Yet more fine wine records set in Hong Kong

Two Hong Kong auctions broke records and possibly bank accounts as fine and rare wines went under the hammer last weekend, in a trend that is becoming all too familiar.

New York auctioneers Acker Merrall & Condit’s auction from the “Imperial Cellar” of collector Eric Greenberg raised the second largest amount ever at a fine wine auction with a total of HK$152 million (£13m).

The auction spanned two days as over 1,820 lots (amounting to over 19,000 bottles) were cleared.

John Kapon, Acker Merrall & Condit’s president and auction director, said: “We are beyond thrilled with the results of this record sale, with many lots selling well above their estimated value.

“For the sale we had over 400 clients registered for the auction room alone, with hundreds of others participating live online and via absentee bid, indicating the fantastic strength of the Asian market for fine and rare wines.

"Owners of fine cellars around the world now understand that there is keen demand for rare wines among buyers in Asia and especially in China.”

The auction hinged on ten “superlots”, including cases and vintage collections of Bordeaux and Burgundy donated by the houses themselves.

The proceeds of those particular lots, such as a collection of Margaux, will go towards restoring the Great Wall of China.

Highlights included 702 bottles of Bordeaux 2000 from the likes of Mouton Rothschild, Lafite, Latour, Pétrus and Margaux in their original wooden cases that sold for HK$1,659,200 (£144,987).

Château Margaux released a collection of 360 bottles covering the years 1978 to 2007, which sold for HK$1,464,000 (£127,957), a new record for a single lot of Margaux sold at auction.

Other standout lots included cases of Domaine de la Romanée Conti, Romanée-Conti and La Tâche 1971, 1990 and 1996 and Mouton Rothschild 1945.

Christie’s, meanwhile, was auctioning the Liquid Gold Collection, an assortment of 40 magnums and 128 bottles from Château d’Yquem spanning three centuries from 1825 to 2005, at the same time in the city.

With a sale price of HK$8m (£711,540), it set three records by becoming the most expensive wine lot ever sold in Asia and by Christie’s globally and the world auction record for Yquem.

Interestingly, it was a European buyer who took the Yquem Collection. Chinese collectors bought all of the other important lots of first growths and rare Burgundy.

The auction as a whole was also one of the most profitable the house has conducted, with a total of HK$40,292,760 (£3,565,909) raised.

Wine is fast becoming one of the most profitable markets for Christie’s in Asia, according to David Elswood, international head of its wine department.

"Wine is a small but important part of what we do in Hong Kong," he said. "Our latest sale realised a total of just over HK$40 million, while the total for all the Christie’s sales over the five day period exceeded HK$2.2 billion.

"We also have the highest average wine lot value of any auctioneer in Asia at over HK$150,000, demonstrating our ability to sell the finest and rarest wines to a market that is completely focused on rarity and the most prestigious names.

Rupert Millar, 03.06.2010