Zachys experiences strong growth in 2024 auction sales
Zachys, a leading fine wine auctioneer, has announced impressive results for its 2024 auctions, surpassing US$63 million in total sales across 51 auctions. When factoring in retail sales, this figure climbs to approximately US$100 million. According to the auction house’s president, Jeff Zacharia, and Charles Antin, the global head of auction sales, the year has seen steady growth in both the number of auctions and the volume of buyers, with a notable increase in new participants.
The auction house has experienced a surge in confidence within the market, leading it to expand its auction offerings to 51 sales in 2024, up from previous years. The number of bidders has grown as well, with over 600 new clients joining in. Additionally, more than 2,100 unique buyers from over 30 countries participated in Zachys auctions this year, signaling a clear trend toward increasing global interest in the fine wine market.
Strong demand for Burgundy, Bordeaux, and California wines
In total, Zachys sold 36,454 lots of wine during the 2024 auctions, with wines from Burgundy, Bordeaux, and California accounting for nearly 80% of the total sales value. Burgundy wines, in particular, showed exceptional demand. The auction house sold 9,748 lots of Burgundian wines, which brought in a staggering $24.65 million, highlighting the ongoing popularity of wines from this prestigious French region.
Burgundy’s top-performing lot was a 12-bottle case of Vosne-Romanée Cros Parantoux Reserve Henri Jayer 1996, which sold for a record-breaking US$137,500. This sale underscores the sustained high demand for rare and exceptional wines from Burgundy, especially those from renowned producers like Henri Jayer. It’s clear that collectors and investors are still highly focused on acquiring wines from this region.
Bordeaux continues to perform well in global auctions
Bordeaux also showed strong performance in 2024, with 7,449 lots sold for a total of $18.31 million. The sale prices for Bordeaux wines consistently exceeded the lower estimates by around 30%, further emphasizing the rising demand and strong market confidence in wines from this renowned French region. Bordeaux's long-standing reputation for producing top-quality wines, especially from renowned estates, continues to attract enthusiastic bidders.
California wines, while not reaching the same total value as Burgundy and Bordeaux, also contributed significantly to Zachys' success. A total of 8,779 lots from California wines raised $9.43 million, with an average of $1,073 per bottle. This indicates a healthy demand for wines from the Golden State, particularly among collectors seeking iconic Napa Valley wines.
Retail sales show growing interest beyond the auction floor
In addition to the auction sales, Zachys noted substantial success in its retail sales segment, which can often be overlooked but is equally indicative of market trends. One of the standout retail events this year was the sale of Lafite-direct wines, which generated over $1.5 million in sales. This included several six-figure transactions, illustrating the continued interest in premium wines outside the auction environment.
Zachys also highlighted a six-figure private sale of Chartreuse, further underscoring the market's growing confidence. These retail sales provide valuable insights into consumer behavior, as many buyers are willing to pay premium prices for fine wines even outside the auction setting. This reflects the broader trend of increasing wine investments, particularly in rare, high-quality bottles.