Premiere Napa Valley auction sees record wine sales of $5.9m

paulfrasercollectibles

paulfrasercollectibles

2015-06-26 11:33:09

The annual Premiere Napa Valley auction shows strength in California wines

The annual Premiere Napa Valley wine auction has almost doubled its previous record total.

Collectors gathered in St Helena, California on February 22 to bid on Napa’s finest from the 2012 vintage, despite many of the top wines not yet being released. The vintage has been critically acclaimed, pushing sales to $5.9m.

The previous record high was $3.1m – this year’s results show a 90% rise on that total.

The top lot of the day came from five cases of the Scarecrow 2012 cabernet sauvignon, which made $260,000, a 108% increase on the previous $125,000 record price achieved at the sale.

The auction is organised by the Napa Valley Vintners (NVV), a non-profit organisation aimed at promoting and protecting the appellation, which represents almost 500 wineries. The wines featured are made especially for the sale, and are only sold to single bidders in lots no bigger than 240 bottles.

The average wholesale price per bottle was $283, reflecting the rarity of the wines offered.

"We are overwhelmed by the response we saw today," said Russ Weis, chair of the NVV board of directors and general manager of Silverado Vineyards.

"It shows there is a renewed confidence in the fine wine market in general and in Napa Valley wines specifically. We are grateful to the vintners who created such special wines for Premiere Napa Valley and especially for our trade partners from around the world who bid so generously."

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