Sotheby's sales soar

Sotheby's has bucked the trend of economic gloom after the auction house's latest sale netted receipts of nearly £600,000, some 10% above its top estimate.

The February Wine Sale in London reported 98% of wine sold by lot, and 96% by value - boosted by increased interest from Asia in particular, the weak pound and heavy demand for older wines.

"Commercial wine trading is very much on the up after the wobble in the autumn," said Dan Abernethy of Sotheby's. "The stuff that was doing well wasn't just blue-chip Bordeaux, it was Australia and California."

But he admitted that prices had by no means recovered to pre-crisis levels. "They're not as high as they were last summer," he said. "But those lower prices probably tempted people into the room."

Among the highlights of the sale was a case of 1978 Château Pétrus which sold for £7,425, more than twice its top estimate, and a case of 1970 Château Latour, which fetched £3,910 (top estimate £2,200).

The increased interest from Asia was particularly welcome as Sotheby's stages its first ever wine sale in Hong Kong on 4 April.

"There was a lot of interest from Asia in particular, but also from Europe, the Middle East and South America," said Abernethy. "The weakness of the pound helps to draw people in from all over the place."

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