Petrus Chases Screaming Eagle, Asia Thirst Drives Prices
Signs of increasing demand for a broad range of California, Bordeaux and Burgundy wines drove prices at an Acker Merrall & Condit Hong Kong sale as the fall season for global wine auctions gathered pace.
A rare case of Cabernet Sauvignon from the inaugural 1992 vintage of Napa Valley grower Screaming Eagle fetched HK$442,800 ($57,100), Acker said in an e-mailed statement. Six bottles of 1966 Chateau Haut-Brion, a Bordeaux first-growth producer, sold for HK$108,240, above its presale estimate.
The event comes after six months in which recent vintages of top Bordeaux growers have struggled to generate buying interest as collectors have sought wines from alternative regions. Wines from leading producers and ready-to-drink vintages in France, Italy and the U.S. are attracting more bids both at auction and in the broader wine investment market.
“For the second month in a row, top-rated vintages with some maturity outperformed,” Chris Smith, an investment manager at The Wine Investment Fund in London, wrote in his latest market report. The fund, invested in Bordeaux, manages $50 million.
A 12-bottle case of 1982 Petrus, a top grower from Bordeaux’ Pomerol region on the right bank of the Dordogne, sold for HK$479,700, while six bottles of the 2000 Petrus sold for HK$196,800, Acker said.
Other rare Bordeaux in the auction included a magnum of 1998 Le Pin, also from Pomerol, which sold for HK$59,040.
The two-day sale fetched more than HK$50 million, with 98 percent of lots sold.
Top Burgundies in the auction included two assorted cases of 1999 Domaine de la Romanee-Conti, which sold for HK$442,800 each, and a case of 2005 Leroy Romanee Saint-Vivant, which fetched HK$344,400.
Following is a table of major wine auctions held so far this year, with the total sold. Links are to auction websites or results statements.
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