Sotheby's Hong Kong

Sotheby's Hong Kong had several art and wine sales last week, and although I am so tired of all of the Asian news, I thought the fact that a bottle of wine failed to sell may be interesting, or it may be nothing at all.  Bloomberg reports that Asian wine collectors passed on over sized bottles of Chateau Lafite Rothschild or the first time in 17 years at Hong Kong auctions. There have been numerous articles in the press that the Chinese economy is starting to slow down, along with issues that it may too be carrying to much debt.  I wonder if a little uncertainty is starting to show.

The sales in Hong Kong are offering about 3,400 lots of wine, contemporary art, Chinese art, porcelains and jewelry.  The NY office of Sotheby's expect the sales to generate nearly $345 million.  Early indications are the sales are doing well.

In general and from the Bloomberg report, it seems that the sales are doing well as comments state many wealthy Chinese collectors are looking for alternative investments.

Bloomberg reports on the sales
Sotheby’s (BID) failed to sell all of the wine in a Hong Kong auction for the first time in 17 sales as China’s wealthy collectors passed on oversized bottles of Chateau Lafite Rothschild yesterday in Hong Kong.

The weekend sales came after the Standard & Poor’s 500 Index had its worst quarter since the end of 2008. Top lot in the two days of wine purchases, worth a total of HK$99.1 million ($12.7 million), was the sale of a 12-bottle case of 1988 Domaine de la Romanee-Conti Burgundy for HK$907,500.

“There weren’t so many buyers,” said Liu Dan, a Beijing- based collector who picked up six cases of Chateau Mouton Rothschild 1996 vintage for $HK48,400 each. “Prices were cheap.”

Sotheby’s raised HK$231.5 million during the first two days of its Hong Kong Autumn sales that included the wine and an evening offering of contemporary Chinese art. The auctions were part of six days of sales including 3,400 lots of porcelain, art and jewels that New York-based Sotheby’s forecasts will raise more than HK$2.7 billion.

Sunday’s sale suggests that the steady climb in first growth Bordeaux is finally leveling out. “Before prices were getting pretty insane,” said Serena Sutcliff, head of International Wine for Sotheby’s. “Today there was some good value.”

Bidding for Chinese paintings remained robust as new buyers entered the market, said European collector Rainer Moegling.

“There are still so many people in China who are starting to see art as an alternative investment,” said Shanghai-based Moegling, who bought three paintings at Sunday’s evening sale. “Most things are selling and prices aren’t going down.”
To read the complete Bloomberg article, click HERE.

No comments: