What a corker: Wine seeks buyer with a lotta bottle
What could be the most expensive bottles of wine in New Zealand will go under the hammer this week.
The bottle of 1996 Domaine de la Romanee Conti Romanee-Conti Grand Cru, Cote de Nuit is from one of the ‘‘most prestigious houses of burgundy’’ and one of only three available worldwide with an estimated worth of between $65,000 and $85,000.
It will feature in a rare and fine wine auction run by The Wine Auction Room on Tuesday.
Co-founder Reece Warren said the magnum had been gifted to its seller, who had been in the wine industry for many years. ‘‘The more rare they come, the more valuable they become.’’
There has been a lot of interest in the bottle - one of 280 lots up for bidding - and Warren said last year was one of the ‘‘most successful ever’’ for the secondary fine wine market as wine had shown to be a better investment than some traditional equity markets including FTSE100, Dow Jones and gold. ‘‘Wine has been performing incredibly well in recent years.’’
This was partly due to Covid-19, with some people sitting at home with money to spend. For example, he said a bottle of 1998 Te Mata Coleraine originally purchased for $45 was now going for upwards of $200. ‘‘With any investment, you make your money when you buy. If you buy well, you have a good chance of making money on it.’’
Buyers need not spend large to start their collection though, Warren said, adding the auction also featured wines with estimates starting in the $20 to $30 bracket.
‘‘We encourage buyers of all levels of enthusiasm... We have bottles for existing investors or entrants to the secondary fine wine market, and it has to be said, great investments are often made over great wine.’’
For those looking to invest it was important to do their research and store the wine in perfect condition. Throwing it under the bed or in the cupboard is not going to do, apparently. ‘‘If you want to buy wine as an investment, do your research and store it well. It’s a set and forget type investment, but it’s not something you make a quick buck from.’’
The Wine Auction Room also offers storage in a secure, climatecontrolled private wine cellar. Warren has a wine cellar of his own but sees it more as an ‘‘investment in friends and family’’. ‘‘In my mind wine is a consumable you enjoy.’’
His advice for potential buyers was to look for up-and-coming producers, like Central Otago winery Felton Road. He added 2019 was a great vintage for Hawke’s Bay producers.
Different types of wines also performed differently, he said. While sauvignon blancs were seen as less desirable, riesling, which lasts a long time, was popular. Pinot noir was also a pretty safe bet.
Lot 113 features 12 bottles of New Zealand riesling made by 12 winemakers given the same parcel of riesling grapes from Waipara in April 2010, resulting in distinctly different wines with an estimated worth of between $220 and $260.
The Wine Auction Room’s February Rare and Fine Wine Live Auction will take place on Tuesday at 6pm in Grey Lyn at Caro’s (14 Mackelvie St).