Underlining Hong Kong's status as a leading wine market in the world, a weekend sale of rare French wine at the Grand Hyatt Hong Kong returned whooping $11.78 million, making it the year's biggest wine auction. The two day auction by America’s oldest wine merchant and auctioneer Acker Merrall & Condit showcased the famous Don Stott Collection. These sales show that despite the economic crisis, Asians are splurging astronomical prices at luxury auctions.
With 98 percent of the stuff sold, the auction featured at least 959 lots of the world's finest and rarest wines and champagnes. A Hong Kong collector Paul Dunn bought the most expensive lot for $94,300 at the auction that consists of 12 bottles of a 1990 Vosne Romanee Cros Parantoux Henri Jayer.
The auction also featured Burgundies by a U.S. collector Don Stott whose cellars are popularly known for their stock of Burgundies. A case of 1990 DRC Romanee Conti was sold for $297,179 and 1996 DRC Romanee Conti for $162,667. The sale also featured some Burgundy's whites including 1996 DRC Montrachet that fetched $68,820.
John Kapon, CEO of Acker Merrall & Condit Companies comments, "We are ecstatic by the results of this sale, in which numerous world auction records were set. All this talk about the market cooling off is just talk – at least when it comes to our auctions. The results demonstrate our continued market leadership, as well as the tremendous demand and passion in Asia for the world’s best wines."
The auction had wines by Bordeaux’s First Growths, case of 1982 Chateau Petrus that was sold for $68,820 along with 6 magnums of the 2000 Petrus that fetched around $56,308. Apart from Petrus, Lafite Rothschild also went under hammer. Two cases of 1982 Chateau Lafite fetched $2.2million.
The auction also sold 33 lots of rare Champagne from the House of Salon. A bottle of 1955 Salon fetched $5,944 which has set a record as it is the first Salon bottle that has fetched this hefty amount for a single bottle.
Further, you can also check out the most expensive auctions in Asia.