For The Love Of Port

Several participants certainly bid at Christie's at the end of last year, where prices were relatively stable (at least in US $).
There was also an auction at Hart, Davis, Hart this week (almost 100 lots of madeira) and prices were stratospheric - essentially almost everything went above high estimates (which were consistent with Christie estimates), with multiple lots selling for more than double the high estimate. That implies there were several competing bidders (I do know paddle numbers, so 1 bidder (anonymous to me) was by far the most successful).

Not that I expect anyone here to "own up", but here's a sampling of some of the wines available in multiple bottles - in case some of you see them at retail, so we can identify the 'culprit'.
1847 Boal - Shortridge Lawson
1853 Malmsey Solera - Lomelino
1860 Bual - Blandy's
1861 Boal - Shortridge, Lawson
1878 Boal - Shortridge Lawson
1906 Malvasia - Welsh Brothers

I had several bids in, but all were at the lower ends of the estimates. Didn't win a single lot. I have a feeling that old Madeira is becoming more popular, it certainly is getting more press; and people are realizing how little there is left.

Every lot I bid on went for more than the high estimate - which means several competing bidders. Apparently more than half the lots went to the same bidder, with the remainder split between 2 other bidders (or more technically, two other paddles - it's possible to bid with more than one paddle).

I was tracking the auction, but did not bid on any Madeira as the prices were too rich. The craziest winning bid of all in my opinion was for lot 1176; $2400 plus BP for a single bottle of 1875 D'Oliveira Malvazia. If I'm not mistaken, Rare Wine Co has 11 bottles available for $845 each!

That is just nuts. I wonder if there is some timely hanky panky by friends of the person who had their Madeira at auction.

Merely speculation though and likely a conspiracy theory!

One bidder for more than half? I guess they have deep pockets. I know some shippers increased their prices a few years ago on their oldest wines. At Justinos, they said some Russian oligarch wanted to buy their entire stock of old bottled wines. They had to refuse.

Eric Ifune wrote: they said some Russian oligarch wanted to buy their entire stock of old bottled wines.

I heard similar stories a few years back (and not from Justino's), so it also crossed my mind for this auction. Like Roy, I also thought of the possibility of a fake consignment (although I normally associate that with Sotheby's - can I say that?), but there appear to be three bidders (or paddles) here, so it would be a well-organized conspiracy (if it exists).

There's a sinister good feeling bidding your max to the point it's not worth it and that last bid gets out bid by someone else. "They can have it at that price." This happened to me very recently. I bid more than I should've and someone out bid me at that...