Wine Cave Auction Exceeds Expectations

 PARIS¡ªAn 18th-century bottle of cognac was the top lot at the first-ever sale of 18,000 wines and spirits from La Tour d¡¯Argent¡¯s four-century-old wine cave this week.

The two-day auction fetched €1.54 million ($2.3 million), surpassing expectations of the fabled Left Bank restaurant frequented by international luminaries and celebrities.

¡°When one considers price as a main indicator of performance, this sale was an exceptional success,¡± said La Tour d¡¯Argent owner Andr¨¦ Terrail.

The Association Petits Princes, a Paris-based charity which aims to make the dreams of children with severe illnesses come true, was the big winner, as it receives €25,000 ($37,000) from the sale of the 1788 Vieux Cognac Le Clos Griffier which had been valued at €2,500 to €3,000.

Six bottles of 1988 Vosne Romanee went for €5,100, nearly double their estimated value of €2,750, and four 1990 Vouvray "Goutte d'or" garnered €2,700 each, soaring past expectations of €325 per bottle.

The cellar had grown to 450,000 bottles, and the auction, offering a glimpse into the restaurant¡¯s storied past, was ¡°a one-off situation¡± brought on by necessity, David Ridgway, the head sommelier, told ARTINFO ahead of the sale. The restaurant has scaled back its hours, closing Sundays and for six weeks per year.

¡°The idea is to come down to 400,000, which seems technically sufficient,¡± Ridgway told ARTINFO. ¡°At 450,000, we have about 30 years¡¯ stock, which is excessive. The ideal stock for me would be between 18 and 20 years of sales.¡±

Ridgway is eager to introduce new vintages, citing a major transformation in French winemaking over the last two decades, as new talents have emerged in recent years, with many traveling overseas to learn the craft and then returning home to hone it.