Sotheby’s sales plunge in 2024
Auctioneer Sotheby’s reported a double-digit decline in revenue last year, but Japanese whisky Karuizawa became its most valuable lot for the first time.
Sotheby’s has released its Wine and Spirits 2024 Market Report, which covers category trends, buyer demographics and other initiatives from last year.
The company’s auction sales reached US$114 million in 2024, but it was a 28% decrease from the previous year when revenue hit US$159m.
During 2024, Sotheby’s sold 21,398 lots with auctions held across 10 countries. Sotheby’s held its first auction in Geneva for wine and spirits last year.
Spirits represented 18% of Sotheby’s total auction sales last year, down slightly from the 21% share recorded in 2023.
Japanese whisky Karuizawa was, for the first time, the most valuable lot of the year, Sotheby’s noted.
Sotheby’s also sold the most valuable bottle of both Scotch and Japanese whisky at any auction globally during 2024.
When it comes to the leading spirits sold at auction by Sotheby’s, Karuizawa took the number one spot with five positions on the top 10 spirits lots of 2024.
One bottle from a 52-year-old cask of Karuizawa was the leading spirits sale, fetching US$372,684 at an auction in Hong Kong.
The next top sellers also came from a Hong Kong auction: a 55-year-old bottle of Yamazaki whisky (which sold for US$337,589) and The Macallan’s 81-year-old The Reach whisky (which set a hammer price of US$252,671).
Bottles from American whiskey Pappy Van Winkle and The Dalmore single malt rounded out the top 10 spirits lots, with hammer prices varying from US$172,405 to US$110,047.
Moutai and Van Winkle double share
In terms of the spirits brands dominating Sotheby’s auctions, single malt Scotch The Macallan continues to lead with 18% of sales last year.
It was closely followed by Karuizawa (17% of sales), baijiu maker Kweichow Moutai (15%), Pappy Van Winkle (11%), and Japanese whisky Yamazaki (4%).
Rounding out the top 10 were American whiskey Willett, single malt Bowmore, Kentucky rye whiskey LeNell’s Red Hook Rye and The Dalmore, which all represented 2% each of sales, while Hibiki took the final spot at 1%.
Sotheby’s highlighted that Moutai and Van Winkle more than doubled their market share of spirits sales on Sotheby’s. In 2023, Moutai represented 6% of total spirits sales for Sotheby’s while Van Winkle had a 5% share.
LeNell’s and The Dalmore were debut entries to the top 10, underscoring collectors’ continued interest in exploring spirits from diverse regions, Sotheby’s said.
Last month, Sotheby’s sold a one-off bottle of Old Rip Van Winkle, which become the most valuable post-Prohibition American whiskey at auction after fetching US$125,000.
Americans spend the most on spirits
By demographic, buyers from Asia represented more than half of the spirits market (57%), while the Americas had a 36% share, and the Europe, Middle East and Africa (EMEA) region held a 7% share.
The US was the biggest spender on spirits by country at US$7m, followed by Hong Kong (US$5m), Singapore (US$3m), China (US$2m), Taiwan (US$1m) and the UK (US$1m).
In 2024, Sotheby’s offered spirits in partnership with producers and from privately-owned collections in seven areas across the globe, said to be the most of any auction house.
Spirits highlights of 2024 included the first Moutai-only auction, held in Hong Kong, and the inaugural American whiskey evening sale in New York.
Furthermore, Umberto Angeloni’s Whisky Collection became Sotheby’s first single-owner spirits auction in Paris.
In 2023, Sotheby’s sales were bolstered by The Macallan 1926. A bottle featuring the Valerio Adami label set an auction record for any bottle of whisky or wine ever sold, achieving US$2.7m during a Sotheby’s sale.
Meanwhile, the most valuable Japanese whisky collection at auction, Kodawari, was sold for US$2.3m in 2023 by Sotheby’s in London.
A report by Noble & Co found that the volume and value of rare whisky sold at auction plunged by double digits in the year to September 2024.
Retailers such as The Whisky Exchange noted that Japanese whisky sales have started to moderate as more brands enter the market.
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