Burgundy 2012 wines are being priced 10 percent to 30 percent or more above comparable 2011 vintages because of lower yields after spring frosts and summer hailstorms, according to winemakers and U.K. importers.
Romanee-Conti, the world’s most desirable Burgundy, is dominating the top end of the market for fine wines, generating the highest prices at U.S. and U.K. auctions after a case fetched a record HK$3.675 million ($474,000) in Hong Kong last month.
Top Burgundies including Romanee- Conti, Cros Parantoux and La Tache led bidding at a Zachys wine auction in New York this month amid demand for rare vintages from collectors and investors in the U.S. and Hong Kong.
A case of La Tache 1990 Domaine de la Romanee Conti Burgundy goes on sale at a Sotheby’s London auction next month along with historic Bordeaux wines, including a single bottle of Chateau Cheval Blanc 1947 from Saint-Emilion.
Seven cases of Chateau Lafite- Rothschild 1982 and five of Chateau Cheval Blanc from the same year are among top Bordeaux wines going on sale with Burgundies including Romanee-Conti and Meursault at Sotheby’s in New York.
A collection of Chateau Lafite Rothschild valued at 850,000 pounds ($1.3 million) and a “super-lot” of Romanee-Conti estimated at as much as $800,000 are among the December highlights as another record year of international wine auctions draws to a close.
Strong demand for bottles of Domaine de la Romanee-Conti and magnums of Chateau Lafite at Hong Kong’s weekend auctions showed that concerns about economic growth slowing haven’t deterred Chinese buyers of fine wines.
Three bottles of Romanee-Conti 2008 Domaine de la Romanee-Conti Burgundy sold for 21,150 pounds ($32,170) at a Sotheby’s auction in London last week, equivalent to 84,600 pounds per 12-bottle case and regaining the higher end of its price band over the past two years.