The Don Stott cellar: yuge prices

I know when I am beaten, and probably 100 lots into this auction, I had just about given up. Apart from the sound of the keys of my calculator, as I repriced my Burgundy collection, I sat silently in front of my computer in awe, as prices regularly quadrupled high estimate.

Sotheby’s have that nasty auctioneer habit of underestimating wines, in the mistaken belief that it will draw people in looking for a bargain, if the wines fall through the cracks. In this case, it would have taken a major snowstorm and a computer blackout on the east coast for a single bargain to rear its head. Even so, I did try. I had marked my catalog with 23 bids.

In the end, I managed two actual bids, everything else was way over my high from absentee bids taken in the pre-auction. And as for the two bids I did make, they were fraught with danger. I may have pressed $1100 on one, but bidding was so fast that between the time of positioning the mouse and the click, they recorded my bid at $1700. Didn’t matter, the lot sold for $3200.

Not surprisingly, the really old wines did incredibly well. Stott has been buying for decades, well before the current spate of forgers. Also, the wines were checked several times. Provenance was about as good as it gets, and buyers paid a serious premium for it. What was surprising were the younger wines. A Roumier Amoureuses 2005, retailing for around $2500 a bottle ended up selling for over $70,000 a case.

So I was beaten. As consolation, I bought 3 bottles of Figeac 1966 from a local retailer, and will go for a well earned nap.

Sorry to hear it Mark! I don’t know what happened over the past year, but I am finding prices pushed high across the board and many auctions nothing falls through the cracks.

I used to snipe at least one amazing lot at each auction, then do a victory lap around the stadium in my chariot. Now I buy something every third auction I participate in, and it’s not an amazing deal.

Wow two cases of roumier 2006 chambolle musigny sold for $20k??? that has to be a typo. It’s $180 a bottle on w-s.

Yes, it must be a typo: $1500 and $1600 respectively.

Single cellar auctions with direct lines of storage and purchase make people bid crazy things.

I had some bids in and just got crushed on my first 2 lots…I called Sothebys and adjusted my next 3 lots and got crushed on 2 out of the 3…

Finally ended up with one lot but some of the prices were just obnoxious.

The thing that shocked me most was the first two Stott auctions didn’t have prices that were heavy to the mkt. I bought a fair bit at both, yesterday was crazy. Older wines that would’ve been $150 were going for $500+ with poor fills.

There were a few items I really wanted but I wasn’t going to pay crazy money.

I think I saw 1 passed lot the entire time I watched (Dom selection mags of chevy Montrachet)

That was an insane auction, with the recent release bottles the real head scratchers.

I did manage to snag the lot of 1966 Byass Oloroso, albeit for more than I had really wanted to pay. But if it turns out to be as good as the 1964 I’ll be happy.

I tried for the 1972 Amontillado but they were too quick to close it out. I was clicking the bid button as it was closed. I’d swear I only waited a second to bid.

Here is the press release.

NEW YORK, 22 May 2017 – On 20 May, the third installment of The Don Stott Cellar: 50 Years of Collecting totaled $5, 175, 816, smashing the pre-sale high estimate of $2.8 million and bringing the overall Collection total to a remarkable $19 million – ranking third in Sotheby’s Wine history. Part III of the financier and philanthropist’s impressive burgundy collection saw an extraordinary 87% of lots finding buyers at prices above their high estimate — a reflection of the spirited bidding that was sustained throughout Saturday’s sale. Rounding out Sotheby’s exciting week of spring sales, several well-known producers realized the highest prices per bottle ever achieved at auction, such as Domaine Armand Rousseau, Domaine Georges Roumier and Domaine Raveneau.
Jamie Ritchie, Worldwide Head of Sotheby’s Wine, remarked: “Basquiat set multiple records in the art world last week and Rousseau, Roumier and Raveneau did the same in the wine world– reaching prices that shocked the wine collecting community. The Don Stott Cellar Part III brought an avalanche of interest from all over the world, using every possible method of bidding. The third part of the Don Stott Cellar totaled $5.2 million, a staggering 260% of the low estimate and 180% of the high estimate. This brings Sotheby’s total sales from the collection to $19 million, making it the third largest we have ever sold worldwide, further illustrating Sotheby’s leading position in offering Single Owner wine sales.”
Don Stott commented: “Sotheby’s thoughtful presentation and focused marketing achieved results far beyond expectations. As always working with Jamie, Connor and the whole Sotheby’s Wine team proved to be a delightful and fulfilling experience.”
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PRODUCER SPOLIGHT – RANKED BY HIGHEST PERCENT OF AGGREGATE TO HIGH BURGUNDY:
RHONE:
HIGHLIGHTS
HIGHEST PRICES PER BOTTLE TO EVER BE ACHIEVED AT AUCTION
Chambertin 1990 Domaine Armand Rousseau, (12 BT) $4,083/BT
Chambertin, Clos de Bèze 1989 Domaine Armand Rousseau, (12 BT) $3,267/BT
Bonnes Mares 1971 Domaine Georges Roumier (3 BT), $14,292/BT
Musigny 1971 Domaine Georges Roumier (6 BT), $14,292/BT
Musigny 1993 Domaine Georges Roumier (6 BT), $10,208/BT
Chambolle Musigny, Les Amoureuses 2005 Domaine Georges Roumier (12 BT), $6,125/BT Chambolle Musigny, Les Amoureuses 2005 Domaine Georges Roumier (3 MAG), $17,150/MAG Chablis, Les Clos 1989 Domaine Raveneau (3 BT), $1,960/BT
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ADDITIONAL HIGHLIGHTS
Musigny 1971 Domaine Georges Roumier (6 BT) $85,750 est. $40,000 - $55,000
Chambertin 1990 Domaine Armand Rousseau (12 BT) $49,000.00 est. $20,000 - $26,000
Bonnes Mares 1971 Domaine Georges Roumier (3 BT) $42,875 est. $9,000 - $13,000
Bonnes Mares 2007 Domaine Georges Roumier (12 BT) $36,750 est. $4,800 - $7,000
Vosne Romanée, Les Beaux Monts 1999 Domaine Leroy (12 BT) $31,850 est. $5,500 - $8,000
Heitz Cellars, Cabernet Sauvignon, Martha’s Vineyard 1974 (12 BT) $ 24,500 est. $10,000 - $15,000
Chevalier Montrachet 2005 Domaine Leflaive (12 BT) $17,150.00 est. $4,800 - $6,500

Leflaive is a big gamble

what idiot paid that much money for 05 leflaive chev. My goodness. There is no basis in reality for a lot of these wins

Perhaps someone who has a vested interest in seeing prices for certain wines to go up in the future? Wouldn’t be the first time something like that has happened.

How is the 2007 Roumier Bonnes Mares at $36000–/cs not a world record?

I am announcing I am willing to part with my bottles of 07 Roumier BM for only $2,500. first come first served of course.

Good move
I am not enamoured with 2007.
imagine what you could buy with the cash !

Chablis, Les Clos 1989 Domaine Raveneau (3 BT), $1,960/BT

Raveneau Les Clos at $2K per bottle, getting up there with the Coche CC! Crazy.

at these inflated prices, the Coche would be $9000.

…a fool and his money…

While an odd lot here and there may go for a lot over estimate, it’s not normal for something like this. I’d guess someone or some people are purposely trying to drive the price up. Who bid and why so much money is the important question people should be asking. I’d bet lunch it was done with ulterior motives.

I love the conspiracy theory, but the high prices will be considered an aberration rather than a trend. Much as I would like to think my Burgundy holdings will also bring absurd prices, I am realistic enough to know that the very careful vetting makes for provenance makes for high prices, particularly for older wines which are considered fake unless proven genuine.