Sotheby’s 2010 global wine auction fetches $88 million

Sotheby's 2010 wine auctions brought an overall global total of $88 million, over double that of last year's figure. The company reported on Monday.

This phenomenal sale was mainly led by the Hong Kong auctions where every bottle in every sale has found a buyer.

This has been a landmark year for Sotheby's Wine. We achieved our largest ever total and now hold the record for a standard sized bottle, a bottle in any format and for a wine lot sold at auction, said Serena Sutcliffe MW, Worldwide Head of Wine at Sotheby's in a statement.

The Lafite Ex Cellars sale in October set a new record for a single standard sized bottle at auction when a bottle of Château Lafite 1869 sold for $232,692.

In addition to the high total, 2010 has been marked by an exceptionally strong sell through rate. All the 23 wine auctions held throughout the year exceeded the high estimates.

Globally, 99 percent of wine lots found buyers, and in Asia, every sale Sotheby's has held Hong Kong since January 2009 has been 100 percent sold.

The Asian sales were led by the two auctions of wine direct from the Château - Cheval Blanc, Yquem and Dom Pérignon which fetched $2.6 million in May and Lafite Ex Cellars which brought $8.3 million in October.