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Saturday, Feb 22, 2025
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Lau tastes success in $64m wine sale
Billionaire Joseph Lau Luen-hung's wine collection has fetched HK$63.5 million in a Christie's auction after 414 vintages went under the hammer.
The septuagenarian and former chairman of developer Chinese Estates has been an avid collector of fine wines for four decades. It is understood Lau made a profit of over four times since he had originally bought the auctioned wine bottles for around HK$10 million.
The auction, titled Iconic Wines from Joseph Lau, saw all 89 lots sold off - far exceeding earlier estimates that it would fetch HK$24 million.
The top lot was 12 bottles of Vosne-Romanee Cros Parantoux 1991 by Henri Jayer, which sold for nearly HK$3.88 million - a far cry from earlier estimates of between HK$1.2 million and HK$1.8 million.
Christie's said buyers showed a strong appetite for Henri Jayer vintages, with all lots outperforming their low estimates.
Unsurprisingly, DRC Romanee-Conti continued to draw fans. A lot featuring six bottles of DRC Romanee-Conti 1999 fetched HK$1.63 million, nearly double its low estimate.
It is understood half of the buyers came from the mainland while 40 percent hailed from here and Taiwan.
"I am satisfied with the enthusiasm for my collection. I am also delighted wine enthusiasts worldwide find resonance in my aptitude and interest in collecting only the rarest and best wine," Lau said.
"With all of my favorites which I assembled over the years finding new homes today, I hope their owners will enjoy them."
Lau started visiting auction houses early in search for fine wine, noting he began when he was just 27 years old in London and New York.
At that time, Lau said, there were no wine auctions in Hong Kong. Though he knew little about wine, Lau bought them anyway to entertain his American business partners.
Lau also recalled the days when he frequently threw parties with 40 or 50 bottles set for a tipple. While some of his friends were novices, others always went for the priciest bottles. As Lau's passion for wine grew, he began buying batches in auctions and storing them in cellars.
However, Lau understood wine is more than a feast of the senses. Indeed, it can also serve as an investment.
With a cellar full of wine and an insider's knowledge of auction houses, Lau jumped at the opportunity to sell a small portion of his collection.
The auction, titled Iconic Wines from Joseph Lau, saw all 89 lots sold off - far exceeding earlier estimates that it would fetch HK$24 million.
The top lot was 12 bottles of Vosne-Romanee Cros Parantoux 1991 by Henri Jayer, which sold for nearly HK$3.88 million - a far cry from earlier estimates of between HK$1.2 million and HK$1.8 million.
Christie's said buyers showed a strong appetite for Henri Jayer vintages, with all lots outperforming their low estimates.
Unsurprisingly, DRC Romanee-Conti continued to draw fans. A lot featuring six bottles of DRC Romanee-Conti 1999 fetched HK$1.63 million, nearly double its low estimate.
It is understood half of the buyers came from the mainland while 40 percent hailed from here and Taiwan.
"I am satisfied with the enthusiasm for my collection. I am also delighted wine enthusiasts worldwide find resonance in my aptitude and interest in collecting only the rarest and best wine," Lau said.
"With all of my favorites which I assembled over the years finding new homes today, I hope their owners will enjoy them."
Lau started visiting auction houses early in search for fine wine, noting he began when he was just 27 years old in London and New York.
At that time, Lau said, there were no wine auctions in Hong Kong. Though he knew little about wine, Lau bought them anyway to entertain his American business partners.
Lau also recalled the days when he frequently threw parties with 40 or 50 bottles set for a tipple. While some of his friends were novices, others always went for the priciest bottles. As Lau's passion for wine grew, he began buying batches in auctions and storing them in cellars.
However, Lau understood wine is more than a feast of the senses. Indeed, it can also serve as an investment.
With a cellar full of wine and an insider's knowledge of auction houses, Lau jumped at the opportunity to sell a small portion of his collection.
