Auction of record-breaking HK$590,400 wine helps revive flagging market
The wine market revived a little this month at an Acker Merrall & Condit auction in Hong Kong, but it still has a long way to go before revisiting its peak of two years ago.
The sale by the American auction house, on March 22 and 23, set 97 records, including four for Chateau Petrus, a leading Bordeaux estate. The auction fetched a total of HK$38.3 million, with 94 per cent of lots sold.
A case of three double magnums of 1990 Petrus sold for a record price of HK$590,400, while one bottle of 1947 Petrus set another record at HK$118,080.
"I was quite pleased to see Bordeaux have a nice bounce in the salesroom, as people were quite active, particularly for wines with 10 years of bottle age or more, and results for Lafite and Petrus also stood out," John Kapon, chief executive of Acker, said.
A 12-bottle lot of Chateau Lafite-Rothschild 1982 sold for HK$442,800, about 8 per cent more than the £34,500 (HK$405,860) a similar lot fetched at Christie's London auction last month.
An original wooden case of 12 bottles of Romanée Conti 1988 fetched HK$984,000 - up from the HK$907,500 paid for each of two similar 12-bottle lots at Christie's in June, according to Bloomberg. While the Burgundy gem set many records last year, the prices of some of its vintages have been dipping recently.
Three bottles of the 1999 vintage sold for HK$295,200 - or US$12,615 per bottle, down from US$13,685 at a January sale by the Zachy's auction house.
Three bottles of the 1990 vintage sold for HK$344,400 - 7 per cent lower per bottle than at Zachy's December auction.
Liv-Ex's Fine Wine 100 Index, which tracks the price of sought-after wines, dropped 29 per cent from its peak in June 2011 to rock bottom in November last year.
Acker's January and March auctions this year set 212 record prices, well up from the 95 recorded the previous year.