The Collector’s Glut
“My kids don’t like wine.”
We’ve had several conversations with large wine collectors up and down the East Coast in recent weeks. Their ages range from 60 to 75, but the bottles in their cellars are at least 20 times that number. The greatest industry insights don’t always come from sales data, import numbers, or even tasting room closings that are riling Napa Valley, but rather from talking to people who have been collecting wine since the early 80s.
The good news is that collectors are taking the time to enjoy their cellars, consuming the wines that have gathered dust over decades. Several whom we spoke to are part of monthly wine clubs that gives them reason to open rare gems. The problem is that they don’t seem to be buying much at the moment, not even if a sub-$400 Lafite Rothschild dances before their eyes.
Collectors are selling more than buying. On June 12th, one of the world’s biggest collectors, William ‘Bill’ Koch, will sell part of his world-renowned collection in a partnership with Christie’s. The three-day sale features stellar vintages from prestigious producers such as Domaine de la Romanée-Conti, Pétrus, Mouton Rothschild, Lafite Rothschild, Leroy, Henri Jayer, Armand Rousseau, Margaux, and Château Cheval Blanc, among others. Bill (whose cellar is pictured below) isn’t the only one. Other collectors are increasingly consigning their wines to auction houses such as Hart Davis Hart, which has seen a large increase in lot sizes since early 2024 (their May auction has over 4,000 lots and spans three days rather than its typical two-day events).
Many of these wine lovers don’t need the money. They’re older, drinking less, and lastly, their kids have no idea what the obsession is all about and therefore show little interest in taking it on later in life (though they may regret it). So at the end of the day, there’s no one to hand these bottled histories to. It takes up space. The good news is that there’s never been a better time to buy these collectibles if you do love wine. Amazing deals for rare wines are everywhere…if you’re just starting out, buy buy buy.
Allocations, or member lists for elite wineries, offer access to top-tier wines with unbeatable provenance—a fancy word for a documented history of ownership and quality. We spoke to one collector on a popular mailing list who simply has too much wine after years of accepting allocations and can’t keep taking on more bottles. The choice: drink more or close the faucet—which means giving up your coveted spot. Increasingly, people seem willing to do the latter.
So, when Bordeaux slashes prices for the 2024 futures campaign, it shouldn’t be surprising if people still don’t bite. It’s not about the money or even declining consumption, it’s that collectors simply have too much wine right now, especially Bordeaux, following one of the most successful marketing campaigns in wine history.
Where is there no glut? The sweet spot of sub-50-year-old wine lovers who are even nerdier than their previous generation and obsessed with quality, detail, and brand recognition. The desire will never cease to exist, it’s just in someone else’s hands now.