China's Rich Pass on Lafite for First Time in 17 Sotheby's Sales
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Sotheby’s failed to sell all of the wine in a Hong Kong auction for the first time in 17 sales as China’s wealthy collectors passed on oversized bottles of Chateau Lafite Rothschild yesterday in Hong Kong.
The weekend sales came after the Standard & Poor’s 500 Index had its worst quarter since the end of 2008. Top lot in the two days of wine purchases, worth a total of HK$99.1 million ($12.7 million), was the sale of a 12-bottle case of 1988 Domaine de la Romanee-Conti Burgundy for HK$907,500.
“There weren’t so many buyers,” said Liu Dan, a Beijing- based collector who picked up six cases of Chateau Mouton Rothschild 1996 vintage for $HK48,400 each. “Prices were cheap.”
Sotheby’s raised HK$231.5 million during the first two days of its Hong Kong Autumn sales that included the wine and an evening offering of contemporary Chinese art. The auctions were part of six days of sales including 3,400 lots of porcelain, art and jewels that New York-based Sotheby’s forecasts will raise more than HK$2.7 billion.
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