Napa Valley wine auction brings in $1 million an hour

A premiere wine auction in Napa Valley has managed to break records by bringing in around a million dollars an hour from wine experts and in-the-knows.

Over the course of the three hour auction, trade members from across the United States and several countries including the UK, bid on 200 different lots of unique, fascinating wines.

They spent, in total, a record-breaking $3.1 million (£1,956,143), meaning that it was the first such event to ever break the $3 million market. A clear example of the rude health which the wine market finds itself in.

Pine Ridge Vineyards’ chief executive officer and Premiere Napa Valley 2012 chair, Erle Martin, said: “The buyers for these wines would not have put forth this kind of investment if they didn’t feel–with real security–that they could sell these wines.”

The top lots for 2012 were the Dana Estates, Ovid Napa Valley along with other sparkling performances from Checkerboard Vineyards, Vine Hill Ranch and Joseph Phelps Vineyards.

One million dollars an hour is a staggering way to think of just how successful top end wine is at the minute. It’s also a very reassuring way to think of it too.

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