Christie’s Fine and Rare Wines (conducted with the retailer NY Wines) | Los Angeles – Saturday, November 1, 2008 | Sale no: 2103 – Top Ten | [All sold prices include buyer’s premium]

Charles Curtis MW, Head of North American Wine Sales, says:

The tenor of the market for Christie’s recent Los Angeles sales can best be described as “wait and see”, with results that were selective. Although significant interest in rare and unusual wine continued unabated, demand was mixed in difficult trading conditions.  The sales demonstrate that the market remains liquid, with many clients recognizing the buying opportunities such conditions represent.  Like any market, the international fine wine market fluctuates, and we are currently seeing a conversation between buyer and seller about the levels at which the market will healthily trade at the present time – as market leaders, we are actively reviewing our own pricing procedures and are advising both our buying and selling clients on the market situation as it continues to develop. Our outlook for the future is cautiously optimistic.

California wine was among the most sought after in both sales (see Top 10).  In Thursday’s evening sale a twenty-four vintage vertical of Dunn Howell Mountain and a case of Heitz Martha’s Vineyard 1974 that both sold for $18,000.  In Saturday’s sale, examples abounded, with six bottles of Screaming Eagle 1994 selling for $14,400 and six bottles of the 1997 selling for $21,600.  Fine collections of Harlan Estate, Bryant Family Vineyard, Araujo and Colgin also sold vigorously.

The château-direct offerings in the evening sale were also successful, including a case of 1989 La Mission Haut-Brion that sold for $13,200 – an increase of more than 15% on the previous sale last week.  The Jaboulet family had also consigned a large selection of their famed Hermitage “La Chapelle”.  The six bottle case of 1961 sold for $60,000, and other wines such as the 1990 and 1991 also found buyers, while some other seemingly attractive vintages did not.

Red Burgundy was the other success story of both sales.  In the evening sale, a hotly-contested selection of Burgundies from Henri Jayer did quite well.  Stand out lots included eight bottles of the 1982 Richebourg that sold for $15,600 and six bottles of the ’83 Richebourg that sold for $12,000.  Burgundy continued to prove resilient in Saturday’s sale as well, with a range of wines from the region selling well, and some, such as 5 bottles of 1985 Griotte-Chambertin Vieilles Vignes from Ponsot selling above the high estimate.

Classic claret in recent vintages found buyers with difficulty.  Certainly, there were exceptions to this trend: eight bottles of 1982 Lafite attained $16,800 on Saturday, and in the same sale, eight bottles of 1961 Latour attained the same price, as did a case of 1959 La Mission Haut-Brion with impeccable provenance.

This post is tagged Christie's, Haut-Brion, La Tache, Lafite-Rothschild, latour, Mouton-Rothschil, Petrus, Screaming Eagle