Acker Merrall & Condit, America's oldest fine wine merchant and pioneer of Asian wine sales concluded its record-setting year with a spectacular, two-day Hong Kong sale held at Island Shangri-La and Grand Hyatt Hong Kong.
Approximately 1,000 lots were offered and a total of HK$61.2m (US$7.85m) was realised with an exceptional sold rate of 99.3%, contributing to Acker Merrall & Condit's 2010 full-year Hong Kong sales total of HK$493m/US$63.2m.
The strong results confirm that Hong Kong has overtaken New York as the world largest wine auction centre, and the expectionally strong power of fine red wines as an investment in recent times.
John Kapon, Acker Merrall & Condit's President and Auction Director, commented: "The excellent sale today rounds up the year brandishing many spectacular achievements and results made by Acker Merrall & Condit.
"We once again stand at the top of Hong Kong's wine auction market, and continue to take pride in being the world's biggest and most important wine auctioneer. The paramount full-year sales figures are a testament to our unsurpassed dedication, market acumen, experience and client relationships.
"We have witnessed the fastest growth of our business here in Asia, and our commitments have already won constant recognition since our inception in Hong Kong. We have established another milestone in our history by opening the Asia headquarters here right before this sale.
"Acker Merrall & Condit is trusted with an unmatched level of confidence by discerning collectors from around the world, and I am equally confident that we will continue to scale new heights in the forthcoming year."
Château Pétrus achieved spectacular prices, representing 8 out of the top 10 lots in the sale. Highlights included 12 bottles (in their original wooden cases) of 1982 Château Pétrus that achieved HK$634,400 (US$81,333) and 12 bottles of 1990 Château Pétrus realised HK$585,600 (US$75,077) after spirited bidding. Three double magnums of 1990 Château Pétrus sold for HK$488,000 (US$62,564), and three cases of 1998 Pétrus sold for HK$341,600 (US$43,795) each.
Other top-selling lots also included: 12 bottles of 2000 Château Le Pin that sold for HK$366,000 (US$46,923) and one full case of a 1999 DRC Assortment banded in original wood, which realised HK$317,200 (US$40,667).
Acker Merrall's next auction in Hong Kong will be held on 21 & 22 January 2011.
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