Fine wine news

Commentators on the wine industry are suggesting that Hong Kong is losing interest in expensive bottles, but does selling 90 per cent of lots really spell out doom?

Last week's Sotheby's auction and an event by Acker, Merrall & Condit, failed to sell every lot in Hong Kong, a place where bidding usually rages over every bottle.

Sotheby's sold 85 per cent of its lots, while Acker shifted 90 per cent. Both of these still show considerable interest in fine wine, although one could suggest that as tastes change auction houses are slightly behind in adapting to new trends.

Burgundy, for example, is the new favourite among Chinese buyers and prices for Bordeaux are falling. The Liv-ex Fine Wine Exchange reported that Bordeaux prices have fallen 22 per cent since June last year.

However, Robert Sleigh, head of wine for Sotheby’s in Hong Kong, told the Wall Street Journal that these results are "normal in this stage of evolution", claiming that after three years of growth the market "will take a breather now".

Meanwhile, Jason Ginsberg from Wine Merchants Asia in Hong Kong, suggested that investors can get some great bargains now that the market has dampened.

"The auction room used to be dominated by people who were spending without thinking," he told the news provider. "Now they're holding back, and people aren't speculating anymore."

Acker's auction still managed to net HK$66.9 million (£5.6 million) over two days and a double magnum of 1870 Lafite sold for HK$488,000. The biggest seller was a case of DRC 1985, which went for HK$1.464 million.

In addition to a Zachys sale held in Hong Kong this month, the three auction houses have sold a total of $HK145.54 million of wine. However, this is down by 45 per cent from the sale three sales in 2011.

Robert Sleigh, senior director and head of wine for Asia at Sotheby's in Hong Kong, told Bloomberg that the market is now "waiting to find a level".

Posted by Paula Henderson