Delamain Cognac is ‘optimistic about the future in China’
Bonhams’ Amayès Aouli and Delamain’s Eric Le Bouar dive into why the Chinese market remains critical for high-end Cognac, despite trade challenges.
On 5 December, the online auction of Rare Cask Chronicle – Ancestral 2025 Edition by House of Delamain closed at Bonhams, with all three lots sold.
These three lots were part of a wider whisky and Cognac sale – Timeless Legacy: Finest and Rarest Whisky and Cognac featuring Delamain Ancestral Cask Release.
Fetching between HK$16,250 and $22,500 (£1,558-£2,157), each lot consisted of a bottle of Delamain Ancestral 25.1 (of which 190 bottles were ever made), a bottle of Ancestral 25.2 (180 bottles ever made), as well as a private cellar experience with the Cognac house’s cellar master. The individually-numbered bottles were presented in a collector’s giftbox.
The results were within Bonhams’ estimates for the sale, and suggest enduring promise for the category in Asia.
“The results clearly demonstrated continued appetite for rare, top-tier Cognac in the region,” noted Amayès Aouli, global head of wine and spirits at Bonhams.
“Bidding was active across three continents with clients from Asia, Europe and the US. While the Mainland Chinese market is more selective, it remains engaged at the very high end, particularly when provenance and rarity are unquestionable. The final result reflects this dynamic: HK$10,000 for a liquid no one had the chance to taste is pretty solid.”
Notably, the Rare Cask Ancestral 25.1 and 25.2, with 190 bottles allocated to Europe and 180 for the US and China, were showcased together in Shenzhen one week prior to 20 November when the auction began.
“Shenzhen was the only location where both casks were presented together,” said Eric Le Bouar, managing director with Delamain. “Chosen for its strategic accessibility, Shenzhen brought together top collectors from Hong Kong and key cities across Guangdong province with 15 of Bonhams’ leading private clients invited to this closed-door preview.”
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Both Aouli and Le Bouar noted the challenges for Cognac and EU brandy over the past few years, including hefty tariffs from China and shifting consumer trends.
But the solid performance of the casks bode well for the category’s future in the region. “I remain optimistic about the future, particularly in China,” stated Le Bouar. “Our small, singular position allows us to remain largely unaffected by broader market trends, which are typically driven by a handful of very large brands.”
The dynamic of Greater China’s younger collectors is critical to Delamain’s strategy. “There is a common misconception that Cognac appeals only to older generations,” Le Bouar said. “In reality, younger consumers aged 25 to 40 do not think in terms of categories. They are explorers: they seek quality over quantity, and value brands with authentic legacy, meticulous craftsmanship, provenance and purity – all qualities that define Delamain. By offering meaningful experiences and exceptional spirits, Delamain is well positioned to engage this new generation of collectors and connoisseurs.”
As Cognac and brandy markets continue to evolve, Aouli argues that rare bottles and casks will always have a special place. “We are seeing a shift towards more discerning, knowledge-driven buying, especially in mainland China,” he observed. “Hong Kong continues to act as the region’s most reliable hub for selling authenticity and limited-production releases – which positions maisons like Delamain particularly well.”
As Mainland Chinese consumers seek experiences related to collecting decisions, maisons should increase their focus on storytelling, Aouli said. “Education is key to attract new and younger buyers,” he argued. “Cognac used to be one of the most sought-after spirits in the world for decades. It needs to continue sharing the knowledge and providing a deeper understanding of these beautiful liquids. On the macro-environmental side, there is a call for caution – there will always be – but the long term structural outlook for top-tier Cognac at auction remains positive.”
Le Bouar believes Delamain’s heritage is one that appeals to Chinese collectors. “The Delamain story is first and foremost a family story: nine generations united by a passion for intellectual exploration, particularly in the natural world,” he said. “Family members who have managed the house have been ornithologists, entomologists, archaeologists and historians, dedicating immense time to careful observation of nature. This deep connection has shaped a singular vision of Cognac: a pursuit of purity and perfection, grounded in respect for the interplay of nature, time and human craftsmanship.”
This is what will help the maison retain its success in China, he argued.
“Chinese collectors and connoisseurs are highly receptive to this philosophy. They value history, expertise passed through generations, meticulous observation, and authentic craftsmanship – qualities that define Delamain and the Rare Cask Ancestral Collection,” he said. “The alignment of values makes our Cognacs resonate deeply with the Chinese market.”
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