June Zachy's Auction

[Eric Menchen]

Received the catalog for the 22-23 June LA auction in the mail yesterday. It includes a good deal of Port an Maderia, including a 1931 Quinta do Noval, Corney & Barrow Ltd label, with an estimate of $1200-2400 (+buyers premium). That one even has a tasting note where some RH fellow gave it 97 points. It looks to me like prices have been coming down this year. Take for example lot 47, 10 mixed bottles, 1963 Dow, 1977 Croft (2), 1997 Niepoort (3), 1985 Dow (3), and 2000 Offley Boa Vista with an estimate of $400-600. I didn't get out my notes and add up the individual bottles, but that seems lower to me. Of course it could go for more--we can't use this auction as a gauge yet until it is over; but I have seen some lower prices in other auctions too. Oh, and for you Musar fans, I just happened to notice a listing after a bunch of Madeira lots a case of 1972, lot 1253 with an estimate of $1800-3000.

[Justin A]

Eric,
Don't the estimates for the Madeira lots seem to be very aggressive?

[Eric Menchen]

Welcome Justin. But to your question, I can't really comment as I don't regularly follow Madeira pricing. I'll enjoy a good Madeira, and I've bought a few very young ones, but that's about it.

[Mark L]

Hey Justin,

I feel like auction houses lately have been pricing madeira (especially old madeira) pretty aggressively (on the high side) in general... if history is any indicator, the trend will subside, as there are probably a handful of collectors out there who are at the moment willing to battle each other out for any bottle there is -- especially the legends. If I'm following an auction, I can find out very quickly if I'm going to bother to participate based on the kind of action the very first bottle of madeira gets. If the first bottle seems to be battled for, then there is a good chance the same bidders will be battling for the rest of the lots in the auction -- driving the price up for everyone else (not only for that auction, but for future auctions as well).

There are a lot of auctions out there, however; and if you find one that is not as well 'attended' then you can get some great bottles well below the auctioneer's estimates (and thus grab it for what I personally think is closer to its actual long term/big picture value).

Maybe it's just me, but I think we are in a slight spike in pricing for the legendary and pre-1860 madeira out there. At least I hope it's a temporary spike!!! Otherwise, I'm done collecting/drinking!

Welcome to the site!
Cheers,
Mark

[Eric Menchen]

FYI, here are the Port results (Lot#, #bottles, type, size, estimate, realized price (includes premium):

• 47 10 Mixed Port Mixed $400 - 600 $671
  1 bottle 750ml Dow 1963 just below top shoulder, no label, fully embossed capsule
  2 bottles 750ml Croft 1977 one bottom neck, one just below top shoulder
  3 bottles 750ml Dow 1985 opaque bottles
  3 bottles 750ml Niepoort Port 1997 one with signs of old seepage
  1 bottle 750ml Offley Boa Vista 2000
• 273 17 Mixed Port Mixed $850 - 1,300 $976
  11 bottles 750ml Dow 1977 bottom neck or better
  6 bottles 750ml Taylor Fladgate 2000
• 485 26 Mixed Port Mixed $1,500 - 2,200 $2,074
  3 bottles 750ml Dow 1977 opaque bottles, bin-soiled and heavily scuffed labels, one with signs of old seepage
  3 bottles 750ml Taylor Fladgate 1994 one bin-soiled label, one nicked label
  2 half bottles 375ml Fonseca 1994 nicked labels
  1 bottle 750ml Warres 1994 bin-soiled label
  5 bottles 750ml Quinta do Noval 1997
  3 half bottles 375ml Niepoort Port 1997
  2 half bottles 375ml Quinta do Noval 1997
  5 bottles 750ml Taylor Fladgate 2003
  2 bottles 750ml Quinta de Roriz Port 2003
• 595 12 Quinta do Noval 1997 750ml $1,200 - 1,800 $1,952
• 941 12 Quinta do Noval 1997 750ml $1,200 - 1,800 $1,952
• 1033 8 Mixed Port Mixed $1,600 - 2,400 $1,342
  1 bottle 750ml Quinta do Noval 1945 nicked label, bottled by Da Silva's, opaque bottle
  7 bottles 750ml Taylor Fladgate 1963 opaque bottles, four wine-stained labels, three chipped wax capsules with exposed corks, two with signs of old seepage
• 1235 2 Dow 1896 750ml $1,500 - 2,200 $1,830
• 1236 1 Cockburn 1900 750ml $600 - 1,000 $549
• 1237 2 Cockburn 1908 750ml $1,100 - 1,800 $1,464
• 1238 2 Cockburn 1912 750ml $1,000 - 1,600 $1,220
• 1239 3 Cockburn 1927 750ml $1,500 - 2,400 $1,830
• 1240 1 Quinta do Noval 1931 750ml $1,200 - 2,400 $2,684
• 1241 3 Quinta do Noval 1945 750ml $1,200 - 2,200 $1,952
• 1242 2 Mixed Port Mixed $150 - 250 $183
  1 bottle 750ml Fonseca 1970 bottom neck, lightly scuffed label, shipped and bottled by Morgan Furz & Co Ltd
  1 bottle 750ml Gould Campbell 1977 into neck, signs of old seepage

[Eric Menchen]

And here is Madeira:

• 1243 3 Madeira Bual Cossart Gordon Solera 1845 750ml $1,200 - 2,200 $1,342
• 1244 3 Madeira Verdelho Reserva d´Oliveiras 1850 750ml $3,600 - 5,500 $3,416
• 1245 3 Madeira Malmsey Blandys Solera 1863 750ml $1,500 - 2,400 $2,074
• 1246 3 Madeira Grand Cama de Lobos Blandys Solera 1864 750ml $1,200 - 2,200 $1,159
• 1247 3 Madeira Malvasia Reserva d'Oliveiras 1875 750ml $2,600 - 4,600 Passed
• 1248 3 Madeira Moscatel Reserva D´Oliveiras 1875 750ml $3,600 - 5,500 Passed
• 1249 3 Madeira Grand Cama de Lobos Blandys Solera 1880 750ml $1,000 - 1,800 $1,220
• 1250 3 Madeira Terrantez D´Oliveiras 1880 750ml $1,200 - 2,200 $2,318
• 1251 3 Madeira Verdelho Riservas Oliveiras 1890 750ml $2,600 - 4,600 $2,440
• 1252 9 Madeira Reserva d'Oliveiras Mixed $6,500 - 11,000 Passed
  3 bottles 750ml Madeira Malvasia Reserva d'Oliveiras 1900 into neck, one chipped wax capsule
  3 bottles 750ml Madeira Moscatel Reserva d´Oliveiras 1900 into neck
  3 bottles 750ml Madeira Verdelho Reserva d´Oliveiras 1905 into neck