By Jay Amberg. Bloomberg Lifestyles. Bloomberg. Mon, 20 Mar 2000, 12:50pm EST
London, March 10 -- Christie's London, the world's acknowledged leader in procuring and selling rare cigars at auction, sold 476,000 pounds ($752,080) of vintage Cuban cigars and humidors yesterday during its largest Cuban cigar sale of the year.
Some 461 lots of superb Cuban cigars and humidors were on the block. Pre-sale estimates ranged from 100-10,000 pounds ($161- $16,100), with about 98 percent of the lots sold.
The last vintage Cuban cigar sale of this size was May 20, 1999, when Christie's had 200 lots on offer.
Brian Ebbesen, a Christie's cigar specialist, said the sale was a great success and buyers from around the world participated.
The highest price, 8,800 pounds, was paid for a cabinet of 100 Partagas Churchills manufactured in Havana in 1973. The lot had a pre-sale estimate of 3,000-4,000 pounds.
Based on U.S. prices, each of those Partagas Churchills is worth about $139.
Davidoff Demand
As expected, Cuban-made Davidoff cigars attracted spirited bidding as aficionados seek a dwindling supply of this product.
Lot 170, a box of 10 Davidoff 80th Aniversario cigars (9 1/4 inches by 47 gauge) produced at the El Laguito factory in Havana sold for 4,600 pounds, compared with pre-sale estimates of 2,500- 3,000 pounds.
The cigars in lot 170 were rolled at El Laguito (currently the Cohiba factory) in 1985 using tobacco leaf from Cuba's 1984 harvest.
Two full boxes, 25 cigars in each, of Davidoff Dom Perignon (7 inches by 47 gauge) sold for 6,800 pounds and 6,500 pounds, respectively. Pre-sale estimates for each lot was 4,500-6,000 pounds. Prior to sale, the cigars were held in the humidor of the Davidoff boutique in London.
The difference in price between the two lots can be explained by their vintage. The first box, lot 174, was manufactured in 1986, while the second box, lot 175, was produced in 1988. Cigar collectors are known to pay a premium for older cigars.
Another full box of Davidoff Dom Perignon cigars from the 1980's sold for 6,000 pounds, in line with previous pre-sale estimates.
A part box of 23 Davidoff Dom Perignon cigars sold for 5,000 pounds, compared with pre-sale estimates of 4,000-5,000 pounds.
A lot containing only two Davidoff Dom Perignon cigars sold for 350 pounds. For U.S. collectors that puts the value of each cigar at about $237 based on today's exchange rate of about 1.58.
Two lots with 6 boxes each of Davidoff Dom Perignon cigars (original four-pack cardboard boxes totaling 24 cigars) sold for 5,500 pounds each, compared with pre-sale estimates of 4,200-5,500 pounds.
A pair of 1492 Cuban humidors, commissioned to celebrate the 500th anniversary of Columbus' crossing of the Atlantic Ocean and his discovery of tobacco, sold for 6,400 pounds each, compared with pre-sale estimates of 7,000-9,000 pounds.
These humidors, two of just 501 manufactured, contain 50 cigars. Prices for these humidors have fallen steadily in the last three years from their high at about 7,400-8,600 pounds, as more of them have been put up for sale.
Two cabinets, 50 cigars in each cabinet, of 1960's Partagas Serie D No. 3 Belicosos (5 1/2 inches by 48 gauge) sold for 3,600 pounds, compared with pre-sale estimates of 1,600-2,000 pounds.
Lots 38 though lots 46, Dunhill Cabinetta, 25 cigars in each cabinet (4 7/8 inches by 50 gauge), sold for 4,000 pounds per-lot, compared with pre-sale estimates of 2,600-3,500 pounds.
Upmann Coronas
Five ``Office Jars'' of Cuban H. Upmann Coronas (5 1/2 inches by 42 gauge) from the 1960's with 50 cigars in each jar sold for 4,400 pounds each, compared with pre-sale estimates of 2,500-3,500 pounds.
Lot 219, a part cabinet of 30 Montecristo B's (5 3/8 inches by 42 gauge) dating from the 1980's sold for 6,500 pounds, compared with pre-sale estimates of 2,000-3,000 pounds.
A box of 10 Dunhill Estupendos (7 inches by 47 gauge) in tubes and dating from 1985 sold for 4,000 pounds, compared with pre-sale estimates of 2,000-2,500 pounds.
A cabinet of 50 pre-Cuban embargo Don Candid Dunhill Seleccion Suprema No. 500 (6 1/2 inches by 50 gauge) dated 1960, and formerly belonging to the late Yule Brynner sold for 3,900 pounds, compared with per-sale estimates of 3,500-4,500 pounds.
Lot 440, a Romeo y Julieta humidor dating from the 1970's and holding 125 assorted sized Romeo y Julieta cigars sold for 4,000 pounds, compared with pre-sale estimates of 5,000-7,000 pounds.
One box of five Hoyo de Monterrey Particulares (9 1/2 inches by 55 gauge) sold for 3,300 pounds, on par with pre-sale estimates. The cigars dated from the 1970's and were packed in individual wooden boxes.
A box of 25 1975 Ramon Allones Gigantes (7 5/8 inches by 49 gauge) in ``fabulous'' condition sold for 3,600 pounds, compared with pre-sale estimates of 1,000-1,500 pounds. Based on U.S. prices the Gigantes were worth about $228 each. ``Honestly, these were the most beautiful cigars in the
auction,'' David Wainwright, another Christie's cigar expert said. ``The Ramon Allones in this box were some of the finest examples of this cigar that I've ever seen.''
For those who enjoy rum with their cigar, a 15-year old bottle of Cuban Ron Reserva Real, bottle No. 9, sold for 488 pounds, compared with a pre-sale estimate of 300 pounds.
This rum was a special bottling. Only 500 bottles were released for the November Ibero-American Summit in Havana. The first two bottles were presented to Cuban President Fidel Castro and the King of Spain, D. Juan Carlos.
Yesterday's auction was in response to the growing international interest in vintage cigars by avid collectors and aficionados.
London is the global hub for the vintage cigar market, followed by Geneva, Hong Kong, New York and Tokyo.
Ebbesen, one of the tobacco specialists in this sale, was auctioneer last week in Cuba for the Habanos SA charity auction, held at the International Habano Festival banquet. The seven-lot sale fetched $532,000.
An expert on vintage cigars, Ebbesen said he sees the market expanding, especially as Cuban cigars from the late 1980s and early 1990s reach maturity.
Ebbesen said he expects Cuban cigars from these two decades to sustain the vintage cigar market for the next 20 years. ``As well-kept cigars begin to get about 10 years of age, many aficionados consider them at their peak of flavor, just like a fine wine,'' Ebbesen said. ``Of course, the supply
of pre- revolution cigars is dwindling quickly as they are being sold and smoked, not saved.''
For more information on the complete results of this auction, call Patricia Clark at Christie's London at (020) 7389-2117 or E- mail her at Pclark@christies.com.
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