Romanee-Conti 1990 nets World Record prices at $11.78m fine wine auction

paulfrasercollectibles

2015-06-26 12:33:59

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Romanee-Conti 1990 nets World Record prices at $11.78m fine wine auction

Acker Merrall & Condit achieved $11.78m in Hong Kong in a 'passionate' sale dominated by Burgundy

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Acker Merrall & Condit, the World's leading wine auctioneer and America's oldest fine wine merchant, concluded its two-day wine auction held at the Grand Hyatt Hong Kong on September 17 2011 with a grand total of HK$91.87m/US$11.78m and a 98% sold rate.

This is the highest total achieved by Acker in Hong Kong this year. The sale's immense success demonstrates that Asian collectors are broadening and diversifying their collections, with strong bidding for the top Burgundy estates in particular.

The sale drew the world's top collectors to Hong Kong as they competed enthusiastically for 959 lots of the world's finest and rarest wines and champagnes.

Numerous worldwide buyers bid live on the internet, telephone and via absentee bids in addition to over 400 people who attended the sale in person.

Masterpieces by Domaine de la Romanee Conti and Henri Jayer, two of the most sought after Burgundy producers, were featured prominently throughout the sale and eventually accounted for 7 out of the 10 most expensive lots.

Taking the lead was a rare original wooden 12-bottle case of the legendary 1990 DRC Romanee-Conti (Lot 706), which realized a staggering HK$2,318,000/US$297,179 after numerous competitive bids in a heated battle, establishing a world auction record for a 12-bottle case of 1990 DRC Romanee-Conti.

The buyer was a Hong Kong collector bidding on the telephone.

John Kapon, CEO of Acker Merrall & Condit Companies, said:

"We are ecstatic about the results of this sale, in which numerous world auction records were set. All this talk about the market cooling off is just talk - at least when it comes to our auctions.

"The results demonstrate our continued market leadership, as well as the tremendous demand and passion in Asia for the world's best wines."

"Our Asian customers are very knowledgeable and sophisticated. Their passion for the great wines of Bordeaux has grabbed numerous headlines over the years, but this Fall is going to be all about Burgundy.

"The passion and interest in Burgundy is growing rapidly every new sale, and the mainland is just starting to discover the greatness of the region.

"We couldn't be more excited about our next sale on November 4-5, which will feature the collection of Don Stott, the world's foremost collector of Burgundy. It will be a benchmark sale that will change the market forever."

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