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Hospice de Beaune: 73% increase in the price of red wines

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The rise in the 2012 vintage wine auction of the Hospices de Beaune has been substantial, especially the reds, rising by an incredible 73%

Hospices de BeauneWith a good harvest and a third less barrels, no-one expected prices to fall.   Instead, Louis-Fabrice Latour, owner of ‘syndicat des négociants de Bourgogne’ hoped on Sunday morning for a ‘small increase’ in price.  The sale of wine on Sunday 18th November, did increase, but not by a small amount.

The result was a 58% increase in red and white wines as compared to the 2011 auction.  Burgundy proved that it is a prosperous region and performs well.  As the Hospices de Beaunes is usually an indicator of the trend from a harvest, it is expected that sales will see a flurry of activity, setting records before January as quantities are low, especially in the Côte de Beaune.

ASIA RESPRESENTS 12% OF THE PURCHASE VALUE

The whites did not perform as well with an increase of 18%, although this is likely to be explained by both the reputation of Hospices which is predominantley driven by the red, and also by the presence of Asian buyers who are now more interested in the red than the white wines.  The Chinese buyers, including a delegation from China Air, sitting in the front row of the sale, are beginning to have an impact on Beaune.  As reported by Christie’s, who orchestrate the auction announced that Asia as a whole represents 12% of the overall purchase price at the auction.

However, it was not a Chinese buyer who placed the highest bid at the sale of 270,000euros, but Igor Iankovskyi from the Ukraine.  This value comes second to a 500 litres barrel of Beaune Nicolas Rolin which sold for 400,000euros in 2010.

Christie’s has multiplied the international impact of the sale as prior to their arrival, the iconic barrels of Hospices de Beaune would scrap auction prices of up to 50,000euros.

Source: Florence Kennel
LARVF.com
19th November 

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