▻ Nick Pegna of Sotheby’s
Elin McCoy in conversation with Nick Pegna of Sotheby’s
Episode Summary:-
A hundred days into his new role as Head of Sotheby’s Global Wine and Spirits, Nick Pegna talks to Elin McCoy about his views on the fine-wine market. He started his career as a shop assistant at Lea & Sandeman, having completed a Master’s degree in History at St Andrews. A friend of his was a wine merchant, and Nick envied his life of fishing, racing and enjoying the finer things in life; little did he realise that his friend had a private income. From Lea & Sandeman he joined Berry Brothers & Rudd (where his father had been a customer) in their newly formed brokerage department. It wasn’t long after he joined that he was asked to open Berry Brothers’ first overseas venture in Hong Kong. He tells Elin how the data collected from the boarding cards at Berry Brothers shop at Heathrow had shown that some of their high-net-worth customers were living in Hong Kong and other parts of Asia. He recounts the early days he spent with Berry Brother’s Chairman, Simon Berry, setting up the office and a breakthrough when they realised that the Hong Kong customers were avoiding certain wines because they couldn’t pronounce them easily. To address this, he and Simon spent a weekend in a warehouse developing codes for each wine, common now, but then unheard of.
Nick talks about the early days in Asia, from clients who mixed Château Marguax 1996 with tomato juice in Paris goblets to encountering wine lovers in Japan who could identify the level of sugar in their champagne. Though general wine knowledge was limited in the ‘90s in Asia, the interest eventually exploded and the great collectors were always incredibly knowledgeable, Nick recounts.
Elin asks him what his ambitions are for Sotheby’s Wine and Spirits, which had been built into a US$158-million business under its previous Head, Jamie Ritchie. Working on a global scale with tailored solutions for the markets is key for him, as he reveals that they are about to launch their first auction in Singapore and a Sotheby’s wine expert will open an office in Los Angles. Provenance is key for collectors, and he is not so worried about where the wine is located, as wine is continually being shipped around the world. He is excited that recently, in one week, Sotheby’s held the Pierre Chen sale (a stellar collection from the Taiwanese billionaire), followed by selling the most expensive bottle of Macallan ever, in London, and then the next day holding the Hospices de Beaune auction in Burgundy. “We sold as much wine in one week as in the whole of 2013,” he says.
“”For me, wine is about sharing the camaraderie – the conversation, the whole experience, is tied together.” ”
Sotheby’s has attracted an audience of young collectors, especially in Asia. He points out that he knows of one family in Hong Kong where there are two generations of collectors, Bordeaux for the father and Burgundy for the son. He believes there are still opportunities for collectors where the price is not out of reach. (He recommends Grands Crus Chablis as great value compared to other whites of the Cote d’Or, for example.) His young team at Sotheby’s are fans of new and exciting upcoming areas, and he is encouraging them to curate sales of their favourite superstar wines in 2024.
Spirit sales have also been a huge success, up 40% year-on-year. American whiskey in particular has been on the rise, and now is seen in their auctions outside the US. “American whiskey excites me because there are so many different versions.” Spain, the Piedmont and the Loire are also his tips for future collectors.
Wine for his final dream dinner? A grower’s champagne (Legras is one Nick particularly likes), either a Puligny or Chassagne Montrachet, red Burgundy – Pommard, Château Haut-Bailly, Sauternes either Climens or Lafaurie-Peyraguey, followed by Port, either Taylor’s, Fonseca or Warre’s.
Running Order:-
-
0.00 – 31.00
"For me, wine is about sharing the camaraderie – the conversation, the whole experience, is tied together.”
– Early life in a family that liked to entertain.
– First job as a sales assistant at Lea & Sandeman.
– Joining Berry Brothers & Rudd and launching their Hong Kong operation.
– Early days working in the Asian wine market. -
31.01 – 01.04
“In the wine trade, there is almost a feeling that you are so privileged to join one of the esteemed companies that you should be paying them for the privilege, rather than the other way round.”
– Joining Sotheby’s as Head of Wine and Spirits in 2023.
– His early thoughts on what he is planning to do.
– Today’s collectors and the rise of the younger collector.
– Lesser-known areas which collectors should look at.
– The success of spirits at auction, especially American whiskey.
– Nick’s wine choices for a dream last dinner.
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