Auctions: prices of iconic wines down sharply over the past year

Auctions: prices of iconic wines down sharply over the past year
Auctions: prices of iconic wines down sharply over the past year

There is something of a return to reality in the hushed world of wine auctions, after 2021 and 2022 with strong increases. According to the latest barometer from the online auction house iDealwinepresent in 67 countries, the rating of the most speculative wines has started to fall again, returning to 2021 levels.

All iconic wines are experiencing a decline

The most spectacular example is undoubtedly Rayas Castle. “The average price of a bottle of Château Rayas experienced a record surge in 2022 (€1,502). It fell by 40% in 2023, to stand at €904, a sharply declining level, certainly, but still slightly higher than the odds recorded in 2021,” observes the online sales site. A decline which continued over the first months of 2024, to the point that today Rayas is 50% less than in 2022.

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In reality, all the iconic wines of all the wine-growing regions are experiencing this more or less steep decline. In Burgundy where wines have soared in recent years, “the decline has been very marked for a signature whose prices had literally exploded in 2022: this is the Arnoux-Lachaux estate, down 50%, at €412 on average. For the Leroy estates (- 38%, for an average price of €1,318) and Auvenay (- 37% to €3,441), the readjustment was also severe, as was the case for the Armand Rousseau estates (- 22% to €1,287) and Coche-Dury (-24% to €880)”, analyzes iDealwine.

A decline that follows the rise in interest rates

“In fact, this decline precisely follows the rise in interest rates and inflation. When rates were very low, some investors placed their money on wine, regardless of the price of the bottles. This is also the reason why the auctions reached their peak in the summer of 2022, before falling again in the fall of 2022, to continue until today,” explains Angélique de Lencquesaing, co-founder of the site iDealwine.

If prices fall, however, they remain at levels close to those encountered in 2021. If the decline continues in 2024, enthusiasts will be able to treat themselves with more reasonable price levels.

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