The world’s leading wine auction houses have published their year-end revenues for 2009. Leading the way with sales of nearly 55 million AUD is New York-based Zachy’s, followed by Acker Merrall & Condit (47 million AUD), Christie’s (between 45-54 million AUD) and Sotheby’s (around 45 million AUD). The overall size of the market was listed around 250 million AUD, with the US responsible for sales of 114 million AUD (down 36% from 2008). The year began disastrously for the international auction houses, with prices in Europe and the US falling by around 40%. Asia, Hong Kong especially, saved the day, marking a potential long-term refocus of the global secondary wine market, with its value growing by a staggering 113% to nearly 69 million AUD. Despite this, some leading players in the secondary market are wary about the future of Hong Kong’s wine auctions, suggesting it might already have peaked. Locally, Stewart Langton, founder of Langton’s Fine Wine Auctions, says while that the Australian market did experience an ‘initial hiatus’ with the arrival of the GFC, prices then move on and even ahead in some cases. ‘There was no real downturn here, nothing like the US or Europe’ he says. Excluding the auction-like sales of what is really online retail marketing, the Australian secondary market is valued roughly at 30 million AUD. Of this Langton’s, the market leader, has around 50-60% of market share.
