Rare magnums of Dom Pérignon, Salon, and Krug sparked intense bidding at Sotheby’s Paris auction, “The Ultimate Champagnes,” featuring top-tier selections from the collection of renowned collector Pierre Chen. Simultaneously, another notable auction was held by Baghera/wines at Château Ducru-Beaucaillou in Bordeaux.
Sotheby’s auction on June 20 showcased rare vintages from prestigious Champagne houses such as Krug, Dom Pérignon, Salon, and Louis Roederer (Cristal), among others. The event, part of the “Epicurean’s Atlas” series, featured 25,000 bottles from Chen’s extensive collection. The sale reached a total of €1.35m (US$1.45m), with over 50% of lots surpassing their pre-sale high estimates. According to Sotheby’s, many lots exceeded expectations by a significant margin.
This auction is believed to be Sotheby’s first Champagne-exclusive event. George Lacey, head of Sotheby’s Wine, Asia, remarked, “The strong bidding from Southeast Asia and Continental Europe, with over half the lots exceeding their high estimates, underscores the exceptional quality of Pierre Chen’s collection and the growing global appreciation for fine Champagne.”
Top 10 Lots from Sotheby’s ‘Ultimate Champagnes’ Auction:
- Salon Le Mesnil, Blanc de Blancs 1990 | 3 Magnums | Sold for €25,000 ($26,850) | Estimate: €9,500-13,000
- Dom Pérignon, P3 1966 | 1 Magnum | Sold for €23,750 | Estimate: €7,500-9,500
- Salon Le Mesnil, Blanc de Blancs 1988 | 3 Magnums | Sold for €22,500 | Estimate: €10,000-13,000
- Krug Collection 1985 | 6 Magnums | Sold for €21,250 | Estimate: €11,000-14,000
- Salon Le Mesnil, Blanc de Blancs 1983 | 3 Magnums | Sold for €21,250 | Estimate: €9,000-12,000
- Dom Pérignon, P3 1982 | 6 bottles | Sold for €20,000 | Estimate: €15,000-20,000
- Dom Pérignon Rosé, P3 1988 | 3 Magnums | Sold for €18,750 | Estimate: €14,000-18,000
- Salon Le Mesnil, Blanc de Blancs 1996 | 12 bottles | Sold for €17,500 | Estimate: €12,000-15,000
- Dom Pérignon Rosé, P3 1988 | 3 Magnums | Sold for €17,500 | Estimate: €14,000-18,000
- Krug, Clos d’Ambonnay 1996 | 6 bottles | Sold for €16,250 | Estimate: €13,000-18,000
Other notable sales included a magnum of Cristal 1961, one of the oldest wines in the auction, which fetched €2,250 (high estimate: €1,800). Additionally, twelve bottles of Taittinger’s Comtes de Champagne, Blanc de Blancs from the highly praised 1996 vintage, sold for €6,875 (high estimate: €4,500).
Following this event, Sotheby’s is set to auction Pierre Chen’s Burgundy wines in Beaune on July 2.
A Changing Champagne Market
Despite a general decline in fine wine prices over the past 12 to 18 months, the Champagne market has shown resilience. Liv-ex, a global wine market tracker, reported a 14% decline in its Champagne 50 index in the 12 months leading up to May 31, 2024. However, this index has risen by nearly 47% over the past five years, reflecting Champagne’s increasing prominence.
Sotheby’s highlighted that from 2022 to 2023, Champagne sales at its auctions tripled in value and volume, with sales jumping from US$1.9m to US$5.3m. Notably, Krug entered Sotheby’s top 10 producers by value for the first time, ranking sixth with US$2m in sales.
Despite reports of a slowdown in the secondary market for fine wine, Sotheby’s achieved record auction sales of $159m in 2023.
Château Ducru-Beaucaillou Auction
Meanwhile, Baghera/wines hosted a successful auction from the cellars of Château Ducru-Beaucaillou in Bordeaux on June 23. The auction garnered €1.85m in total sales, with 476 out of 603 lots sold. A standout was a single magnum of Ducru-Beaucaillou 1945, which sold for €21,960, far exceeding its €8,000 high estimate.
The most expensive lot was a 225-litre barrel of Ducru-Beaucaillou 2022, which fetched €54,900 (estimate: €45,000-90,000).
Virginie Maison and Julie Carpentier of Baghera/wines expressed their gratitude to Bruno-Eugène Borie, owner of Ducru-Beaucaillou, noting that the auction celebrated 300 years of this prestigious estate.
