Rare champagne sets world record at Hong Kong wine auction

March 29th, 2009 - 9:29 am ICT by IANS  

Hong Kong, March 29 (Xinhua) A bottle of rare champagne fetched 164,560 Hong Kong dollars ($21,097) at a wine auction here, setting a new world record for the price of any bottle of champagne sold at an auction.
The auction collected an impressive 35 million Hong Kong dollars ($4.5 million), with 96 percent of the stocks sold to buyers from Hong Kong, China, Taiwan, Japan, South Korea, Singapore and Indonesia, among others.

A superlot of 132 bottles of Domaine de la Romanee Conti La Tache from vintages between 1985 and 2003 went for 1.89 million Hong Kong dollars ($0.24 million), in line with previous estimates between 1.6 million and 2.4 million Hong Kong dollars.

More than 1,000 bottles of rare champagnes from the collection of Robert Rosania also attracted enormous interests, with a bottle of 1928 Krug collection vintage fetching 164,560 Honk Kong dollars after several rounds of fierce bidding.

The auction house, the US-based Acker Merrall & Condit, said it was satisfied with auction results.

“The sale clearly underlined the continuing strong interest in Hong Kong for the finest and rarest wines. The market has stabilised in 2009,” said John Kapon, president and auction director of the family firm that has been in the market since 1820.

“Our client base is growing rapidly with the majority from Hong Kong,” he said, adding that there were also customers from China, Japan and Korea, among others.

Acker Merrall & Condit is the market leader in the US. It is now operating in both New York and Hong Kong. Saturday’s auction was the third by the company in Hong Kong since last May, when the company set the record for any wine auction in Asia by fetching 64 million Honk Kong dollars ($8.2 million).

Hong Kong announced a duty scrap on wine and beer last February, leading to high expectations by the wine industry and a potential boom of the wine market.

Sotheby’s also recently announced that it will hold its first wine sale in early April in Hong Kong and offer over 5,100 bottles of wine.

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