Bloomberg News

Chateau Petrus Sets Records at Acker’s Hong Kong Auction

March 28, 2013

Romanee-Conti

Romanee-Conti Burgundy on sale at an Acker Merrall & Condit wine auction in Hong Kong. Source: Acker Merrall & Condit via Bloomberg

Three double-magnums of Chateau Petrus 1990 and a bottle of the same Bordeaux producer’s 1947 vintage set records at an Acker Merrall & Condit auction in Hong Kong, where the top lot was 1988 Romanee-Conti Burgundy.

The three double-magnums of Petrus 1990 sold for HK$590,400 ($76,000) at the two-day auction and the single bottle of 1947 fetched HK$118,080, according to an e-mail from Acker. The case of Romanee-Conti 1988 Domaine de la Romanee Conti went for HK$984,000, compared with HK$907,500 paid for each of two similar 12-bottle lots at Christie’s International Plc (CHRS) in June.

Wine prices have revived over the past four months after the London-based Liv-ex Fine Wine 50 Index (LXFW50) slumped in November to its lowest level since March 2010. It has rallied 10 percent since then, including 2.9 percent in February, and in January advanced 3.5 percent, its biggest monthly gain for two years.

“These things go in cycles,” Acker Chief Executive Officer John Kapon said in a telephone interview from New York. “It’s good to see. It’s not like Bordeaux is ever going away.”

A case of Chateau Lafite-Rothschild 1982 sold for HK$442,800, about 8 percent more than the 34,500 pounds ($52,600) paid for a similar 12-bottle lot at a Christie’s sale in London in February.

The Acker sale totaled HK$38.25 million, while an auction held by Hart Davis Hart Wine Co. in Chicago focused on Burgundy to fetch $4.42 million.

The top lot at the Hart sale was a 1990 Domaine de la Romanee-Conti assortment, which fetched $41,825, while three bottles of Romanee-Conti 1999 DRC sold for $35,850.

Following is a table of major auctions held so far this year, with the total sold. Links are to auction websites or results statements.

To contact the reporter on the story: Guy Collins in London on guycollins@bloomberg.net

To contact the editor responsible for this story: Mark Beech at mbeech@bloomberg.net


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