World's Oldest Wine Auction raises $7.5 MM, Prince Andrea Casiraghi guest of honor

In Section: General

The vintage wine market had an interesting weekend, to say the least. Not only was Prince Andrea Casiraghi a guest of honor at the149th Hospices de Beaune Wine Auction, the charitable auction also raised total of 5 million euros ($7.5 million) with fees, the second-highest in its 150-year history.

Hospices de Beaune Wine Auction, held every year in France, is the world's oldest charity wine auction. Organized by the Burgundy- based hospital network in collaboration with Christie's oenophiles bidded in the medieval Halles de Beaune.

Christie's International attributed the surge in demand for the new vintage to the offering of a record 802 barrels from vineyards belonging to the hospital, founded in 1443.

"Fierce bidding resulted from nearly 500 private and professional participants from all parts of the world," said auctioneer Emmanuelle Vidal-Delagneau.He also noted that:

40% of the wine was bought from afar by telephone, Internet and faxed bids.
57% of the buyers were from France,
11% were from the U.K.
9% from the U.S.

It is also notable that many buyers wanted vintage wine produced during the Millenium.

Sources:

Bloomberg

Christie's International

Hospices de Beune

Photos: Bauer Griffin

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