Wine: Hammer horrors

2008 Corazon Syrah, $25. Photo / Dean Purcell

I am a self-confessed wine auction junkie. Not that I feel a compulsion to purchase (unless, of course, there's a bargain going begging) but I have a fascination with what's on offer and with what people are prepared to pay. Even in times of recession it's quite staggering and a reminder that buying fine wine can be a solid, long-term investment.

To test my theory I recently ventured out on a blustery weather bomb Monday night to a fine wine auction, featuring mainly Bordeaux and European wine.

By fine wine, especially Bordeaux, we are talking about the big-name first growths and associated heavy hitters whose reputation is beyond reproach. They are Chateaux Lafite, Mouton Rothschild, Haut Brion, Margaux, Latour, Petrus, Le Pin, Cheval Blanc, Ausone and d'Yquem.

Despite the lousy weather, 30 of us were present with a good sprinkling of Asian buyers who were keen bidders on "name" producers, especially Lafite, Mouton and Petrus. There were a whopping 456 lots but the auctioneer was blindingly fast and we were done and dusted within two and a half hours.

No mucking about here, if there were no quick bids the wine was passed in as it was obvious whatever the reserve was, it wouldn't be met.

About 60 per cent of what was on offer received no bids or bids that were woefully short of the reserve. They were either passed in or noted for possible negotiation later. Absentee bids were held by the auctioneer and there were a number of people bidding by phone.

There was little interest in the very cheap or moderately priced wines. The fierce bidding was for the stars. Single bottles of Mouton Rothschild averaged $1100, with the highly rated 2000 vintage fetching $1800. (Add a 15 per cent buyer's premium to the hammer price and GST on top of that.)

The Chateau Petrus 2000 was passed in at $3800. To secure that, a bid around $5000 was probably required.

The Latours, four of them from 1973, were probably a bargain at $380 each, and the Lafites, from average vintages, ranged from $400 to $600 a bottle.

Staggering amounts of money for fermented grape juice but, if you buy right and from prized vintages, there is gold in them thar vines.


RECOMMENDED

2008 Soho Revolver, $38
Bordeaux blend from an outstanding vintage on Waiheke Island. Grapes from Soho's Onetangi Vineyard, merlot and malbec dominant with some cabernet sauvignon and franc. Racy, enticing and rich. Drink now or keep for a few years.

2008 Corazon Syrah, $25
Single vineyard wine from Henderson-based producer. Grapes from Hawkes Bay and made by dedicated syrah fan Shayne Cox. This wine has harmony and elegance with plenty of berry fruit, spice and leather.