Recession ends at Hamptons wine auction

If, like me, you're sick of The Recession, you’re desperate enough to look anywhere for signs of The Recovery. So how about this: Somebody recently paid $11,400 for some old wine.

It happened at Christie’s Fine and Rare Wine auction in Westhampton Beach earlier this month. A case of 1989 Chateau Haut-Brion brought $11,400.

Impressive, but pale compared to the top draw, a 1982 Chateau Lafite-Rothschild, which went for $20,400.

And that was for eight bottles.

Not even a case.

It was the first time Christie’s ever held a wine auction out east. “This unique auction will be held in the Hamptons at the historic Atwater Estate, built between 1900 and 1903 for coal baron William C. Atwater,” said a Christie’s promotion. Over 700 lots from around the world were offered.

“The Hamptons Sale offers several collections befitting such a regal estate,” said the announcement, “including a magnum of 1929 Moët consigned directly from the winery, large format Domaine de la Romanée-Conti [DRC], and smaller lots from boutique domaines on the Côte d’Or.”

That “extremely rare magnum” of 1929 Moet was described as “the star lot,” just released this year “to commemorate the 81st anniversary of the Academy Awards ceremony,” reported Fine Wine Journal. “The bottle’s wooden case has been autographed by Hollywood celebrities and Oscar attendees Tina Fey, Robert Downey Jr., Matthew Broderick and host Hugh Jackman.” That single bottle went for $6,000, which was donated to the Motion Picture & Television Fund.

If, as suggested above, you’re desperate for signs of The Recovery, this kind of extravagance could serve. Unemployment’s up, spending’s down, big-ticket spending’s way down, blah blah. The famed Napa Valley Vintners’ wine auction, held recently in St. Helena, pulled in about half of last year’s record amount ($5.6 million, compared to $10.3 million).

By contrast, the Atwater auction “achieved $1,199,994 and was 86 percent sold and 91 percent by value,” reported Christie’s.

“We are particularly encouraged by prices that continue to rise for the classics of the fine wine trade,” Christie’s Charles Curtis said in the announcement. “This is true of lots such as the 1982 Lafite and 1959 Margaux that led the sale, but also for wines such as the 1982 Mouton that sold near the top of the estimate, and the many lots of Burgundy from DRC that surpassed the high estimate.”

Curtis added via e-mail: “After a slight correction in prices last fall, the global wine market has been trending back upward throughout the spring auction season. At our recent Hamptons sale, we saw active participation from New York-area wine collectors, including a good number of local Hamptons residents...”

This comes in the wake of a January New York Times story, “Hard times hit auction houses,” which reported significant downsizing by both Sotheby’s and Christie’s, and consolidation of various departments to save money.

So it’s possible that I’m wearing rosé-colored glasses, but could we squint hard and see the Atwater auction as a sign of hope? I asked Kathleen Coumou, vice president of Christie’s Great Estates.

“I think so,” she said. “We handle a lot of great estates in the Northeast, and I really think we’ve seen the bottom. I think Americans are extremely optimistic, and want to see things begin to move again. We’re beginning to see things trade on the high end. We’re starting to come back.”

In addition to wine, the Atwater estate itself was offered in “an unprecedented cooperation between Christie’s Wine Department and Christie’s Great Estates,” according to the company’s Web site. Despite Coumou’s positive outlook, the property didn’t sell that day, but she didn’t expect it to find a buyer as easily as the wine did.

“It’s a glorious estate,” she said, mentioning the 10 acres, the boathouse, dock, carriage house and four subdivided acres, all on the market for $29 million.

It would have been nice if somebody had bought the place and simply moved some of the Chateau Rothschild to the wine cellar, Coumou agreed. It didn’t happen, but she’s confident a buyer will come along.

Meanwhile, the auction “was a wonderful opportunity to promote the property internationally,” she said, adding that it was also a nice day for a glass of wine in the Hamptons.


Jeff Miller / Long Island Business News / June 18, 2009