Internet opens Asia markets to fine wine collectors



2015-06-26 11:38:37

Internet opens Asia markets to fine wine collectors

NY auction houses first-ever use of online bidding is 'met with an extremely enthusiastic response'

Asia is the big future market for fine wines according to experts, and the Internet is helping to make it happen.

A fine wines auction in New York exceeded $2m in sales on Monday - twice the estimate of organisers Sotheby's.

For the first time, the fine art dealer, which also deals in luxury homes and fine wines, allowed potential buyers to bid over the Internet.

Overall, 17% of all the lots sold online.

The five most expensive lots were sold to Asian clients, including $48,000 dollars for 12 bottles of 1990 Chateau Le Pin, from Pomerol in France's Bordeaux region.

The second highest sale was $36,300 for three magnums, or three litres, 3.17 quarts, of 1982 Chateau Lafite.

In third place was 12 bottles of 1990 Chateau Petrus, sold for $30,250.

Asian clients took in nine of the top 10 lots and represented all of the top five buyers in value.

Sotheby's use of the Internet, "was met with an extremely enthusiastic response among bidders from around the world," according to an auction house statement.

This is also good news for collectors, as the web continues to reveal opportunities in global markets.

Source: AP

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