C.Gars Ltd Auction Shows Cooling in Davidoff & Gran Reserva Prices

Last week’s C.Gars Ltd auction ended with some interesting results.

After a few years of Cuban Davidoff prices doing nothing but increasing, prices appear to have cooled off. Out of the 35 Davidoff lots offered in the June auction, 20 sold at or within £10 of the low auction estimate.

It should be noted a few Davidoff items, particularly some of the lower-priced packs, exceeded the high book estimate, but for the first time in recent memory some Davidoff lots struggled, although all were sold.

There were struggles for another safe investment. Mitchell Orchant, managing director of C.Gars Ltd, indicated that Cohiba Siglo VI Gran Reserva and Sublimes also struggled compared to recent auctions.

Three boxes of Cohiba Siglo VI Gran Reserva lots were sold: two at £2,310 ($3,288) and one at £2,410 ($3,430). At the company’s auction on Nov. 30, 2015, three lots sold between £2,700-3,000 and last February one lot sold for £3,500.

One reason behind the decline could be the strong U.S. dollar compared to European currencies, including the pound.

Lot 225, a Cohiba humidor containing 310 regular production, but specially-banded cigars, from last year’s 170th anniversary celebration of Partagás sold for £15,740 ($22,400).

One of the other premier lots, a 100-count cabinet of pre-embargo Ramón Allones Coronas de Lujo (5 1/2 x 42) sold £12,760 ($18,160). Last year a similar cabinet sold for £20,500.00, although the high estimate was only £12,000.

Orchant said Dunhill prices remained strong. A box of Dunhill Malecon sold for £7,810 and a box of Dunhill Mojitos sold for £5,910.

The auction, which was held only online, saw as many as 200 bidders online at its peak.  In total, sales generated £395,000 ($562,000) in revenue including premiums.