Port and white Burgundy were the undisputed stars of fine wine auctions held in the second quarter of this year, show figures released by Wine Market Journal. While the fine wine auction market continued its post-pandemic downward correction during the second quarter of this year following a brief upward bump during the first three months, according to figures just released by Wine Market Journal there were also some bright spots. Port sales rose by 7.01% in value at auction for the second quarter of 2023 and is now up 14.16% for the year. Burgundy showed mixed results, mostly trending positive considering the overall market. While prices for Grand Cru reds from Burgundy declined by a modest 0.95%, premier Cru Burgundy reds were up slightly at 0.54%, and Domaine Romanée Conti, which has its own index, rose 2.21%. There was also a profound upward trend for white Burgundies, which jumped 6.68% in value for the quarter. Italy blue chips held steady at auction with a 0.02 increase. “There was a spike in high-profile auctions toward the end of the first quarter” which inflated that period’s surprising rise, David Parker, owner of the Wine Market Journal, explained. During the first quarter, both the WM 150 and the Top 500 grew by more than 4% each. However, Champagne was the weakest performer, down in price by 4.69%, Rhone wines declined 3.60% and California wines were down 3.26%. Bordeaux First Growths lost a modest 0.96%, while Bordeaux Second Growths fell in value
This Article was originally published on The Drink Business - Champagne
