Napa Valley 2023 wine auction sets record sales
The 29th Annual Premiere Napa Valley trade-only wine auction, debuting the 2023 vintage red wines, concluded this past weekend on an optimistic note with a record number of lots auctioned and with US$3.3 million in sales, a 10% increase over last year’s total. The post Napa Valley 2023 wine auction sets record sales appeared first on The Drinks Business.
The 29th Annual Premiere Napa Valley trade-only wine auction, debuting the 2023 vintage red wines, concluded this past weekend on an optimistic note with a record number of lots auctioned and with US$3.3 million in sales, a 10% increase over last year’s total.
“This auction is often a great bell-weather 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, which conducted the auction. “It’s a real testament that, even during a tough market, Napa Valley’s most passionate supporters enthusiastically raised their paddles.”
Each lot is a one-of-a-kind sold in five, 10 or 20-case increments available only to the winning bidder, many being retailers and distributors. Of the 194 lots offered, 167 were from the 2023 vintage. Sixteen lots were partnership efforts between different wineries and winemakers.
Much of the bidding reflected interest in the advance publicity surrounding the featured vintage in Napa Valley. “Every century, every place has its legendary vintages,” said wine author Karen MacNeil. “I have no doubt that 2023 will go down as one of the most phenomenal vintages ever in Napa Valley.”
The auction was also seen as a barometer of wine industry spirits in a time of diminishing sales and attacks on the safety of drinking wine. “It felt like the industry came together in a meaningful way this year,” said bidder Peter Molinari of Uovo Wine, the art and wine storage company. “The ability to converse with winemakers and experience the authenticity and craftsmanship they bring to the cultivation of their wines was an incredible reminder of the underlying passion that the wine industry is built upon.”
“This auction is often a great bell-weather 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, which conducted the auction. “It’s a real testament that, even during a tough market, Napa Valley’s most passionate supporters enthusiastically raised their paddles.”
Each lot is a one-of-a-kind sold in five, 10 or 20-case increments available only to the winning bidder, many being retailers and distributors. Of the 194 lots offered, 167 were from the 2023 vintage. Sixteen lots were partnership efforts between different wineries and winemakers.
Much of the bidding reflected interest in the advance publicity surrounding the featured vintage in Napa Valley. “Every century, every place has its legendary vintages,” said wine author Karen MacNeil. “I have no doubt that 2023 will go down as one of the most phenomenal vintages ever in Napa Valley.”
The auction was also seen as a barometer of wine industry spirits in a time of diminishing sales and attacks on the safety of drinking wine. “It felt like the industry came together in a meaningful way this year,” said bidder Peter Molinari of Uovo Wine, the art and wine storage company. “The ability to converse with winemakers and experience the authenticity and craftsmanship they bring to the cultivation of their wines was an incredible reminder of the underlying passion that the wine industry is built upon.”
