Prices rose and a new record was set at this year's Nederburg Wine Auction, which was marked by renewed interest in South Africa’s old and scarce red and fortified wines.
Receipts at the 37th annual sale, held in Paarl on 16-17 September, were up 8% on last year to ZAR6.1m (£488,512) but, with about 19% fewer cases on offer, average prices soared by 30%.
Nigerian businessman and wine importer Obi Josephat Ndibe set a new record price for a South African wine when he paid ZAR68,000 (£5,445) for a six-bottle case of Monis Collectors Port 1948.
He also paid the highest price in the auction’s charity sale, bidding ZAR31,000 (£2,482) for a single bottle of Echezeaux 1966 from Domaine de la Romanee Conti, helping the sale to raise ZAR183,100 (£14,663) for beneficiaries including Goedgedacht Trust, the Pebbles Project Trust and the Anna Foundation.
The average price per case at the auction as a whole was up 30% at ZAR1,985 (£158.968) per nine-litre case, while red wine prices surged up 43% – boosted by high prices for wines from Chateau Libertas, Lanzerac and Zonnebloem.
Distell managing director Jan Scannell highlighted increased foreign interest in this year’s sale, with overseas buyers accounting for 46% of overall wine sales, up from 30% in 2010.
Written by Richard Woodard