One of New York's top fine wine retailers, Sherry-Lehmann, has told decanter.com that is set to discuss a return to the auction scene after taking on a new investor.
Sherry-Lehmann (pictured) has brought former hedge fund manager Kris Green onboard as an investor. He has taken an undisclosed stake in the firm, and his arrival follows the departure of the retailer’s president, Michael Yurch.
Its chief executive, Chris Adams, told decanter.com that the group plans to expand its fine wine operations.
‘In the new year, we do plan to sit down and evaluate our options for increasing our presence in the US fine wine market,’ he said.
‘I expect that auctions will be a part of that conversation. As of now, though, we have no plans to re-enter the auction market.’
Sherry-Lehmann was active in the auction market in the 1990s.
If it did decide to return, and that is by no means certain, it could mean a second new player on the New York City auction market in a relatively short space of time, following the debut of Wally’s Auctions in November this year. Wally’s raised $2.68m.
Wally’s’ managing director, Julia Gilbert, told decanter.com, ‘We don’t have a schedule in place for all of 2014, we expect that, ultimately, we will be holding live auctions in New York at least four times per year.’
Written by Chris Mercer