Bordeaux wine price dropped as Chinese Demand Weakens

2012-1-11 15:15:05 cnwinenews.com 评论（0人参与）

Prices of top Bordeaux such as Chateau Lafite-Rothschild and Chateau Petrus may drop further at Hong Kong sales this month as demand declines on concern about economic weakness and financial-market volatility.

Auctions by Acker, Merrall & Condit, Sotheby’s (BID) and Zachys leading up to Chinese New Year celebrations could fetch more than $23 million, based on the auction houses’ top estimates. Still, this is about 33 percent below the combined $34.59 million total fetched by the same three events in January 2011.

The Liv-ex Fine Wine 100 Index fell 15 percent last year, as first-half price gains for Bordeaux were followed by declines in the latter part of 2011. Demand from Chinese buyers also started to move away from Bordeaux first growths to rarer Burgundies and second-growth Medocs.

“It used to be that top-end first growths would fly out the door at any price point,” said Rufus Beazley, head representative for Berry Brothers & Rudd’s Shanghai office. “We are seeing a lot of diversification into second growths and other grands crus wines that are being bought for drinking instead and less speculative punting on first growths.”

Hong Kong has established itself as global auction leader since abolishing wine duties in 2008. Last year, $198 million of wine was sold by the four biggest auctioneers in the city, more than double the $92 million they sold in New York, the second- largest center, according to Bloomberg News calculations.

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