Auction estimates for some sought-after Bordeaux wines in their original wooden cases are expected to rise by 10 to 15 per cent despite the global downturn, the president of America's oldest wine merchant says.
This is likely to be reflected in the Hong Kong auction by Acker Merrall & Condit on May 30.
Referring to results of an auction on March 28, John Kapon said: 'The prices of certain Bordeaux wines in their original wooden cases, especially of vintages between 1982 and 2003, were pretty firm.'
Demand was also keen for selections of fine wines valued at HK$2,000 or below per bottle.
Presale estimates for the March 28 sale had been cut by about 20 per cent compared with last year to reflect more realistic prices as the financial crisis dampened investor and consumer appetite. Apart from certain lots, estimates for the May 30 auction are expected to be in line with those of the last sale for the most part, Mr Kapon said.
The impact of the downturn on pricing since the credit crunch has been dramatic. At its sale in May last year, Acker sold a case of Domaine de la Roman?e-Conti Roman?e-Conti 1990 for HK$1.9 million, near the high estimate. But by November, another case went for just over HK$1 million - a drop of more than 43 per cent in just six months. Wines that appreciated the most in the recent bull market tended to see the steepest declines.
