As auction season enters full swing, another record-setting event in Hong Kong shows us just how vigorous the Chinese appetite is for investment in fine wine. At Sotheby’s auction, 9 out of 10 lots went to private Asian collectors, and 12-bottle cases of Lafite and Petrus smashed their already high estimates. This is excellent news for Bordeaux investors, which comes on the back of last month’s reports that during the last year Bordeaux exports to China have risen dramatically.
Over the two days of Sotheby’s auction, ninety-six percent of wine lots were sold, bringing in a total of around $9.5 million. One Methuselah (6 liter) bottle of Romanee Conti sold for $110,000 alone. The high sale prices of Burgundies such as this may mean that investors will increasingly turn to Bordeaux in search of better value. The second day of the auction saw Petrus under the hammer again, with a case of their 2000 vintage selling for $57,000.
Next month’s major auction in Hong Kong begins on November 23rd, and promises to be yet another fascinating chapter in a record-breaking season. It’s also clear that the love of Petrus, Romanee Conti, and Chateau Lafite in China continues unabated. Sotheby’s Hong Kong event was another great auction, with stellar results, and represents a fantastic start to the quarter.