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DALLAS, March 20, 2019 (GLOBE NEWSWIRE) -- The wine industry has hit a new trend that is putting private collections and the international markets they are shown at in the forefront. Earlier this year, the auction house Sotheby's known for its top-priced private wine sales reported its 2018 profits which resulted from a blend of aggregate auction, private, and inventory sales. The collective sum brought the year-end total to nearly $6.5 billion which was just over a 15% increase from the previous year. The big highlight in the reporting was through the private sales market which reached over $1 billion, its highest total over the past five years which comes in at a substantial 37% increase year over year.
Why this large spike in wine sales from private collectors? The wine industry is catching onto collectors around the world who are building out portfolios of rare blends, sought after brands and aged varieties which can mean for large returns if the investment is right. Partnering with the right firm is a critical part of success in the private sales space and can make the difference for sellers who are looking to gain maximum exposure of their collections while reaching buyers across the world. Sotheby’s has growingly been able to tap into this ever-changing market and the results show as more record-breaking auction sales are closing out as each quarter passes.
“There is a popularity around wine that has been growing each year that passes and puts those that can afford large buys in a position of making profits. If sellers can make the right choice on both the wine selection up for auction and the firm they partner with to list it, it can mean the difference between getting market rate or top-dollar for their sales.” shares record-breaking wine collector and Sotheby’s seller Marcus Hiles.
This ability to stay ahead of the changing wine market is important as there are other contributing factors pushing the success of modern sales, which particularly is the case for Sotheby's who has been able to adapt to such trends.
One particular growth spot for the auction house came through its focus in the Asian market where it has been able to attract international buyers and sellers. Now with more exposure to a growing base of wine enthusiasts, there is much more coverage and interest on their top collection sales. This comes as part of a “two-pronged strategy” for the region that focuses on growing new buyers and converting existing collectors from one wine category into collectors of multiple. And the strategy seems to be working, figures released by the firm highlight a large percentage of their Asian-base as new buyers and broadened collectors.
With a big push in international markets, Sotheby’s has also encouraged larger collectors from other parts of the world to partner with them to both list their wine sales and build out their collections through these auction sales. Now with a larger, more diverse market; online sales have also become a focus in connecting the wine community together. Reporting a near 25% increase in online sales for the year of 2018, the firm has continued to connect with the right influencers and critics who have ultimately helped boost exposure and attention of their upcoming listings to maximize results.
Overall Sotheby’s ability to continue to diversify its strategy by broadening with the evolving wine market has been part of their key to success. Now with an industry more focused on rare finds and top-priced bottle than ever before it is critical to have firms connecting together markets worldwide so there is a single hub where the best of the best can be bought and sold. As this industry continues to gain popularity it seems the firm will only continue to expand its sales and attract even more interest from today’s elite wine community.
To learn more about the growing wine industry visit marcushiles-news.com.