Premiere

Annual PNV wine auction raises nearly $5.9 million

Records shattered
2014-02-26T11:17:00Z 2014-03-05T15:21:11Z Annual PNV wine auction raises nearly $5.9 millionDavid Stoneberg Napa Valley Register
February 26, 2014 11:17 am  • 

Nearly double last year. The 2014 Premiere Napa Valley Barrel Auction raised $5.896 million during 3 1/2 hours of spirited bidding Saturday afternoon. Last year the event, open only to the wine trade, raised $3.04 million.

The top lot of the afternoon was five cases of 2012 cabernet sauvignon from Scarecrow Wine. Glen Knight from Los Angeles’ the Wine House paid $260,000, or more than $4,300 per bottle, for the lot.

Auctioneer Ursula Hermacinski asked for a starting bid and V.J. Jazirvar, executive vice president of the Petroleum Club from Oklahoma, shouted out $75,000. It quickly reached $100,000 and then Jazirvar bid $110,000. As the bidding reached $150,000 for the lot, Jazirvar dropped out and the crowd cheered as the bid went past $170,000 and then $200,000. Three people were bidding for the lot.

At one point, the bidding stalled and Hermacinski cajoled a bidder to bid again: “C’mon Japan, this is enough Scarecrow for your whole country.” As Knight won the bid, nearly all of the audience was standing, cheering and applauding.

Bill Knight, Glen’s father, said, “We are thrilled to bring home this magnificent wine, drawn from the J.J. Cohn vineyard from nearly 70-year-old vines. We were willing to pay what we did for this wine because of the beautiful expression of its lineage, and we look forward to sharing it with our customers.”

The Knights spent an estimated $364,000 on five wine lots. Interestingly enough, the prior record for a Premiere Napa Valley wine lot was $125,000 in 2011, also for a Scarecrow wine. An estimated 1,000 people from eight countries and 28 states crowded into the auction room on the third floor of the CIA. There were 73 successful bidders, according to the Napa Valley Vintners, the nonprofit trade organization that held the event.

After the auction was over, Hugh Davies, chair of the 2014 event, said the auction results validated the 2012 vintage in the Napa Valley, as 202 of the 225 lots were from 2012. All but seven of the wines sold at the barrel auction were red wines and most, 152, were cabernet sauvignon from 2012.

“There was a lot of love in the room,” Davies said. “People were buying Napa Valley wine with an enthusiasm that we’ve never seen before. It was a special day and we want to bask in it awhile.” Davies, who is president of Schramsberg Vineyards, was one of two producers who brought sparkling wines to the futures auction. Most of the wines sold won’t be released until later this year, but the bidders spent Saturday morning tasting the wines as barrel samples.

Russ Weis, chair of the NVV board of directors and general manager of Silverado Vineyards, said, “We are overwhelmed by the response we saw today. It shows there is a renewed confidence in the fine wine market in general and in Napa Valley wines specifically. We are grateful to the vintners who created such special wines for Premiere Napa Valley and especially for our trade partners from around the world who bid so generously.”

Linda Reiff, president and CEO of the NVV, said, “We are humbled by the outpouring of support reflected in this epic Premiere Napa Valley. It will create many opportunities to help us promote, protect and enhance our beloved Napa Valley appellation and our extraordinary wines.”

Napa’s Bounty Hunter group was active in bidding and buying wines, spending nearly half a million dollars for 13 lots. They spent $235,000 on three lots of 2012 cabernet sauvignon produced by Schrader, Joseph Phelps Vineyards and Odette Estate Winery.

The Bounty Hunter’s Rhett Gadke said the company knows what it is doing when it buys futures of 2012 cabernets. Even though the company spent $100,000 on the Schrader cab, it will be able to sell it for more than it paid. He said the company’s buying decisions were also influenced by the great quality of the 2012 vintage.

The top spender of the auction was a national wine retailer, Total Wine & More, which has stores in 15 states. Its members, including Christina Pearce, who was holding the paddle with No. 1 on it, spent slightly more than three quarters of a million dollars on 27 lots during the auction.

As he has done in the past, St. Helenan Fritz Hatton shared the stage with Hermacinski. At one point he was whispering and it seemed few could hear him. He was auctioning off 60 bottles of Roy Estate 2012 cabernet sauvignon that was named “Voix Basse,” or “whisper.” As the bid reached $25,000, he spoke up and nearly dropped the hammer on the lot.

Then the auction spotters found another bidder and many in the crowd complained, including Jazirvar, who told Hatton the wine had been sold. He then told Hatton to “throw the hammer away.” Hatton did so, but added, “I’m still in charge.”

He sold the lot for $32,000.

One of the more unique notes from this year’s auction was that before the auction started, an Oklahoma wine retailer, J.P. Richard, said he had bought the Farella Vineyard wine lot for the past 17 years. He added he intended to buy it again, as long as the price wasn’t too dear. It apparently wasn’t, as he paid $12,000 for the five cases of Tom Farella’s 2012 cabernet sauvignon.

Premiere Napa Valley has been held for the past 17 years. In 2012 bidders spent $3.1 million on the unique blends of Napa Valley wines. The first year it was held, 1997, the barrel auction raised $412,000.

Copyright 2015 Napa Valley Register. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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