Acker Merrall & Condit Wine Auction in Hong Kong

The first Acker Merrall & Condit’s wine auction was held at the Island Shangri-La Hotel on 31^st May 2008. It was a glorious success, realizing HK$64 Million (US$8.2 Million), against a pre-sale estimate total of around HK$50 million, and was 92% sold by lots and 97% by value. This is the highest total for any wine auction ever held in Asia and numerous world auction records were also set across the board.

The top lot of the day was a case of Domaine de la Romanée-Conti 1990 which realized a spectacular HK$1.89 Million (US$242,308) including buyer’s premium after spirited bidding, setting a new world auction record for a case of Domaine de la Romanee Conti. The buyer is a Singaporean businessman and he bought this for his friends. Acker Merrall & Condit has donated HK$327,600 (US$42,000), the entire buyer’s premium of 21% on this top lot to Habitat for Humanity, which is helping to rebuild housing for China’s earthquake victims.

In addition to the 1990 DRC, bidding was fiercely competitive for a case of 6 magnums of Château Mouton Rothschild 1945 which fetched HK$1,306,000 (US$167,436) and a case of 12 bottles of Château Mouton Rothschild 1945 sold for HK$1,210,000 (US$155,128). Both parcels were bought by an Italian lady who intended to consume these wines with friends.

Other top bids include an exceedingly rare Imperial of Château Lafite Rothschild 1982 realized an astonishing HK$387,200 (US$49,641), well above the pre-sale high estimate. Another World Auction Record was realized with the sale of a case of 1982 Chateau Le Pin, which fetched HK$822,800 (US$105,487). The two large format Champagne lots direct from the cellars of Dom Pérignon also realized enormous World Auction Records. A Jeroboam of Dom Pérignon Rosé 1996 and bottle #001) fetched HK$ 266,200 (US$34,128) and magnums of Dom Pérignon Oenothèque (vintages 1966, 1973 and 1976) realized HK$726,000 (US$ 93,077), thereby shattering the World Auction record for any Champagne lot sold at auction. The previous record was also set by Acker Merrall & Condit, only 4 weeks ago in New York, when 2 bottles of Dom Perignon Rose 1959 sold for around US$84,700.

We were told that Mr Henry Tang Ying-yen, the Chief Secretary for Administration HKSAR, was one of the buyers and he bought 2 lots of 1995 Dom Pérignon Vintage Champagne (Methusaleh) at HK$67,760/lot.

John Kapon, Acker Merrall & Condit’s President and Auction Director, said: “This has been a remarkable week for Acker Merrall & Condit and the wine market in Asia. Today’s sale was a landmark event in the history of the wine market in Asia. We are thrilled with the result, which is a testament to the strength of the wine market in Asia and Hong Kong’s leading role a regional hub of fine and rare wines.”

By Kenneth Lee in Hong Kong.