The 29th Annual Premiere Napa Valley trade-only wine auction, showcasing the 2023 vintage red wines, wrapped up this past weekend with a notable increase in both sales and lots auctioned. The event raised $3.3 million in total, marking a 10% rise compared to the previous year’s total.
This year’s auction, conducted by Sotheby’s, demonstrated optimism in the wine industry. “This auction is often a great bellwether for the wider wine market, and it’s heartening to see signs of increased positivity from these results,” said Nick Pegna, global head of wines and spirits at Sotheby’s. “It’s a real testament that, even during a tough market, Napa Valley’s most passionate supporters enthusiastically raised their paddles.”
Of the 194 lots available, 167 were from the 2023 vintage, and 16 were collaborative efforts between wineries and winemakers. Each lot, sold in increments of five, 10, or 20 cases, is unique and available exclusively to the winning bidder, many of whom are retailers and distributors.
The event was further marked by heightened interest in the 2023 vintage, with many expressing confidence in its exceptional quality. Wine author Karen MacNeil commented, “Every century, every place has its legendary vintages. I have no doubt that 2023 will go down as one of the most phenomenal vintages ever in Napa Valley.”
The auction’s success also mirrored a broader sense of optimism within the wine industry, which has faced recent challenges such as declining sales and concerns over the safety of wine consumption. “It felt like the industry came together in a meaningful way this year,” said Peter Molinari, a bidder from Uovo Wine, an art and wine storage company. “The opportunity to converse with winemakers and experience their craftsmanship was an incredible reminder of the passion behind the wine industry.”
A key highlight of the week was the opportunity for industry professionals to meet with winegrowers and engage in tastings. More than 30 wineries hosted events, offering trade members the chance to network and explore both current and future Napa Valley vintages.
The auction’s top red wine lots included wines from prestigious wineries such as Simon Family Estate, The Mascot, Hourglass, Quintessa, and Robert Mondavi Winery. Additionally, a number of joint lots drew considerable attention, including those from Grgich Hills Estate and Spottswoode Estate Vineyard & Winery, as well as Continuum Estate and Staglin Family Vineyard.
Among the top white wine lots were offerings from Hudson, Schramsberg Vineyards, and Vineyard 7 & 8, along with a joint lot by Paula Kornell Sparkling Wine and Charles Krug.
Linda Reiff, president and CEO of Napa Valley Vintners, expressed enthusiasm about the auction’s outcome, stating, “The opportunity to come together at Premiere has been truly inspiring, and we’re thrilled with this year’s auction results. The support shown speaks volumes about the dedication of our trade partners and the exceptional quality of the 2023 vintage.”
While in-person attendance sold out in advance, wine trade members from across the globe participated online through Sotheby’s. White wines from the auction will begin reaching the market this fall, while red wines will be aged in barrels for up to three years before being released.
Proceeds from the Premiere Napa Valley auction directly benefit Napa Valley Vintners’ programs aimed at promoting, protecting, and enhancing the region’s wine industry.
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