The world of fine wine and spirits auctions is always changing, and Sotheby’s latest Wine & Spirits Market Report for 2024 offers a clear picture of where things stand today. Based on data from 61 auctions held across 10 countries, totaling 21,398 lots sold, this report reveals some big shifts in buyer behavior, regional preferences, and market trends. One of the standout findings? The United States has stepped up as the top-selling location for Sotheby’s auctions, overtaking other major players like Hong Kong for the first time in over a decade. Here’s a deep dive into what’s happening in this fascinating market.
America Rises to the Top
In 2024, the U.S. made a bold statement in the world of high-end wine and spirits auctions. The number of American bidders doubled compared to the previous year, pushing the country ahead of all others in terms of spending. New York, in particular, shone brightly, racking up $28 million in sales—making it the second-highest total ever for that location. By comparison, Hong Kong, a longtime heavyweight in the auction scene, brought in $14 million. This surge in U.S. participation marks a significant change, as the report notes that American buyers outpaced Hong Kong buyers by a wide margin in 2024, a stark contrast to 2023 when the U.S. was only 18% ahead.
The report also highlights that French bidders matched Hong Kong’s $14 million spend, putting them on equal footing for the first time in recent memory. However, the U.S. stood alone as the top spender by country, cementing its newfound dominance. This shift isn’t just about money—it’s about numbers too. The doubling of U.S. bidders shows a growing interest among Americans in snapping up rare wines and spirits at auction, a trend that has reshaped the global market.
Interestingly, the report points out that the overall market is now almost evenly divided between three major regions: Asia, the Americas, and EMEA (Europe, the Middle East, and Africa). Sotheby’s calls this balance a “historic milestone,” reflecting how the auction landscape is becoming more global and diverse than ever before.
Bordeaux Slips, Other Regions Gain Ground
For years, Bordeaux wines have been a cornerstone of Sotheby’s auctions, but 2024 told a different story. While Bordeaux, along with Burgundy and spirits, still leads the pack as the most popular categories, its dominance is fading. Back in 2013, Bordeaux accounted for 60% of Sotheby’s total sales. Fast forward to 2024, and that share has dropped to just 34%—a nearly 50% decline over 11 years. This isn’t to say Bordeaux is out of the game; it remains a major player, but buyers are clearly branching out.
So where are they turning? Burgundy is holding steady, with its share of sales rising slightly from 26% in 2013 to 34% in 2024, matching Bordeaux’s current standing. Beyond these two giants, other regions are catching collectors’ eyes. Sales of wines from California and Spain more than doubled in 2024, signaling a growing appetite for these areas. Italy and the Rhône Valley also saw steady growth, proving that wine enthusiasts are eager to explore beyond the traditional French powerhouses. This shift suggests a market that’s diversifying, with buyers seeking unique bottles from less predictable regions.
Japanese Whisky Steals the Spotlight
While wine trends are shifting, the spirits category is heating up—and Japanese whisky is leading the charge. In 2024, the Japanese brand Karuizawa made headlines when a single bottle of its 52-year-old Karuizawa 1960 sold for an impressive $372,684, claiming the title of the year’s most valuable lot. This wasn’t a one-off either. Four other Karuizawa products landed in the top 10 spirits lots of the year, including three sets of 36 bottles each from the Mount Fuji collection and two bottles of The Last Masterpiece (one 50-year-old Black Label and one White Label).
Despite Karuizawa’s big moment, The Macallan, a Scottish whisky icon, still holds the top spot overall, accounting for 18% of Sotheby’s spirits sales in 2024. Karuizawa wasn’t far behind at 17%, and China’s Kweichow Moutai followed closely with 15%. The spirits market is clearly thriving, with Asia driving much of the demand—buyers from the region made up over half of Sotheby’s spirits purchases. That said, the U.S. once again flexed its muscle as the biggest single-country spender, shelling out $7 million on rare spirits compared to Hong Kong’s $5 million.
One notable U.S. purchase was a set of 12 bottles of 20-year-old Family Reserve Single Barrel Pappy Van Winkle whiskey, which fetched $162,000 in New York. And while it didn’t make it into the 2024 report due to its March 2025 sale date, another Pappy Van Winkle bottle—an ultra-rare Old Rip Van Winkle—broke records by selling for $125,000, more than double its expected price. These blockbuster sales underline the growing American enthusiasm for premium spirits.
What This Means for the Market
The 2024 Sotheby’s Wine & Spirits Market Report paints a picture of a market in transition. The U.S. stepping up as the leading buyer signals a shift in global influence, with American collectors showing they’re ready to compete with longtime players like Hong Kong and France. At the same time, the decline in Bordeaux’s share and the rise of regions like California, Spain, Italy, and the Rhône suggest that tastes are evolving. Buyers aren’t just sticking to the classics—they’re hunting for new gems to add to their collections.
On the spirits side, Japanese whisky’s breakout year, led by Karuizawa, shows how this category is gaining traction among serious collectors. Yet, with The Macallan still in the lead and American favorites like Pappy Van Winkle commanding huge sums, the spirits market remains a battleground of tradition and innovation.
For anyone keeping an eye on the fine wine and spirits world, these trends offer plenty to chew on. Whether it’s the U.S. doubling down on its auction presence, Bordeaux taking a backseat, or Japanese whisky soaring to new heights, 2024 was a year of change—and it’s clear the market isn’t slowing down anytime soon. As collectors and investors look ahead, Sotheby’s auctions will remain a key barometer of what’s hot, what’s not, and where the next big sale might come from.
