Hong Kong bids for Burgundy

Two auctions in Hong Kong once again saw estimates overturned as Asian clients dug deep for Burgundy and Right Bank Bordeaux.

The sales of the two cellars – The Magnificent Cellar of Marcus D. Hiles and The Classic Cellar from A Great American Collector Part VI – raised a combined total of HK$107 million (£8,682,014), well over the projected HK$74m expected.

The saleroom was completely filled for the two-day auction and it represents the ninth consecutive 100% sold wine auction in Asia in the last 18 months for Sotheby’s.

As previously reported in the drinks business, Asian buyers are increasingly turning their attention to top Burgundian properties.

It was therefore no surprise to see that the top three lots sold were all cases of Romanée Conti from Domaine de la Romanée Conti.

Jamie Ritchie, CEO of Sotheby’s New York who was present at the auction, told the drinks business: “As we anticipated, Asian buyers are broadening their demand for the world’s greatest wines outside of Bordeaux and particularly Burgundy.

“The greatest producers in the greatest years are now being highly sought after, with substantial increases in price – we foresee this trend continuing throughout the season, with continued strengthening demand for top Burgundy.”

A case of DRC 2005 was finally sold at HK$1,815,000 (£147,309), closely followed by a case of 2002 at HK$1,089,000 (£88,391), which had significantly beaten its high-end estimate of HK$540,000.

Finally, even half a case of 2005 reached HK$847,000. Under the circumstances the best Bordeaux could muster was a lot of three 1989 double magnums from Pétrus, which fetched HK$726,000.

Even cases of 2000 and 1982 Pétrus only raised HK$605,000 apiece and the five magnums of 1959 Latour were comfortably pipped by only six bottles of 2003 Romanée Conti, HK$338,800 to HK$387,200 – the lowest price of the top 10 selling Burgundies.

Ritchie continued: “Bordeaux continued to perform very strongly and prices continued to increase – perhaps, not to the same degree as top Burgundy, but this reflects the fact that Bordeaux has sustained an 18 month period of continued price increases, so now there is naturally a settling down of prices.

“The market also reflects the fact that Burgundy has not been such a strong feature of our Hong Kong auctions, so rarer in the Asian marketplace, and are much smaller in production, so when demand increases prices tend to rise faster in comparison to Bordeaux.

"For Bordeaux, prices of Chåteau Pétrus were particularly strong. We also saw a broadening of the Bordeaux market, beyond the first growths.”

Rupert Millar, 07.10.2010