Sotheby's $13 million auction shows Hong Kong is still the fine wine capital

The legendary 1989 Pétrus was among the fabulous wines auctioned from two major collections

As regular readers of Paul Fraser Collectibles will know, Hong Kong has long-been evolving into an establish hub for fine wine investments.

And its status as the wine capital of the East has been further consolidated thanks Sotheby's latest wine auction. In the end, the sale netted more than HK$100m ($13m).

Sotheby's actually held two auctions, including the cellar of collector Marcus D Hiles, and the sixth instalment of the cellar of an unnamed "Great American collector".

The latter collection sold for HK$57.3m or $7,388,330 (with the cumulative total of the collection currently standing at HK$266m ($34,298,400)).

Both sold out in their entirety; making this the latest of nine consecutive Sotheby's wine auctions to have been 100% sold out in 18 months.

Once again, Pétrus corks were popped at a Sotheby's auction

Many of the usual suspects emerges as highlights in the sale, include the Chateau Pétrus of which a number of first growths brought significant prices.

Three double magnums of the 1989 Pétrus reportedly led the charge, selling for HK$726,000 ($93,611). This sum was nearly double their high estimate.

Other highlights included a case of 2005 Romanée-Conti from the Hiles cellar. The lot brought highest price at HK$1.8m ($232,094) - 50% above its upper estimate.

Other vintages in the auction's 'top ten' included a number of DRC wines, among them older vintages of Romanée-Conti and La Tâche from 1999 and 2005.

Sotheby's next Hong Kong sales are on October 29 and 30 - with the former comprising Lafite vintages from 1869 to 2009 direct from the château.

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