Chicago-based wine auction house Hart Davis Hart Wine Company has had some impressive sales lately (their sale of the Fox Cellar brought in an astounding $11,160,583 making it the fourth largest wine auction in history) and they aren't stopping anytime soon. This Saturday, November 1, Hart Davis Hart will hold an auction at Tru restaurant in Chicago. The auction will have 1,131 Lots worth an estimated $2.3-$3.4 million, the sale including wines from Château Lafite-Rothschild, Château Pétrus, Domaine de la Romanée-Conti, Screaming Eagle, and over 100 lots from the cellar of Craig Williams, former winemaker of Joseph Phelps Vineyards. The Williams consignment includes large format offerings of Joseph Phelps Insignia, as well as Eisele and Backus Cabernet Sauvignon from Williams' cellar in Napa Valley.

Top lots include an imperial of 2000 Château Pétrus estimated at $40,000-$60,000 and a magnum of 1992 Screaming Eagle Cabernet Sauvignon for $10,000-$15,000. The live auction starts at 9 am at Tru and lunch during the auction can be had for $75 per person. Those not in Chicago can bid via phone, fax, online absentee bid through the live bid option on the Hart Davis Hart Live website. The live bid technology lets you hear the auction in real time and bid accordingly. Almost as exciting as being there.

I was curious what impact today's economy has on the wine auction market so I chatted with Hart Davis Hart President and CEO Paul Hart. He described the overall mood as "optimistic but concerned." Certainly the September success of the Fox Cellar auction which exceeded the high end of the estimate by nearly $1 million was a positive sign that the wine auction market is still strong. While acknowledging that that economic outlook has slid since then he noted that the retail arm of his company has continued to see strong sales. He believe that "wine is resilient," and his company has weathered bad markets before. Also the huge rises in wine auction prices over the past few years were likely to hit a stabilizing patch outside of any overall economic gloom.

What do people buy in a down market? As Hart put it, "the money always flows to the blue chips" and so there will continue to be interest in first growth Bordeaux and the top Napa wines. But wine auctions are also about the passion of the collector and while people buy with their wallets they also buy with their hearts. He reported that there is increased interest in some of the Phelps offerings such as the Backus Cabernet Sauvignon simply because it is hard to find and people want to try it. Wine, like art, can be a good investment but the old advice about the art market holds true for wine auctions, buy what you love.

UPDATE: The sale brought in $3,034,655 against a pre-sale auction estimate of $2,312,810 - 3,456,490. A live internet bidder came away with the largest invoice of the day and 99.29% of the lots were sold.

The latest auction from Hart Davis Hart Wine Co. in Chicago is a multi-tiered event spanning several days of high-end wine events. The main event is the auction of Finest and Rarest wines at the restaurant Tru on October 26 and 27th. The early morning auction is followed by a luncheon by Chef Rick Tramonto and Pastry Chef Gale Gand for $75. To whet your whistle before the auction you can attend a "Master Class" seminar and "Unico" dinner held by Bodegas Vega Sicilia on October 23rd. The master class costs $125 and will be held at the Arts Club of Chicago. The "Unico" dinner costs $500 and will be held at Les Nomades with a Champagne reception at 7:45pm. On October 26th Hart Davis Hart will host an evening of rare wines from the Domaine de la Romanée Conti at NoMi. This one is the real wallet stretcher, for $2000 you get four courses prepared by Chef Christophe David paired with five vintages of La Tâche and three vintages of Grands-Echézeaux.

And if you are looking for fabulous wine for the holiday season, December 1 will mark the second installment from the Verlin Collection . The auction will feature approximately 800 lots valued at $2-3 million. The auction includes more than 250 case lots of Bordeaux from the very best modern vintages including First Growths, Pétrus, and Lafleur; more than 60 case lots of top Burgundy including DRC, Vogüe, Jayer, Hubert Lignier and Coche Dury; 11 vintages of Romanée Conti from DRC; vintage Champagne including 50 case-lots highlighted by 14 cases of Cristal and 18 cases of Dom Pérignon; the greatest names from Rhône, including J.L. Chave and the single vineyard wines of Guigal; as well as cases of classic vintages of Spain's Vega Sicilia Unico. Auctions can also be bid on online.

Wine lovers in Chicago will have the chance to drink well in September. Hart Davis Hart Wine Company is holding a series of wine events around their September 15th auction of fine wines. The auction will feature classic Bordeaux, rare Burgundy from producers such as Domaine de la Romanée-Conti, and Californian cult wines including 42 lots from Harlan Estate and 35 lots from Screaming Eagle. This one-day auction will consist of 1,258 lots and has pre-auction estimate of $2.5-3.7 million. Hart Davis Hart will host two wine dinners: the Staglin Family Vineyards wine dinner on September 14 at Tru Restaurant will cost $750 per person and will include the chance to dine with the Staglins and sample Staglin's Napa Valley wines as well as First-Growth Bordeaux, Château Mouton Rothschild, and Corton-Charlemagne from Morey-Blanc.

On September 15th, the Legends of Napa Valley Dinner: Marcassin, Screaming Eagle, Harlan, Diamond Creek Lake Vineyard will be held at the Blackbird Restaurant. It will cost an astounding $1,700 per person and feature wines from some of the most acclaimed properties in Napa Valley including Marcassin, Screaming Eagle, Harlan and Diamond Creek Lake Vineyard.