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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.

 

 

 

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