Corks pop as wine sells for 10 times its estimate

It would appear that the recession is well and truly over after French red wine made more than 10 times it’s pre-sale estimate at a recent auction.

Six bottles of 17-year-old Chateauneuf-Du-Pape Maison Bouachon, which had a pre-auction value of between €40 and €60, ended up realising €440.

Mary Gaynor of Wine Academy Ireland, who valued the wines, wondered if the “buyers had gone crazy” paying so far in excess of current market values.

Kilkenny-based auctioneer George Gerard Mealy said it is best to consult an expert to get an idea of values and it is imperative to note that not all wine will rise in value. He said that many wines will be spoiled and undrinkable after a certain time period.

The highest selling wine was a Ch Lynch-Bages 1996, 5 ème Cru Classe Pauillac, which had an estimate of €300-330 and realised €840 under the hammer.

The recent sale at Mealy’s in Castlecomer, Co Kilkenny, far exceeded expectations with 86% of the 1,000 lots sold and over €600,000 realised, which was 50% in excess of target.

“It had all the hallmarks of the return of a bull market,” said Mr Mealy. “There was at any time approximately 50 punters seated in the room, while more than 1,100 online bidders from 36 different countries battled with 280 telephone bidders and 150 commission bidders for the lots.

“The main trend was that there were at least two, in many cases three or more bidders on almost all important lots.

“This completely contrasted with the recession times, when often a single bidder would battle with just the reserve price.”