FEATURES ARCHIVE

2009: A Steady and Measured Recovery 
The year 2009 ended on a high after surviving the initial and abrupt price correction that took place in Q4 2008. Auction estimates were quickly recalibrated for the Spring sales and these revised estimates attracted considerable interest from clients old and new, with bidders of all levels flocking to the sale rooms in search of bargains. Interest remained high, and by the start of the autumn season, not only had hammer prices started to creep up, but we saw a greater willingness from consignors to offer high quality wines. The legendary wines offered during this season spurred buyers, particularly Asian buyers, to drive hammer prices even higher and provided a strong finish to the year. Sale totals for the year once again surpassed the $50 million mark, reconfirming Christie’s leadership in the global market for fine and rare wines. This success is a testament to our ability to source the finest wines available on the market, and also to make key adjustments in light of the year’s ongoing economic challenges.

Trends to look for in 2010
During the fall season of 2009, we began selecting wines for the Spring 2010 season. I am pleased to say that we will have some very interesting wines on offer during our initial sales. Strong results at the end of Q4 2009 will convince even more consignors to come forward, and the result will be a great variety and depth of wine on offer, so supply is strong. Claret remains the backbone of salerooms industry-wide, but of particular note is the ever-growing importance of Burgundy in this market.  In the months ahead, we will also be bringing to market very interesting consignments of champagne and Italian wine, among many other categories. 

Although the supply of fine wine to the market is steady, the provenance and condition of the wines on offer is more important than ever before.  Wine lovers are naturally interested in ensuring that they have purchased the best available examples of the wines they love.  One important step in this quest is to purchase wines from trusted sources.

As supply has been waxing with the increasingly optimistic economic indicators, demand has been strong as well, and we have seen spirited buying from both Asia and the UK trade. Asian buyers have been active due to their increasing cultural appreciation of fine wine as well as the general strength of their economy.  These trends have been strongly accentuated by the establishment of Hong Kong as a free port for wine. The combination of these factors and the strength of the other traditional bases of strength in the Asian fine wine market, Singapore and Taiwan, mean that demand from Asia clients will remain strong. 

Another trend throughout the course of 2009 was the concurrent proliferation of Hong Kong sales. To judge by what has sold and by the prices attained this season, the Hong Kong market is now beginning to mature. The base of wines that will do well is growing, but increasingly savvy buyers will shop salerooms from New York to London to Hong Kong in order to find the finest and rarest.

Overall, the prognosis for 2010 is good, with exceptional wines coming to market and an active market with firm prices and rising demand.