Wine Market news 10 Nov 2011
Burgundy 'sizzles' in Hong Kong as top Bordeaux falls below estimates
- Thursday 10 November 2011
- by Rebecca Gibb
- Comments
Top Bordeaux wines including Lafite-Rothschild failed to achieve their lowest estimates at a recent Hong Kong wine auction - while Burgundy hit new heights.
DRC: Burgundy 'sizzling'
Acker, Merrill and Condit's sale of US collector Don Stott's cellar sold a number of Bordeaux lots last weekend, including Lafite-Rothschild 1982, which was estimated to sell at HK$320,000-HK$480,000 (£25,000-38,500).
Acker, Merrill and Condit's sale of US collector Don Stott's cellar sold a number of Bordeaux lots last weekend, including Lafite-Rothschild 1982, which was estimated to sell at HK$320,000-HK$480,000 (£25,000-38,500).
Bidders picked it up for a much lower HK$260,000 (£20,800), and other first growth prices were similarly subdued.
John Kapon, CEO of Acker, Merrill and Condit, told Decanter.com, 'I think the Bordeaux market got a little overheated. It's been so strong for the past couple of years,'
'There perhaps has been a bit of an oversupply, he said. 'There's also some resentment after the aggressive 2010 campaign.'
Yet the auction seems to suggest interest in top Burgundy is rising among Hong Kong and Chinese collectors.
Over two days, 145 world auction records were set, raising a total of HK$112.7m (£9m) with a single jeroboam of 1999 Romanée Conti from Domaine de La Romanée Conti selling for more than £47,000.
Kapon added, ‘Burgundy is sizzling at the moment. China is waking up to the fact that Burgundy can make some of the world's greatest wines.’
