WINE SALES AT CHRISTIE’S AND SOTHEBY’S GROW BY 22% AND 32% IN 2007, AND THE AUCTIONED WINE PRICES ARE UP BY 39% ACCORDING TO LONDON’S LIVE-EX 1OO INDEX. ONLY PETROLEUM BEAT OUT WINE FOR GROWTH…

According to the web site www.bloomberg.com, wine bids at the two most famous international auction houses increased notably in 2007: Christie’s registered a growth of 22%, equal to 71.65 million dollars, divided between sales in Europe (44.43 million dollars) and the United States (27.22 million dollars); Sotheby’s had a consistent increase of 32%, with sales reaching 49.29 million.
This increase seems to follow a returned interest in Bordeaux and Burgundy wines. The top earning lot of the year sold by Sotheby's was a jeroboam of 1945 Chateau Mouton Rothschild (equivalent in volume to six 75-centiliter bottles), which sold for $310,700 in a New York auction. The most expensive case sold at Christie's was a 1961 Hermitage, La Chapelle that sold in London in September for 123,750 pounds ($245,330).
This trend in investment wines has also been confirmed by the London International Vintage Exchange of London (www.liv-ex.com), the index of choice for fine wine collectors. According to the latest estimates from Live-Ex 100 the prices of investment wines have increased by 39% in 2007 (with only petroleum reaping a higher increase in the past year). This growth seems to be caused by a global increase in demand, largely by young Russian and Chinese entrepreneurs.
But there are many other regions as well that have marked decided increases in investments. Wine continues to grow as an important luxury item and status symbol and the best Bordeaux and Burgundy wines represent the most secure investment world wide.