was $85,000—a huge 41% higher than Burgundy’s winning hammer average. Bordeaux’s pricing is more even, with Petrus lots achieving an average top hammer price of $35,000, in line with the region’s wider average, often featuring the likes of Mouton, Lafite, Lafleur, Latour and Le Pin. When asked about DRC specifically, Bilbey again cites provenance as an important factor that may affect pricing, as well as the sell-through rate. Age, too, is a factor: “For younger wines, where there is so much visibility on the market, the market price is just the price,” he tells me.
Root to recovery Mirroring the wider economic sentiment, confidence for recovery in Europe (compared with the US) is muted. The team at Paris-based auction house Tajan tells me, “The economic context [in 2025] remains difficult. We will need to be careful when pricing auction estimates.” Across the pond, Antin is more bullish in his expectations for 2025, explaining the potential benefit of Trump’s EU tariffs on those
wines already sitting in American cellars thus: “With potential tariffs looming, we’re anticipating a repeat of the last time when auction prices soared due to taxes on imports. That, combined with expected deregulation means all the industry chatter is looking positive.” As for Bilbey, he is buoyant about what lies ahead. “I feel the market has stabilized, and we understand the lay of the land a bit more,” he says. “We have a clearer vision of the market than this time last year—plus, for Christie’s in particular, some very exciting projects upcoming.” Whether at auction or on the secondary market, we’re unlikely to see a dramatic shift in market behaviour during 2025—indeed, Davis reminds me that “there’s no such thing as a straight line in asset prices (unless your name is Madoff).” Many factors have combined to result in the market’s current consolidation; O’Connell cites “a brake on discretionary spending from higher global interest rates” on top of “macro factors in specific geographies such as China”—and yet green shoots continue to appear in the form of engaged
collectors responding to specific wines or parcels that they may not see again at such attractive prices (or ever). “There is an extent to which the market could also benefit from helping itself,” notes O’Connell, “especially in Bordeaux and Champagne, where pricing [better] on release could reengage buyers.” In addition to adaptation by producers, Bilbey believes the opportunity is there for secondary-market players to make similar changes. “Historically there were collectors who could have underpinned an entire sale. Younger buyers now are much more cautious and specific about what they choose to buy; this is no bad thing for a healthy market.” This extends to selecting only ultra-rare lots and demanding more clarity on provenance. The wine market—its producers, traders, and buyers—has a window of transition to return to its true roots and to create a more sustainable environment going forward. Carpe diem—let us seize the chance to bring the industry back to full health and toward a market armed with better immunity for the future.
Serving clients all over the world for over 4 decades.
Find your pleasure, large or small at Switzerland’s oldest Wine Auction house.
Visit our Website for a Catalogue and more information:
www.steinfelsweine.ch We hold 4 to 5 Wine Auctions per year.
Pfingstweidstrasse 6 CH-8005 Zürich Tel. +41 43 44 44 800
auktionen@steinfelsweine.ch THE WORLD OF FINE WINE | ISSUE 87 | 2025 | 41
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