Selling the very rare, collectible wines of the world, Adam Bilbey, SVP, Global Head of Wine & Spirits for Christie’s, has a unique view into the state of the wine collector. Adam maps the thought processes and changes in attitude of buyers and sellers of rare wine globally, and he is seeing “green shoots” in the market by mid-2025.  Detailed Show Notes: Adam’s background - started w/ Berry Bros out of high school (2000) at Heathrow Airport shop, moved to Hong Kong in 2010 w/ Berry Bros, Sotheby’s in 2015, Christie’s in 2021Christie’s is known for fine art, and wine is part of the luxury group (jewelry, handbags, cars), which is 20% of sales, and wine is 10-20% of luxury sales2025 wine auction marketChristie’s up 2x YOY Aug YTD, big single-owner sales (e.g., Bill Koch)Challenging market mid 2022-2024, newer vintage prices dropping more, more supply availableIn a downturn, buyers’ price expectations fall faster than sellers’“Green shoots” in 2025, pricing bottoming outBurgundy has taken share from Bordeaux last 5-6 years, Champagne came up and leveled off, Italy is strong in the US but not in Asia, Burgundy is strong in Asia, but leveled offInterest in more mature vintages, particularly Bordeaux, is still valued thereFocus on provenance, people won’t bid on poor provenance anymore2-tier pricing, people paying for a premium for a great collection, single-owner sales, they like the story of who owned the winesWith a more global market than ever, people buy from anywhereThe US has a broader selectionEveryone buys from the UKAsia tends to need more focus (e.g., Burgundy)Liv-ex shows -10% pricing last year, -20% last 2 years; auction prices move gradually, often lots don’t sellMore Millennials and Gen Z customers (45% 2025 from 30% 2022)Female customers have been consistent last 4-5 years, a slight dip in the US, and growing in AsiaYounger generations are drinking younger wines, they like the security of younger wines, have a fear of disappointment in older bottlesOnline auctions require ease of useChristie’s does 2x online auctions vs liveLive auctions for key moments, key collectionsVarious owner sales in online auctionsProvenance is improving with more communication (e.g., purchase & storage records), people working together (merchants, auction houses), and technology (digital microscopes, UV light, carbon dating)Provenance is critical, as people remember the bad bottles sold to them over the good onesBelieves China will make a comeback in the next 2-4 years Hosted on Acast. See acast.com/privacy for more information.