One day after Hong Kong officially went into recession, Asia's wealthy still proved big spenders, with one paying more than HK$300,000 each for three big bottles of vintage wine at an auction yesterday. The unnamed bidder bought three jeroboams of La Tache 1990 vintage red burgundy - considered one of the most collectible wines - for a total of HK$919,600. A jeroboam has four times the capacity of an ordinary wine bottle. Another paid HK$2.1 million for a collection of 144 bottles from the same sought-after winemaker Domaine de la Romanee-Conti, working out to HK$14,500 a bottle. A case of 12 initial vintage 1992 Screaming Eagle Cabernet Sauvignon fetched HK$871,200 or HK$72,600 per bottle, while a case of six bottles of Krug Vintage Champagne, which came with tickets to Paris and a stay at the Krug maison, brought HK$396,880. About 300 collectors and traders packed the auction, the second to be held this year by wine merchant Acker Merrall & Condit at the Island Shangri-La Hotel. But prices failed to reach those paid at the American wine merchant's first Hong Kong auction in May, before the economic downturn began to bite. Yesterday's sale realised an estimated total of HK$52 million compared with HK$64 million in May - which at the time was the highest total for any wine auction held in Asia. Last week, the wine merchant acknowledged the decline in the economy could affect sales by reducing the reserve prices of the lots by more than 20 per cent, meaning that bidding started at a lower price. However, company president and auction director John Kapon said that given the economic situation, the sale had gone exceedingly well, with around 90 per cent of the 950 lots being sold. Most achieved the low end of their estimated price range. 'There wasn't the magic we had in May, but it went very well and I think everyone was pleased given the doom and gloom out there. There were some individual collectors, traders and a casino owner or two that got some great deals,' Mr Kapon said. 'The world has proven historically that things go down a little bit but they always come back higher than ever before, and I think the smart buyers knew that and they were bidding accordingly.' Mr Kapon believes wine is still a good investment and one of the best 'liquid assets' in the current climate. 'Wine has always held its value. In my 10 years of business it has only gone one way and that is up. Given that fact, I think it is always going to hold its own and it's just a question of buying from the right producers and the right vintages. 'If you buy well and you don't overpay, it's a consistent and stable environment to have money right now. One of the good things about wine is that you are not going to lose your own portfolio overnight. 'At least if you have a great wine collection you won't wake up the following day and find out it is worthless and if worst comes to the worst you can always drink it.' Other highlights of the auction included a full cage of 504 bottles of Krug Grande Cuvee which went for HK$590,480.