California: Strong Demand At Spectrum Wine Auctions

on 20/03/11 at 9:19 am

Wine

97.4% of Lots Sold, Strong Demand for Wines from Bordeaux, Burgundy, Spain and California.

Spectrum Wine Auctions, one of the new leading players in fine and rare wine auctions, sold an impressive 97.4% of the 1,752 lots offered at its massive two-day Spring 2011 Live Auction, held on March 12 and 13 at The Sheraton Hong Kong Hotel & Towers. This was Spectrum Wine’s sixth live sale since launching in July 2009, and their largest sale to date, realizing $5,525,121 ($43,044,938 HKD).

The packed bidding room demonstrated enthusiasm for Lafite in particular, as the 137 lots listed in the sale sold for an impressive $1.2 million, proving the Chateau’s strength with buyers in Asia and around the world. Interest and demand for Chateau Mouton Rothschild also continued its upward trend with especially strong showings from the consignments purchased directly from the Chateau’s cellars. Burgundy’s ascent in popularity among Asian collectors persisted with Domaine de la Romanee-Conti fetching astronomical sums, especially in larger format, and a Magnum of 1978 H. Jayer Richebourg selling for $23,900, nearly doubling the U.S. auction record. On a more surprising note, cult wines from California sold for some of the highest prices realized in years, as eager bidders competed for Scarecrow and Screaming Eagle. Other highlights included consignments purchased directly from the cellars of Chateau d’Yquem and Compania Vinicola del Norte de Espana, as well as the second installment of The Doctor’s Pristine OWC Collection, a staggering consignment with impeccable provenance.

“These are remarkable results for Spectrum Wine’s Spring Live Auction, and a compelling indicator of the robust market demand for fine wine,” said Jason Boland, president. “Spectrum Wine is working hard to create a strong foundation built on exceptional customer and client relationships along with consignments of superb provenance, and we are very happy to see our successes firmly rooted in these philosophies.”

A standing room only crowd of collectors from Hong Kong, China and the United States gathered at The Sheraton Hong Kong Hotel & Towers to participate at the auction in person. The live sale also attracted online bidders from around the world via Spectrum Wine’s innovative real-time bidding software and live streaming video featuring auctioneer Richard Brierley, current Head of Fine Wine at Vanquish Ltd., and previous Head of North American Wine Sales at Christie’s. Southern California collectors gathered for an invite-only dinner at Charlie Palmer at Bloomingdale’s South Coast Plaza in Costa Mesa, Calif. where they watched live video of the sale on a large screen TV and placed secure bids on a series of bidding terminals.

Top Lots:

  • Lot 1224: twelve bottles of 1982 Chateau Lafite Rothschild at $71,700 (estimate $55,000)
  • Lot 506: one 3L Jeroboam of 2007 Domaine de la Romanee-Conti, Romanee-Conti at $35,850 (estimate $23,500)
  • Lot 1214: twelve bottles of 1986 Chateau Lafite Rothschild at $32,863 (estimate $22,500)
  • Lot 195: 34-year Chateau Mouton Rothschild vertical 1965-2004 at $26,888 (estimate $17,000)
  • Lot 562: one 1.5L Magnum of 1978 H. Jayer Richebourg at $23,900 (estimate $18,000)
  • Lot 564: one bottle of 1959 H. Jayer Richebourg at $22,705 (estimate $11,000)
  • Lot 157: one 5L Jeroboam of 1986 Chateau Mouton Rothschild (Ex-Chateau) at $10,158 (estimate $6,000)
  • Lot 1110: one 1.5L Magnum of 1997 Screaming Eagle Cabernet Sauvignon at $17,925 (estimate $16,000)
  • Lot 332: one bottle of 1982 Chateau Latour at $5,079 (estimate $1,800)
  • Lots 353 & 354: one bottle of 1961 Chateau Latour at $5,079 (estimate $2,000)
  • Lot 85: three bottles of 1939 Gran Reserva Imperial Compania Vinicola del Norte de Espana (ex-Haro) at $2,032 (estimate $700)
Total hammer: $4,623,533
Total aggregate: $5,525,121
Percent sold by lot: 97.4%

Spectrum Wine Auctions Upcoming Live Auction Calendar

Saturday and Sunday, June 25-26, 2011, The Ritz-Carlton, Hong Kong

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