A case of Musigny Maison Leroy 1985 Cote de Nuits Burgundy with a top estimate of $24,000 is among leading lots in Zachys two-day wine auction in New York this week along with magnums of Louis Roederer Cristal Champagne.
A two-bottle lot of Vosne Romanee Les Beaumonts Henri Jayer 1991 estimated at as much as $6,500 and a magnum of La Tache Domaine de la Romanee-Conti 1969 priced at as much as $6,000 also feature among Burgundies, while Bordeaux includes two three-bottle lots of dry white Chateau Y ‘Ygrec’ d’Yquem 1959, the more expensive of the two estimated at as much as $5,500.
The Liv-ex Fine Wine 50 Index (LXFW50) has risen 5 percent this year, with an 8 percent gain in the 10 weeks to mid-March, pared by a 3 percent decline since then. While investor demand for top Bordeaux and Burgundy has revived since a 16-month price slide ended in November, price cuts on Bordeaux 2012 futures over the past two months have weighed on prices of other vintages.
“The market paused in May and the Liv-ex indices flatlined,” Liv-ex said in its monthly Cellar Watch report. While Bordeaux futures prices have declined, “for many they were not low enough, and market confidence was knocked.”
Large-format bottles of Louis Roederer Cristal Champagne are among other top lots in the auction, with a magnum of the 1979 vintage priced to fetch as much as $3,000 and magnums from 1977, 1980 and 1981 estimated to sell for as much as $2,000 each, according to Zachys online catalog.
Here is a list of global wine auctions scheduled so far this year. Dates may be subject to revision, and links are to auction house sale catalogs and websites.
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