LCBO Auction to Become an Annual Event (February 13, 2003)
The Liquor Control Board of Ontario took a big gamble when it instituted
its first Vintages auction last November, but it looks as if the gamble
paid off. The initial estimate of revenues by auctioneers Ritchie's was
$1.67 million. The gross sales were totaled up after 92 per cent of the
lots submitted from private and restaurant cellars were sold; the take
was $2.4 million.
Already consignments of wine are being accepted by Vintages for this
year's auction in November. (Deadline for receipt is May 16th; contact
Sarah Mitchell at 416-364-1864, ext. 230 for details.)
Over 600 wine lovers attended the two-day event held over a weekend at
the Design Exchange in Toronto. Some of the highlights were a vertical
of Penfold's Grange going for $8,050 and a 1947 Château d'Yquem
fetching $2,500. The top bid was for a library of Château Mouton-Rothschild
from 1945 to 1999 that was knocked down for $54,625.
Vintages takes a 15 per cent commission from both the buyer and the seller,
after taxes and a transaction fee are added in. At the first auction I
purchased a lot of First Growth Bordeaux 1970 and 1982. The hammer price
was $1,100. My bill came to $1,505.