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May 30, 2022 View:

Sotheby's says the number of young investors is growing

Sotheby's has released a mid-year report showing that its wine and spirits sales have reached $45 million to date, and that the number of young investors is increasing significantly.

Image from: Internet

The auction house sold more than 6,000 lots in 17 auctions worldwide this year, most of which were sold online given the current global situation.

The highest online auction price was $312,000 for the complete Lalique Six pillar series of Macallan. So far, the average price per lot for spirits and wine is $9,400 and $5,400, respectively.

This July, the department set several new records for whisky, with Scotch and Japanese whisky being the third and fifth largest categories, respectively, by value, sold at Sotheby"s this year.

However, Burgundy wines, led by Domaine de la Romanée-Conti, continued to lead the overall wine category, with Burgundy wines accounting for 46% of total sales.

Similarly, Asia remained a major market for sales in Sotheby's wine department, with a single three-day sale generating $25 million in sales and ranking third in the Asian auction series.

But the point of most interest so far this year is that the number of both new and young bidders has seen a significant increase.

Twenty percent of the bidders at this year's wine and spirits auction were newcomers, but 50 percent of them were between the ages of 20 and 30, and of the newcomer bidders, 60 percent were in their 30s and 40s.

Most new bidders are bidding on spirits, but a significant number are also bidding on wine. 20-somethings and 30-somethings are bidding the largest percentage of bids in Hong Kong.

However, under-50 bidders accounted for 50% of total wine sales in Hong Kong, 70% of total spirits sales in London, and 75% of total wine sales in New York.