Recent Sotheby's Lafite auction prices called "insane" by Hong Kong wine insiders

on 08/11/10 at 9:10 pm

Wine

Hong Kong and China wine market experts are calling the prices fetched at the recent Sotheby’s Chateau Lafite auction in Hong Kong crazy and not a bellwether of the market.

Merchants, auctioneers and other insiders – many of them assembled for the Hong Kong International Wine & Spirits Fair – have responded to the record-breaking prices paid for Chateau Lafite at a recent Sotheby’s auction in Hong Kong with a mix of amusement and mock horror.

‘I don’t think it’s a reflection of the market, but of the right buyer in the right mood,’ said Doug Rumsam, managing director of Bordeaux Index in Hong Kong.

‘There were probably two mainland Chinese businessmen who had just made their fortunes, competing against each other. This was not a case of 50 people bidding in the room. The prices were insane, nobody expected that – and we probably won’t see it again.’

{Full story via Decanter}

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