2017 Year in Review: Zachys Generates $79.3 Million in Global Auction Sales
SCARSDALE, N.Y., Jan. 11, 2018 /PRNewswire/ -- New York-based Zachys released its 2017 Year in Review report, announcing $79,391,832 in fine wine auction sales, a 20 percent growth from 2016. Sales resulted from live auctions in New York, Hong Kong and Washington, D.C.; as well as monthly internet auctions:
- U.S. live auctions realized $43,468,645
- Hong Kong live auctions realized $26,182,778
- Monthly zCollections internet auctions realized $9,740,409
With nearly 30,000 lots sold globally at an average of 97 percent sold, Zachys owes part of its success to the several single-owner auctions and named consignments the auction house saw in 2017. These included the collections of Dr. Robert Caine, Tawfiq N. Khoury, Dr. Eugene Wong, the estates of Marshall Katz and William Young III and direct consignments from Taittinger, Emidio Pepe, Haut Brion and La Mission Haut Brion. In addition, Zachys held its inaugural Washington, D.C. auction this past October; the first commercial wine auction in D.C. in 30 years.
"I couldn't be happier with our results," remarks Zachys' President Jeff Zacharia. "There was one region on collectors' minds in 2017, and that was Burgundy. The top 10 lots sold for the year were all from Burgundy, whereas 2016 saw three top lots from Bordeaux. Six lots of Vosne Romanée Cros Parantoux Henri Jayer dominated the top 10, realizing over $100,000 per lot. What does this mean for 2018? That we're in the midst of an upswing for rare Burgundy, and Zachys expects this trend to continue."
In 2017, Zachys sought to extend its luxury wine brand into an ever-expanding market. Zachys opened an office in Washington, D.C., as well as hiring staff in Beijing. As a result, Zachys saw an increase in sales from global buyers with 26 percent of sales coming from Hong Kong clients, and 33 percent resulting from clients elsewhere in Asia.
A full copy of Zachys' 2017 Year in Review, along with the Top Lots of 2017 is available here.
About Zachys: Zachys is the trusted and preferred choice for buying, collecting and consigning fine wines. As a third-generation family-owned business based in Scarsdale, New York, Zachys' holdings include Zachys Wine & Liquor, Zachys Wine Auctions in the U.S. and Hong Kong, and Zachys Storage New York and D.C.
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