Serena Sutcliffe News
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Wine sales at the world’s five biggest auction houses fell by a quarter to about $160 million in the first six months of 2012 as lower prices for top growers combined with investor caution sparked by the economic slump.
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Three bottles of Chateau Lafite’s 1869 vintage each sold for a record price of HK$1.8 million ($230,000) at a sale in Hong Kong last night, underlining Asia’s dominance of the auction market for trophy label wines.
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International wine sales at the three main auction houses look set to reach a record $200 million in 2010 as Asia’s thirst for fine French vintages pushes up prices .
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A waiter is pouring generous rations of wine in the private dining salon of Chateau Margaux on the left bank of the Gironde estuary in southwestern France. Baccarat crystal schooners are filled to the brim with one of the world’s rarest liquid investments. The costly history of downing Chateau Margaux unfolds.
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Sipping Cristal champagne and 39 other blue-chip labels, New York wine lovers kicked off the autumn auction season at a two-night Acker Merrall & Condit sale on Sept. 10. They bid big, especially for Chateau Lafite and Romanee Conti, spending $4.9 million -- a sign auction prices are still rising.
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Charging down the red carpet of the 64th Cannes Film Festival last month, the 39-year-old grandson of Baron Philippe de Rothschild recalled his pioneering ancestor’s eccentricities with delight.
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Sales at the world’s three biggest wine auctioneers increased by 88 percent in 2010 as wealthy Asian buyers dominated the market for prestige French vintages such as Lafite.
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Surging demand for Chateau Lafite and other French trophy labels, especially from Asia, has pushed both prices at auction and wine futures to records. Not all wine dealers are happy.
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A Sotheby’s sale of wine collected by Andrew Lloyd Webber , composer of Phantom of the Opera and Cats, raised HK$43.3 million ($5.6 million) in Hong Kong.
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