After the jaw-dropping prices paid at the Lafite Ex-Cellars auction in Hong Kong at the end of October, the Acker Merrall auction held in the region on the 5th and 6th of November represented a return to reality.
The event was a success by all accounts, yielding £7.6 million in sales. Nonetheless, top Bordeaux fetched less extravagent prices, with 12x75cl cases of the First Growths selling at an average of ten percent above their current price on Liv-ex. Interestingly, Lafite played less of a starring role, with buyers paying a mere five percent premium on average.
As we said last week on the blog, extreme price volatility at Hong Kong auction makes it difficult to predict the long-term effect that recent high-profile auctions will have on long-term secondary market pricing. This is clear when comparing Acker auction prices with those seen at the Ex-Cellars auction, where the same vintages of Lafite sold (on average) at more than double the price.
But whilst the First Growths generated less excitement at the Acker sale, a number of Yquem vintages saw strong bidding, with the 1990 realising £3,870 per 12-pack (some 30% more than current market value). As we outlined in a recent blog post, is this a sign that the tide is turning for Sauternes in Asia?
The Yquem prices are interesting. Personally I hope that Sauternes generally gets a boost from China as it has been neglected on both sides of the Atlantic for too long now. Pricing, considering the high production costs, has been reasonable for many years now and there has been a rare run of good vintages, all of which means that good quality classed growth Sauternes and Barsac are plentiful.
Posted by: Steve Webb | 16 November 2010 at 11:46 PM