Premiere Napa Valley Auction Results Indicate Healthy Interest in Napa Valley Wine Futures

Business Wire, Feb 28, 2005

ST. HELENA, Calif. -- The ninth annual Premiere Napa Valley(R) (PNV) reached new heights on Saturday, February 26, generating an unprecedented 48% increase in revenue over 2004. When the last gavel dropped overall results for the auction, a trade-only event featuring five-, ten- and 20-case lots of one-of-a-kind Napa wine futures, indicated a very healthy interest in Napa Valley wines. Sixty-two successful bidders purchased 165 lots (a 6% increase from 2004), raising $1.46 million to help support programs sponsored by the Napa Valley Vintners (NVV). The sizable increase in revenue was spread across the board, with 42 lots bringing in $10,000 or more, as compared to 23 in 2004.

Attendees spent the morning rubbing elbows with winemakers and barrel tasting unique wines created exclusively for the event, held at the legendary Culinary Institute of America at Greystone. "For vintners, Premiere is an opportunity to see hundreds of top industry representatives in our own backyard on a single day," said Andy Hoxsey, owner of Napa Wine Company and chairman of PNV 2005. "But perhaps more exciting for us, we get to create small lots of very unique, one-of-a-kind wines and then offer our best clients the opportunity to buy these wines -- wines they can't get anywhere else, or ever again for their customers."

More than 200 paddle holders, including many first time bidders, traveled from as far as New York and Japan to place their bids on a total of 1,135 cases of wine. The surprise of the day was delivered when V.J. Jazirvar, Petroleum Club, offered a staggering $50,000 for lot # 100, a 5-case lot of Rombauer 2003 Stags Leap District Cabernet Sauvignon.

"Love the man, love his wine, and he's always been so supportive of our state," said Mr. Jazirvar, who was traveling with a group of trade from Oklahoma City, Oklahoma. At the end of the three-hour auction, 62 visibly pleased winning bidders made requests for vintners to sign their paddles and headed out with sample bottles of their purchase tucked under their arms.

Noted auctioneer Fritz Hatton, who, along with Ursula Hermacinski, led the three hour auction commented, "There are always those lots that command extraordinary prices, and this year there was a record showing in the $20,000-$50,000 range, providing great energy in the room. But we also saw a lot of spirited competition in the $4,000-$8,000 range, and successful bidders seemed really excited to be able to pick up unique wines without having to pay astronomical prices."

As was the case last year, the top bidder of the day was Gary Fisch, owner of Gary's Wine and Marketplace in Madison, New Jersey. "I've been attending and bidding at Premiere for the last eight years, and it's always an annual highlight," says Fisch. "This isn't just another industry event. You spend the morning tasting unique personal creations alongside the winemakers; then you get a shot at being the only person in the world to own this wine. The room is packed with top buyers -- the buzz in the room is positively electric."

Premiere Napa Valley is held each year at The Culinary Institute of America at Greystone (CIA), in St. Helena, and is the only fundraising event that directly supports NVV programs, including a generous $500,000 support grant pledged to the CIA for development of the Rudd Center for Professional Wine Studies over the course of five years.

For complete information on Top Lots, Top Bidders, and results from all prior years, please visit http://www.napavintners.com/auctions/premierenv.html.

The Napa Valley Vintners is a professional nonprofit trade organization. Its 263 member vintners are committed to the future of Napa Valley through the preservation and enhancement of its land, wine and community.

Digital images of 2005 Premiere Napa Valley are available on the Web site in both the Press Room and Auctions links and may be downloaded at 300 dots per inch (dpi) at no cost.