Wine prices rise to record at Cape Guild Auction | Fin24
 
In partnership with
  • Trump and Tariffs

    Face-to-face trade meetings with China on the horizon.

  • Peter Moyo

    What is next for Old Mutual and its on-and off-again CEO Peter Moyo as legal manoeuverings continue?

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Wine prices rise to record at Cape Guild Auction

Oct 03 2016 12:28
Tshepiso Mokhema

Johannesburg - Wine prices climbed to a record at one of South Africa’s biggest sales, with hotel group Tsogo Sun Holdings being the largest buyer for a third straight year.

Sales at the 32nd Nedbank Cape Winemakers Guild auction increased 17% to R13.83m from a year earlier, the guild said in a statement on its website.

The single-day event on October 1, which took place at the Stellenbosch Winelands saw record prices for red, white, methode cap classique and port, it said. Fifty-two wines and a pot still brandy were showcased.

Local purchasers bought 84% of the wines, with Tsogo buying more than R2.6m of wine, it said.

South Africa is among the world’s biggest producers of wine by volume. The country grows white-wine grapes, including Chenin Blanc, chardonnay and sauvignon Blanc, and its red varieties include pinotage, which was created in the nation.

The country’s almost 100 000 hectares of vineyards are mostly concentrated in the Western Cape and the industry employs 300 000 people.

This year’s auction was attended by 125 local and 27 foreign buyers representing countries such as the UK, the US and France. In total, 2 428 cases containing six, 750-millilitre bottles each were sold at an average price of R5 697each.

The average price per bottle was R950.

Read Fin24's top stories trending on Twitter:

agribusiness
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...