Wine Auction Breaks Single Lot Record in Hong Kong

by Kathy Jones on  October 5, 2014 at 5:22 PM Lifestyle News
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Sotheby's has said that an auction in Hong Kong broke the world record for the most expensive lot of wine ever sold, as 114 bottles of Burgundy fetched HK$12,556,250 ($1.6 million) on Saturday.
 Wine Auction Breaks Single Lot Record in Hong Kong
Wine Auction Breaks Single Lot Record in Hong Kong

The auction house said a collection of Romanee-Conti, one of the world's most sought after Burgundy labels, sold for the equivalent of $14,121 for each bottle or $1,700 per glass.

The lot contained six bottles of each of the 19 vintages made from 1992 to 2010.

The previous record for a single lot of wine -- also held by Sotheby's -- was $1.05 million for 50 cases of top Bordeaux Chateau Mouton Rothschild 1982, sold in New York in 2006.

"The Romanee-Conti Superlot presented a once-in-a-lifetime opportunity to acquire an unprecedented quantity of the world's most desirable wine," Robert Sleigh, head of Sotheby's Wine in Asia, said in a press release.

"It is only fitting that it has broken the world record to become the most valuable single wine lot ever sold at auction," he added.

A 66-magnum collection of Henri Jayer, owned by Silicon Valley magnate and Netscape founder James Clark, also sold for $1.1 million, or $16,000 per bottle.

Sotheby's did not release who acquired either lot.

The record sales come despite a much publicised anti-corruption campaign and separate austerity drive by Chinese president Xi Jinping which has hit luxury goods and vintage wine sales in Hong Kong hard.

According to a survey by Vinexpo Asia Pacific, mainland China's wine consumption fell by 2.5 percent last year, after 10 years of uninterrupted growth at a rate of 25 percent per year.

In 2013, China overtook France as the world's largest consumer of red wine, guzzling more than 155 million 9-litre cases or 1.865 billion bottles that year, according to Vinexpo.

But the official austerity drive in China has meant that people are increasingly turning to cheaper wines.

Source: AFP

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