Results from the 63rd Hospices de Nuits-Saint-Georges wine auction: A sharp decline

 Hospices de Nuits Saint-Georges barrel

The results of the Hospices de Nuits Saint-Georges auction further underscore the overall downward trend in the prices of fine Burgundy wines in recent months.

While slightly less renowned than the Hospices de Beaune auction, the Hospices de Nuits-Saint-Georges auction which took place on 10 March nonetheless provides a valuable indicator of the market for fine Burgundy wines.

This 63rd edition marks the end of record-breaking figures; the €2,281 million final figure is almost 37% down on last year’s record €3,603 million, a drop of €1.3 million. This figure is even lower than that for 2022 (€2,486 million). Four ‘pièces’ (228-litre barrels) of wine failed to find a buyer.

Despite a similar number of lots (150 compared with 160 last year) and an equally good vintage, these results are largely accounted for by the slowdown in the market, particularly for Burgundy grands crus, which we have also observed at iDealwine. As a matter of fact, the average price of Burgundy wine in iDealwine auctions fell by 35% in 2023.

And in 2023, the average price of Burgundy wine was already significantly lower than in 2022.

Still, this has not stopped some vintages from setting records, as is the case with the Nuits-Saint-Georges Premier Cru Les Saint-Georges. The Hugues de Perdrizet cuvée, for example, fetched €60,000. The ‘pièce des bienfaiteurs’, a blend of the estate’s nine premier crus, also beat its record by a small margin, achieving €68,330. The proceeds will be donated to the Clément-Drevon Foundation, a Burgundy-based organisation which funds projects in the fields of medical research, the use of health data and scientific training.

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