Fine wine investors have snapped up 90 percent of the lots on offer at Christie’s latest auction in Hong Kong, raising as much as £2.17 million. The sale follows Sotheby’s auction in the city which last month raised a total of $1.6 million (£1 million).
Christie’s announced in a press release that its sale in Hong Kong which took place on Saturday had seen buyers snap up 610 lots of fine wine, representing 90 percent of the 675 lots on offer. In terms of value, the collection achieved a 92-percent sale rate.
“Exceptional wine of the finest provenance drew bidders from all over to compete actively for the single owner collection from Mr Yap Chee Meng and ex-cellar lots of prized Rhône and Chablis from E.Guigal and Domaine Laroche,” Simon Tam, Head of Christie’s China Wine Department, said in the statement. Yap Chee Meng, a former chief operating officer of consultancy group KPMG Asia Pacific, has been making fine wine investments for over 30 years and his collection includes bottles from Burgundy, Bordeaux, Champagne, Spain, Australia, Italy, Mosel and the Loire.
Christie’s Simon Tam added that collectors were “especially keen to acquire vintages aged and ready for drinking and enjoyment,” and that buying had extended “beyond traditional reds to other classic regions by the likes of the Loire Valley and beyond”.
Among the highlights of the auction was a 12-bottle lot of Domaine de la Romanée-Conti, Romanée Conti from 1988, which fetched £104,370. Twelve bottles of mixed DRC were snapped up for £29,224, while a 12-bottle lot of Henri Jayer, Vosne-Romanée Beaumonts from 1994 went under the hammer for £29,224.
Christie’s is one of the auction houses which this weekend competed for the attention of Hong Kong’s fine wine investors, along with Zachys and Acker Merrall & Condit. Sotheby’s got a head start, raising $1.6 million earlier in May, with buyers snapping up 94.6 percent of the lots on offer.