SOUTH AFRICA: Prices drop at Nederburg
The historic 30th Nederburg Auction held in Paarl at the weekend saw an 11% drop in average prices with R6.7m realised this year, compared with R7.5m last year.
Only 7,977 cases were sold this year compared with 8,558 cases last year.
The average price per nine-litre case was R1118 giving an average of R93.16 a bottle compared with R102 last year. It was the first time since 1993 that prices have not been higher than the previous year.
In spite of a greater number of foreign buyers at the show this year, the strength of the Rand and a reflection of tougher trading conditions were the main contributing factors to the lower prices, according to auction manager Bennie Howard.
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