Posts Tagged ‘Hong Kong’

Château Lafite Sets New Record in Hong Kong

In Food & Drink, Wine on 7 November 2010 at 13:47

At a recent Sotheby’s auction held at the prestigious Mandarin Oriental Hotel in Hong Kong several wine buying records were shattered. Three bottles of Château Lafite-Rothschild 1869 were snapped up for HK$1.8m (£143,474) each in a sale that brought in HK$5.4 million (£430,422). Two other bottles of Lafite went for HK$1m (£79,707.55) each including bottles of 1869, 1870 and 1899 vintage.

The Chinese are becoming avid collectors of rare classic wines and they are more than willing to pay record prices to get what they want. This was borne out by this auction, the eight in a series of wine sales this year in the former Crown Colony being a complete sell out and bidding far surpassed the estimates of between HK$40,000-60,000. The three bottles of Lafite set a new world record for the most expensive individual bottles ever sold at auction. The previous record, also for a Château Lafite, was for a 1787 vintage that was sold at Christie’s in London in 1985had been engraved with the initials of President Thomas Jefferson and was bought by publisher Malcolm Forbes for £105,000 (US$168,000).

Chateau Lafite Rothschild Label for the 1999 v...

Image via Wikipedia

Asian collectors are forcing prices of wines ever higher. But on this occasion the auspicious number eight (pinyin in Cantonese) that is associated with wealth and fortune by the Chinese probably had a major influence on the sale prices. It is interesting that the 2008 Lafite carries the Chinese character for eight on the label and this had led to a growing interest in this particular vintage and a case rose in price from US$14,458 to $20,884 at the end of October. This has not meant there has been no interest in the 2009 vintage with prices soaring to over US$24,000 a case.

How much will you bid for my undrinkable bottle of Lambrusco?