Bordeaux is back
The fine wine market is holding its own, writes Liana Cafolla
Bordeaux may be down, but it still reigns supreme, say the experts.
After strong showings at top auctions, the fine wine market is holding its own. Sotheby's two-day spring wine sale ended on April 1 with 100 per cent sold and sales totalling HK$63.6 million, including commission.
Bordeaux, Burgundy and champagne performed particularly well, according to the auction house. A case of Chateau Lafite 1996 sold for HK$147,000, much higher than its presale estimate of HK$90,000 to HK$120,000, and a case of Chateau Cheval Blanc 2000 went under the hammer at HK$110,250 - much higher than the estimated HK$65,000 to HK$85,000.
More recently, rival auction house Christie's International five-day spring sale, which started on May 26, also sold 100 per cent of its wine auction lots. Four imperials - six-litre bottles - of Petrus from 2005-08 sold for more than HK$780,000, including commission, well above a presale estimate of HK$500,000 to HK$700,000.
Acker Merrall & Condit's Hong Kong sale on May 25-26 brought in more than HK$70 million with 95 per cent of lots sold. Highlights included the top-selling Burgundy, a case of Romanee Conti 1990, which sold for HK$1.47 million. Among the Bordeaux, a case of Cheval Blanc 1947 also fetched HK$1.47 million.
These results come on the back of growing unease about the prospects of the fine wine market in the second half of last year, following several consecutive months of price falls for first growth Bordeaux wines. Some believed the price decline signalled the end of a golden era for these market leaders, but wine experts say it was a correction following exceptional prices in 2009 and 2010. Sotheby's Hong Kong wine sales, for example, jumped from HK$111 million in 2009 to HK$410 million in 2010 and still hit HK$349 million last year.
