An ex-cellar auction of Louis Jadot wines in Hong Kong has demonstrated the pull of strong provenance for buyers, while a rival sale showed ongoing healthy interest in mature Bordeaux.
Zachys sold every last drop of Louis Jadot wines in a special ex-cellar auction held in Hong Kong late last week.
With Jadot owner Pierre-Henry Gagey attending in person to spur buyers on, several lots topped their pre-sale estimates to yield total sales of HK$2.2m, including a 22.5% buyer’s premium.
The result adds credibility to those who argue Asian buyers’ interest in Burgundy extends beyond the gates of Domaine de la Romanee-Conti, albeit DRC operates on a higher plane. One 12-bottle case of Romanee-Conti 1978 recently sold in Hong Kong for HK$3.67m.
Zachys’ auction also underlines the importance of strong provenance to buyers worldwide.
‘While provenance has always been a key factor for serious collectors, the current market has precipitated a much more keen eye be turned toward pristine provenance,’ Zachys managing director for North America, Jamie Pollack, told Decanter.com prior to the ex-cellar Jadot auction.
Top lots in the Jadot sale included six bottles of Bonnes Mares 1961, which sold for HK$63,700 against a high estimate of HK$50,000, and one bottle of Bonnes Mares 1985 for HK26,950 versus a high estimate of HK$15,000.
Elsewhere, there was some brighter news for Bordeaux in Hong Kong following 12 months of operating largely in Burgundy’s shadow.
A Sotheby’s auction held in Hong Kong last Saturday saw almost 75% of all lots achieve prices over their high estimates, with 1982 vintages of Bordeaux performing well alongside the Burgundy heavyweights of DRC and Rousseau, the group said.
Total sales from the Sotheby’s auction reached HK$29.4m, versus a top estimate of HK$25m. A six-litre ‘M’ decanter of Macallan Scotch whisky that sold for HK$4.9m.
However, many lots of Bordeaux in the auction did not top their high estimates. For example, a 12-bottle lot of Haut-Brion 1995 fetched HK$41,650 against a top estimate of HK$42,000, and 12 bottles of Lafite 1995 in an original wooden case sold for HK$73,500 on a high estimate of HK$90,000.
Written by Chris Mercer