Sotheby’s leads Asian wine market
Auction house Sotheby’s says it is currently the dominant force in the Asian market, with total sales so far this year in excess of HK$400 million.
The auctioneer has reported total sales of HK$407m (US$52m), having sold 4,481 lots at an average price of HK$90,750 (US$11,500).
Its most recent sale from 29-30 September featured two private collections and made HK$113m (US$14.5m), with a case of 1961 Latour, 1982 Le Pin and an 18-litre ‘Melchior’ of 2010 Cheval Blanc among the highlights.
Adam Bilbey, head of wine for Sotheby’s in Asia, commented on the sale: “We were privileged to offer two distinguished private collections – The Towering Bordeaux Collection and The Wonderful Cellar of an Important Asian Collector – both of which performed superbly and contributed to an impressive total of HK$262 million (US$33 million) for five single-owner collections held by Sotheby’s in Hong Kong this year. We are indebted to our knowledgeable and wine-loving audience in Asia, whose deep appreciation for Bordeaux and Burgundy, not to mention whisky, has helped place Sotheby’s in a leading market position in the region.”
Speaking more generally of Sotheby’s results so far this year, Jamie Ritchie, worldwide head of wine, added: “The Asian wine market is the strongest and most exciting in the world with the greatest appetite for the very best wines and spirits. In addition to our focus on offering the best single-owner wine collections, we have expanded to offering the world’s greatest spirits and were particularly delighted with the prices achieved for The Macallan 50 Years Old direct from the distillery and a collection of Kweichow Moutai, from the world’s most valuable liquor company, marking the first time a Western auction house has offered the highly coveted Chinese liquor in Hong Kong.
“We are witnessing blockbuster demand for whisky and spirits throughout Asia. We now look forward to our New York auctions on 13 October, the stars of which are a collection of rare DRC from the Personal Cellar of Robert Drouhin and The Macallan 1926, ‘60 Year Old’, Sir Peter Blake Label, distinguished by the highest estimate for any bottle of wine or whisky ever offered by Sotheby’s.”