China's first-ever wine auction is $1.3m success

paulfrasercollectibles

2015-06-26 11:35:58

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China's first-ever wine auction is $1.3m success

90% of buyers claimed 'they would drink the wines themselves,' and weren't buying for investment

China's first ever wine auction have proven a massive success, with 93% of the lots sold for RMB1.9m ($1.3m).

The Beijing auction, organised by Beijing Poly International Auction Co, focussed entirely on the top chteaux and vintages of Bordeaux.

The wines were selected by top French wine experts Claude Maratier.

Big sales included two bottles of Lafite 1982 which sold for $10,700 - four times their estimate.

A presentation case comprising two bottles each of Ptrus, Latour, Margaux and Haut-Brion, all 2000 vintage, sold for $29,500.

90% of the buyers claimed they would drink the wines themselves, and were not buying for investment, said Ma Zhefei, who managed the auction for Poly.

Maratier told the Chinese State news agency Xinhua that he was 'very satisfied' with the auction and hoped to co-operate with Poly on future fine wine sales.

According to market experts Asia is the big future market for fine wines.

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