The latest wine auction held by Oddbins in late October, was in a some ways a return to normality with the total number of lots on offer down approximately 10% from the September high. Clearance rates remaining on average but the spend per lot by buyers was up over 6% on the previous auction. There was also a strong indication that buyers were welcoming the introduction of “provenance” tags to the catalogue, that is the identification of wines coming from good cellars, as clearance rates for these particular lots increased by 15%.
As expected, buyers still preferred sub-premium or budget reds generally from older vintages and with 6 and 12 bottle mixed both reds and whites mainly from recent vintages and we suspect for immediate consumption. However, consumers are turning away from 12 bottle case lots, which can attributed to overall cost and the public’s desire not to have too much of any one particular wine. This is certainly a case of auction buyers following retail consumer trends.
Good sales and good prices paid for the four key vintages of Grange (1986, 90, 94 & 96) drove the Oddbins Good Grange Index up by 2 pts to 112, confirming that slump experienced at the beginning of the year is well and truly over and that demand for these most prized wines is still buoyant.
Overall, the market for Australia’s most tradable wine remained steady as clearance rates remained at the average and hammer prices well within the published price guides. However, it has become increasingly apparent that Grange buyers are definitely opting for pre 1997 vintages over the latest ones and with a strong preference for early and historic bottles, as was shown by the strong demand for the 1953 and 1971 vintage wines.
The stronger preference for perfect or near perfect Grange over damaged examples continued with strong clearances and firm hammer prices. So a tip for potential buyers of Grange who may be considering a purchase for immediate consumption: have a close look at the Imperfect category on the catalogue, in most cases this section can supply amazing bargains, with basic imperfections like torn labels having their price guides reduce by as much as 20 to 30%.
Solid sales were once again recorded for standard auction performers such as the wines from the Rockford and Henschke portfolios, especially their flagship wines, Basket Press Shiraz and Hill of Grace. Keen interest continued in Hardy’s Eileen Shiraz, Parker 1st Growth Coonawarra Cabernet and most wines from the Wolf Blass stable.
The market for the so called cult wines was definitely a mixed reaction this auction, with the market moving away from the Noon’s Reserves and Greenock Creeks, but strong sales in Bass Phillips, Chris Ringland Shiraz, formally known as Three Rivers, fetching a healthy hammer price of $900 and David Powell’s Torbreck’s including an little known special by the name Les Amis, kept this small but important wine segment well and truly alive.
A little research has shown that “Les Amis” was a wine made specifically for a single Singapore restaurant, much the same way as Powell made wines for the famous Parisian restaurant, Juveniles. It’s 100% Grenache and was first made in 2001 and rumour has it that a smattering was released through the cellar door this year $187.50! So our price guide of $15-25 was way off the mark, as was bidding which took the eventual hammer price to $100.
On the imported front, we can report excellent clearance rates for aged Bordeaux, both vintage and non-vintage Champagne and for premier cru Chablis. And for the second auction in a row, new wave Spanish wines from the likes of Remelluri and Roda also attracted spirited bidding. Mention should also be made of a small but notable selection 1996 German Rhine and Mosel Rieslings that appeared in this auction: strong demand and good prices were paid for these gems that included wines from Dr Loosen, Haag, Breuer, Wegler and Von Schubert.
The market has also started to show some enthusiasm for some previous slow movers, like d’Arenberg’s The Dead Arm, Grosset’s Gaia, Petaluma’s Coonawarra and in both the blends and single varietal Wendouree’s. Hammer prices for the Wendouree’s are still tending towards the bottom end of the price guides, thus confirming that these robust and age worthy wines are still in the bargain category.
Other surprised performers were historical oddities like early Hardy’s St Thomas Burgundy, a 59 Wynns Claret, reds from the 1971 vintage, Hardy’s Reserve Bin Sauternes 1980 and a Ch Reynella Bin 2 1966 had some strong bidding from Oddbins clientele. However, there was mixed interest in more modern standards such as Fox Creek Reserves, Grosset Riesling, Moss Wood Cabernet and Rosemount’s Balmoral.
This auction also attracted a very polite, “not this time thank-you” from auction buyers for the likes of Penfold’s Bins 28, 128 & 389 and RWT and other prominent Australian wines such as Coriole’s Lloyd Reserve Shiraz, Grant Burge Meshach, Greenock Creek Creek Block’s and Seven Acre’s, older Henschke Mt Edelstone’s, Irvine’s Grand Merlot and somewhat surprisingly Seppelt’s vintage dated Para Liqueur ports. As always, we advise that vendors need to patient as buyers are definitely purchasing on a cyclical basis.
So enjoy your purchases and wisely spend your returns!
Cheers,
Graham Wright
Auctioneer & Valuer
Oddbins Wine Auctions