Spirited Bidding at Country’s first Wine Auction
March 28, 2011. The country's first wines and spirits auction conducted by Forth & Tay and Salcedo Auctions was a rousing success with 50 of the 62 Lots sold representing a spectacular 84% clearance rate sold to a packed audience of oenophiles and budding enthusiasts at the Ballroom of the Mandarin Oriental, Manila.
Among the highlights of the sale which attracted heated bidding were 6 bottles of the 99 pointer Penfolds Grange 2004 at Php 105,000; the rare flight of Penfolds Grange Multi Vintage 2001-05 at Php 90,000; and the 100 pointer Château Leoville-Las Cases St. Julien 2000 at Php 27,000. Other bottles that exceeded pre-sale estimates included the 2004 Castelgiocondo Brunello di Montalcino (6 bottles at Php 18,000), Teaninch 23 YO Single Malt (1 bottle at Php 12,500), 2006 Lucente (6 bottles at 13,000) and Remy Martin Otard XO Gold Cognac (Php 8,000).
On the success of this first auction, Forth & Tay president James DuVivier remarked: "We are delighted to have hosted the very first wines and spirits auction in the country which has been a smashing success. It is clear that whilst the Philippines is a relatively young market, there are more and more connoisseurs and budding collectors looking for good bargains of stellar wines and spirits. Adding to the tasting experience of 100 wines from our portfolio, the auction has been a great learning opportunity for many of us about the perceived value of wines and spirits, about the difference in varietals, vintages, 'old' world vs 'new' world, wines for investment and those ripe to drink. This is definitely the first of many auctions to come."
Salcedo Auctions president Karen Kua-Lerma, elated by the enthusiastic response of bidders said, "This again shows how the Philippines is fast developing into a sophisticated market, with discerning buyers obviously knowing what they want and doing their research, bidding for quality items at an international level. We look forward to introducing more collecting categories to add to our portfolio of investment-grade collectibles that includes fine art, furniture, décor, jewelry, watches, and now wines and spirits."
A portion of the proceeds from the sale is being donated to the Virlanie Foundation. To view the complete auction sale results, visit www.salcedoauctions.com. For further information on Forth & Tay, visit www.forthtay.com.