My Latest in Pix.wine:
Don’t Wait to Buy Burgundy Wines
by L.M. Archer
The cost of Burgundy wines is ballooning. As to why, there is a confluence of events, from global supply chain blockages to a worldwide pandemic, and climate-change-induced weather disruptions that produced severe frost damage.
The annual Hospices de Beaune Wine Auction, a key market indicator, seemed to prove the point. This year’s auction, presented by Sotheby’s in late November at Halles de Beaune, offered the lowest number of barrels in 40 years — but still managed to break sales records.
The event of the year
Established in 1859, the Hospices de Beaune Wine Auction ranks as the world’s oldest, most prestigious charity wine auction in the world. All wines sold derive from the 60 hectares (148 acres) Hospices de Beaune estate, an accumulation of parcels gifted by wealthy benefactors dating back to Hospices founders Nicolas Rolin and Guigone de Salins in 1443.
Poor yields due to 2021 frost damage yielded just 362 lots, versus 638 lots in 2020. Yet despite the reduced inventory, average barrel prices increased from the previous year a whopping 115% for white Burgundy and 56% for red wines. Final auction proceeds totaled $15.3 million, including a jaw-dropping $900,000 for the Pièce des Présidents charity barrel of Grand Cru Corton Renardes.
Anne Moreau, president of the Communication Commission at the Bourgogne Wine Board and Domaine Louis Moreau in Chablis, says that a lot of international collectors were looking for rare Burgundy wines made by Ludivine Griveau, the highly respected winemaker at Hospices de Beaune. Moreover, she says, “the Hospices auction is not a reflection of the market!” READ MORE HERE.
Lynn, This article is spot on. I work for the west coast importer of a number of small Burgundy domaines and we’ve largely sold out of wine in several categories. We only have a few bottles of Puligny Montrachet and they are 3L. There are no 750s or Mags. We are almost out of all Meursault, literally there is a case or two left of a back vintage of a more expensive 1er cru that didn’t get a score at all. We have one case left out of a recent delivery of village Chassagne-Montrachet. Everything else is sold out. Our container scheduled for mid-November is supposed to arrive mid-December, but we haven’t heard anything of its progress and don’t really expect it until after the new year. Crazy time. Prices are going up – if you can get it.!
Good news/bad news, right? Good luck in the new year!