Within two months of launch, IronGateAuctions.com has set a world record, fetching the highest price ever paid for a 750 mL bottle of 1992 Screaming Eagle according to Wine Market Journal, the industry’s most comprehensive resource for wine auction trade values and market information.
The Californian cult legend sold for $17,625 CAD (including 17.5 per cent buyer’s premium) during Iron Gate’s most recent online wine auction, which ran from May 11 to 18. The auction yielded strong prices in all categories with an impressive offering of Bordeaux and Burgundy leading the way, grossing $673,510 overall, including 17.5 per cent buyer’s premium.
“The results from our latest online commercial wine auction are clear: Canada can compete on the world stage for vintage fine wine,” says Warren Porter, President and Founder of Iron Gate Auctions. “Canadian consignors now have a reliable channel to sell their prized collections and can reach a broad base of energetic buyers who are thirsting for these rare, coveted wines. It’s a dream come true for me that IronGateAuctions.com is helping to put Canada on the fine wine auction map.”
Total sales of the seven-day auction came in at 90 per cent of the high estimate. According to Porter, this is a good price position for buyers and sellers alike.
“We believe our online auction sales results send a strong signal to both consigners and buyers,” says Porter. “Canada is an attractive market for collectors looking to sell wines of impeccable quality and there is great value available for buyers of vintage fine wine.”
More highlights from the most recent commercial auction include:
•99% sell through rate
• 631 wine lots sold
• 4,648 bids placed with 1,750 placed in the last four (4) hours
Notable lots sold include a single bottle of 2009 Jean-Louis Chave, Hermitage, Ermitage Cathelin selling for $8,255 CAD with total auction gross sales at $673,510 CAD, including the 17.5 % buyer’s premium
Iron Gate’s fall auction season will kick-off in September 2021. Interested wine buyers can register at Iron Gate Auctions for regular updates and early access to catalogues and information about upcoming auctions.
Note: Information was to Wines In Niagara from Iron Gate Auctions