Hong Kong’s Glamorous Wine Sale
From Acker Merrall & Condit Asia’s US$8.2M wine auction
Text by Daniel Lim with input from Kenneth Lee.

Picture: The Hong Kong dollar with its city as a destination for wine trade, shines with a string of wine auctions, and events lining up in this year.

Picture: Auction in progress with John Kapon at the stand. Image supplied.

Rivaling London and New York, Hong Kong with its recent push on tax waiver is the hottest destination for wine related initiatives and a haven to some of Asia’s fine wine collectors, especially those from Bordeaux and Burgundy.

The auction, held at the Shangri-La, came just days after Vinexpo Asia 2008, where producers from across the world came to Hong Kong to try and tap into the booming regional market for wine, which exhibition organizers said is expected to grow at 8 percent a year until 2011, compared to 1 percent growth worldwide.

A total of HK$64M (or US$8.2M, China Yuan Renminbi $56.43M, Malaysia Ringgit $26.69M, Singapore Dollars $11.17M) was realized as reported in a statement released earlier. In general the prices achieved including commission were within 10% of London’s retail pricing. As for the results from this auction, John Kapon says: “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 as a regional hub of fine and rare wines.”

Cecilia Piacitelli whose former banker husband, Christian Roger sits on some 1,700 bottles of DRC took a case of 1945 Chateau Mouton Rothschild for US$155,000 while the highest bid went to Singapore resident and Indonesian buyer, Singgih Gunawan, with 12 bottles of 1990 Domaine de la Romanée-Conti which went for US$242,308.

Peter Chang, a fine wine collector commented; “While many of us refrained from bidding because the pricing pre-commission went easily 15-20% above what we could get in London, some of the lots did go for reasonable prices. Lots like 1990 DRC Assortment is cheaper then what I have seen in London. There was also very strong interest in Californian wines – Screaming Eagle, Harlan, Bryan in large formats.”

As noted, Chinese buyers, including those from Hong Kong took 30% of the top 20 lots. As follows is the summary of the top 12 lots mentioned in this article:

464 - 6 magnums 1945 Mouton Rothschild Pauillac, for US$163,350, HK$1,306,800.
463 - 12 bottles 1945 Mouton Rothschild Pauillac, for US$151,250, HK$1,210,000.
563 - 12 bottles 1982 Chateau Le Pin Pomerol, US - $102,850.00 , HK - $822,800.00
362 - 1 double magnum 1945 Mouton Rothschild Pauillac, for US$96,800, HK$774,400.
562B - 1 magnum each of 1976, 1973, 1966 Dom Perignon Oenotheque, for US$90,750, HK$726,000.
639 - 3 magnums 1996 Romanee Conti DRC, for US$72,600, HK$580,800.
567 - 12 bottles 1989 Chateau Petrus Pomerol, for US$66,550, HK$532,400.
572 - 12 bottles 1990 La Tache DRC, US$66,550, HK$532,400.
577 - 1 Methuselah 1998 Romanee Conti DRC, for US$66,550, HK$532,400.
570 - 12 bottles 1971 DRC Assortment, for US$60,500, HK$484,000.
370 - 6 magnums 1989 Chateau Petrus Pomerol , US$57,475 HK$459,800.
65 - 12 bottles 1990 Chateau Petrus Pomerol , US - $54,450.00 , HK - $435,600.00

After Bonhams US$1.5M auction in April, other global auction players, Christie, Sotheby will be considering bringing their glamorous wine sales to Asia with eyes on Hong Kong. All this attention suggests there’s money to be made in the Far East markets as both the USA and London will loses some shine to Chinese super buyers and thirsty collectors. This is where, all the money, enthusiasm and sometimes, crazy motion is set to be.

On thing for sure, Acker will return to Hong Kong for the next auction on 22nd November 2008. This auction will enlarge bids by accepting from buyers’ bids real time, plus welcoming any offers and participation from Hong Kong fine wine collectors who are considering parting their fine wine collection.

Read 酒 Jiuwine.com’s interview with John Kapon, co-owner and President of New York based Acker Merrall & Condit.