Napa auction bounces back
If Auction Napa Valley were a leading economic indicator, the bidding Saturday would have investors eagerly texting their brokers. At the least, it would be inspiring optimists to uncork a bottle of champagne.
The total raised at the live auction, now in its 30th year, was $7.09 million, up from last year's take of $4.3 million. During the four-day event, Napa Valley Vintners raised $8.51 million for its charitable causes.
About 900 people gathered on the expansive lawns at the exclusive Meadowood Resort in St. Helena for wine country's premier fundraiser. Tickets to the auction were available only as part of a $2,500 per person event package, and the bidding returned to levels not seen since before the Great Recession.
Among the auction displays were a black Austin Healey and a putting green that featured golf superstar Annika Sorenstam, attractions intended to lure bidders susceptible to classic sports cars and golf adventures. Pre-auction grazing offered a full range of decadent foods — Veal Crepinetta, Ricotta Fagotelli and yes, celebrity chef Thomas Keller's signature Cornet of marinated Atlantic Salmon.
Other celebrities milling about included Eric Stonestreet of ABC's “Modern Family” and Robin Quivers, co-host of the controversial Howard Stern talk show.
Under the white tent people sipped highbrow wine, nibbled the appetizers and dodged squirt gun fire, a playful way organizers found to temper the warm weather.
Unlike last year, bidders didn't hesitate to raise their paddles, and there didn't appear to be buyers' remorse.
Mary Miner of San Francisco spent $350,000 for the top lot of the day, which featured 10 magnums of Harlan Estate in Napa valley and a dinner for eight.
“I love Harlan,” she laughed. “Nothing better. I plan to drink the wine. Oh yes, and maybe share some with friends at a party. I love parties.”
In the world of elite wine auctions, Miner got a steal on the lot, relatively speaking. In 2000, 10 magnums of Harlan went for a record-breaking $700,000. Don Weaver, director of Harlan, said the high bid a decade ago “said more about the state of Silicon Valley than Napa Valley. The economy was on a roll.”
Another ”deal” was the $200,000 bid fby M.K. Koo of Hong Kong for a 6-liter bottle of Screaming Eagle. He scored a $300,000 savings of sorts, given that a 6-liter bottle of Screaming Eagle went for a record $500,000 in 2000. The chairman of Nam Tai, and electronicsmanufacturer based in China, said he would have bid higher for the Screaming Eagle this year had he been challenged.
John Thompson of Woodside explained the afternoon's goodwill bidding this way:
“We're all feeling the pinch, but just because equity prices are down doesn't mean that those of us who have done well shouldn't try to help others.”
Thompson paid $240,000 for a package that included 18 bottles of Napa Valley magnums, two dinners for six and a wine tasting for six.
The most suspenseful action of the day began with the purchase for $250,000 for a lot that mushroomed into four $250,000 lots. The transaction spiraled to $1 million because Colgin Cellars kept duplicating the offering, which featured eight magnums of Bordeaux blends, dinner for six and a comparative tasting for six.
While the bids seemed to be as free-flowing as the wine, some people opted out of the auction this year because of the economy, and Dan Lynch was one of them.
“I still give north of $500,000 each year, but with discernment now ... I am much more demanding of measurable results.”
Lynch, a retired Internet pioneer who lives in St. Helena, has been an auction regular since 1992 and has contributed well over $1 million. Lynch founded the Mountain View telecommunications company Interop in 1988 and in 1991 sold it for $25 million.
Auction Napa Valley benefits local health, children's and housing organizations, including Community Health Clinic Ole, Boys & Girls Clubs and Napa Valley Community Housing.
In an effort to be prudent, this year organizers decided to forgo a celebrity emcee. Auctioneers Fritz Hatton and David Reynolds ran the show.
However, organizers marked the 30th year anniversary with the Bangles, the American all-female band best known for the hit singles “Walk Like an Egyptian” and “Manic Monday.” Organizers said the Bangles' contract prohibits them from disclosing how much the band was paid, but they said it was at a reduced rate.
Napa's event, formerly the leader in charity wine auctions worldwide, has been surpassed by Naples Winter Wine Festival in Florida which peaked at $14 million in 2008. Sonoma County's top wine auction was Sonoma Paradiso, with a take of $2 million in 2008. However, it was put on hold last year because of the economic downturn and there's no plan for a 2010 event.