Wine Spectators take on recent wine auctions
From todays front page of WineSpectator.com
"Near 80 percent of realized prices fall below averages at Aulden Cellars-Sotheby's in New York"
The most relevant quote from Jamie Ritchie, head of Sotheby’s North American wine department, noted that the price of high-end collectible wine had gone through a period of unprecedented increases. "Not surprisingly, we now see a period of price adjustments, as reflected in the results of tonight’s sale." He added that today’s prices are still significantly higher than they were three years ago.
Ritchie went on to say that because the current market has seen a drop in demand, Sotheby’s will negotiate future estimates and reserves to reflect the present marketplace. "Collectors are clearly intent on buying wine at more reasonable prices, and we aim to recognize those tendencies. It will take three to four months to go through the necessary price adjustments. Consignors who want to sell in this market will have to accept a new reality."
And a buyer’s market may ensue in the process.
Ritchie went on to say that because the current market has seen a drop in demand, Sotheby’s will negotiate future estimates and reserves to reflect the present marketplace. "Collectors are clearly intent on buying wine at more reasonable prices, and we aim to recognize those tendencies. It will take three to four months to go through the necessary price adjustments. Consignors who want to sell in this market will have to accept a new reality."
And a buyer’s market may ensue in the process.
