Over the weekend (October 3rd-4th) Sotheby’s, the auction house known for selling expensive luxury goods and antiques, held luxury wine auctions in Hong Kong. There was more than $8 million of fine wine sold over the 2 sales.
Some of the top vintage luxury wine lots sold for way above their estimates, including a 6ltr Imperial Chateau Petrus 1982 which went for $93,000. Other lots included a 12 bottle case of 2002 Domaine de la Romanee-Conti, sold for $83,000.
The big auction houses like Southeby’s and Christie’s have made a serious b-line towards buyers in Asia since the economic downturn because there are simply more customers willing to pay top dollar for luxury wines.
According to Reuters, Hong Kong has actually taken over from London and New York as the wine auction capital of the world. Reuters also say that Hong Kong has managed to maneuver itself into this position because the government there abolished duty on wine. Inevitably that has made buying luxury wine in Hong Kong even more lucrative for buyers.
Sarena Sutcliffe, head of the international wine department at Southeby’s has said “Asian buyers represented 99 percent of buyers in this two-day sale. Hong Kong has become Sotheby’s most important wine center, ahead of very successful auctions in New York and London.”
Interestingly Christie’s is saying that Asian buyers made up 61% of it’s wine sales in Hong Kong, New York and London this spring. A percentage which is up from just 7% in 2005.
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