Sotheby’s has released its 2024 Wine & Spirits Market Report, revealing a notable decline in auction sales. Overall, sales dropped by 30% to $114 million, down from $159 million in 2023. Despite the downturn, certain premium bottles continued to perform well, with rare offerings from renowned distilleries like Macallan and Karuizawa fetching impressive prices.
The report highlighted that auctions were held across 10 countries, with the U.S. leading in terms of bidder participation. Notably, the first-ever Sotheby’s wine and spirits auction in Geneva, Switzerland, contributed to the overall total. While the overall auction market saw a decline, high-end bottles such as those from the Macallan and the Japanese Karuizawa distillery remained valuable, with these two brands among the top sellers by value.
Karuizawa, a defunct Japanese distillery recently revived in name, emerged as the top seller of the year. A single cask bottling of a 1952 Karuizawa whisky sold for an astounding $372,684 in Hong Kong. The brand represented 17% of Sotheby’s auction revenue for the year. In comparison, Macallan accounted for 18% of sales, with Chinese baijiu brand Kweichow Moutai rounding out the top three with 15%.
Macallan continued to perform strongly, with bottles like the 81-year-old Macallan single malt, “The Reach,” which sold for more than $250,000, and the 60-Year-Old Red Collection, fetching $172,405. Another standout was a bottle of Yamazaki 55, a rare Japanese whisky, which sold for $337,589, securing the second-highest sale of the year. Additionally, 12 bottles of Pappy Van Winkle’s 20 Year Old Family Reserve were sold for $162,000, further cementing the continued demand for sought-after whiskey brands.
While the overall market showed a decline, the results underscored that rare and collectible bottles from top-tier distilleries remain highly coveted among collectors and investors.
You Might Be Interested In:
