On Sunday, 9th March, the historic Château du Clos de Vougeot played host to the Hospices de Nuits-Saint-Georges auction, a smaller version of its famous Beaune-based counterpart. iDealwine was appointed by the Hospices Civils de Beaune (the public institution which also oversees the Hospices de Nuits), presided over by Guillaume Koch, to organise this exceptional sale. The auction featured wines from the Hospices affiliated estate’s 2024 vintage – a year of outstanding quality, though reduced in volume due to challenging weather conditions. A total of 35 traditional pieces (228-litre barrels) were presented, alongside a rare feuillette (114-litre barrel). To add to the excitement, and on account of the rarity of the wines, organisers exceptionally added 120 magnums and 240 bottles from the estate’s private collection in their cellar to the catalogue. Set against the picturesque backdrop of the Côte de Nuits vines, the atmosphere inside the Clos de Vougeot’s historic cellars was electric.
Bidders were eager and the sky was the limit in terms of hammer prices – a testament to the enduring allure of these exceptional wines. A triumph savoured wholeheartedly by the iDealwine team, united around Cyrille Jomand, the group’s CEO and auctioneer. This impressive 41.5% increase in the average price of barrels sold warrants closer examination and provides an opportunity to take stock of the Burgundy wine market. Angélique joined Lorraine Goumot on the French news channel BFM and its Tout pour Investir programme to analyse these results in detail.
Angélique, your company – iDealwine – was entrusted to organise this year’s auction, giving you a unique insider’s perspective on the event. In addition, you also have the analytical insight to interpret the results of this sale.
Indeed, iDealwine is incredibly proud to have been appointed to organise the auction. Our president, Cyrille Jomand, led the sale as the auctioneer alongside Mr Alexandre Giquello, President of Drouot. This is a rather unconventional auction. Not only is it the smaller counterpart to the renowned Hospices de Beaune sale, but it also features wines produced by an estate owned by a hospital, in this case, the Hospices de Nuits-Saint-Georges. The estate’s 12 or so hectares of vines originate from generous donations made by patients treated at the hospital over the years. Mainly located within the Nuits-Saint-Georges appellation, the estate includes exceptional parcels in the prestigious Saint-Georges and Les Didiers climats, the latter being exclusively cultivated by the Hospices de Nuits estate. This remarkable viticultural heritage is the birthplace of exceptional wines, produced by Jean-Marc Moron, the manager, and his team. It mostly consists of red wines, along with a premier cru parcel, which produces a rare white Nuits-Saint-Georges.
The wines are sold in barrels, correct?
Yes, they come from the most recent harvest – in this case, the 2024 vintage. At this stage, the wines are still maturing, so they are sold in 228-litre barrels known as pièces. Each buyer then entrusts their pièce to a Burgundy-based wine merchant or estate which completes the ageing process, bottles the wine, and eventually delivers it to the client.
So how come this year’s auction also featured bottles and magnums?
Let’s say that this year’s sale was exceptional in many ways. The 2024 vintage yielded wines of outstanding quality, but in extremely limited quantities. Only 35 pièces (and a half-pièce, also called feuillette) were put up for auction, alongside a special charity pièce, the proceeds of which were donated to a worthy cause. This year, the chosen charity was Coucou nous voilou, an organisation founded by Marc Salem, the former head of the Necker Hospital in Paris, to improve the daily lives of hospitalised children. A fantastic cause! Going back to the wines, it’s worth mentioning that a ‘normal’ harvest for this estate typically yields around 150 barrels, which puts into perspective just how microscopic the 2024 production was.
To help offset the financial impact of this small harvest, the Hospices de Nuits exceptionally reached into their cellar, to offer a selection of bottles and magnums from older vintages for sale, in addition to the pièces. This provided a fantastic opportunity for wine lovers to experience these wines – perhaps even as a first step before committing to purchasing a full pièce next year, either alone or with friends.
So, what about the results? Are we looking at a sharp decline?
A decline – or rather, an increase! It all depends on how you look at it. With volumes down by 75.7% compared to 2024, the total proceeds from the auction – just under €860,000, including both pièces and the bottled wines – were unlikely to surpass previous years during which the harvests were much more abundant, especially in 2022 and 2023.
But THE figure worth analysing is the average price per piece, which reached €22,422 – a level close to the all-time record of 2022 (€22,807) and marking an exceptional 41.5% increase.
How do you explain such a price surge? If I remember correctly, the market has generally been on a downward trend since last year… except, perhaps, in Burgundy?
Indeed, prices for most fine wines, including grand crus, saw a decline in 2023 and 2024. That said, in Burgundy, the average price at auction has remained stable at €250, unlike most other wine producing regions, which are experiencing drops. Burgundy remains a stronghold of demand but remember that during the Hospices de Beaune auction last November, the price of red wine pieces fell by 5%. In contrast, the surge recorded on 9th March is pretty striking.
Another valuable indicator is the auction price achieved by wines on iDealwine in 2024. For Burgundy wines, they remained stable last year.
So how do you explain this surge?
Three factors help shed light on this unprecedented increase.
The first lies in the unique nature of this auction. The proceeds directly fund the operations of a vineyard owned by a local hospital. Local players are actively involved in supporting these operations and, in the event of small harvests, they often compensate by pushing bids higher for each pièce. In fact, this exceptional situation was factored into the auction catalogue itself, with the lower estimates set with a projected 10% increase compared to final hammer prices achieved in 2023. It was an ambitious target given the current market trend, especially in light of the results recorded in Beaune in November 2024. Our teams put every effort into broadening the auction’s reach and attracting new buyers, but no one could have predicted such a dramatic price surge! The traditional players – the major Burgundy wine trading houses – were more determined than ever, contending with a broader clientele this year.
The second factor is the exceptional quality of the wines. This price increase is a testament to the outstanding work of Jean-Marc Moron – an exceptional winemaker – and his teams, particularly during a year marked by all kinds of issues. The 2024 vintage embodies everything Pinot Noir lovers seek: purity, finesse, and a silky texture. This delicacy is Jean-Marc Moron’s signature. Everyone who had the chance to taste the wines confirmed their brilliance – whether at the numerous tastings hosted by iDealwine in Paris, Vienna, Rome, New York, Hong Kong, and Singapore, or at the estate’s own winery the day before the auction. These prices are a well-earned tribute to the remarkable craftsmanship of Jean-Marc Moron and his team.
The third factor behind this price surge lies in the current market dynamics for Côte de Nuits wines. Demand for Pinot Noir from this prestigious region remains strong across the globe. For years, the wines of the Hospices de Nuits flew under the radar, we even called this auction ‘Burgundy’s best-kept secret.’ Revealing it during this event has shone a well-deserved spotlight on these wines, positioning them at their true market value, with an additional premium driven by their rarity.
And what about white wines, did they see a similar increase?
White wines are exceptionally rare in Nuits-Saint-Georges, accounting for just 5% of the appellation’s total production.
A pièce of white wine (a Premier Cru Les Terres Blanches) sold for €27,000. Together with the success of the half-pièce (a feuillette auctioned for €16,000), the average price increase of the pièces exceeded 40% overall. In other words, a great success for this magnificent wine.
The proceeds from barrel sales exceeded expectations, reaching €796,000 at auction, 25% above the lower estimate and a further 7% above the upper estimate in the catalogue. A pièce of Nuit-Saint-Georges Les Saint-Georges, a premier cru that could reach grand cru status in the coming years, came close to its all-time record, fetching €55,000.
What conclusions can we draw from these results? Has Burgundy reached an all-time high?
This auction proves that there are still hidden gems waiting to be discovered. And that’s precisely the kind of mission we love to pursue at iDealwine, ‘in service of wine, committed to those who make it and to those who share it’.
