investment in wineries that led to more precise winemaking; and lastly — rather surprisingly to many — the impact of global warming especially in the case of Loire Valley and Chablis.
An auction house is a barometer of the market; we cannot create nor control it. If a category or a brand has a lack of appreciation, an auction house is not able to modify that. That said, we work hard with our clients to advise them and share our expertise.
