Even though the market for collectible wines is slumping, Sotheby’s recently announced it will sell off 9,000 bottles in two auctions in March and April. The sale is titled “Classic Cellar from a Great American Collector," and some believe it is from the storied McClendon collection. An article in the San Francisco Chronicle quotes experts saying that lot prices for wines at auction have fallen as much as 30% since the summer. Some bottles, like 1986 Leoville-Las-Cases, averaged around $360 a bottle in the past two years but are now trading closer to $200. (For those interested in current wine prices, Steve Bachmann of Vinfolio has an informative blog analyzing auctions, valuations and advice for sellers and buyers. Link below.).
The McClendon collection may fare better than others. It features more than 1,500 bottles of Domaine de la Romanee Conti–a favorite Chateaux of the nouveaux that has held up relatively well in price. The collection also has plenty of Mouton Rothschild, Margaux and Lafite, also blue-chip names.
What is more, Sotheby’s is hedging its bets by splitting the auction in two, with half being offered in New York and half in Hong Kong. While U.S. collectors are pulling back, Hong Kong collectors have proven more resilient, with recent auctions there posting healthy results. (Sotheby’s is shipping 4,000 or more of the bottles in temperature-controlled containers to Hong Kong, something it has never done before).
Mr. McClendon may be the biggest wine seller so far in the financial crisis, but he most certainly won’t be the last. With many collectors running light on cash, we suspect more and more will turn to their wine cellars in search of real liquidity.
http://www.vinfolio.com/thewinecollector
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