The Macallan 1926, featuring the Valerio Adami label, set a new auction record for any bottle of whisky or wine ever sold, achieving $2.7 million

NEW YORK, April 2024 — Today, Sotheby’s Wine is pleased to share our 2023 Wine & Spirits Market Report, offering a comprehensive review and analysis of our global auction and retail sales. The report features what we believe are the most interesting developments in our Wine & Spirits business, illustrating changes in sales categories, insight into where demand is coming from, top producers, and other captivating trends

Last year, Sotheby’s annual worldwide auction sales of Wine & Spirits achieved a record total of $159 million, surpassing last year’s high of $158 million.

Notably, the number of auctions held worldwide increased for the fourth consecutive year, doubling pre-pandemic levels with a +17% increase of lots offered year-over-year.

Last year was also a critical year for new talent across both auction and retail with two important additions to the global team: Nick Pegna was appointed Global Head of Wine & Spirits and Vanessa Conlin was appointed Global Head of Wine Retail, both bringing an expanded number of roles across the global team.

KEY TAKEAWAYS:

• Auction sales reached a new high for the third year in a row, achieving $159 million
• In November, Sotheby’s Wine & Spirits achieved the Highest Grossing Week of Wine & Spirits sales ever staged by any auction house, realizing a combined total of $50 million across three regions within the same week
• The Macallan 1926, featuring the Valerio Adami label, set a new auction record for any bottle of whisky or wine ever sold, achieving $2.7 million
• Sotheby’s remains the undisputed global leader in Single-Owner auctions, surpassing $100 million in Single-Owner sales for the first time
• The first tranche of the world’s most important and valuable wine collection ever to come to market was offered with The Epicurean’s Atlas: The Encyclopaedic Cellar in Hong Kong
• Sotheby’s remains the market leader in Asia for wine and spirits auctions, and held inaugural auctions in Shanghai and Singapore
• Charity auctions raised nearly $40 million for philanthropic causes, including for the 163rd Hospices de Beaune auction and second Distillers One of One auction
• U.S. buyers were the strongest bidders by country in wine and spirits auctions, while Asia remained the leading market overall
• 19 Scotch whisky distillery records were set in one auction alone, with Distillers One of One
• In response to a global demand for fine wine available at retail, Sotheby’s opened a wine boutique in Zurich

About Sotheby’s

Established in 1744, Sotheby’s is the world’s premier destination for art and luxury. Sotheby’s promotes access to and ownership of exceptional art and luxury objects through auctions and buy-now channels including private sales, e-commerce and retail. Our trusted global marketplace is supported by an industry-leading technology platform and a network of specialists spanning 40 countries and 70 categories which include Contemporary Art, Modern and Impressionist Art, Old Masters, Chinese Works of Art, Jewelry, Watches, Wine and Spirits, and Design, as well as collectible cars and real estate. Sotheby’s believes in the transformative power of art and culture and is committed to making our industries more inclusive, sustainable and collaborative.

About Sotheby’s Wine

Sotheby’s Wine’s annual worldwide auction sales of wine and spirits achieved a record total of $159 million in 2023, surpassing the previous record total of $158 million in 2022. Sotheby’s currently holds the world records for any whisky collection ever sold at auction, any private wine collection ever sold at auction, the most valuable bottle of wine ever sold at auction and the most valuable bottle of spirits ever sold at auction, in addition to the highest ever total for a charity wine auction.

In addition to auction, Sotheby’s Wine launched a retail business in 2010. With a retail store located in Sotheby’s New York headquarters and e-commerce at www.sothebyswine.com, Sotheby’s Wine offers a carefully curated selection of wines from the world’s most prestigious producers and important regions. Expertly assembled by our experienced specialists, the selection is built upon lasting relationships with winemakers from across the globe, with bottles that are ready for immediate consumption, in addition to investment-worthy wines from highly sought-after vintages. A second retail location opened in Sotheby’s Hong Kong galleries in 2014.

 *Estimates do not include buyer’s premium. Prices achieved include the hammer price plus buyer’s premium and are net of any fees paid to the purchaser where the purchaser provided an irrevocable bid.

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