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Burgundy Soars as Chinese Buyers Grab $69,000 Cases at Auction By Elin McCoy - Nov 13, 2011 5:01 PM GMT+0100
Hong Kong investment banker Alan Chen embraced wine collecting after a visit to Bordeaux’s Chateau Margaux five years ago.
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“Now I’m fascinated by Burgundy,” said Chen, head of Asian Equities at 0
Mizuho Securities Asia Ltd., as we sipped 1999 Domaine de la
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Romanee Conti Richebourg at a pre-auction tasting in Hong Kong. Email
It’s outstanding, but he prefers the ethereal 1999 DRC Romanee-Conti Enlarge image
he poured at his Bali wedding in 2009. When his wife said her favorite wine was 1990 DRC La Tache, he bought 60 bottles the next day. Current auction price? $68,821 a case. Chen, 41, is part of the new Asian wave of Burgundy collectors bidding up prices.
A bottle of spicy, complex 1988 Domaine de la Romanee Conti La Tache.
While red Bordeaux has been the big driver of wine auctions, Burgundy
The lots of DRC wines brought
is the new star, especially in Hong Kong. At California-based
in the highest total for any
Spectrum’s late September sale in the Chinese city, 80 lots of DRC
producer in the Acker sale on Nov. 5, 2011. Photographer:
brought more than $1 million.
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“Burgundy’s on fire and sizzling,” said John Kapon, president of New
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Elin McCoy/Bloomberg Enlarge image
York-based Acker Merrall & Condit, which set 145 price records at its Nov. 4 and 5 auction in Hong Kong. “Bordeaux is a day at the office 3
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