Sotheby's wine auction reaches HK$52.9 million

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Two 1.5-liter bottles of Chauteau Petrus 1982 fetched HK$435,600, more than HK$300,000 above the estimate.

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Sotheby's first wine auction of 2010 fetched a total of HK$52.9 million on Saturday, blowing out the forecast of HK$40 million during a 10 hour sale of 840 lots from the fourth installment of the Classic Cellar from a Great American Collector.

The auction was Sotheby's highest total sales for a single-day wine sale that sold out 100%, bouyed by thirsty mainland bidders looking for rarity. According to Bloomberg, buyers in China are looking to convert their currency into assets such as fine wines in order to protect their wealth against inflation.

But they are also drinking a lot of the wines they buy, which Sotheby's Asia chief executive Kevin Ching is certainly happy about, as it means mainland buyers will need to replenish their stock and buy more often. Online bidders were also prominent this weekend, with 66% of the lots sold to online bidders not in attendance.

Star sales at the Sotheby's wine auction include: A six-liter bottle of Chateau Lafite 1982 selling at HK$363,000, nearly twice the estimated price, and twin 1.5-liter bottles of Chauteau Petrus 1982 that fetched HK$435,600 against the top estimate of HK$130,000

Sotheby’s upcoming wine auctions in Hong Kong will be on April 3 & 4, 2010.

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