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Thursday, 25 December 2014

Burgundy overtakes Bordeaux at auction!

Sales of Burgundy have overtaken those of Bordeaux for the first time in American auction house Acker Merrall & Condit’s history.

Burgundy sales accounted for 41% of the house’s global sales in 2014, compared to Bordeaux’s 32%. Domaine de la Romanée-Conti remains Acker’s most valuable brand at auction, accounting for 15% of its sales in 2014.

“The demand for Burgundy isn’t going down – Bordeaux might have to get used to the taste of the silver medal as opposed to the silver spoon,” quipped Acker’s chief executive Kapon.

Acker enjoyed a strong year of sales in 2014, exceeding its nearest competitor by over 40% in revenues from auctions held in New York and Hong Kong. The house ended 2014 with an estimated US$62 million in sales worldwide.

The five Bordeaux first growths were all million dollar brands for Acker
The five Bordeaux first growths were all million dollar brands for Acker.

“It’s a great feeling of pride and accomplishment to look back at 2014 and still be standing where we are, number one in New York and number one in Hong Kong,” said Kapon.

“These are arguably the two most competitive cities in the world and it just goes to show that while Acker is often imitated, we can never be duplicated,” he added.

Nine wine brands netted over US$1m in sales in 2014: Domaine de la Romanée-Conti, Château Lafite, Petrus, Mouton Rothschild, Château Latour, Domaine Leflaive, Domaine Armand Rousseau, Château Margaux and Haut Brion.

Burgundy’s Comte de Vogüé was just shy of the million dollar mark. Also putting in strong performances for the house this year were Dujac, Screaming Eagle, Dom Pérignon, Roumier, Henri Jayer, Leroy, Harlan Estate, Cheval Blanc, Krug and Liger-Belair.

California accounted for 10% of Acker’s sales, followed by Champagne, Italy, Rhône, Spain and Germany.

US bidders made a comeback in 2014, accounting for 13% of Acker’s global sales, though China remained out in front with a 48% share of global sales.

“Thanks to the internet, the world is now a global one, and as we continue towards a world without borders, more people will want the world’s finest wines,” said Kapon.

“It is astounding how a handful of countries account for almost all of the market,” he added.

Source: www.thedrinksbusiness.com