Art Market Italy: The rare wine market
Image courtesy of Pandolfini Auction House, Florence.
On March 20, Florence-based auction house Pandolfini is holding its first auction of the year dedicated to rare wines (2:30 pm, Italian time). Auction Central News has interviewed Francesco Tanzi, director of the department, regarding the auction.
Q: Which are the most distinguished bottles that you are offering? What is their estimate, and why are they important?
A: We are going to open the auction with a selection of Italian wines. Among these, one of the most exquisite ones certainly is a magnum bottle of Sassicaia Tenuta San Guido from 1985, carrying an estimate of €1,500. It is very sought-after both because of the year, and because of the format. Thanks to the excellent preservation status of the bottle, the sale of this lot can reach very good results, or even double the estimate.
Q: And among the French wines?
A: The catalog is mostly composed of very fine French wines. Among these, I would point out lot 184, a selection of three bottles of Burgundy Domaine Leroy that includes a Musigny Grand Cru from 1994 (estimate €1,200-1,300); and lot 204, a Montrachet Grand Cru Domaine de la Romanée-Conti 1990 (estimate €1,000-1,200). Furthermore there is a selection of Bordeaux from the excellent year 1982, all in magnum format (lots 229, 230, 232, 234, 235, 236). Estimates go from €500 to €1,500, but there are high chances that they will reach considerable results. Another very interesting lot is an original wood box of Château Lafite Rothschild 1986 (lot 219), which starts from a very competitive price: €5,500-6,500.
Q: How much is the total estimate of the auction and the total number of lots?
A: There are 270 lots on offer. The low estimate is around €240,000-250,000. Generally the turnover achieves an increase of around 80 percent.
Q: Which bottles represent a good investment?
A: We select our offer very carefully. All wines on sale are very valuable and sought-after on the international market, therefore all these bottles represent a good investment.
Q: Which bottles do reach the highest prices on the market?
A: Among the wines from Tuscany, the most requested certainly are the Supertuscans, like Ornellaia, Masseto and Sassicaia. Among the wines from Piedmont, Barolo and Amarone. The French market is dominated by the Burgundy and Bordeaux, in particular by the great Châteaux like Lafite-Rothschild, Mouton Rothschild, Haut Brion, Latour, Margaux, and Romanée Conti.
Q: Who are the buyers? Are they Italian or foreigners?
A: Thanks to the Internet, in the last years there has been an increase of foreign buyers. For example we have many clients from Hong Kong, Germany, U.S., and Brazil. But there are also Italian restaurants and brokers.
Q: How did the market of rare wines develop in the last years?
A: For the last four or five years, the major buyers have been coming from China. Initially they bought only the most well-known French labels for prices that were often much higher than the real market value at that moment. In the last two years we have noticed an increased consciousness that has brought the same clients to buy in a more focused and informed way.
Q: Which is Pandolfini’s history in this segment?
A: We started holding rare wines auctions in 1999. Until 2003 we collaborated with Gambero Rosso. During these years we organized annual auctions of fine and rare wines at the Hilton Hotel and the Città del Gusto in Rome. We have invested in a sector that was still quite neglected. The gamble has proved itself to be a winner.
Q: How many sales do you hold a year?
A: Two sales, one in October together with Espresso magazine and Pitti Immagine, and one in March. For this sale we usually organize a sampling of important wines from Italian houses with a buffet offered by Enoteca Pinchiorri. On March 20, on the occasion of Ornellaia’s 25th anniversary, during the wine sampling we will present for the first time the exclusive Ornellaia 2010 bottle in imperial format. Marquise Ferdinando Frescobaldi will be present. The event is by invitation only.
Q: And which auction records have you reported?
A: During the last October auction, in 2012, we sold a bottle of Romanée-Conti Grand Cru Domaine de la Romanée-Conti 1996 for €9,000. On the same occasione we sold four bottles of Echézeaux Grand Cru H. Jayer 1988 for €6,600 and, for the same amount, 12 bottles of Château Mouton Rothschild 1986.
Q: Which is the role of Italy on the international market of rare wines?
A: Until some time ago, Italy was in a secondary position compared to the most important market places such as London, Paris, and New York, both for the kind of lots offered, and for the average prices at auction. This gap is rapidly being reduced.
ADDITIONAL IMAGE OF NOTE
Image courtesy of Pandolfini Auction House, Florence.
Image courtesy of Pandolfini Auction House, Florence.
Image courtesy of Pandolfini Auction House, Florence.
Image courtesy of Pandolfini Auction House, Florence.
