Great Wall to benefit from biggest wine auction

Wine auctioneer Acker Merrall and Condit has its eye on the Chinese market this weekend with its third auction this year.

It is expected to be the largest wine auction held in Asia, offering 19,024 bottles from a single cellar with an estimated total value of more than HK$125 million.

The proceeds will be donated to the preservation of the Great Wall of China.

Acker's first two auctions in January and March pulled in around HK$58 million each.

Acker president John Kapon estimates that 75 percent of the auction house's worldwide revenue this year will come from Hong Kong. The lion's share of buyers are from Hong Kong and the mainland.

Owner of the Imperial Cellar Eric Greenberg said this is the most important auction he has done.

"I want to let collectors get the knowledge I have shared and I want to share with people who respect quality and are passionate about their wines," he said. "I want to be able to bring one of my greatest accomplishments to China."

He added he has met people in China who really appreciate wine, and that those who say the Chinese are less-educated about wine do not understand them.

There is no other market as enthusiastic as China, he said.

A series of five lots consigned directly by renowned French Bordeaux winemaker Chateau Margaux will be presented for the first time outside the estate, including a wine cabinet containing three vintages from 1908, 1918 and 1978 with a starting bid of HK$400,000.

Director Paul Pontallier said Chateau Margaux's production cannot be expanded because its wines are made from a very special piece of land which is limited. However, it can expand its image.

"So far, we have been a little shy because we are low-key people, but for China we have to do something - we have to change our low-key approach and be more proactive," Pontallier said.

He added this weekend's auction is something new because Chateau Margaux has always maintained a low profile, but he believes China is worth the approach.

Proceeds from the Chateau Margaux lots will go to preservation efforts for the Great Wall of China as "a tribute to one of the most extraordinary pieces of architecture in the world," according to Pontallier.