December 19, 2012
Wine Auctions Plunge 19% as Chinese Bordeaux Demand Cools
Wine sales by the biggest auction houses plunged 19 percent in 2012 as economic and political uncertainty in China cooled demand for trophy-name Bordeaux. Sales by Acker Merrall & Condit, Christie's International, Sotheby's, Zachys and Hart Davis Hart Wine Co., excluding Internet business, raised $322 million with fees this year, down from the record $397 million achieved at equivalent events in 2011, according to data compiled by Bloomberg News.
Wine sales by the biggest auction houses plunged 19 percent in 2012 as economic and political uncertainty in China cooled demand for trophy-name Bordeaux. Sales by Acker Merrall & Condit, Christie's International, Sotheby's, Zachys and Hart Davis Hart Wine Co., excluding Internet business, raised $322 million with fees this year, down from the record $397 million achieved at equivalent events in 2011, according to data compiled by Bloomberg News.