French wine ignites in Asian auction market
- September 21, 2010 12:59
In Hong Kong last weekend, a duo of wine auctions sold out, totalling $15 million (US). Asian buyers clamored for rare French wines, especially Bordeaux.
Acker Merrall & Condit's sale of 920 bottles fetched HK$50 million ($8.8 million), including lots from San Francisco collector Wilfred Jaeger and an extensive consignment from a Chinese collector.
Christie's International brought in HK$48.13 million ($6.2 million) for 400 cases. Lafite-Rothschild, Latour, Mouton-Rothschild, Margaux and Haut-Brion were among the top lots.
Next month Sotheby's will offer 2,000 bottles from the cellars of Lafite.
Sotheby’s, Christie’s and Acker Merrall & Condit expect global wine sales may double to a record $200 million in 2010 from last year, according to Bloomberg.
In 2008, the government tax on wine was dropped, helping to stoke a penchant for wine among newly affluent Chinese buyers.
![Peter Paul Rubens (Flemish, 1577–1640), After Titian (Tiziano Vecelli) (Italian [Venetian], c. 1488–1576), Rape of Europa, 1628–29. Oil on canvas, 71 7/8 x 79 3/8 in.](/images/c/e2/2e/Jan20_Rape_of_Europa100x100_c.jpg "Peter Paul Rubens (Flemish, 1577–1640), After Titian (Tiziano Vecelli) (Italian [Venetian], c. 1488–1576), Rape of Europa, 1628–29. Oil on canvas, 71 7/8 x 79 3/8 in.")
