80 lots of Domaine de la Romanee-Conti sell to frenzied bidders for $1,084,821, topping pre-sale estimate by a quarter of a million dollars
IRVINE, Calif., Oct. 4, 2011 /PRNewswire-Asia/ -- Spectrum Wine Auctions, a California-based auction house of fine and rare wine, realized nearly US$6 million (HK$46.5 million) at its latest live auction, held September 24 and 25 at the Grand Hyatt Hong Kong. Lively competition amongst bidders in the room, as well as worldwide via telephone and Internet, resulted in 95 percent of the lots selling.
The star of the two-day auction was rare Burgundy, with Domaine de la Romanee-Conti leading in the auction's top lot sales. A total of 80 lots of Domaine de la Romanee-Conti estimated at US$830,000 (HK$6,461,467) sold for US$1,084,821 (HK$8,445,223). A lot consisting of three magnums of 1985 Domaine de la Romanee-Conti Romanee Conti, sold for US$89,625 (HK$698,000) against a pre-sale estimate of US$50,000 (HK$390,000). Domaine de la Romanee-Conti assortment cases also proved to be a hot commodity: a 1999 assortment case sold for US$41,825 (HK$326,000) against a pre-sale estimate of US$27,500 (HK$215,000) and a 2001 assortment case sold for US$26,888 (HK$209,000) against a pre-sale estimate of US$19,000 (HK$150,000).
Large formats, a highlight of the auction, also performed well. An imperial (6L) of 2005 Chateau Petrus with a pre-sale estimate of US$45,000 (HK$350,000) fetched US$59,750 (HK$465,000). An imperial of 1996 Chateau Lafite Rothschild sold for US$19,120 (HK$149,000) against a pre-sale estimate of US$14,000 (HK$109,123), breaking the current record, according to The Wine Market Journal. A magnum of 1985 H. Jayer Richebourg, sold for US$23,900 (HK$185,225), over $10,000 more than the pre-sale estimate of US$12,000 (HK$95,000).
Total aggregate: US$5,977,473 (HK$46,608,748) Percent sold by lot: 95%
The packed room at the Grand Hyatt saw scores of Spectrum Wine regulars, as well as a notable showing of new bidders, and many devotees who resorted to standing-room-only during the more popular sections. Bidders on the live auction floor were treated to the skillful auction style of Richard Brierley, head of fine wines at Vanquish Ltd., who kept the crowd entertained while the lots flowed. A bidders-only Champagne brunch livened the room on Sunday, with Dom Perignon and Cristal on every table, and other top-notch wines being sampled in the room including 1982 Chateau Cheval Blanc, 2000 Chateau Haut-Brion, 2002 Chateau Ausone, Harlan, Screaming Eagle and more.
The big action was not limited to the auction room, however, as approximately one-third of the total bids were placed via Spectrum Wine Auctions' state-of-the-art online bidding software. Video and audio from the auction were broadcast live online, enabling worldwide bidders to place their bids in real time, bidding directly against the auction floor. Bids were also placed on iPhone and iPad devices, via Spectrum Wine's recently launched iOS app.
"Our auctions truly are a global event, and we make every effort possible with our cutting edge Internet technology to bring the auction from Hong Kong into the living rooms and offices of our clients who are unable to make the trip," said Spectrum Wine Auctions President Jason Boland. "This way our customers, no matter where they are in the world, will never miss their chance on any lot that goes up on the block."
Spectrum Wine Auctions Upcoming Live Auction Calendar: