TORONTO, Dec. 10 /CNW/ - The fine wine market appears to be returning to pre-recession levels as the LCBO's annual fall wine auction recorded more than $2.5 million in sales - one of the best years on record -- while Vintages fine wine and premium spirits sales topped $37.5 million in November - 13.2 per cent higher than in 2009.
"Interest in collecting and investing in wine is growing," notes Barry O'Brien, LCBO's chief auction organizer. "Wines offered at auction, especially acclaimed vintages, usually appreciate in value, so auctions are seen as good opportunities to build a wine portfolio."
This year's auction highlights included two bottles of the noted French burgundy Romanée-Conti selling for $10,530 while 12 bottles of Chateau Lafite 2000, an acclaimed French Bordeaux, went for $17,000.
More than 90 per cent of the products at this year's LCBO fine wine auction were sold.
Vintages, the LCBO's fine wine and premium spirits business unit which is celebrating its 25th anniversary this year, also recorded strong sales growth during November.
"Many of our customers are starting to trade up again in their purchases, reversing the trend of the past couple of years where consumers were more focused on stretching their dollars," says Tom Wilson, Vice President, Vintages. "Our November Vintages product releases featured a number of wines priced $100 and up which sold out quickly. We haven't seen that demand for a couple of years. "
Red wines in Vintages were particularly strong in November generating $25 million in sales, up 12 per cent over November 2009. White wines accounted for $6.7 million in sales, a15 per cent increase over last year.
Vintages product releases in November and December typically feature a wide assortment of premium and ultra premium wines and spirits for holiday shoppers.
For further information: For further information:
Chris Layton, LCBO Media Relations Co-ordinator, Tel. (416) 864-6772, E-mail:firstname.lastname@example.org