‘Asian clients are now more engaged with wine auctions’: Bonhams’ global head of wine and spirits

In late January 2024, renowned international auction house Bonhams announced the appointment of Amayes Aouli as its global head of wine and spirits. Before joining Bonhams, the Frenchman was head of continental Europe and UK at Sotheby’s Wine, where he managed more than 30 auctions, including the 162nd Hospices de Beaune Wine Auction, which raised a record-breaking US$32 million (S$43 million). Before Sotheby’s, he was an executive director at financial institution JP Morgan.

In a press statement, Bonhams said Aouli’s role — a new position that unites the wine and spirits departments — “marks the company’s continued growth and global success”. Based in France, Aouli will lead a team of experts across Americas, Asia, and Europe.

CNA Luxury spoke to Aouli to gather his insights on wine auction trends in Asia.

In 2023, clients from the Asia Pacific spent the highest average value per lot across Bonhams’ global wine and whisky sales: More than 35 per cent of value in sales went to the region, with Hong Kong, China, Taiwan, and Singapore the most active markets. What does this performance say about the region?

Asian clients are becoming more engaged with the auction world — and Bonhams. They are seeing more opportunities to tap into our expertise and buy a wide range of fine wines and spirits. This engagement is in part due to the digitalisation of the industry as well as the growth and access to professional external storage [of wines], which makes it easier to buy wines at bigger volume and store them under the right conditions.

The percentage of Asian buyers is now very well-balanced in our client base, representing a steady third of our bidding by value, with the peak of Asian bidding occurring during the pandemic. Asian buyers are participating not just in Asian sales but global sales, which we are well placed to offer with our global network. We sell wines and spirits in seven locations across three continents, and we have offices and representatives in 22 countries.

What could have influenced the buying trends you highlighted above?

Since Covid, we have seen a massive increase in our clients’ knowledge of wine, especially in Asia where restrictions were among the toughest in the world. Appreciation of fine wine is very much linked to enriching knowledge. [During the pandemic], lockdowns and restrictions gave people more time to explore and read about wine and build their cellar by buying at auctions. Burgundy — and to a lesser degree, Champagne — has benefitted from all this as understanding those regions require a lot of education.

What were some of Bonhams’ highest bid wines and spirits by Asian buyers in 2023?

For wine, Burgundy’s Domaine de la Romanee-Conti continued to captivate Asian buyers last year: The top three lots were all Romanee-Conti that achieved some exceptional prices. The top lot, a jeroboam (three-litre bottle) of Romanee-Conti La Tache 1971, was sold for US$106,000 (S$143,000) — more than twice its estimate.

For whisky, highlights were split between Scotch and Japanese whisky, including Highland Park 54 Year Old and Karuizawa.

Why do Burgundy Grand Cru wines continue to command such high prices?

High prices are a consequence of both demand and rarity. Burgundy, by nature of its construction, is rare. For Romanee-Conti, they produce only 6,000 bottles a year, so the rarity element plays at its finest. Burgundy’s very varied terroir also makes it almost impossible to taste all its wines, thus providing an infinite tasting journey.

Burgundy aside, what other wines are performing better than expected in recent years?

Chianti Classico wines are becoming popular. We also see an increasing demand for wines from the Loire Valley and Chablis. These regions have a wine history of more than 2,000 years. In recent times, they have benefitted from three developments: Advances in modern shipping such as efficient air freight and temperature control technology; higher level of investment in wineries that led to more precise winemaking; and lastly — rather surprisingly to many — the impact of global warming especially in the case of Loire Valley and Chablis.

An auction house is a barometer of the market; we cannot create nor control it. If a category or a brand has a lack of appreciation, an auction house is not able to modify that. That said, we work hard with our clients to advise them and share our expertise.

What kind of new initiatives do you plan to introduce to Bonhams? 

My first focus will be on enhancing the digital experience — from the photography of every lot to the presentation of the text and how we reach our audience — to make sure that every bidder enjoys bidding via our digital platform. I also plan to create new formats of sales, partner strongly with producers and charitable organisations, and support local wine communities. I will also look at shipping and the ways we can enhance the post-sale experience.

What are a few tips you would give to the newbie who would like to make his first wine auction purchase?

Be curious. Always try to taste and discover. You should also have access to high quality storage. The question then, becomes focused only on taste and appreciation. Wines are meant to be shared and enjoyed.