Sotheby’s has released its 2024 Wine & Spirits Market Report, showing that while the United States recorded impressive gains—overtaking Hong Kong in annual wine sales for the first time—Asia continues to hold its ground. Mainland China, Hong Kong, and Taiwan all ranked among Sotheby’s top 10 wine auction markets globally, underscoring the region’s enduring importance in the fine wine trade.
Bordeaux’s Market Share Collapses
Total wine and spirits auction sales at Sotheby’s reached US$114 million in 2024, across 61 auctions in 10 countries, with 21,398 lots sold. Since 1995, the auction house has recorded more than $1.8 billion in cumulative sales in the category.
The report describes 2024 as a pivotal year. For the first time, the total sale of Bordeaux, Burgundy, and spirits fell to around 70% total turnover, reflecting a broader diversification in buyer preferences and growing demand for wines from emerging regions. Bordeaux, once the undisputed king of the auction block with a 62% share in 2014, saw its portion shrink to just 15% last year.
In contrast, Burgundy maintained its dominance, despite some price softening. Since 2013, the region has enjoyed sustained momentum, peaking at 46% of total sales in 2021. In 2024, Burgundy still accounted for 34% of sales, cementing its position as the top-performing region by value.
Wines from California and Spain saw auction sales more than double year-on-year, while Italy and the Rhône Valley also posted solid gains.
Burgundy Wines Dominate Top Lots
Burgundy led the pack at the individual producer level as well. Domaine de la Romanée-Conti and Hospices de Beaune accounted for a combined 36% of global wine auction sales, with market shares of 19% and 17% respectively. Bordeaux’s top performer, Petrus, ranked fifth with 3% of total sales. Château La Mission Haut-Brion, Château Mouton Rothschild, and Château Lafite Rothschild followed closely, each capturing 2%.
The top lot of 2024 was a 12-bottle case of Henri Jayer’s 1999 Vosne-Romanée Cros Parantoux, which sold in Hong Kong for US$152,596. In the charity auction category, the top lot was the Pièce de Charité – Beaune Premier Cru Les Bressandes 2024 from Hospices de Beaune, which fetched US$483,000—making it the highest-priced charity wine of the year.
Across nearly every metric, Burgundy continued to dominate, thanks to its high average bottle prices and enduring collector appeal.
Global Buyer Landscape: Asia, Europe, and the Americas Share the Stage
Buyer demographics revealed a balanced global footprint for Sotheby’s auctions. Asian collectors accounted for 32% of total sales, while Europe, the Middle East, and Africa combined for 35%—driven largely by Europe. The Americas followed with a 33% share.
Hong Kong remained Sotheby’s most important wine auction hub in Asia. Buyers from the city spent US$14 million in 2024, followed by mainland China and Singapore at US$4 million each. Taiwan contributed $3 million in purchases, while Malaysian buyers accounted for $1 million. Despite being a key consumption market, Japan did not make the list of top buyers.
In the Americas, the U.S. maintained its dominance, contributing $28 million in purchases—vastly outpacing the rest of the region, which collectively made up just $3 million. The report noted a surge in U.S. participation, with American buyers now double the number of those from Hong Kong. In 2023, the difference between the two was only 18%.
New York also overtook Hong Kong for the first time in annual wine auction sales, becoming Sotheby’s top-performing location and setting its second-highest annual sales record to date.
Despite the rapid rise of the U.S. market, Sotheby’s emphasized that participation in Asia remains robust, accounting for half of the auction house’s top 10 markets worldwide.
Asia Dominates in Spirits
Asia’s influence was even more pronounced in the spirits segment. Buyers from the region were responsible for 57% of total spirits sales, compared to 36% from the Americas and just 7% from Europe, the Middle East, and Africa. The data reflects Asia’s booming demand for high-end spirits, particularly Japanese whisky and Chinese baijiu.
The Macallan, Karuizawa, and Moutai were the top three spirits brands sold at auction in 2024, further underscoring the strength of demand for ultra-premium offerings from the region.
In response to market trends, Sotheby’s launched a dedicated Moutai auction last year, highlighting the strategic role of Hong Kong and mainland China in the global spirits trade.