Bordeaux Goes Unsold, Price Qualms Damp $18.7 Million Sales
Bordeaux Goes Unsold, Price Qualms Damp $18.7 Million Sales
Jan 16, 2012 6
(Bloomberg) - Lots of first growth Bordeaux, including Chateau Lafite-Rothschild and Chateau Margaux, went unsold in a $18.7 million test of demand for fine wine.
Wealthy Chinese and other collectors focused on the very best older vintages and Burgundies such as DRC Domaine de la Romanee-Conti at Hong Kong weekend auctions, passing on other lots in anticipation of further price declines this year.
“This is an opportunity to average down,” said Sam Lin, a collector for more than 20 years, who on Jan. 14 picked up six magnums of Chateau Mouton Rothschild 1990 at Sotheby’s for HK$26,000 ($3,348) before buyer’s premium -- well below the low estimate of HK$34,000. “In general, today was cheap but I think there will still be a correction.”
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