Fine Wine Market Strong at 2023 Premiere Napa Valley

3/7/2023 - Saint Helena, CA - Quality winemaking was on display at the 27th annual Premiere Napa Valley wine auction. There was strong demand for Napa Valley fine wine as evidenced by the average price of $307 per bottle overall and the participation by more than 250 bidders from 18 countries.

"We tasted through all the lots during the week and were excited at the immense quality of all wines shown. This was our 10th anniversary attending. We love the uniqueness and the quality of Premiere wines, and appreciate the committment the vintners have to creating a specific lot which is their best of the best from the vintage," said Gregor Greber from Napa Grill in Switzerland.

At this year's auction, 97% of the lots sold for $10,000 or more, and 82% of the wines sold for $200 or more per bottle. Among all wines sold, 14% of the lots commanded a per bottle price of more than $500, some up to $1,000 or more.

Red Wine Lots

Up for auction were 144 lots of red wine that sold for an average of $315 per bottle.

The top five selling lots, all Cabernet Sauvignon, included: BRAND Napa Valley, TOR Wines, Stag's Leap Wine Cellars, Silver Oak and Shafer Vineyards - all from the 2021 vintage.

"I am very excited about the 2021 vintage of Napa wines. If Premiere is the preview of what's to come, then we are in for a treat and a vintage that will knock it out of the park," said Chester Cox of Classic Wine Storage in Fort Worth and Southlake Texas

This year's Premiere Napa Valley included 118 lots of Cabernet Sauvignon that sold for an average of $335 per bottle and 10 lots of Cabernet Franc commanding an average of $311 or more a bottle. Other varieties included Merlot, Pinot Noir, Grenache, Sangiovese and Zinfandel as well as red table wine blends.

White Wine and Sparkling Lots

White wines sold at the auction proved that varieties such as Chardonnay can command equal status to red wines. There were ten white wine lots in the auction averaging $186 a bottle; the top two selling lots sold for more than $400 a bottle.

The top white wine lot was produced by Hudson Napa Valley and the top sparkling wine lot was crafted by Schramsberg Vineyards.

Where to Buy Premiere Wines

At this year's Premiere Napa Valley, wines were sold to 48 accounts in 14 states and 6 countries. Wines sold in the United States accounted for 74% of the lots sold.

To many, the event acts as an indicator of how the fine wine market for Napa Valley is performing. The growth of international participation mirrors growth of Napa Valley in the global marketplace. At this year's auction, 26% of Premiere Napa Valley wine lots were sold to international bidders.

This year bidding began on February 10th and culminated on Saturday, February 25th. The auction brought in an impressive $3.4 million including wines sold in the Premiere Napa Valley auction and the Vintage Perspective Auction. All proceeds directly fund programs to promote, protect and enhance Napa Valley.

To find Premiere Napa Valley wines, view the listing of merchants at premierenapavalley.com.

Contact: Teresa Wall, Senior Director of Communications - 707-968-4210, twall@napavintners.com