Andrew Lloyd Webber Offering Wine Collection In Hot Wine Auction Market

on 15/12/10 at 10:21 am

Wine

Two bottles of Chateau Latour 1982. The wine is expected to sell for between HK$160,000 and HK$240,000 per case at Sotheby's Jan. 22 auction in Hong Kong of wines from the collection of the composer Andrew Lloyd Webber. The 747-lot auction is expected to raise as much as HK$32 million. Source: Sotheby's via Bloomberg

Sales at the world’s three biggest wine auctioneers increased by 88 percent in 2010 as wealthy Asian buyers dominated the market for prestige French vintages such as Lafite.

The total sales were a record $252.1 million, according to Bloomberg calculations. The company that sold the most wine, $94.9 million, was specialist Acker Merrall & Condit, which may add as much as $5 million at the final New York auction on Dec. 18. Sotheby’s global wine auctions made a record $89.3 million.

Hong Kong events were the main contributors to growth at Acker and Sotheby’s, which both doubled sales. Christie’s International saw a 39 percent increase to $67.9 million.

“The reason it’s happened so quickly is that many of the Asian buyers are starting from scratch,” said Serena Sutcliffe, Sotheby’s international head of wine. “They’re drawn to the Western lifestyle. They’re building big houses and want a cellar. It’s an important part of business and social life.”

{Full story via Bloomberg}

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