Sotheby’s Wine & Spirits Business Reaches $127.5 Million in 2025

Sotheby’s said its wine and spirits division generated US$127.5 million in sales in 2025, up nearly 12% from a year earlier and double the level recorded a decade ago, underscoring continued global demand for fine wine and rare spirits despite broader market volatility.

Founded in 1744, Sotheby’s facilitates the global trade in art and luxury goods through auctions, private sales and retail. Its Wine & Spirits department, established in 1970, recorded its fourth-highest annual total in 2025. Only 2023 (US$159 million), 2022 (US$150 million) and 2021 (US$132 million) posted stronger results.

During the year, Sotheby’s conducted 69 wine and spirits auctions across eight sales centres. Single-owner collections accounted for 33 of those sales — nearly half of the total — underscoring continued demand for curated, landmark cellars. The buyer base also continued to expand, with 35% of participants new to Sotheby’s.

Nick Pegna, Global Head of Wine & Spirits, said the results reflected both market resilience and sustained collector confidence.

“Our 2025 results underscore the strength and momentum of Sotheby’s Wine & Spirits business,” he said. “Achieving US$127.5 million in sales across auctions and private transactions reflects not only the resilience of the fine wine and spirits market, but also the continued confidence collectors place in Sotheby’s to steward the world’s most important cellars and collections.”

He added that performance was driven by a broad international buyer base, strong growth in new collectors and the company’s expertise in presenting significant single-owner sales.

Europe Leads, New York Surpasses Hong Kong

Regionally, Europe remained the largest contributor, generating US$56.7 million in sales. France and the United Kingdom were the principal drivers, accounting for US$35.4 million and US$21.3 million respectively.

The United States followed with US$37.3 million in sales, while Asia contributed US$33.5 million.

For the second consecutive year, New York surpassed Hong Kong as Sotheby’s highest-performing sales centre for wine and spirits, recording the city’s second-highest annual total on record.

At the same time, Sotheby’s expanded its physical presence in Japan and Switzerland by establishing dedicated local teams and long-term offices, strengthening its global footprint and closer ties with regional clients.

The buyer base was geographically balanced: EMEA accounted for 34% of buyers, the Americas 33%, and Asia 32%. This near-even split highlights both the global resilience of the fine wine and spirits market and Sotheby’s ability to mobilise demand across major regions.

Wine Dominates, Spirits Set the Year’s Record

By category, wine remained the core business, generating US$106 million in sales, while spirits contributed US$21.5 million.

Yet the highest-priced lot of the year came from the spirits segment. On October 10, a 1.5-litre bottle of 1965 The Glenlivet SPIRA 60-Year-Old whisky sold for US$864,825, making it the most expensive lot of 2025.

The second-highest lot was sold on June 7: Antinori Napa Valley & Stag’s Leap Wine Cellars | From Napa Valley to Tuscany: A Journey Through Storied Wine Regions, which achieved $550,000.

According to Sotheby’s, both the most expensive wine lot and the most expensive spirits lot globally in 2025 were sold through its platform.

Hospices de Beaune Partnership Extended

Sotheby’s also renewed its role as organiser of the annual Hospices Civils de Beaune charity wine auction. Since first overseeing the sale in 2021, the company has set three new auction records. The partnership has now been extended through 2030.

The 165th Hospices de Beaune Wine Auction, held in November 2025, attracted record global participation and raised €18.8 million (approximately US$21.8 million). Including associated sales, the total reached €20.3 million (around US$23.5 million), ranking as the third-highest result in the event’s history.

The average hammer price per barrel of red and white wine rose 4.6% year-on-year to €33,930, exceeding €30,000 for the fifth consecutive year.

Pegna described the Hospices de Beaune auction as one of the wine world’s most historic and meaningful events.

“It is a privilege to continue supporting its vital charitable mission while delivering record-breaking global participation and results,” he said.

Beyond Beaune, Sotheby’s maintains long-term partnerships with international distilleries, Napa Valley Vintners, Bordeaux’s Cité du Vin and the Institute of Masters of Wine, reinforcing its leadership in the global fine wine and spirits auction and charity market.