Canadian wine auction sets world record: $17,625 for single bottle of 1992 Screaming Eagle
IronGateAuctions.com closes its first commercial auction season with 99 per cent sell through rate
CALGARY, Alberta, May 26, 2021 /PRNewswire-PRWeb/ -- 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 IronGateAuctions.com. "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 IronGateAuctions.com's 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
- $673,510 CAD in auction gross sales with 17.5 % buyer's premium
IronGateAuctions.com's Fall auction season will kick-off in September 2021. Interested wine buyers can register at IronGateAuctions.com for regular updates and early access to catalogues and information about upcoming auctions. Canadians looking to consign wines can contact Warren Porter directly at [email protected].
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IRONGATEAUCTIONS.COM - HOW IT WORKS:
- Auction catalogues are posted online for preview one week prior to opening bids
- Bidding is anonymous, simple and secure
- Register at IronGateAuctions.com with name, phone number and email address
- Registrants can create their own auction item wish list and make anonymous bids throughout the duration of an auction
- Bidders will receive email and/or text notifications for bids, outbids and won
- Bids can be placed from anywhere across Canada
- Online auction catalogues can be searched by producer, region and sub-region, vintage and appraisal value
- The platform features a real-time countdown clock that will track the time remaining in auction down to the second
- No cost to register and place bids
- Successful bids will be charged a 17.5% buyers' premium, well below the auction industry standard of 20% to 22.5%. Purchases are also subject to a 5% sales tax, the lowest in Canada and another benefit of hosting in Alberta
- Once the auction closes and purchase are finalized, IronGateAuctions.com transfers title to each successful bidder at which point they are contacted by a shipping company who will make arrangements on the bidder's behalf
About Iron Gate - Private Wine Management:
Founded in 2004, Iron Gate Private Wine Management offers fine wine collection management, off-site wine storage, cellar and wine appraisals, traditional and virtual wine auction services both commercially and for registered charities via IronGateAuctions.com, an Alberta corporation. In 2017, Iron Gate launched IronGate.Wine, a U.S.-based online wine retailer offering Canadian wine collectors access to sell on the secondary wine retail market in the U.S.
Websites & Social Channels:
irongatewine.com | IronGate.Wine | IronGateAuctions.com
Twitter: @irongatewine
Instagram: @irongatewine
Media Contact
Elizabeth Luzza, c/o IronGateAuctions.com, 416-951-0672, [email protected]
SOURCE IronGateAuctions.com
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