Sotheby’s two-day sale reaps rewards

Three sales in two days gave auction house Sotheby’s cause for celebration this weekend, with strong results showing that the market is yet to decline in Hong Kong.

Oct 6, 2012: Jamie Richie, President, Asia & Americas, Sotheby’s, as auctioneer

The sales, which took place over 5-6 October, were the most successful two-day sales for Sotheby’s this year. The sale reaped a 2012 record HK$73.6 million (£5.9 million), bettering the estimate of HK$73m (£5.8m).

The standout lot was a collection of nine bottles of Romanée Conti, 1990, which reached HK$1.7m (£136,000), while other notable sales included a Methuselah of Romanée-Conti, Domaine de la Romanée-Conti 1999 which went for HK$857,500 (£69,000), topping its HK$600,000-$1m (£48,000- £80,000) estimate, and a superlot of Bordeaux first growths, including 12 bottles of each of Château Latour, Château Lafite, Château Margaux, Château Haut-Brion and Château Mouton Rothschild 2009 which sold for HK$673,750 (£54,000), far above its expected HK$400,000-$550,000 (£32,000-44,000) estimate.

All the top lots were successfully bid upon by Asian private collectors, with the exception of a Balthazar of Barolo Monfortino, Riserva 1961 Giacomo Conterno which went to a UK trade bidder.

The sale represented 84.7% sold by lot, and 91.3% sold by value.

“The two-day sale achieved HK$73,571,051 (£5.9m), the highest total for a two-day sale at Sotheby’s Hong Kong in 2012,” said Robert Sleigh, head of Sotheby’s Wine, Asia. “There was fierce competition for the rarest wines in the world with Domaine de la Romanée Conti, Henri Jayer and Screaming Eagle leading the way.

“In particular, buyers from all over Asia drove DRC prices to record levels this weekend, with 59 lots selling for a total of HK$9.2m (£736,000), 30% over the high estimate.”